# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001752724-23-053154
**Filing Date:** 2023-3
**Character Count:** 374159
**Document Hash:** e4f75ca03db2ffac5834c33ff59fd9db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-053154.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001752724-23-053154

**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 MUTUAL SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000825063
- **IRS NUMBER:** 222894171
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05387
- **FILM NUMBER:** 23727037

**BUSINESS ADDRESS:**
- **STREET 1:** 101 JOHN F KENNEDY PARKWAY
- **CITY:** SHORT HILLS
- **STATE:** NJ
- **ZIP:** 07078
- **BUSINESS PHONE:** 973-912-2000

**MAIL ADDRESS:**
- **STREET 1:** 101 JOHN F KENNEDY PARKWAY
- **CITY:** SHORT HILLS
- **STATE:** NJ
- **ZIP:** 07078

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN MUTUAL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19970227

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUTUAL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### FRANKLIN MUTUAL BEACON FUND (Series ID: S000007860)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021373 | CLASS A      | TEBIX           |
| C000021375 | CLASS C      | TEMEX           |
| C000021376 | CLASS Z      | BEGRX           |
| C000082421 | CLASS R      |  |
| C000128727 | Class R6     | FMBRX           |

### FRANKLIN MUTUAL GLOBAL DISCOVERY FUND (Series ID: S000007861)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021377 | CLASS A      | TEDIX           |
| C000021379 | CLASS C      | TEDSX           |
| C000021380 | CLASS Z      | MDISX           |
| C000021381 | CLASS R      | TEDRX           |
| C000128728 | Class R6     | FMDRX           |

### FRANKLIN MUTUAL EUROPEAN FUND (Series ID: S000007862)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021382 | CLASS A      | TEMIX           |
| C000021384 | CLASS C      | TEURX           |
| C000021385 | CLASS Z      | MEURX           |
| C000082422 | CLASS R      | FMURX           |
| C000128729 | Class R6     | FMEUX           |

### FRANKLIN MUTUAL QUEST FUND (Series ID: S000007863)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021386 | CLASS A      | TEQIX           |
| C000021388 | CLASS C      | TEMQX           |
| C000021389 | CLASS Z      | MQIFX           |
| C000078832 | CLASS R      | FMQSX           |
| C000128730 | Class R6     | FMQRX           |

### FRANKLIN MUTUAL SHARES FUND (Series ID: S000007864)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021390 | CLASS A      | TESIX           |
| C000021392 | CLASS C      | TEMTX           |
| C000021393 | CLASS Z      | MUTHX           |
| C000021394 | CLASS R      | TESRX           |
| C000128731 | Class R6     | FMSHX           |

### FRANKLIN MUTUAL FINANCIAL SERVICES FUND (Series ID: S000007865)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021395 | CLASS A      | TFSIX           |
| C000021397 | CLASS C      | TMFSX           |
| C000021398 | CLASS Z      | TEFAX           |
| C000128732 | Class R6     | FMFVX           |

## 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

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Franklin Mutual Series Funds:

In planning and performing our audits of the financial statements
of Franklin Mutual Shares Fund, Franklin Mutual Quest Fund,
Franklin Mutual Beacon Fund, Franklin Mutual Global Discovery
Fund, Franklin Mutual European Fund, and Franklin Mutual
Financial Services Fund (six funds comprising Franklin Mutual
Series Funds) (collectively, 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), 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 express no such
opinion.

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 that might be material weaknesses under standards
established by the Public Company Accounting Oversight Board
(United States). 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
management and Board of Trustees of Franklin Mutual Series
Funds and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these
specified parties.

/s/ Ernst & Young LLP

Boston, Massachusetts
February 17, 2023

```

## 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

```

## 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:** 0000825063

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

### 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 Mutual Series Funds

- **Item B.1.b - Investment Company Act file number:** 811-05387

- **Item B.1.c - CIK:** 0000825063

- **Item B.1.d - LEI:** 549300DW3N5FG4OTT022

- **Item B.2.a - Street 1:** 101 John F. Kennedy Parkway

- **Item B.2.b - City:** Short Hills

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

- **Item B.2.e - Zip Code:** 07078-2716

- **Item B.2.f - Telephone:** 973-912-2000

- **Item B.2.g - Public Website:** www.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 Mutual Advisers, LLC

- **b. Street 1:** 101 John F. Kennedy Parkway

- **Street 2:** Short Hills

- **c. City:** New Jersey

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

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

- **f. Zip code and zip code extension, or foreign postal code:** 07078-2789

- **g. Telephone number:** 973-912-2000

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

**Location books Record: 6**

- **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: 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:** 6

