# EDGAR Filing Document

**Accession Number:** 0001022804
**File Stem:** 0001752724-23-053152
**Filing Date:** 2023-3
**Character Count:** 592191
**Document Hash:** ba6f084c66726881773315c2b87b3d61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-053152.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001752724-23-053152

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**EFFECTIVENESS DATE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN FUND ALLOCATOR SERIES
- **CENTRAL INDEX KEY:** 0001022804
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07851
- **FILM NUMBER:** 23727038

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-4018

**MAIL ADDRESS:**
- **STREET 1:** FRANKLIN FUND ALLOCATOR SERIES
- **STREET 2:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN TEMPLETON FUND ALLOCATOR SERIES
- **DATE OF NAME CHANGE:** 19960912

## Series and Classes Contracts Data

### FRANKLIN CONSERVATIVE ALLOCATION FUND (Series ID: S000007239)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019840 | ADVISOR CLASS | FTCZX           |
| C000019841 | CLASS A       | FTCIX           |
| C000019842 | CLASS C       | FTCCX           |
| C000019843 | CLASS R       | FTCRX           |
| C000126011 | Class R6      |  |

### FRANKLIN COREFOLIO ALLOCATION FUND (Series ID: S000007240)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019844 | CLASS A       | FTCOX           |
| C000019846 | CLASS C       | FTCLX           |
| C000019847 | CLASS R       |  |
| C000019848 | ADVISOR CLASS | FCAZX           |
| C000194375 | Class R6      | FTLQX           |

### FRANKLIN GLOBAL ALLOCATION FUND (Series ID: S000007241)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019849 | CLASS A       | FFALX           |
| C000019851 | CLASS C       | FFACX           |
| C000019852 | CLASS R       | FFARX           |
| C000019853 | ADVISOR CLASS | FFAAX           |
| C000194376 | Class R6      | FFAQX           |

### FRANKLIN GROWTH ALLOCATION FUND (Series ID: S000007242)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019855 | ADVISOR CLASS | FGTZX           |
| C000019856 | CLASS A       | FGTIX           |
| C000019857 | CLASS C       | FTGTX           |
| C000019858 | CLASS R       | FGTRX           |
| C000126012 | Class R6      |  |

### FRANKLIN MODERATE ALLOCATION FUND (Series ID: S000007243)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019860 | ADVISOR CLASS | FMTZX           |
| C000019861 | CLASS A       | FMTIX           |
| C000019862 | CLASS C       | FTMTX           |
| C000019863 | CLASS R       | FTMRX           |
| C000126013 | Class R6      |  |

### Franklin LifeSmart Retirement Income Fund (Series ID: S000012937)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034925 | CLASS A       | FTRAX           |
| C000034926 | CLASS C       | FRTCX           |
| C000034927 | CLASS R       | FBRLX           |
| C000034928 | ADVISOR CLASS | FLRDX           |
| C000126014 | Class R6      | FLMTX           |

### Franklin LifeSmart 2025 Retirement Target Fund (Series ID: S000012938)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034929 | CLASS A       | FTRTX           |
| C000034930 | CLASS C       | FTTCX           |
| C000034931 | CLASS R       | FRELX           |
| C000034932 | ADVISOR CLASS | FLRFX           |
| C000126015 | Class R6      | FTLMX           |

### Franklin LifeSmart 2035 Retirement Target Fund (Series ID: S000012939)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034933 | CLASS C       | FTRCX           |
| C000034934 | CLASS R       | FLRGX           |
| C000034935 | ADVISOR CLASS | FLRHX           |
| C000034936 | CLASS A       | FRTAX           |
| C000126016 | Class R6      | FMTLX           |

### Franklin LifeSmart 2045 Retirement Target Fund (Series ID: S000012940)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034937 | CLASS A       | FTTAX           |
| C000034938 | CLASS C       | FLRIX           |
| C000034939 | CLASS R       | FLRJX           |
| C000034940 | ADVISOR CLASS | FLRLX           |
| C000126017 | Class R6      | FMLTX           |

### Franklin LifeSmart 2020 Retirement Target Fund (Series ID: S000041337)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128212 | Class A       | FLRMX           |
| C000128213 | Class C       | FLRQX           |
| C000128214 | Class R       | FLRVX           |
| C000128215 | Class R6      | FRTSX           |
| C000128216 | Advisor Class | FLROX           |

### Franklin LifeSmart 2030 Retirement Target Fund (Series ID: S000041338)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128217 | Advisor Class | FLRZX           |
| C000128218 | Class A       | FLRSX           |
| C000128219 | Class C       | FLRTX           |
| C000128220 | Class R       | FLRWX           |
| C000128221 | Class R6      | FLERX           |

### Franklin LifeSmart 2040 Retirement Target Fund (Series ID: S000041339)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128222 | Class A       | FLADX           |
| C000128223 | Class C       | FLOLX           |
| C000128224 | Class R       | FLSGX           |
| C000128225 | Class R6      | FLREX           |
| C000128226 | Advisor Class | FLSHX           |

### Franklin LifeSmart 2050 Retirement Target Fund (Series ID: S000041340)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128227 | Class A       | FLSJX           |
| C000128228 | Class C       | FLSKX           |
| C000128229 | Class R       | FLSNX           |
| C000128230 | Class R6      | FRLEX           |
| C000128231 | Advisor Class | FLSOX           |

### Franklin LifeSmart 2055 Retirement Target Fund (Series ID: S000049109)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000154867 | Class A       | FLTFX           |
| C000154868 | Class C       | FLTNX           |
| C000154869 | Class R       | FLSBX           |
| C000154870 | Class R6      | FLSZX           |
| C000154871 | Class Advisor | FLTKX           |

### Franklin LifeSmart 2060 Retirement Target Fund (Series ID: S000070651)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000224548 | Advisor Class | FLJSX           |
| C000224549 | Class R6      | FLFSX           |
| C000224550 | Class A       | FLASX           |
| C000224551 | Class C       | FLBSX           |
| C000224552 | Class R       | FLESX           |

## Exempt

```

SEC Releases, In the Matter of Age High Income Fund, Inc., et al.,
777 Mariners Island Boulevard, San Mateo, CA 94404, Securities and
 Exchange Commission, (Jan. 13, 1987)
SEC Releases
 Click to open document in a browser
37 SEC-DOCKET 569-02
Release No. IC-15534
File No. 812-6505
January 13, 1987
ORDER PERMITTING JOINT TRADING ACCOUNTS
AGE High Income Fund, Inc; Birr, Wilson Money Fund; Franklin
 California Tax-Free Income Fund, Inc.; Franklin New York Tax-Free
Income Fund, Inc; Franklin California Tax-Free Trust; Franklin
Tax-Free Trust; Franklin Corporate Cash Management Fund; Franklin
 Custodian Funds, Inc; Franklin Equity Fund; Franklin Federal Money
 Fund; Franklin Federal Tax-Free Income Fund; Franklin Gold Fund;
Franklin Money Fund; Franklin Option Fund; Franklin Tax-Exempt Money
 Fund; Franklin New York Tax-Exempt Money Fund; Franklin
Pennsylvania Investors Fund; and Institutional Fiduciary Trust
("Funds") and Franklin Advisers, Inc., filed an application on
 October 17, 1986, and an amendment thereto on November 24,
1986, requesting an order of the Commission under Section 17(d)
 of the Investment Company Act of 1940 ("Act") and Rule 17d-1
 thereunder to permit the Funds, as well as future investment
 companies for which subsidiaries or affiliates of Franklin
 Resources, Inc. serve as investment managers, to deposit
their cash balances remaining uninvested at the end of each
trading day into a single joint account whose daily balance
would be used to enter into one or more repurchase agreements
 in a total amount equal to the aggregate daily balance in
 the account ("Joint Accounts").
On December 17, 1986, a notice was issued (Investment Company
Act Release No. 15485) of the filing of the application. The
 notice gave interested persons an opportunity to request a
hearing and stated that an order disposing of the application
would be issued as of course unless a hearing should be ordered.
 No request for a hearing has been filed, and the Commission has
 not ordered a hearing.
The matter having been considered, it is found that the
participation of the Funds in the Joint Accounts is consistent
 with the provisions, policies and purposes of the Act and that
 their participation in the Joint Accounts is not on a basis less
 advantageous than that of any other participant. Accordingly,
IT IS ORDERED, pursuant to Section 17(d) of the Act and Rule 17d-1
 thereunder that the application to permit the Funds to participate
 in the Joint Accounts as described in the application, be, and
hereby is granted, effective forthwith.
For the Commission, by the Division of Investment Management,
under delegated authority.
Jonathan G. Katz
Secretary

```

## Exempt

```

UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANY ACT OF 1940 Release No. 30698 / September 24,
 2013
In the Matter of
FRANKLIN TEMPLETON INTERNATIONAL TRUST FRANKLIN TEMPLETON VARIABLE
 INSURANCE PRODUCTS
TRUST
TEMPLETON INCOME TRUST
TEMPLETON GLOBAL INVESTMENT TRUST FRANKLIN ALTERNATIVE STRATEGIES
 FUNDS
K2/D&S MANAGEMENT CO., L.L.C. TEMPLETON ASSET MANAGEMENT LTD.
FRANKLIN ADVISERS, INC. One Franklin Parkway
San Mateo, CA 94403-1906
(File No. 812-14167)
ORDER UNDER SECTION 6(c) OF THE INVESTMENT COMPANY ACT OF 1940
GRANTING AN EXEMPTION FROM SECTION 15(a) OF THE ACT AND RULE 18f-2
UNDER THE ACT AND CERTAIN DISCLOSURE REQUIREMENTS
Franklin Templeton International Trust, Franklin Templeton Variable
 Insurance Products Trust,
Templeton Income Trust, Templeton Global Investment Trust, Franklin
 Alternative Strategies
Funds, K2/D&S Management Co., L.L.C., Templeton Asset Management
Ltd., and Franklin
Advisers, Inc. filed an application on June 13, 2013, and an
amendment
 to the application on
August 27, 2013, requesting an order under section 6(c) of the
Investment Company Act of 1940
(the "Act") for an exemption from section 15(a) of the Act and
rule 18f-2 under the Act, as well
as from certain disclosure requirements. The order supersedes a
prior order1 and permits
applicants to enter into and materially amend subadvisory agreements
 without shareholder
approval and also grants relief from certain disclosure
requirements.
1 Franklin Advisers, Inc. and Franklin Templeton International
Trust, Investment Company Act Release Nos.
30105 (Jun. 18, 2012) (notice) and 30138 (Jul. 17, 2012) (order).
2
On August 27, 2013, a notice of the filing of the application was
issued (Investment Company
Act Release No. 30679. The notice gave interested persons an
opportunity to request a hearing
and stated that an order granting the application would be issued
unless a hearing was ordered.
No request for a hearing has been filed, and the Commission has
not ordered a hearing.
The matter has been considered and it is found, on the basis of
the information set forth in the
application, as amended, that granting the requested exemption is
 appropriate in the public
interest and consistent with the protection of investors and the
purposes fairly intended by the
policy and provisions of the Act.
Accordingly,
IT IS ORDERED, under section 6(c) of the Act, that the relief
 requested by Franklin Templeton
International Trust, et al. (File No. 812-14167) is granted,
effective immediately, subject to the
conditions contained in the application, as amended.
For the Commission, by the Division of Investment Management,
under delegated authority.
Kevin M. O'Neill
Deputy Secretary

```

## Internal

```

Report of Independent Registered Public Accounting
Firm

To the Board of Trustees of Franklin Fund Allocator Series and
Shareholders of Franklin Conservative Allocation Fund, Franklin
Corefolio Allocation Fund, Franklin Global Allocation Fund,
Franklin Growth Allocation Fund, Franklin LifeSmartTM
Retirement Income Fund, Franklin LifeSmartTM 2020 Retirement
Target Fund, Franklin LifeSmartTM 2025 Retirement Target Fund,
Franklin LifeSmartTM 2030 Retirement Target Fund, Franklin
LifeSmartTM 2035 Retirement Target Fund, Franklin LifeSmartTM
2040 Retirement Target Fund, Franklin LifeSmartTM 2045
Retirement Target Fund, Franklin LifeSmartTM 2050 Retirement
Target Fund, Franklin LifeSmartTM 2055 Retirement Target Fund,
Franklin LifeSmartTM 2060 Retirement Target Fund and Franklin
Moderate Allocation Fund.

In planning and performing our audits of the financial statements
of Franklin Conservative Allocation Fund, Franklin Corefolio
Allocation Fund, Franklin Global Allocation Fund, Franklin
Growth Allocation Fund, Franklin LifeSmartTM Retirement Income
Fund, Franklin LifeSmartTM 2020 Retirement Target Fund,
Franklin LifeSmartTM 2025 Retirement Target Fund, Franklin
LifeSmartTM 2030 Retirement Target Fund, Franklin LifeSmartTM
2035 Retirement Target Fund, Franklin LifeSmartTM 2040
Retirement Target Fund, Franklin LifeSmartTM 2045 Retirement
Target Fund, Franklin LifeSmartTM 2050 Retirement Target Fund,
Franklin LifeSmartTM 2055 Retirement Target Fund, Franklin
LifeSmartTM 2060 Retirement Target Fund and Franklin Moderate
Allocation Fund (fifteen of the funds constituting Franklin Fund
Allocator Series, hereafter collectively referred to as the "Funds")
as of and for the year ended December 31, 2022, in accordance
with the standards of the Public Company Accounting Oversight
Board (United States) (PCAOB), we considered the Funds' internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-CEN, but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds' internal control over financial
reporting.

The management of the Funds is responsible for establishing and
maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. A company's internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A
company's internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made
only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a company's assets that could
have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement
of the company's annual or interim financial statements will not be
prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB. However,
we noted no deficiencies in the Funds' internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be a material weakness
as defined above as of December 31, 2022.

This report is intended solely for the information and use of the
Board of Trustees of Franklin Fund Allocator Series 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
San Francisco, California
February 17, 2023

```

## Exempt

```

UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANY ACT OF 1940
Release no. 32722/July 3, 2017
________________________________________________
In the Matter of :
:
Franklin Fund Allocator Series :
Franklin Advisers, Inc. :
Franklin Templeton Distributors, Inc. :
:
One Franklin Parkway :
San Mateo, CA 94403 :
:
(812-14611) :
________________________________________________:
ORDER UNDER SECTION 12(d)(1)(J) OF THE INVESTMENT COMPANY ACT OF
 1940 GRANTING AN EXEMPTION FROM SECTIONS 12(d)(1)(A), (B), AND
 (C) OF THE ACT, UNDER SECTIONS 6(c) AND 17(b) OF THE ACT
GRANTING AN EXEMPTION FROM SECTION 17(a) OF THE ACT, AND UNDER
 SECTION 6(C) OF THE ACT FOR AN EXEMPTION FROM RULE 12d1-2(a)
UNDER THE ACT
Franklin Fund Allocator Series, Franklin Advisers, Inc., and
 Franklin Templeton Distributors, Inc. filed an application
on February 9, 2016, and an amendment to the application on
May 23, 2017, requesting an order under section 12(d)(1)(J)
of the Investment Company Act of 1940 (the "Act") granting
 an exemption from sections 12(d)(1)(A), (B), and (C) of the
 Act, under sections 6(c) and 17(b) of the Act granting an
exemption from section 17(a) of the Act, and under section
6(c) of the Act for an exemption from rule 12d1-2(a) under
the Act. The order would permit (a) certain registered open-end
management investment companies that operate as "funds of funds"
 to acquire shares of certain registered open-end management
 investment companies, registered closed-end management investment
 companies, "business development companies," as defined by section
 2(a)(48) of the Act, and registered unit investment trusts that
 are within and outside the same group of investment companies as
 the acquiring investment companies and (b) certain registered
 open-end management investment companies relying on rule 12d1-2
 under the Act to invest in certain financial instruments.
On June 5, 2017, a notice of the filing of the application was
issued (Investment Company Act Release No. 32669). The notice
 gave interested persons an opportunity to request a hearing
 and stated that an order granting the application would be
issued unless a hearing was ordered. No request for a hearing
 has been filed, and the Commission has not ordered a hearing.
2
The matter has been considered and it is found, on the basis
of the information set forth in the application, as amended,
that granting the requested exemption is appropriate in and
consistent with the public interest and consistent with the
protection of investors and the purposes fairly intended by
 the policy and provisions of the Act.
It is also found that the terms of the proposed transactions
 are reasonable and fair and do not involve overreaching, and
 the proposed transactions are consistent with the policies of
 each registered investment company concerned and with the
 general purposes of the Act.
Accordingly,
IT IS ORDERED, that the relief requested under section 12(d)(1)(J)
 of the Act from sections 12(d)(1)(A), (B), and (C) of the Act,
 under sections 6(c) and 17(b) of the Act from section 17(a) of
the Act, and under section 6(c) of the Act for an exemption from
 rule 12d1-2(a) under the Act by Franklin Fund Allocator Series,
et al. (File No. 812-14611) is granted, effective immediately,
subject to the conditions contained in the application, as amended.
For the Commission, by the Division of Investment Management,
 under delegated authority.
Eduardo Aleman
Assistant Secretary