- **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                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|:---|:---|:---|
| Edward I. Altman      | No                      | 811-05387, 811-05878, 811-22641                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Gregory E. Johnson    | Yes                     | 811-06481, 811-00537, 811-05583, 811-21357, 811-10157, 811-04706, 811-07876, 811-03479, 811-04149, 811-02605, 811-06135, 811-05387, 811-08034, 811-05569, 811-04356, 811-07288, 811-07851, 811-04892, 811-09869, 811-01608, 811-06243, 811-04450, 811-08226, 811-06336, 811-03395, 811-22641, 811-06378, 811-05878, 811-03143, 811-04985, 811-04267, 811-08394, 811-01700, 811-02781, 811-04787, 811-04894, 811-05459, 811-04986, 811-07038, 811-07866, 811-02790, 811-08962 |
| Jan Hopkins Trachtman | No                      | 811-05387, 811-22641, 811-05878                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| David W. Niemiec      | No                      | 811-04985, 811-22641, 811-08394, 811-07866, 811-05878, 811-07876, 811-08226, 811-04450, 811-03143, 811-06135, 811-02781, 811-04706, 811-05459, 811-06378, 811-04892, 811-05387                                                                                                                                                                                                                                                                                               |
| Gregory H. Williams   | No                      | 811-05878, 811-05387, 811-22641                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Ann Torre Bates       | No                      | 811-04450, 811-07876, 811-07866, 811-08394, 811-04892, 811-06378, 811-02781, 811-05878, 811-04985, 811-22641, 811-03143, 811-05387, 811-04706, 811-06135, 811-05459, 811-08226                                                                                                                                                                                                                                                                                               |
| Valerie M. Williams   | No                      | 811-09869, 811-01700, 811-10157, 811-04986, 811-04149, 811-05583, 811-21357, 811-06243, 811-03479, 811-00537, 811-04787, 811-07038, 811-07288, 811-05569, 811-06481, 811-03395, 811-02605, 811-02790, 811-04356, 811-08034, 811-01608, 811-07851, 811-04894, 811-04267                                                                                                                                                                                                       |
| Jennifer M. Johnson   | Yes                     | 811-23124, 811-05878, 811-22801, 811-05387, 811-22641, 811-23487, 811-23471, 811-23096                                                                                                                                                                                                                                                                                                                                                                                       |
| Keith E. Mitchell     | No                      | 811-05878, 811-22641, 811-05387                                                                                                                                                                                                                                                                                                                                                                                                                                              |

### 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-30698
  - IC-32722
  - IC-33117
  - IC-15534

### 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:** ERNST & YOUNG LLP

- **b. PCAOB Number:** 42

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

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

- **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 Mutual Beacon Fund

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

- **a. Full Name of the Fund:** Franklin Mutual Beacon Fund

- **b. Series identification number, if any:** S000007860

- **c. LEI:** 2P5J8F77YSRTYSP23G45

- **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                | C000128727                                | FMBRX                        |
|                           2 | Class A                 | C000021373                                | TEBIX                        |
|                           3 | Class Z                 | C000021376                                | BEGRX                        |
|                           4 | Class R                 | C000082421                                | N/A                          |
|                           5 | Class C                 | C000021375                                | TEMEX                        |

**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?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

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

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** Franklin Templeton Investments Corp.

- **ii. LEI, if any:** 5493005DRTG4H4KKYJ69

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

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

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

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

- Rule 22d-1 (17 CFR 270.22d-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 Mutual Advisers, LLC

- **ii. SEC file number:** 801-53068

- **iii. CRD number:** 000111376

- **iv. LEI, if any:** 549300700KN6X7XAH545

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

- **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:** IHS Markit Group Holdings Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138005LTLTVZ4WMEX25

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

**Pricing Services Record: 2**

- **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: 3**

- **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

**Pricing Services Record: 4**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **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:** 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: 2**

- **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: 3**

- **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: 4**

- **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: 5**

- **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: 6**

- **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: 7**

- **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: 8**

- **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: 9**

- **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: 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:** HSBC BANK BERMUDA LIMITED

- **ii. LEI, if any:** 0W1U67PTV5WY3WYWKD79

- **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:** 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: 13**

- **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: 14**

- **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: 15**

- **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: 16**

- **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: 17**

- **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: 18**

- **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: 19**

- **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: 20**

- **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: 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:** 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: 23**

- **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: 24**

- **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: 25**

- **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: 26**

- **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: 27**

- **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: 28**

- **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: 29**

- **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: 30**

- **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: 31**

- **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: 32**

- **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: 33**

- **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: 34**

- **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: 35**

- **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: 36**

- **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: 37**

- **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: 38**

- **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: 39**

- **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 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:** 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:** $105,390.95

**Brokers Record: 2**

- **i. Full name of broker:** HSBC Securities (USA) Inc.

- **ii. SEC file number:** 8-41562

- **iii. CRD number:** 000019585

- **iv. LEI, if any:** CYYGQCGNHMHPSMRL3R97

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $96,250.75

**Brokers Record: 3**

- **i. Full name of broker:** Jefferies LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $165,795.83

**Brokers Record: 4**

- **i. Full name of broker:** Barclays Capital, Inc.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $105,611.29

**Brokers Record: 5**

- **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:** $104,870.67

**Brokers Record: 6**

- **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:** $75,493.50

**Brokers Record: 7**

- **i. Full name of broker:** Evercore Group L.L.C.

- **ii. SEC file number:** 8-49830

- **iii. CRD number:** 000042405

- **iv. LEI, if any:** 5493008F0LRLS5N8LZ81

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $76,068.25

**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:** $97,410.14

**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:** $101,854.69

**Brokers Record: 10**

- **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:** $202,880.47

**Aggregate Commission:** $1,653,428.56

**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        | $2,125,906,650.75         |
| Credit Suisse Securities (USA) LLC | 8-00422           | 000000816    | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $2,047,500,000.00         |
| Bank of New York Mellon Corp.      | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $878,448,137.86           |
| J.P. Morgan Securities LLC         | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $79,005,302.70            |
| Jefferies LLC                      | 8-15074           | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $5,434,340,848.18         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $10,565,200,939.49

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

- **Item C.19.a - Fund's monthly average net assets:** $3,196,089,727.74

**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:** BARCLAYS BANK PLC

  - **Line Institutions Record: 2 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 3 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 4 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 5 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 6 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 7 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 8 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **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:** CREDIT SUISSE AG

  - **Line Institutions Record: 12 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 13 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 14 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 15 Name of institution:** THE BANK OF NEW YORK MELLON

  - **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:** THE BANK OF NOVA SCOTIA

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

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

- **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 Mutual Quest Fund

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

- **a. Full Name of the Fund:** Franklin Mutual Quest Fund

- **b. Series identification number, if any:** S000007863

- **c. LEI:** NWF7KZ3BJ6U1TY06BL48

- **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                 | C000078832                                | FMQSX                        |
|                           2 | Class C                 | C000021388                                | TEMQX                        |
|                           3 | Class R6                | C000128730                                | FMQRX                        |
|                           4 | Class Z                 | C000021389                                | MQIFX                        |
|                           5 | Class A                 | C000021386                                | TEQIX                        |

**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?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

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

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** Franklin Templeton Investments Corp.

- **ii. LEI, if any:** 5493005DRTG4H4KKYJ69

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $662,094.56

- **g. Provide the net income from securities lending activities:** $58,100.00

**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 (17 CFR 270.18f-4)

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

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(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 Mutual Advisers, LLC

- **ii. SEC file number:** 801-53068

- **iii. CRD number:** 000111376

- **iv. LEI, if any:** 549300700KN6X7XAH545

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

- **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:** IHS Markit Group Holdings Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138005LTLTVZ4WMEX25

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

**Pricing Services Record: 2**

- **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: 3**

- **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

**Pricing Services Record: 4**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **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 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: 2**

- **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: 3**

- **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: 4**

- **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: 5**

- **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: 6**

- **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: 7**

- **i. Full name:** HSBC BANK BERMUDA LIMITED

- **ii. LEI, if any:** 0W1U67PTV5WY3WYWKD79

- **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:** 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: 10**

- **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: 11**

- **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: 12**

- **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: 13**

- **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: 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:** 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: 16**

- **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: 17**

- **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: 18**

- **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: 19**

- **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: 20**

- **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: 21**

- **i. Full name:** CITIBANK MAGHREB

- **ii. LEI, if any:** 5493003FVWLMBFTISI11

- **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:** 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: 23**

- **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: 24**

- **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: 25**

- **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: 26**

- **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: 27**

- **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: 28**

- **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: 29**

- **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: 30**

- **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: 31**

- **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: 32**

- **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: 33**

- **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: 34**

- **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: 35**

- **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: 36**

- **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: 37**

- **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: 38**

- **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: 39**

- **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: 40**

- **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: 41**

- **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: 42**

- **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: 43**

- **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)

- **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:** UNITED FIRST PARTNERS LLC

- **ii. SEC file number:** 8-68718

- **iii. CRD number:** 000155456

- **iv. LEI, if any:** 254900WD45SOCZ7IKM52

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $74,556.18

**Brokers Record: 2**

- **i. Full name of broker:** Exane, Inc.