```

## Exempt

```

UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANY ACT OF 1940
Release No. 33117 / June 5, 2018
__________________________________________________________________
In the Matter of :
:
FRANKLIN ALTERNATIVE STRATEGIES FUNDS :
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND :
FRANKLIN CALIFORNIA TAX-FREE TRUST :
FRANKLIN CUSTODIAN FUNDS :
FRANKLIN ETF TRUST :
FRANKLIN FEDERAL TAX-FREE INCOME FUND :
FRANKLIN FLOATING RATE MASTER TRUST :
FRANKLIN FUND ALLOCATOR SERIES :
FRANKLIN GLOBAL TRUST :
FRANKLIN GOLD AND PRECIOUS METALS FUND :
FRANKLIN HIGH INCOME TRUST :
FRANKLIN INVESTORS SECURITIES TRUST :
FRANKLIN MANAGED TRUST :
FRANKLIN U.S. GOVERNMENT MONEY FUND :
FRANKLIN MUNICIPAL SECURITIES TRUST :
FRANKLIN MUTUAL SERIES FUNDS :
FRANKLIN NEW YORK TAX-FREE INCOME FUND :
FRANKLIN NEW YORK TAX-FREE TRUST :
FRANKLIN REAL ESTATE SECURITIES TRUST :
FRANKLIN STRATEGIC MORTGAGE PORTFOLIO :
FRANKLIN STRATEGIC SERIES :
FRANKLIN TAX-FREE TRUST :
FRANKLIN TEMPLETON ETF TRUST :
FRANKLIN TEMPLETON GLOBAL TRUST :
FRANKLIN TEMPLETON INTERNATIONAL TRUST :
FRANKLIN TEMPLETON MONEY FUND TRUST :
FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST :
FRANKLIN VALUE INVESTORS TRUST :
INSTITUTIONAL FIDUCIARY TRUST :
TEMPLETON CHINA WORLD FUND :
TEMPLETON DEVELOPING MARKETS TRUST :
TEMPLETON FUNDS :
TEMPLETON GLOBAL INVESTMENT TRUST :
TEMPLETON GLOBAL OPPORTUNITIES TRUST :
TEMPLETON GLOBAL SMALLER COMPANIES FUND :
TEMPLETON GROWTH FUND, INC. :
TEMPLETON INCOME TRUST :
TEMPLETON INSTITUTIONAL FUNDS :
THE MONEY MARKET PORTFOLIOS :
FRANKLIN LIMITED DURATION INCOME TRUST :
2
FRANKLIN UNIVERSAL TRUST :
TEMPLETON DRAGON FUND, INC. :
TEMPLETON EMERGING MARKETS FUND :
TEMPLETON EMERGING MARKETS INCOME FUND :
TEMPLETON GLOBAL INCOME FUND :
FRANKLIN ADVISERS, INC. :
FRANKLIN TEMPLETON INVESTMENT MANAGEMENT LIMITED :
K2/D&S MANAGEMENT CO., L.L.C. :
FASA LLC :
FRANKLIN TEMPLETON INSTITUTIONAL, LLC :
FRANKLIN ADVISORY SERVICES, LLC :
FRANKLIN MUTUAL ADVISERS, LLC :
TEMPLETON INVESTMENT COUNSEL, LLC :
TEMPLETON ASSET MANAGEMENT LTD. :
TEMPLETON GLOBAL ADVISORS LIMITED :
:
One Franklin Parkway :
San Mateo, CA 94403 :
:
(812-14819) :
__________________________________________________________________:
ORDER UNDER SECTION 6(c) OF THE INVESTMENT COMPANY ACT OF 1940
GRANTING AN EXEMPTION FROM SECTIONS 18(f) AND 21(b) OF THE ACT;
UNDER
SECTION 12(d)(1)(J) OF THE ACT GRANTING AN EXEMPTION FROM SECTION
12(d)(1) OF THE ACT; UNDER SECTIONS 6(c) AND 17(b) OF THE ACT
GRANTING AN
EXEMPTION FROM SECTIONS 17(a)(1), 17(a)(2), AND 17(a)(3) OF THE
 ACT; AND
UNDER SECTION 17(d) OF THE ACT AND RULE 17d-1 UNDER THE ACT TO
 PERMIT
CERTAIN JOINT ARRANGEMENTS AND TRANSACTIONS
Franklin Alternative Strategies Funds, Franklin California Tax-Free
 Income Fund, Franklin
California Tax-Free Trust, Franklin Custodian Funds, Franklin ETF
Trust, Franklin Federal Tax-
Free Income Fund, Franklin Floating Rate Master Trust, Franklin Fund
 Allocator Series, Franklin
Global Trust, Franklin Gold and Precious Metals Fund, Franklin High
 Income Trust, Franklin
Investors Securities Trust, Franklin Managed Trust, Franklin U.S.
 Government Money Fund,
Franklin Municipal Securities Trust, Franklin Mutual Series Funds,
 Franklin New York Tax-Free
Income Fund, Franklin New York Tax-Free Trust, Franklin Real Estate
 Securities Trust, Franklin
Strategic Mortgage Portfolio, Franklin Strategic Series, Franklin
 Tax-Free Trust, Franklin
Templeton ETF Trust, Franklin Templeton Global Trust, Franklin
Templeton International Trust,
Franklin Templeton Money Fund Trust, Franklin Templeton Variable
 Insurance Products Trust,
Franklin Value Investors Trust, Institutional Fiduciary Trust,
 Templeton China World Fund,
Templeton Developing Markets Trust, Templeton Funds, Templeton
 Global Investment Trust,
Templeton Global Opportunities Trust, Templeton Global Smaller
 Companies Fund, Templeton
Growth Fund, Inc., Templeton Income Trust, Templeton Institutional
Funds, The Money Market
Portfolios, Franklin Limited Duration Income Trust, Franklin
 Universal Trust, Templeton Dragon
Fund, Inc., Templeton Emerging Markets Fund, Templeton Emerging
 Markets Income Fund, and
Templeton Global Income Fund, Franklin Advisers, Inc., Franklin
 Templeton Investment
Management Limited, K2/D&S Management Co., L.L.C., FASA LLC,
Franklin Templeton
Institutional, LLC, Franklin Advisory Services, LLC, Franklin
Mutual Advisers, LLC, Templeton
3
Investment Counsel, LLC, Templeton Asset Management Ltd., and
 Templeton Global Advisors
Limited filed an application on September 14, 2017, and an
amendment on March 9, 2018.
Applicants requested an order under section 6(c) of the Investment
 Company Act of 1940 (the
"Act") for an exemption from sections 18(f) and 21(b) of the Act,
 under section 12(d)(1)(J) of
the Act for an exemption from section 12(d)(1) of the Act, under
 sections 6(c) and 17(b) of the
Act for an exemption from sections 17(a)(1), 17(a)(2), and 17(a)(3)
 of the Act, and under section
17(d) of the Act and rule 17d-1 under the Act to permit certain
joint arrangements and
transactions. The order supersedes a prior order1 and permits
certain registered management
investment companies to participate in a joint lending and
borrowing facility.
On May 10, 2018, a notice of the filing of the application was
 issued (Investment Company Act
Release No. 33095). The notice gave interested persons an
 opportunity to request a hearing and
stated that an order disposing of the application would be issued
unless a hearing was ordered.
No request for a hearing has been filed, and the Commission has
not ordered a hearing.
The matter has been considered and it is found, on the basis of
the information set forth in the
application, as amended, that granting the requested exemption
 is consistent with and appropriate
in the public interest, and consistent with the protection of
investors and the purposes fairly
intended by the policy and provisions of the Act.
It is also found that the terms of the proposed transactions,
including the consideration to be paid
or received, are reasonable and fair and do not involve
overreaching on the part of any person
concerned, and that the proposed transactions are consistent
with the policy of each registered
investment company concerned and the general purposes of the
 Act.
It is further found that the participation of each registered
 investment company in the proposed
credit facility is consistent with the provisions, policies,
and purposes of the Act, and not on a
basis different from or less advantageous than that of other
participants.
Accordingly, in the matter of Franklin Alternative Strategies
Funds, et al., (File No. 812-14819),
IT IS ORDERED, under section 6(c) of the Act, that the requested
 exemptions from sections
18(f) and 21(b) of the Act are granted, effective immediately,
 subject to the conditions in the
application, as amended.
IT IS FURTHER ORDERED, under section 12(d)(1)(J) of the Act,
that the requested exemption
from section 12(d)(1) of the Act is granted, effective immediately,
 subject to the conditions in
the application, as amended.
IT IS FURTHER ORDERED, under sections 6(c) and 17(b) of the Act,
 that the requested
exemptions from sections 17(a)(1), 17(a)(2), and 17(a)(3) of the
 Act are granted, effective
immediately, subject to the conditions in the application, as
amended.
1 Franklin Gold Fund, et al., Investment Company Act Release Nos.
 24016 (Sept. 16, 1999) (notice) and
24080 (Oct. 13, 1999) (order).
4
IT IS FURTHER ORDERED, under section 17(d) of the Act and rule
17d-1 under the Act, that
the proposed transactions are approved, effective immediately,
 subject to the conditions in the
application, as amended.
For the Commission, by the Division of Investment Management,
under delegated authority.
Eduardo A. Aleman
Assistant Secretary

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001022804

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000041340

**Series ID Record:2**
- **Series ID:** S000012939

**Series ID Record:3**
- **Series ID:** S000007239

**Series ID Record:4**
- **Series ID:** S000007241

**Series ID Record:5**
- **Series ID:** S000007242

**Series ID Record:6**
- **Series ID:** S000041339

**Series ID Record:7**
- **Series ID:** S000070651

**Series ID Record:8**
- **Series ID:** S000007240

**Series ID Record:9**
- **Series ID:** S000012937

**Series ID Record:10**
- **Series ID:** S000041338

**Series ID Record:11**
- **Series ID:** S000041337

**Series ID Record:12**
- **Series ID:** S000012938

**Series ID Record:13**
- **Series ID:** S000007243

**Series ID Record:14**
- **Series ID:** S000049109

**Series ID Record:15**
- **Series ID:** S000012940

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Franklin Fund Allocator Series

- **Item B.1.b - Investment Company Act file number:** 811-07851

- **Item B.1.c - CIK:** 0001022804

- **Item B.1.d - LEI:** 5493009BPYLDNZHEMO31

- **Item B.2.a - Street 1:** One Franklin Parkway

- **Item B.2.b - City:** San Mateo

- **Item B.2.c - State:** CA

- **Item B.2.e - Zip Code:** 94403-1906

- **Item B.2.f - Telephone:** 650-312-2000

- **Item B.2.g - Public Website:** franklintempleton.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** FIS Investor Services, LLC /TA

- **b. Street 1:** 4249 Easton Way Suite 400

- **c. City:** Columbus

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 43219

- **g. Telephone number:** 614-337-6605

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Sub-Transfer agent

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** JPMorgan Chase Bank, N.A.

- **b. Street 1:** 380 Madison Avenue

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10017

- **g. Telephone number:** 212-270-6000

- **h. Briefly describe the books and records kept at this location:** Records relating to its functions as Sub-Administrator and Fund Accounting Agent

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Franklin Templeton Services, LLC

- **b. Street 1:** One Franklin Parkway

- **c. City:** San Mateo

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94403-1906

- **g. Telephone number:** 650-312-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Administrative manager

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Franklin Templeton Investor Services, LLC

- **b. Street 1:** One Franklin Parkway

- **c. City:** San Mateo

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94403-1906

- **g. Telephone number:** 650-312-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Transfer agent

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Franklin Distributors, LLC

- **b. Street 1:** One Franklin Parkway

- **c. City:** San Mateo

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94403-1906

- **g. Telephone number:** 650-312-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Principal underwriter

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Franklin Advisers, Inc.

- **b. Street 1:** One Franklin Parkway

- **c. City:** San Mateo

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94403-1906

- **g. Telephone number:** 650-312-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Investment manager

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** The Bank of New York Mellon

- **b. Street 1:** 111 Sanders Creek Parkway

- **c. City:** East Syracuse

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 13057

- **g. Telephone number:** 855-231-1706

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Custodian

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Franklin Templeton Group of Funds

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 18

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                   | Is Interested Person?   | Other Investment Company File Numbers                                                                                                                                                                                                                                                                                                                                                                                                       |
|:---|:---|:---|
| Mary C. Choksi         | No                      | 811-07876, 811-06243, 811-00537, 811-04986, 811-07866, 811-07288, 811-08226, 811-06135, 811-07038, 811-10157, 811-05569, 811-04787, 811-04267, 811-06481, 811-05459, 811-01700, 811-07851, 811-01608, 811-03395, 811-04706, 811-04356, 811-09869, 811-05583, 811-21357, 811-03143, 811-08394, 811-04985, 811-02790, 811-04149, 811-04892, 811-04894, 811-03479, 811-08034, 811-02605, 811-06378, 811-02781                                  |
| Rupert H. Johnson, Jr. | Yes                     | 811-04787, 811-01700, 811-04356, 811-06135, 811-01608, 811-04892, 811-02781, 811-04986, 811-04706, 811-21357, 811-04985, 811-05569, 811-02605, 811-04267, 811-07866, 811-09869, 811-07038, 811-05583, 811-08226, 811-07851, 811-10157, 811-04894, 811-06378, 811-06243, 811-05459, 811-07288, 811-03479, 811-00537, 811-07876, 811-04149, 811-06481, 811-03395, 811-02790, 811-08034, 811-08394, 811-03143                                  |
| Terrence J. Checki     | No                      | 811-04986, 811-02605, 811-05583, 811-10157, 811-01700, 811-06481, 811-05569, 811-03395, 811-07038, 811-04787, 811-04356, 811-04894, 811-03479, 811-08034, 811-00537, 811-07288, 811-07851, 811-04149, 811-04267, 811-09869, 811-01608, 811-02790, 811-21357, 811-06243                                                                                                                                                                      |
| Gregory E. Johnson     | Yes                     | 811-07038, 811-22641, 811-04787, 811-06481, 811-08226, 811-05878, 811-06243, 811-04706, 811-04149, 811-02605, 811-04894, 811-01608, 811-07851, 811-00537, 811-04892, 811-03395, 811-07866, 811-07876, 811-05569, 811-04986, 811-02790, 811-01700, 811-05583, 811-03143, 811-08394, 811-05387, 811-10157, 811-08034, 811-06378, 811-06135, 811-04356, 811-07288, 811-21357, 811-03479, 811-04267, 811-05459, 811-02781, 811-04985, 811-09869 |
| Valerie M. Williams    | No                      | 811-04986, 811-00537, 811-05583, 811-04149, 811-01608, 811-08034, 811-06481, 811-10157, 811-07851, 811-07288, 811-02790, 811-09869, 811-03395, 811-07038, 811-02605, 811-05569, 811-04356, 811-06243, 811-04787, 811-04267, 811-01700, 811-04894, 811-03479, 811-21357                                                                                                                                                                      |
| J. Michael Luttig      | No                      | 811-06481, 811-03143, 811-02790, 811-07876, 811-01608, 811-06243, 811-06378, 811-06135, 811-04986, 811-09869, 811-02605, 811-04787, 811-04356, 811-08034, 811-04149, 811-04985, 811-05459, 811-00537, 811-04892, 811-04894, 811-07866, 811-08394, 811-05583, 811-10157, 811-04267, 811-03479, 811-21357, 811-07038, 811-07851, 811-07288, 811-05569, 811-08226, 811-03395, 811-02781, 811-01700, 811-04706                                  |
| Larry D. Thompson      | No                      | 811-05583, 811-04267, 811-04356, 811-07851, 811-09869, 811-08394, 811-06135, 811-04787, 811-07876, 811-01608, 811-07866, 811-08226, 811-06481, 811-21357, 811-04986, 811-04894, 811-10157, 811-02781, 811-03143, 811-02790, 811-03479, 811-04892, 811-06378, 811-04706, 811-07038, 811-07288, 811-05459, 811-04149, 811-06243, 811-08034, 811-05569, 811-04985, 811-01700, 811-00537, 811-02605, 811-03395                                  |
| Harris J. Ashton       | No                      | 811-07866, 811-10157, 811-04787, 811-04706, 811-02605, 811-03395, 811-04894, 811-02790, 811-08394, 811-05583, 811-08226, 811-07038, 811-03143, 811-04985, 811-21357, 811-06378, 811-09869, 811-01700, 811-02781, 811-08034, 811-06243, 811-05569, 811-04892, 811-01608, 811-04267, 811-06481, 811-04149, 811-07876, 811-03479, 811-07288, 811-05459, 811-07851, 811-06135, 811-00537, 811-04986, 811-04356                                  |
| Edith E. Holiday       | No                      | 811-08394, 811-09869, 811-21357, 811-06243, 811-04986, 811-03395, 811-04706, 811-07876, 811-07038, 811-04149, 811-04267, 811-07866, 811-08226, 811-07288, 811-04787, 811-00537, 811-04892, 811-06135, 811-04985, 811-08034, 811-06481, 811-02790, 811-01608, 811-06378, 811-01700, 811-03143, 811-03479, 811-05569, 811-07851, 811-02605, 811-05583, 811-10157, 811-02781, 811-05459, 811-04894, 811-04356                                  |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Breda M. Beckerle

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 280 Park Avenue

- **d. City:** New York

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 10017

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-15534
  - IC-30698
  - IC-33117
  - IC-32722

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Franklin Distributors, LLC

- **ii. SEC file number:** 8-5889

- **iii. CRD number:** 000000332

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** PRICEWATERHOUSECOOPERS LLP

- **b. PCAOB Number:** 238

- **c. LEI, if any:** 5493002GVO7EO8RNNS37

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Franklin LifeSmart 2050 Retirement Target Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin LifeSmart 2050 Retirement Target Fund

- **b. Series identification number, if any:** S000041340

- **c. LEI:** 54930064WJFTYF0DEP50

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000128227                                | FLSJX                        |
|                           2 | Class R6                | C000128230                                | FRLEX                        |
|                           3 | Advisor Class           | C000128231                                | FLSOX                        |
|                           4 | Class C                 | C000128228                                | FLSKX                        |