- **ii. SEC file number:** 8-49569

- **iii. CRD number:** 000041784

- **iv. LEI, if any:** 6SDWK6FV8H98XAGSYS75

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $56,819.06

**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:** $112,330.19

**Brokers Record: 4**

- **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:** $179,561.84

**Brokers Record: 5**

- **i. Full name of broker:** Jefferies LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $118,739.23

**Brokers Record: 6**

- **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:** $219,681.77

**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:** $127,282.18

**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:** $90,509.82

**Brokers Record: 9**

- **i. Full name of broker:** Cowen and Company

- **ii. SEC file number:** 8-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $55,615.58

**Brokers Record: 10**

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

- **ii. SEC file number:** 8-68821

- **iii. CRD number:** 000156757

- **iv. LEI, if any:** 5493007EG0CYRKKG9L11

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $63,547.45

**Aggregate Commission:** $1,711,088.16

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

| Name                                       | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Jefferies LLC                              | 8-15074           | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $10,729,647,243.30        |
| J.P. Morgan Securities LLC                 | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $478,689,881.46           |
| Barclays Capital, Inc.                     | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $10,159,074,838.85        |
| Bank of New York Mellon Corp.              | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $2,350,399,366.58         |
| Stifel, Nicolaus & Company, Incorporated   | 8-01447           | 000000793    | 5WUVMA08EYG4KEUPW589 | MO      | US        | $103,723,557.50           |
| Goldman Sachs & Co. LLC                    | 8-00129           | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $105,651,988.88           |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | 8-07221           | 000007691    | 8NAV47T0Y26Q87Y0QP81 | NY      | US        | $267,579,386.25           |
| RBC Capital Markets, LLC                   | 8-45411           | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $115,945,692.50           |
| Credit Suisse Securities (USA) LLC         | 8-00422           | 000000816    | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $6,840,152,500.00         |
| INTL FCStone Financial Inc.                | 8-51269           | 000045993    | 549300LNKU6K5TJCRG93 | FL      | US        | $132,548,379.60           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $31,449,149,278.22

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

- **Item C.19.a - Fund's monthly average net assets:** $2,989,173,653.84

**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:** STATE STREET BANK AND TRUST COMPANY

  - **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:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **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:** BANK OF AMERICA, N.A.

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

  - **Line Institutions Record: 9 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 10 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 11 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 12 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 13 Name of institution:** DEUTSCHE BANK AG

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

  - **Line Institutions Record: 15 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

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

  - **Line Institutions Record: 17 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 18 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 19 Name of institution:** BARCLAYS BANK PLC

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

### Management Investment Record: 3 - Franklin Mutual Shares Fund

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

- **a. Full Name of the Fund:** Franklin Mutual Shares Fund

- **b. Series identification number, if any:** S000007864

- **c. LEI:** QOET654RR8JMYG00F771

- **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 Z                 | C000021393                                | MUTHX                        |
|                           2 | Class R6                | C000128731                                | FMSHX                        |
|                           3 | Class A                 | C000021390                                | TESIX                        |
|                           4 | Class R                 | C000021394                                | TESRX                        |
|                           5 | Class C                 | C000021392                                | TEMTX                        |

**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?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

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

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** Franklin Templeton Investments Corp.

- **ii. LEI, if any:** 5493005DRTG4H4KKYJ69

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $78.20

- **g. Provide the net income from securities lending activities:** $7.00

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

Did the Fund rely on the following rules?

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

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

- Rule 32a-4 (17 CFR 270.32a-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?** No

- **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 Mutual Advisers, LLC

- **ii. SEC file number:** 801-53068

- **iii. CRD number:** 000111376

- **iv. LEI, if any:** 549300700KN6X7XAH545

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

- **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

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **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

**Pricing Services Record: 4**

- **i. Full name:** IHS Markit Group Holdings Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138005LTLTVZ4WMEX25

- **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 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: 2**

- **i. Full name:** HSBC BANK BERMUDA LIMITED

- **ii. LEI, if any:** 0W1U67PTV5WY3WYWKD79

- **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:** 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: 5**

- **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: 6**

- **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: 7**

- **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: 8**

- **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: 9**

- **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: 10**

- **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: 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:** 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: 13**

- **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: 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:** 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: 16**

- **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: 17**

- **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: 18**

- **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: 19**

- **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: 20**

- **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: 21**

- **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: 22**

- **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: 23**

- **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: 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:** 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: 26**

- **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: 27**

- **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: 28**

- **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: 29**

- **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: 30**

- **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: 31**

- **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: 32**

- **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: 33**

- **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: 34**

- **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: 35**

- **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: 36**

- **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: 37**

- **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: 38**

- **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: 39**

- **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: 40**

- **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: 41**

- **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)

- **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:** 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:** $224,191.09

**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:** $262,302.75

**Brokers Record: 3**

- **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:** $196,166.92

**Brokers Record: 4**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 8-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $219,500.56

**Brokers Record: 5**

- **i. Full name of broker:** Jefferies LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $198,955.76

**Brokers Record: 6**

- **i. Full name of broker:** Evercore Group L.L.C.

- **ii. SEC file number:** 8-49830

- **iii. CRD number:** 000042405

- **iv. LEI, if any:** 5493008F0LRLS5N8LZ81

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $270,100.59

**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:** $164,542.58

**Brokers Record: 8**

- **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:** $394,433.18

**Brokers Record: 9**

- **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:** $181,119.20

**Brokers Record: 10**

- **i. Full name of broker:** Barclays Capital, Inc.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $198,779.21

**Aggregate Commission:** $3,418,655.57

**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        | $8,060,890,042.75         |
| Stifel, Nicolaus & Company, Incorporated | 8-01447           | 000000793    | 5WUVMA08EYG4KEUPW589 | MO      | US        | $54,490,958.75            |
| RBC Capital Markets, LLC                 | 8-45411           | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $11,983,145.00            |
| INTL FCStone Financial Inc.              | 8-51269           | 000045993    | 549300LNKU6K5TJCRG93 | FL      | US        | $17,648,078.90            |
| Bank of New York Mellon Corp.            | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $2,043,996,241.91         |
| J.P. Morgan Securities LLC               | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $380,496,451.31           |
| Deutsche Bank Securities Inc.            | 8-17822           | 000002525    | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $49,196,433.23            |
| Credit Suisse Securities (USA) LLC       | 8-00422           | 000000816    | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $6,106,100,000.00         |
| Goldman Sachs & Co. LLC                  | 8-00129           | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $14,576,757.02            |
| Jefferies LLC                            | 8-15074           | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $10,058,522,613.14        |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $26,815,403,574.67

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

- **Item C.19.a - Fund's monthly average net assets:** $7,518,961,936.60

**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:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 2 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 3 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 4 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 5 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 6 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 7 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 8 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 9 Name of institution:** STATE STREET BANK AND TRUST COMPANY

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

  - **Line Institutions Record: 11 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 12 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 13 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 14 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 15 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 16 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 17 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 18 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 19 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 20 Name of institution:** HSBC BANK USA, 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 Corporate Bond Fund                              | 811-04254         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Templeton Foreign Fund                                         | 811-02781         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Franklin International Small Cap Fund                          | 811-10157         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| International Equity Series                                    | 811-06135         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin Total Return Fund                                     | 811-04986         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin Utilities Fund                                        | 811-00537         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Income Fund                                           | 811-00537         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| ClearBridge Select Fund                                        | 811-06444         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Franklin Managed Income fund                                   | 811-04986         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Franklin Mutual European Fund                                  | 811-05387         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Templeton International Climate Change Fund                    | 811-02781         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Franklin International Equity Fund                             | 811-22338         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Templeton China World Fund                                     | 811-07876         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| ClearBridge International Value Fund                           | 811-06444         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin Equity Income Fund                                    | 811-04986         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Franklin Growth Fund                                           | 811-00537         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| ClearBridge Value Trust                                        | 811-22338         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| Templeton International Bond Fund                              | 811-04706         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Franklin Income VIP Fund                                       | 811-05583         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin International Growth Fund                             | 811-10157         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |

- **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 Mutual Financial Services Fund

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

- **a. Full Name of the Fund:** Franklin Mutual Financial Services Fund

- **b. Series identification number, if any:** S000007865

- **c. LEI:** PBVS5HOGS4QFZMXTTD93

- **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?:** 4

- **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                | C000128732                                | FMFVX                        |
|                           2 | Class A                 | C000021395                                | TFSIX                        |
|                           3 | Class Z                 | C000021398                                | TEFAX                        |
|                           4 | Class C                 | C000021397                                | TMFSX                        |

**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?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

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

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** Franklin Templeton Investments Corp.

- **ii. LEI, if any:** 5493005DRTG4H4KKYJ69

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $93,024.03

- **g. Provide the net income from securities lending activities:** $910.00

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

- Rule 18f-4 (17 CFR 270.18f-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 Mutual Advisers, LLC

- **ii. SEC file number:** 801-53068

- **iii. CRD number:** 000111376

- **iv. LEI, if any:** 549300700KN6X7XAH545

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

- **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:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **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

**Pricing Services Record: 2**

- **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: 3**

- **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:** 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: 2**

- **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: 3**

- **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: 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:** 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: 6**

- **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: 7**

- **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: 8**

- **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: 9**

- **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: 10**

- **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: 11**

- **i. Full name:** LANDSBANKINN HF

- **ii. LEI, if any:** 549300TLZPT6JELDWM92

- **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:** 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: 13**

- **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: 14**

- **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: 15**

- **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: 16**

- **i. Full name:** CITIBANK MAGHREB

- **ii. LEI, if any:** 5493003FVWLMBFTISI11

- **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:** 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: 18**

- **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: 19**

- **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: 20**

- **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: 21**

- **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: 22**

- **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: 23**

- **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: 24**

- **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: 25**

- **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: 26**

- **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: 27**

- **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: 28**

- **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: 29**

- **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: 30**

- **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: 31**

- **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: 32**

- **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: 33**

- **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: 34**

- **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: 35**

- **i. Full name:** HSBC BANK BERMUDA LIMITED

- **ii. LEI, if any:** 0W1U67PTV5WY3WYWKD79

- **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:** 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: 37**

- **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: 38**

- **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: 39**

- **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: 40**

- **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: 41**

- **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: 42**

- **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: 43**

- **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: 44**

- **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: 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)

- **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 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:** SMBC Nikko Securities America, Inc.