|                           5 | Class R                 | C000128229                                | FLSNX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [x] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

**Custodians Record: 3**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $459.13

**Brokers Record: 2**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $137.61

**Brokers Record: 3**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1.61

**Brokers Record: 4**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,815.41

**Brokers Record: 5**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $32.64

**Brokers Record: 6**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $0.44

**Brokers Record: 7**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $80.05

**Brokers Record: 8**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,792.26

**Aggregate Commission:** $8,319.15

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $14,651,652.72            |
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $1,150,153.01             |
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $31,974,916.24            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $47,827,611.45

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $34,396,920.75

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 2 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 3 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 4 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 5 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 6 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 7 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 8 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 9 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 10 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 11 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 12 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 13 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 14 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 15 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 16 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 17 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 18 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 19 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 20 Name of institution:** UMB BANK, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| International Equity Series                                    | 811-06135         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Templeton Foreign Fund                                         | 811-02781         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Templeton China World Fund                                     | 811-07876         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin International Growth Fund                             | 811-10157         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Templeton International Bond Fund                              | 811-04706         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Templeton Global Total Return Fund                             | 811-04706         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| ClearBridge International Value Fund                           | 811-06444         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Franklin Income Fund                                           | 811-00537         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Franklin International Small Cap Fund                          | 811-10157         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Franklin International Equity Fund                             | 811-22338         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin Equity Income Fund                                    | 811-04986         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| ClearBridge Select Fund                                        | 811-06444         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Franklin Growth Fund                                           | 811-00537         |
| ClearBridge Value Trust                                        | 811-22338         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Western Asset California Municipals Fund                       | 811-04254         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Franklin Managed Income fund                                   | 811-04986         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Franklin LifeSmart 2035 Retirement Target Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin LifeSmart 2035 Retirement Target Fund

- **b. Series identification number, if any:** S000012939

- **c. LEI:** 549300I6H6EMUM44S480

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Advisor Class           | C000034935                                | FLRHX                        |
|                           2 | Class R                 | C000034934                                | FLRGX                        |
|                           3 | Class C                 | C000034933                                | FTRCX                        |
|                           4 | Class A                 | C000034936                                | FRTAX                        |
|                           5 | Class R6                | C000126016                                | FMTLX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [x] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,964.00

**Brokers Record: 2**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $90.12

**Brokers Record: 3**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $126.19

**Brokers Record: 4**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $35.05

**Brokers Record: 5**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $24,749.70

**Brokers Record: 6**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,474.40

**Brokers Record: 7**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $25.25

**Brokers Record: 8**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,283.26

**Aggregate Commission:** $33,747.97

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $3,194,556.86             |
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $30,498,650.96            |
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $68,484,023.30            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $102,581,133.93

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $115,557,830.44

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 2 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 3 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 4 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 5 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 6 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 7 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 8 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 9 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 10 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 11 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 12 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 14 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 15 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 16 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 17 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 18 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 19 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 20 Name of institution:** STATE STREET BANK AND TRUST COMPANY

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Templeton Foreign Fund                                         | 811-02781         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| ClearBridge International Value Fund                           | 811-06444         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| Franklin Income Fund                                           | 811-00537         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin Equity Income Fund                                    | 811-04986         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Templeton International Bond Fund                              | 811-04706         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| International Equity Series                                    | 811-06135         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Franklin Global Equity Fund                                    | 811-06444         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Western Asset Total Return ETF                                 | 811-23096         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Western Asset High Yield Fund                                  | 811-06110         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Templeton Global Total Return Fund                             | 811-04706         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| ClearBridge Select Fund                                        | 811-06444         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin Mutual European Fund                                  | 811-05387         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Franklin International Small Cap Fund                          | 811-10157         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Franklin International Equity Fund                             | 811-22338         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Franklin Growth Fund                                           | 811-00537         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Templeton China World Fund                                     | 811-07876         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| ClearBridge Value Trust                                        | 811-22338         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin International Growth Fund                             | 811-10157         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - Franklin Conservative Allocation Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin Conservative Allocation Fund

- **b. Series identification number, if any:** S000007239

- **c. LEI:** 549300ZTESQD8YCQQX12

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000019841                                | FTCIX                        |
|                           2 | Class R                 | C000019843                                | FTCRX                        |
|                           3 | Advisor Class           | C000019840                                | FTCZX                        |
|                           4 | Class R6                | C000126011                                | FTCMX                        |
|                           5 | Class C                 | C000019842                                | FTCCX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 12d1-4 (17 CFR 270.12d1-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $449,816.99

**Brokers Record: 2**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $24,577.37

**Brokers Record: 3**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,489.53

**Brokers Record: 4**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $378.79

**Brokers Record: 5**

- **i. Full name of broker:** Sanford C. Bernstein & Co., LLC

- **ii. SEC file number:** 8-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $76.88

**Brokers Record: 6**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $422.50

**Brokers Record: 7**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,052.46

**Brokers Record: 8**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,689.82

**Brokers Record: 9**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $37,636.07

**Aggregate Commission:** $528,140.41

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $772,006,316.31           |
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $15,563,902.89            |
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $400,889,217.90           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,195,732,179.89

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $1,113,686,507.50

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 2 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 3 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 4 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 5 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 6 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 7 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 8 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 9 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 10 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 11 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 12 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 13 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 14 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 15 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 16 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 17 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 18 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 19 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 20 Name of institution:** CITIBANK, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Franklin Moderate Allocation Fund                              | 811-07851         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| Western Asset Income Fund                                      | 811-04254         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Templeton Global Total Return Fund                             | 811-04706         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Franklin International Growth Fund                             | 811-10157         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| ClearBridge Value Trust                                        | 811-22338         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| Templeton International Bond Fund                              | 811-04706         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| ClearBridge International Value Fund                           | 811-06444         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Franklin Equity Income Fund                                    | 811-04986         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| International Equity Series                                    | 811-06135         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Foreign Smaller Companies Series                               | 811-06135         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Franklin International Equity Fund                             | 811-22338         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin Dynatech Fund                                         | 811-00537         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Templeton Foreign Fund                                         | 811-02781         |
| Templeton China World Fund                                     | 811-07876         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Franklin Income Fund                                           | 811-00537         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Utilities Fund                                        | 811-00537         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin Growth Fund                                           | 811-00537         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin International Small Cap Fund                          | 811-10157         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Western Asset California Municipals Fund                       | 811-04254         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| ClearBridge Select Fund                                        | 811-06444         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Appreciation Fund                                  | 811-06444         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 4 - Franklin Global Allocation Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin Global Allocation Fund

- **b. Series identification number, if any:** S000007241

- **c. LEI:** 549300R05BQMM0PJVZ25

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class R6                | C000194376                                | FFAQX                        |
|                           2 | Advisor Class           | C000019853                                | FFAAX                        |
|                           3 | Class R                 | C000019852                                | FFARX                        |
|                           4 | Class A                 | C000019849                                | FFALX                        |
|                           5 | Class C                 | C000019851                                | FFACX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 12d1-1 (17 CFR 270.12d1-1)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** CITIBANK N.A.

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** BANK HAPOALIM B.M.

- **ii. LEI, if any:** B6ARUI4946ST4S7WOU88

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** SKANDINAVISKA ENSKILDA BANKEN

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** CREDIT SUISSE (SCHWEIZ) AG

- **ii. LEI, if any:** 549300CWR0W0BCS9Q144

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** UNICREDIT BANK AUSTRIA AG

- **ii. LEI, if any:** D1HEB8VEU6D9M8ZUXG17

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** DEUTSCHE BANK AG

- **ii. LEI, if any:** 7LTWFZYICNSX8D621K86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** STANDARD CHARTERED BANK MALAYSIA BERHAD