- **ii. SEC file number:** 8-43852

- **iii. CRD number:** 000028602

- **iv. LEI, if any:** 6PJDTY319315T5LR2241

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,227.85

**Brokers Record: 2**

- **i. Full name of broker:** Jefferies LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,928.27

**Brokers Record: 3**

- **i. Full name of broker:** Exane, Inc.

- **ii. SEC file number:** 8-49569

- **iii. CRD number:** 000041784

- **iv. LEI, if any:** 6SDWK6FV8H98XAGSYS75

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,137.85

**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:** $8,049.86

**Brokers Record: 5**

- **i. Full name of broker:** Oscar Gruss & Son Incorporated

- **ii. SEC file number:** 8-22371

- **iii. CRD number:** 000002091

- **iv. LEI, if any:** 549300V78DH9XCK5UI63

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,201.01

**Brokers Record: 6**

- **i. Full name of broker:** Evercore Group L.L.C.

- **ii. SEC file number:** 8-49830

- **iii. CRD number:** 000042405

- **iv. LEI, if any:** 5493008F0LRLS5N8LZ81

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,474.64

**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:** $8,625.36

**Brokers Record: 8**

- **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:** $8,891.91

**Brokers Record: 9**

- **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:** $13,976.05

**Brokers Record: 10**

- **i. Full name of broker:** Keefe, Bruyette & Woods, Inc.

- **ii. SEC file number:** 8-10888

- **iii. CRD number:** 000000481

- **iv. LEI, if any:** 549300OM47DQV01G4854

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,893.19

**Aggregate Commission:** $112,781.49

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

| Name                               | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Jefferies LLC                      | 8-15074           | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $824,576,523.75           |
| Credit Suisse Securities (USA) LLC | 8-00422           | 000000816    | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $596,400,000.00           |
| Bank of New York Mellon Corp.      | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $842,943,220.57           |
| Barclays Capital, Inc.             | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $7,299,993.92             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,271,219,738.24

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

- **Item C.19.a - Fund's monthly average net assets:** $382,963,856.55

**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:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 2 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 3 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 4 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 5 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 6 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 7 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 8 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 9 Name of institution:** THE TORONTO-DOMINION BANK

  - **Line Institutions Record: 10 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 11 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 12 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 13 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 14 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 15 Name of institution:** THE BANK OF NOVA SCOTIA

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

  - **Line Institutions Record: 17 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 18 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 19 Name of institution:** BARCLAYS BANK PLC

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

- **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 Mutual Global Discovery Fund

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

- **a. Full Name of the Fund:** Franklin Mutual Global Discovery Fund

- **b. Series identification number, if any:** S000007861

- **c. LEI:** MCWMYIJMNSM9HLUJFK91

- **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                 | C000021377                                | TEDIX                        |
|                           2 | Class R6                | C000128728                                | FMDRX                        |
|                           3 | Class Z                 | C000021380                                | MDISX                        |
|                           4 | Class C                 | C000021379                                | TEDSX                        |
|                           5 | Class R                 | C000021381                                | TEDRX                        |

**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?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

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

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** Franklin Templeton Investments Corp.

- **ii. LEI, if any:** 5493005DRTG4H4KKYJ69

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $988,080.53

- **g. Provide the net income from securities lending activities:** $2,297.00

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

Did the Fund rely on the following rules?

- 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 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 Mutual Advisers, LLC

- **ii. SEC file number:** 801-53068

- **iii. CRD number:** 000111376

- **iv. LEI, if any:** 549300700KN6X7XAH545

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

- **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:** 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

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **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

**Pricing Services Record: 3**

- **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: 4**

- **i. Full name:** IHS Markit Group Holdings Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138005LTLTVZ4WMEX25

- **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:** 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: 2**

- **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: 3**

- **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: 4**

- **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: 5**

- **i. Full name:** HSBC BANK BERMUDA LIMITED

- **ii. LEI, if any:** 0W1U67PTV5WY3WYWKD79

- **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:** 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: 7**

- **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: 8**

- **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: 9**

- **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: 10**

- **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: 11**

- **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: 12**

- **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: 13**

- **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: 14**

- **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: 15**

- **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: 16**

- **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: 17**

- **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: 18**

- **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: 19**

- **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: 20**

- **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: 21**

- **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: 22**

- **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: 23**

- **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: 24**

- **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: 25**

- **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: 26**

- **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: 27**

- **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: 28**

- **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: 29**

- **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: 30**

- **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: 31**

- **i. Full name:** CITIBANK MAGHREB

- **ii. LEI, if any:** 5493003FVWLMBFTISI11

- **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: 32**

- **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: 33**

- **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: 34**

- **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: 35**

- **i. Full name:** LANDSBANKINN HF

- **ii. LEI, if any:** 549300TLZPT6JELDWM92

- **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:** 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: 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:** 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: 39**