- **ii. LEI, if any:** 549300JTJBG2QBI8KD48

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** CITIBANK N.A.

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** HSBC BANK MIDDLE EAST LIMITED

- **ii. LEI, if any:** 549300F99IL9YJDWH369

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** CITIBANK N.A.

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** HSBC BANK EGYPT S.A.E

- **ii. LEI, if any:** 2138001Q77JDLESS4Y50

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** BANK POLSKA KASA OPIEKI SA - BANK PEKAO SA

- **ii. LEI, if any:** 5493000LKS7B3UTF7H35

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** THE BANK OF NEW YORK MELLON SA/NV

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 15**

- **i. Full name:** PJSC ROSBANK

- **ii. LEI, if any:** HOXMZG026UQNRK6J0C60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 16**

- **i. Full name:** BANCO BILBAO VIZCAYA ARGENTARIA S.A

- **ii. LEI, if any:** K8MS7FD7N5Z2WQ51AZ71

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 17**

- **i. Full name:** STANDARD CHARTERED BANK (SINGAPORE) LIMITED

- **ii. LEI, if any:** 549300MDYVVHJ8D1DW28

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 18**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 19**

- **i. Full name:** THE BANK OF NEW YORK MELLON SA/NV

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 20**

- **i. Full name:** STANDARD CHARTERED BANK

- **ii. LEI, if any:** RILFO74KP1CM8P6PCT96

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 21**

- **i. Full name:** HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 22**

- **i. Full name:** SKANDINAVISKA ENSKILDA BANKEN

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 23**

- **i. Full name:** BANCO SANTANDER CHILE

- **ii. LEI, if any:** 3YJP8HORPAEXJ80D6368

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 24**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 25**

- **i. Full name:** CITIBANK EUROPE PLC PORTUGAL BRANCH

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 26**

- **i. Full name:** SKANDINAVISKA ENSKILDA BANKEN AB

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 27**

- **i. Full name:** CITIBANK EUROPE PLC HUNGARIAN BRANCH

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 28**

- **i. Full name:** HSBC BANK AUSTRALIA LIMITED

- **ii. LEI, if any:** DY9DBNI4W8J63Z298033

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 29**

- **i. Full name:** THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 30**

- **i. Full name:** MUFG BANK, LTD.

- **ii. LEI, if any:** C3GTMMZIHMY46P4OIX74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 31**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

**Custodians Record: 32**

- **i. Full name:** CITIBANK EUROPE PLC, ORGANIZACNI SLOZKA

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 33**

- **i. Full name:** HSBC BANK MIDDLE EAST LIMITED

- **ii. LEI, if any:** 27633OTAF8526CAHL637

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 34**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 35**

- **i. Full name:** DEUTSCHE BANK AG, KARACHI BRANCH

- **ii. LEI, if any:** 7LTWFZYICNSX8D621K86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 36**

- **i. Full name:** THE BANK OF NEW YORK MELLON SA/NV

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 37**

- **i. Full name:** DEUTSCHE BANK AG

- **ii. LEI, if any:** 7LTWFZYICNSX8D621K86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 38**

- **i. Full name:** STANDARD BANK OF SOUTH AFRICA LIMITED,THE

- **ii. LEI, if any:** QFC8ZCW3Q5PRXU1XTM60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 39**

- **i. Full name:** HSBC BANK (TAIWAN) LIMITED

- **ii. LEI, if any:** 549300SG184IVNYDMN03

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 40**

- **i. Full name:** SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) OSLOFILIALEN

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 41**

- **i. Full name:** CITIBANK N.A.

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 42**

- **i. Full name:** DEUTSCHE BANK AG, SEOUL BRANCH

- **ii. LEI, if any:** 7LTWFZYICNSX8D621K86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 43**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 44**

- **i. Full name:** CITIBANK EUROPE PLC GREECE BRANCH

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 45**

- **i. Full name:** CITIBANK N.A.

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 46**

- **i. Full name:** SAUDI BRITISH BANK, THE

- **ii. LEI, if any:** 558600TQS0WENZUC5190

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 47**

- **i. Full name:** DEUTSCHE BANK A.S.

- **ii. LEI, if any:** 789000N5SE3LWDK7OI11

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 48**

- **i. Full name:** THE BANK OF NEW YORK MELLON SA/NV

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 49**

- **i. Full name:** THE BANK OF NEW YORK MELLON SA/NV

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 50**

- **i. Full name:** HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $68,403.75

**Brokers Record: 2**

- **i. Full name of broker:** Credit Suisse Securities (USA) LLC

- **ii. SEC file number:** 8-00422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $43,551.47

**Brokers Record: 3**

- **i. Full name of broker:** Sanford C. Bernstein & Co., LLC

- **ii. SEC file number:** 8-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,838.84

**Brokers Record: 4**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,568.30

**Brokers Record: 5**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,142.99

**Brokers Record: 6**

- **i. Full name of broker:** BMO Nesbitt Burns Securities Ltd.

- **ii. SEC file number:** 8-50538

- **iii. CRD number:** 000044057

- **iv. LEI, if any:** M3LKFDNSJGJ7TMLH6Z15

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,318.74

**Brokers Record: 7**

- **i. Full name of broker:** Liquidnet, Inc.

- **ii. SEC file number:** 8-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,299.36

**Brokers Record: 8**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $39,488.89

**Brokers Record: 9**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,862.78

**Brokers Record: 10**

- **i. Full name of broker:** Rosenblatt Securities Inc.

- **ii. SEC file number:** 8-24255

- **iii. CRD number:** 000018377

- **iv. LEI, if any:** 549300KXQP6H4QO07E91

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,901.18

**Aggregate Commission:** $239,831.21

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Barclays Capital, Inc.        | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $34,808,767.11            |
| HSBC Securities (USA) Inc.    | 8-41562           | 000019585    | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $47,653,845.00            |
| BofA Securities, Inc.         | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $48,105,230.63            |
| BNP Paribas Securities Corp.  | 8-32682           | 000015794    | RCNB6OTYUAMMP879YW96 | NY      | US        | $38,838,523.00            |
| TD SECURITIES (USA) LLC       | 8-36747           | 000018476    | SUVUFHICNZMP2WKHG940 | NY      | US        | $19,660,710.55            |
| Citigroup Global Markets Inc. | 8-08177           | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $130,543,232.11           |
| Bank of New York Mellon Corp. | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $917,930,448.56           |
| Goldman Sachs & Co. LLC       | 8-00129           | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $26,127,418.95            |
| J.P. Morgan Securities LLC    | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $53,985,667.81            |
| Standard Chartered Bank       | N/A               | N/A          | RILFO74KP1CM8P6PCT96 |  |  | $28,464,475.36            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,433,775,845.51

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $2,848,209,060.80

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 2 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 3 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 4 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 5 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 6 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 7 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 8 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 9 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 10 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 11 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 12 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 13 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 14 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 15 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 16 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 17 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 18 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 19 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 20 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| ClearBridge Select Fund                                        | 811-06444         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Franklin International Equity Fund                             | 811-22338         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Franklin International Growth Fund                             | 811-10157         |
| Templeton International Bond Fund                              | 811-04706         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| ClearBridge International Value Fund                           | 811-06444         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Templeton Foreign Fund                                         | 811-02781         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Franklin Natural Resources Fund                                | 811-06243         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Templeton China World Fund                                     | 811-07876         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Western Asset Total Return ETF                                 | 811-23096         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Value Trust                                        | 811-22338         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Franklin Growth Fund                                           | 811-00537         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Templeton World Fund                                           | 811-02781         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin International Small Cap Fund                          | 811-10157         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin Mutual European Fund                                  | 811-05387         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Franklin Equity Income Fund                                    | 811-04986         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| International Equity Series                                    | 811-06135         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin Income Fund                                           | 811-00537         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Foreign Smaller Companies Series                               | 811-06135         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| ClearBridge International Growth Fund                          | 811-22338         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 5 - Franklin Growth Allocation Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin Growth Allocation Fund

- **b. Series identification number, if any:** S000007242

- **c. LEI:** 549300LZSV7O3XTZ3R59

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000019856                                | FGTIX                        |
|                           2 | Class R6                | C000126012                                | FTGMX                        |
|                           3 | Class R                 | C000019858                                | FGTRX                        |
|                           4 | Class C                 | C000019857                                | FTGTX                        |
|                           5 | Advisor Class           | C000019855                                | FGTZX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,191.76

**Brokers Record: 2**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $244,234.97

**Brokers Record: 3**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,873.31

**Brokers Record: 4**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $69,636.69

**Brokers Record: 5**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $735.88

**Brokers Record: 6**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,473.20

**Brokers Record: 7**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $188.11

**Brokers Record: 8**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $478.75

**Aggregate Commission:** $338,812.67

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $36,251,222.87            |
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $850,950,686.15           |
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $332,230,889.65           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,223,234,264.65

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $1,266,827,084.60

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 2 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 3 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 4 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 5 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 6 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 7 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 8 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 9 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 10 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 11 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 12 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 14 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 15 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 16 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 17 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 18 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 19 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 20 Name of institution:** STATE STREET BANK AND TRUST COMPANY

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Franklin Growth Fund                                           | 811-00537         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Franklin Income VIP Fund                                       | 811-05583         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| International Equity Series                                    | 811-06135         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Templeton China World Fund                                     | 811-07876         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Franklin International Equity Fund                             | 811-22338         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Franklin Income Fund                                           | 811-00537         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Templeton Foreign Fund                                         | 811-02781         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Franklin International Small Cap Fund                          | 811-10157         |
| Franklin International Growth Fund                             | 811-10157         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Templeton International Climate Change Fund                    | 811-02781         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| ClearBridge International Value Fund                           | 811-06444         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin Total Return Fund                                     | 811-04986         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Franklin Equity Income Fund                                    | 811-04986         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Templeton World Fund                                           | 811-02781         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Templeton International Bond Fund                              | 811-04706         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Western Asset California Municipals Fund                       | 811-04254         |
| ClearBridge Select Fund                                        | 811-06444         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| ClearBridge Value Trust                                        | 811-22338         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin Floating Rate Income fund                             | 811-09869         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 6 - Franklin LifeSmart 2040 Retirement Target Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin LifeSmart 2040 Retirement Target Fund

- **b. Series identification number, if any:** S000041339

- **c. LEI:** 549300TGLGMFFQ6OWJ29

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class R6                | C000128225                                | FLREX                        |
|                           2 | Class A                 | C000128222                                | FLADX                        |
|                           3 | Class C                 | C000128223                                | FLOLX                        |
|                           4 | Class R                 | C000128224                                | FLSGX                        |
|                           5 | Advisor Class           | C000128226                                | FLSHX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [x] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 12d1-4 (17 CFR 270.12d1-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $407.06

**Brokers Record: 2**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,585.53

**Brokers Record: 3**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $503.36

**Brokers Record: 4**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,592.79

**Brokers Record: 5**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9.33

**Brokers Record: 6**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $47.27

**Brokers Record: 7**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8.00

**Brokers Record: 8**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $60.07

**Brokers Record: 9**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $216.91

**Aggregate Commission:** $11,430.32

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $1,247,507.16             |
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $33,339,682.70            |
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $12,009,050.59            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $46,683,624.01

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $41,317,434.40

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 2 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 3 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 4 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 5 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 6 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 7 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 8 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 9 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 10 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 11 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 12 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 14 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 15 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 16 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 17 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 18 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 19 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 20 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Western Asset Total Return ETF                                 | 811-23096         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| ClearBridge International Value Fund                           | 811-06444         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Franklin Equity Income Fund                                    | 811-04986         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| International Equity Series                                    | 811-06135         |
| Franklin High Income Fund                                      | 811-01608         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| ClearBridge Select Fund                                        | 811-06444         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Franklin International Small Cap Fund                          | 811-10157         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Franklin Income Fund                                           | 811-00537         |
| Templeton World Fund                                           | 811-02781         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Templeton Foreign Fund                                         | 811-02781         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Franklin Utilities Fund                                        | 811-00537         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| ClearBridge Value Trust                                        | 811-22338         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Franklin Growth Fund                                           | 811-00537         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Templeton International Bond Fund                              | 811-04706         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Templeton China World Fund                                     | 811-07876         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Franklin International Growth Fund                             | 811-10157         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Franklin International Equity Fund                             | 811-22338         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 7 - Franklin LifeSmart 2060 Retirement Target Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin LifeSmart 2060 Retirement Target Fund

- **b. Series identification number, if any:** S000070651

- **c. LEI:** 5493006SWXXL6AVH8R95

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class R6                | C000224549                                | FLFSX                        |
|                           2 | Class C                 | C000224551                                | FLBSX                        |
|                           3 | Class A                 | C000224550                                | FLASX                        |
|                           4 | Class R                 | C000224552                                | FLESX                        |
|                           5 | Advisor Class           | C000224548                                | FLJSX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [x] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

**Custodians Record: 2**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $0.03

**Brokers Record: 2**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3.95

**Brokers Record: 3**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $46.36

**Brokers Record: 4**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $437.46

**Brokers Record: 5**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $170.21

**Brokers Record: 6**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $29.30

**Brokers Record: 7**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7.84

**Brokers Record: 8**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $61.47

**Aggregate Commission:** $756.62

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $2,030,631.71             |
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $84,143.36                |
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $1,785,453.11             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $3,903,778.33

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $2,253,871.65

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 2 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 3 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 4 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 5 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 6 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 7 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 8 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 9 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 10 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 11 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 12 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 13 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 14 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 15 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 16 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 17 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 18 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 19 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 20 Name of institution:** MORGAN STANLEY BANK, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Western Asset New York Municipals Fund                         | 811-04254         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| ClearBridge Value Trust                                        | 811-22338         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| International Equity Series                                    | 811-06135         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Templeton Developing Markets Trust                             | 811-06378         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Franklin Managed Income fund                                   | 811-04986         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Franklin International Growth Fund                             | 811-10157         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Franklin International Small Cap Fund                          | 811-10157         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Franklin International Equity Fund                             | 811-22338         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Templeton China World Fund                                     | 811-07876         |
| Templeton International Bond Fund                              | 811-04706         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| ClearBridge Select Fund                                        | 811-06444         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Franklin Growth Fund                                           | 811-00537         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| ClearBridge International Value Fund                           | 811-06444         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Franklin Income Fund                                           | 811-00537         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Equity Income Fund                                    | 811-04986         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Templeton Foreign Fund                                         | 811-02781         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 8 - Franklin Corefolio Allocation Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin Corefolio Allocation Fund

- **b. Series identification number, if any:** S000007240

- **c. LEI:** 549300XTK2PMSEJNWL03

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000019844                                | FTCOX                        |
|                           2 | Class R                 | C000019847                                | N/A                          |
|                           3 | Class R6                | C000194375                                | FTLQX                        |
|                           4 | Advisor Class           | C000019848                                | FCAZX                        |
|                           5 | Class C                 | C000019846                                | FTCLX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $130,980,754.00           |
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $47,274,079.49            |
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $47,448,752.86            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $225,703,586.35

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $870,616,105.49

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 2 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 3 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 4 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 5 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 6 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 7 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 8 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 9 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 10 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 11 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 12 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 14 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 15 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 16 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 17 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 18 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 19 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 20 Name of institution:** STATE STREET BANK AND TRUST COMPANY

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Franklin International Equity Fund                             | 811-22338         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Franklin Income Fund                                           | 811-00537         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| ClearBridge Value Trust                                        | 811-22338         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Templeton International Bond Fund                              | 811-04706         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Franklin International Small Cap Fund                          | 811-10157         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Franklin International Growth Fund                             | 811-10157         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin Income VIP Fund                                       | 811-05583         |
| ClearBridge Select Fund                                        | 811-06444         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin Equity Income Fund                                    | 811-04986         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Templeton World Fund                                           | 811-02781         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Templeton Global Total Return Fund                             | 811-04706         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Franklin Mutual European Fund                                  | 811-05387         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Templeton China World Fund                                     | 811-07876         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| ClearBridge International Value Fund                           | 811-06444         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin Growth Fund                                           | 811-00537         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Templeton Foreign Fund                                         | 811-02781         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| International Equity Series                                    | 811-06135         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Western Asset California Municipals Fund                       | 811-04254         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Templeton International Climate Change Fund                    | 811-02781         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 9 - Franklin LifeSmart Retirement Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin LifeSmart Retirement Income Fund

- **b. Series identification number, if any:** S000012937

- **c. LEI:** 549300Y7RTL4JFWBLW93

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Advisor Class           | C000034928                                | FLRDX                        |
|                           2 | Class A                 | C000034925                                | FTRAX                        |
|                           3 | Class R                 | C000034927                                | FBRLX                        |
|                           4 | Class R6                | C000126014                                | FLMTX                        |
|                           5 | Class C                 | C000034926                                | FRTCX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $992.50

**Brokers Record: 2**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $31.07

**Brokers Record: 3**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $174.19

**Brokers Record: 4**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,604.96

**Brokers Record: 5**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $36.31

**Brokers Record: 6**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,259.71

**Brokers Record: 7**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $316.77

**Brokers Record: 8**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $249.03

**Brokers Record: 9**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $69.56

**Aggregate Commission:** $10,734.10

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $23,886,055.74            |
| UBS Securities LLC                    | 8-22651           | 000007654    | T6FIZBDPKLYJKFCRVK44 | NY      | US        | $4,549,285.29             |
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $204,856.88               |
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $35,810,685.15            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $65,432,203.70

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $50,489,808.80

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 2 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 3 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 4 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 5 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 6 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 7 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 8 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 9 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 10 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 11 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 12 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 14 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 15 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 16 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 17 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 18 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 19 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 20 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| ClearBridge International Value Fund                           | 811-06444         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Franklin International Small Cap Fund                          | 811-10157         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Franklin Growth Fund                                           | 811-00537         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Templeton Foreign Fund                                         | 811-02781         |