- **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: 40**

- **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: 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:** 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: 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:** 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)

- **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:** 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:** $427,579.40

**Brokers Record: 2**

- **i. Full name of broker:** REDBURN (USA) LLC

- **ii. SEC file number:** 8-67320

- **iii. CRD number:** 000140564

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $193,944.80

**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:** $521,161.38

**Brokers Record: 4**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 8-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $158,666.78

**Brokers Record: 5**

- **i. Full name of broker:** Keefe, Bruyette & Woods, Inc.

- **ii. SEC file number:** 8-10888

- **iii. CRD number:** 000000481

- **iv. LEI, if any:** 549300OM47DQV01G4854

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $205,679.62

**Brokers Record: 6**

- **i. Full name of broker:** Barclays Capital, Inc.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $166,775.89

**Brokers Record: 7**

- **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:** $585,450.49

**Brokers Record: 8**

- **i. Full name of broker:** Jefferies LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $614,864.98

**Brokers Record: 9**

- **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:** $315,187.91

**Brokers Record: 10**

- **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:** $165,038.89

**Aggregate Commission:** $5,111,157.62

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

| Name                                       | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Goldman Sachs & Co. LLC                    | 8-00129           | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $6,808,977.89             |
| RBC Capital Markets, LLC                   | 8-45411           | 000031194    | 549300LCO2FLSSVFFR64 | NY      | US        | $3,778,917.50             |
| Jefferies LLC                              | 8-15074           | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $9,739,610,807.99         |
| Barclays Capital, Inc.                     | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $9,888,851,486.40         |
| INTL FCStone Financial Inc.                | 8-51269           | 000045993    | 549300LNKU6K5TJCRG93 | FL      | US        | $5,162,264.52             |
| Credit Suisse Securities (USA) LLC         | 8-00422           | 000000816    | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $7,105,700,000.00         |
| Citigroup Global Markets Inc.              | 8-08177           | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $3,635,840.00             |
| Bank of New York Mellon Corp.              | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $3,717,281,615.99         |
| J.P. Morgan Securities LLC                 | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $377,085,834.83           |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | 8-07221           | 000007691    | 8NAV47T0Y26Q87Y0QP81 | NY      | US        | $5,307,225.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $30,854,704,551.58

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

- **Item C.19.a - Fund's monthly average net assets:** $9,123,528,282.70

**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 TORONTO-DOMINION BANK

  - **Line Institutions Record: 3 Name of institution:** CREDIT SUISSE AG

  - **Line Institutions Record: 4 Name of institution:** UMB BANK, N.A.

  - **Line Institutions Record: 5 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 6 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 7 Name of institution:** BARCLAYS BANK PLC

  - **Line Institutions Record: 8 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **Line Institutions Record: 9 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 10 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 11 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 12 Name of institution:** MANUFACTURERS AND TRADERS TRUST COMPANY

  - **Line Institutions Record: 13 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 14 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 15 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 16 Name of institution:** THE BANK OF NEW YORK MELLON

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

  - **Line Institutions Record: 18 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 19 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 20 Name of institution:** THE BANK OF NOVA SCOTIA

- **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 High Yield Fund                                  | 811-06110         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Foreign Smaller Companies Series                               | 811-06135         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Franklin Growth Fund                                           | 811-00537         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| ClearBridge Value Trust                                        | 811-22338         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Franklin International Growth Fund                             | 811-10157         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Franklin Equity Income Fund                                    | 811-04986         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin Utilities Fund                                        | 811-00537         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| ClearBridge Select Fund                                        | 811-06444         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Total Return Fund                                     | 811-04986         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Franklin Income Fund                                           | 811-00537         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| ClearBridge International Value Fund                           | 811-06444         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Templeton China World Fund                                     | 811-07876         |
| International Equity Series                                    | 811-06135         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| Franklin International Equity Fund                             | 811-22338         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Templeton International Climate Change Fund                    | 811-02781         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Templeton Foreign Fund                                         | 811-02781         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| Templeton International Bond Fund                              | 811-04706         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Franklin International Small Cap Fund                          | 811-10157         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Martin Currie International Sustainable Equity 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: 6 - Franklin Mutual European Fund

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

- **a. Full Name of the Fund:** Franklin Mutual European Fund

- **b. Series identification number, if any:** S000007862

- **c. LEI:** RLTH36HD42VD8KSXLM66

- **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 Z                 | C000021385                                | MEURX                        |
|                           2 | Class R6                | C000128729                                | FMEUX                        |
|                           3 | Class R                 | C000082422                                | FMURX                        |
|                           4 | Class C                 | C000021384                                | TEURX                        |
|                           5 | Class A                 | C000021382                                | TEMIX                        |

**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?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

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

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** Franklin Templeton Investments Corp.