| Franklin Equity Income Fund                                    | 811-04986         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Franklin International Equity Fund                             | 811-22338         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Templeton China World Fund                                     | 811-07876         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| ClearBridge Select Fund                                        | 811-06444         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Franklin Income VIP Fund                                       | 811-05583         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Western Asset Income Fund                                      | 811-04254         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Franklin Global Equity Fund                                    | 811-06444         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin Income Fund                                           | 811-00537         |
| Templeton Developing Markets Trust                             | 811-06378         |
| ClearBridge Value Trust                                        | 811-22338         |
| International Equity Series                                    | 811-06135         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Templeton International Bond Fund                              | 811-04706         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin International Growth Fund                             | 811-10157         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin Total Return Fund                                     | 811-04986         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 10 - Franklin LifeSmart 2030 Retirement Target Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin LifeSmart 2030 Retirement Target Fund

- **b. Series identification number, if any:** S000041338

- **c. LEI:** 549300QZVTYR56VW1065

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class R                 | C000128220                                | FLRWX                        |
|                           2 | Class C                 | C000128219                                | FLRTX                        |
|                           3 | Class A                 | C000128218                                | FLRSX                        |
|                           4 | Class R6                | C000128221                                | FLERX                        |
|                           5 | Advisor Class           | C000128217                                | FLRZX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [x] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

**Custodians Record: 2**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,746.86

**Brokers Record: 2**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $770.66

**Brokers Record: 3**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $78.82

**Brokers Record: 4**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $187.58

**Brokers Record: 5**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $942.37

**Brokers Record: 6**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,323.17

**Brokers Record: 7**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $100.64

**Brokers Record: 8**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12.50

**Aggregate Commission:** $20,162.60

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $45,653,624.43            |
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $1,477,775.72             |
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $36,301,010.88            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $83,677,564.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $58,249,621.22

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 2 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 3 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 4 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 5 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 6 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 7 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 8 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 9 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 10 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 11 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 12 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 13 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 14 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 15 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 16 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 17 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 18 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 19 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 20 Name of institution:** STATE STREET BANK AND TRUST COMPANY

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin Income Fund                                           | 811-00537         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| ClearBridge Select Fund                                        | 811-06444         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Franklin International Equity Fund                             | 811-22338         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin Managed Income fund                                   | 811-04986         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| Templeton International Bond Fund                              | 811-04706         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| ClearBridge International Growth Fund                          | 811-22338         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Templeton China World Fund                                     | 811-07876         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Franklin International Small Cap Fund                          | 811-10157         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Templeton Global Bond Fund                                     | 811-04706         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| ClearBridge Value Trust                                        | 811-22338         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| ClearBridge International Value Fund                           | 811-06444         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin International Growth Fund                             | 811-10157         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Templeton Foreign Fund                                         | 811-02781         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Franklin Growth Fund                                           | 811-00537         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| International Equity Series                                    | 811-06135         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Franklin Equity Income Fund                                    | 811-04986         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 11 - Franklin LifeSmart 2020 Retirement Target Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin LifeSmart 2020 Retirement Target Fund

- **b. Series identification number, if any:** S000041337

- **c. LEI:** 5493007K7XC7TKMPS670

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class C                 | C000128213                                | FLRQX                        |
|                           2 | Class R                 | C000128214                                | FLRVX                        |
|                           3 | Advisor Class           | C000128216                                | FLROX                        |
|                           4 | Class A                 | C000128212                                | FLRMX                        |
|                           5 | Class R6                | C000128215                                | FRTSX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [x] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

**Custodians Record: 3**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,362.16

**Brokers Record: 2**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,192.95

**Brokers Record: 3**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $132.96

**Brokers Record: 4**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8.75

**Brokers Record: 5**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $34.56

**Brokers Record: 6**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $311.81

**Brokers Record: 7**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $165.85

**Brokers Record: 8**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $664.82

**Brokers Record: 9**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $38.78

**Aggregate Commission:** $15,912.64

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $623,752.08               |
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $28,134,267.93            |
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $13,502,575.91            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $42,484,848.25

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $36,926,684.62

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 2 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 3 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 4 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 5 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 6 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 7 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 8 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 9 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 10 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 11 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 12 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 13 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 14 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 15 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 16 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 17 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 18 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 19 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 20 Name of institution:** GOLDMAN SACHS BANK USA

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin Mutual European Fund                                  | 811-05387         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| Franklin International Growth Fund                             | 811-10157         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Templeton International Bond Fund                              | 811-04706         |
| Franklin International Small Cap Fund                          | 811-10157         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin Equity Income Fund                                    | 811-04986         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Income Fund                                           | 811-00537         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Templeton China World Fund                                     | 811-07876         |
| Templeton Foreign Fund                                         | 811-02781         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Franklin International Equity Fund                             | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| ClearBridge International Value Fund                           | 811-06444         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Templeton World Fund                                           | 811-02781         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Franklin Growth Fund                                           | 811-00537         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| International Equity Series                                    | 811-06135         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Western Asset High Yield Fund                                  | 811-06110         |
| ClearBridge Value Trust                                        | 811-22338         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| ClearBridge Select Fund                                        | 811-06444         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 12 - Franklin LifeSmart 2025 Retirement Target Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin LifeSmart 2025 Retirement Target Fund

- **b. Series identification number, if any:** S000012938

- **c. LEI:** 5493008D40YZ7G26GX52

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Advisor Class           | C000034932                                | FLRFX                        |
|                           2 | Class R                 | C000034931                                | FRELX                        |
|                           3 | Class A                 | C000034929                                | FTRTX                        |
|                           4 | Class R6                | C000126015                                | FTLMX                        |
|                           5 | Class C                 | C000034930                                | FTTCX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [x] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

**Custodians Record: 3**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,144.38

**Brokers Record: 2**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $475.25

**Brokers Record: 3**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $119.88

**Brokers Record: 4**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $34,127.56

**Brokers Record: 5**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $225.79

**Brokers Record: 6**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,447.50

**Brokers Record: 7**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,203.45

**Brokers Record: 8**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $28.00

**Aggregate Commission:** $41,771.81

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $73,360,696.23            |
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $2,532,250.78             |
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $37,526,050.10            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $114,035,515.70

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $121,364,366.96

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 2 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 3 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 4 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 5 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 6 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 7 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 8 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 9 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 10 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 11 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 12 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 13 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 14 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 15 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 16 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 17 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 18 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 19 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 20 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| ClearBridge International Growth Fund                          | 811-22338         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Templeton China World Fund                                     | 811-07876         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Templeton Foreign Fund                                         | 811-02781         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin Equity Income Fund                                    | 811-04986         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Franklin Income Fund                                           | 811-00537         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| International Equity Series                                    | 811-06135         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| ClearBridge Value Trust                                        | 811-22338         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Franklin Growth Fund                                           | 811-00537         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| ClearBridge International Value Fund                           | 811-06444         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin International Small Cap Fund                          | 811-10157         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| ClearBridge Select Fund                                        | 811-06444         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Western Asset California Municipals Fund                       | 811-04254         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Franklin International Equity Fund                             | 811-22338         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Franklin International Growth Fund                             | 811-10157         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Templeton International Bond Fund                              | 811-04706         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 13 - Franklin Moderate Allocation Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin Moderate Allocation Fund

- **b. Series identification number, if any:** S000007243

- **c. LEI:** 549300N3RVYB1HJAT682

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class R                 | C000019863                                | FTMRX                        |
|                           2 | Class A                 | C000019861                                | FMTIX                        |
|                           3 | Class R6                | C000126013                                | FTMLX                        |
|                           4 | Advisor Class           | C000019860                                | FMTZX                        |
|                           5 | Class C                 | C000019862                                | FTMTX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

**Custodians Record: 2**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $19,161.67

**Brokers Record: 2**

- **i. Full name of broker:** Sanford C. Bernstein & Co., LLC

- **ii. SEC file number:** 8-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $37.51

**Brokers Record: 3**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $75,165.25

**Brokers Record: 4**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,557.39

**Brokers Record: 5**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $506,001.89

**Brokers Record: 6**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $26,405.90

**Brokers Record: 7**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $233.76

**Brokers Record: 8**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,589.71

**Brokers Record: 9**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $705.75

**Aggregate Commission:** $635,858.83

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $1,161,505,702.96         |
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $38,548,686.73            |
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $592,735,624.42           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,801,077,533.65

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $1,791,399,640.06

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 2 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 3 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 4 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 5 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 6 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 7 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 8 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 9 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 10 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 11 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 12 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 13 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 14 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 15 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 16 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 17 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 18 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 19 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 20 Name of institution:** ROYAL BANK OF CANADA

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Western Asset New York Municipals Fund                         | 811-04254         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Equity Income Fund                                    | 811-04986         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Templeton International Bond Fund                              | 811-04706         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| International Equity Series                                    | 811-06135         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Franklin International Growth Fund                             | 811-10157         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin International Small Cap Fund                          | 811-10157         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Templeton Global Bond Fund                                     | 811-04706         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Templeton Foreign Fund                                         | 811-02781         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Franklin Utilities Fund                                        | 811-00537         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin International Equity Fund                             | 811-22338         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Franklin Growth Fund                                           | 811-00537         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Franklin Global Allocation Fund                                | 811-07851         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Templeton China World Fund                                     | 811-07876         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| ClearBridge International Value Fund                           | 811-06444         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Franklin Income Fund                                           | 811-00537         |
| ClearBridge Select Fund                                        | 811-06444         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Western Asset Income Fund                                      | 811-04254         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| ClearBridge Value Trust                                        | 811-22338         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 14 - Franklin LifeSmart 2055 Retirement Target Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin LifeSmart 2055 Retirement Target Fund

- **b. Series identification number, if any:** S000049109

- **c. LEI:** 549300ROOW6K1C9DJW95

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class C                 | C000154868                                | FLTNX                        |
|                           2 | Advisor Class           | C000154871                                | FLTKX                        |
|                           3 | Class R                 | C000154869                                | FLSBX                        |
|                           4 | Class R6                | C000154870                                | FLSZX                        |
|                           5 | Class A                 | C000154867                                | FLTFX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [x] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

**Custodians Record: 2**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8.76

**Brokers Record: 2**

- **i. Full name of broker:** RBC Capital Markets, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $20.68

**Brokers Record: 3**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $17.13

**Brokers Record: 4**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,387.11

**Brokers Record: 5**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,728.48

**Brokers Record: 6**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $0.23

**Brokers Record: 7**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $384.35

**Brokers Record: 8**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $133.88

**Aggregate Commission:** $5,680.62

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $8,159,227.29             |
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $810,098.73               |
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $9,918,663.25             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $18,924,010.41

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $23,813,705.45

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 2 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 3 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 4 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 5 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 6 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 7 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 8 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 9 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 10 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 11 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 12 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 13 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 14 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 15 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 16 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 17 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 18 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 19 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 20 Name of institution:** STATE STREET BANK AND TRUST COMPANY

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Templeton International Bond Fund                              | 811-04706         |
| Templeton China World Fund                                     | 811-07876         |
| International Equity Series                                    | 811-06135         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin Equity Income Fund                                    | 811-04986         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Templeton Foreign Fund                                         | 811-02781         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin Growth Fund                                           | 811-00537         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin Income Fund                                           | 811-00537         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Templeton Developing Markets Trust                             | 811-06378         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| ClearBridge Value Trust                                        | 811-22338         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Western Asset High Yield Fund                                  | 811-06110         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin International Small Cap Fund                          | 811-10157         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin International Equity Fund                             | 811-22338         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin High Income Fund                                      | 811-01608         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| ClearBridge International Value Fund                           | 811-06444         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| ClearBridge Select Fund                                        | 811-06444         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Franklin International Growth Fund                             | 811-10157         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 15 - Franklin LifeSmart 2045 Retirement Target Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin LifeSmart 2045 Retirement Target Fund

- **b. Series identification number, if any:** S000012940

- **c. LEI:** 549300CLLTKGI11DYB24

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class C                 | C000034938                                | FLRIX                        |
|                           2 | Class A                 | C000034937                                | FTTAX                        |
|                           3 | Class R6                | C000126017                                | FMLTX                        |
|                           4 | Class R                 | C000034939                                | FLRJX                        |
|                           5 | Advisor Class           | C000034940                                | FLRLX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [x] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 000109120

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Franklin Templeton Investor Services LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

**Custodians Record: 3**

- **i. Full name:** THE BANK OF NEW YORK MELLON

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Virtu Americas LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $197.52

**Brokers Record: 2**

- **i. Full name of broker:** Old Mission Markets LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16.19

**Brokers Record: 3**

- **i. Full name of broker:** Citadel Securities LLC

- **ii. SEC file number:** 8-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $989.68

**Brokers Record: 4**

- **i. Full name of broker:** Merrill Lynch, Pierce, Fenner & Smith Inc.

- **ii. SEC file number:** 8-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $80.51

**Brokers Record: 5**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,834.64

**Brokers Record: 6**

- **i. Full name of broker:** Susquehanna Financial Group, LLLP

- **ii. SEC file number:** 8-44325

- **iii. CRD number:** 000035865

- **iv. LEI, if any:** 549300E8QX0ZMRDC2M81

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,817.67

**Aggregate Commission:** $14,936.21

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Bank of New York Mellon Corp.         | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $48,879,822.41            |
| J.P. Morgan Securities LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $21,071,304.58            |
| Fiduciary Trust Company International | N/A               | N/A          | N1YKEWO2IYPRS4742F57 | CA      | US        | $2,592,279.94             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $72,709,240.93

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $79,010,316.91

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,675,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 2 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 3 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 4 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 5 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 6 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 7 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 8 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 9 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 10 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 11 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 12 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 13 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 14 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 15 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 16 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 17 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 18 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 19 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 20 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Franklin Income Fund                                           | 811-00537         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin International Growth Fund                             | 811-10157         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Templeton China World Fund                                     | 811-07876         |
| Franklin Growth Fund                                           | 811-00537         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Franklin Global Allocation Fund                                | 811-07851         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Franklin High Income Fund                                      | 811-01608         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Templeton International Bond Fund                              | 811-04706         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Templeton Foreign Fund                                         | 811-02781         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Franklin Utilities Fund                                        | 811-00537         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| International Equity Series                                    | 811-06135         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Franklin International Small Cap Fund                          | 811-10157         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| ClearBridge International Value Fund                           | 811-06444         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| ClearBridge Value Trust                                        | 811-22338         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Franklin Equity Income Fund                                    | 811-04986         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Western Asset California Municipals Fund                       | 811-04254         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Templeton World Fund                                           | 811-02781         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Franklin International Equity Fund                             | 811-22338         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| ClearBridge Select Fund                                        | 811-06444         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Franklin Fund Allocator Series

**Date:** 2022-12-31

**Signature:** Ryan Wheeler

**Title:** Assistant Treasurer