- **ii. LEI, if any:** 5493005DRTG4H4KKYJ69

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $2,517,568.02

- **g. Provide the net income from securities lending activities:** $6,174.00

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

Did the Fund rely on the following rules?

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

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

- 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 Mutual Advisers, LLC

- **ii. SEC file number:** 801-53068

- **iii. CRD number:** 000111376

- **iv. LEI, if any:** 549300700KN6X7XAH545

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

- **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:** 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

**Pricing Services Record: 2**

- **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: 3**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **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:** 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: 2**

- **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: 3**

- **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: 4**

- **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: 5**

- **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: 6**

- **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: 7**

- **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: 8**

- **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: 9**

- **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: 10**

- **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: 11**

- **i. Full name:** HSBC BANK BERMUDA LIMITED

- **ii. LEI, if any:** 0W1U67PTV5WY3WYWKD79

- **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:** 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: 13**

- **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: 14**

- **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: 15**

- **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: 16**

- **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: 17**

- **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: 18**

- **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: 19**

- **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: 20**

- **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: 21**

- **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: 22**

- **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: 23**

- **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: 24**

- **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: 25**

- **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: 26**

- **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: 27**

- **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: 28**

- **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: 29**

- **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: 30**

- **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: 31**

- **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: 32**

- **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: 33**

- **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: 34**

- **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: 35**

- **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: 36**

- **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: 37**

- **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: 38**

- **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: 39**

- **i. Full name:** CITIBANK EUROPE PLC, POBOCKA ZAHRAN ICNEJ BANKY

- **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: 40**

- **i. Full name:** LANDSBANKINN HF

- **ii. LEI, if any:** 549300TLZPT6JELDWM92

- **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 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: 42**

- **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)

- **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:** Liberum

- **ii. SEC file number:** 8-67976

- **iii. CRD number:** 000148135

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,067.85

**Brokers Record: 2**

- **i. Full name of broker:** BTIG, LLC

- **ii. SEC file number:** 8-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,559.08

**Brokers Record: 3**

- **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:** $22,551.96

**Brokers Record: 4**

- **i. Full name of broker:** REDBURN (USA) LLC

- **ii. SEC file number:** 8-67320

- **iii. CRD number:** 000140564

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $19,535.42

**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:** $46,413.29

**Brokers Record: 6**

- **i. Full name of broker:** Keefe, Bruyette & Woods, Inc.

- **ii. SEC file number:** 8-10888

- **iii. CRD number:** 000000481

- **iv. LEI, if any:** 549300OM47DQV01G4854

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,608.43

**Brokers Record: 7**

- **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:** $44,240.43

**Brokers Record: 8**

- **i. Full name of broker:** Jefferies LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $43,692.01

**Brokers Record: 9**

- **i. Full name of broker:** Exane, Inc.

- **ii. SEC file number:** 8-49569

- **iii. CRD number:** 000041784

- **iv. LEI, if any:** 6SDWK6FV8H98XAGSYS75

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $24,533.43

**Brokers Record: 10**

- **i. Full name of broker:** Barclays Capital, Inc.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $59,699.53

**Aggregate Commission:** $364,176.53

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

| Name                               | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Jefferies LLC                      | 8-15074           | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $2,434,634,287.25         |
| Barclays Capital, Inc.             | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $28,397,070.42            |
| Morgan Stanley & Co. LLC           | 8-15869           | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $4,200,478.06             |
| Credit Suisse Securities (USA) LLC | 8-00422           | 000000816    | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $1,406,200,000.00         |
| Sanford C. Bernstein & Co., LLC    | 8-52942           | 000104474    | 549300I7JYZHT7D5CO04 | NY      | US        | $8.14                     |
| Bank of New York Mellon Corp.      | N/A               | N/A          | WFLLPEPC7FZXENRZV188 | NY      | US        | $1,446,845,814.23         |
| HSBC HOLDINGS PLC                  | 8-41562           | 000019585    | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $6,143.25                 |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $5,320,283,801.35

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

- **Item C.19.a - Fund's monthly average net assets:** $736,383,133.03

**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:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 2 Name of institution:** PNC BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 3 Name of institution:** STANDARD CHARTERED BANK

  - **Line Institutions Record: 4 Name of institution:** BARCLAYS BANK PLC

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

  - **Line Institutions Record: 6 Name of institution:** THE BANK OF NOVA SCOTIA

  - **Line Institutions Record: 7 Name of institution:** BANK OF AMERICA, N.A.

  - **Line Institutions Record: 8 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 9 Name of institution:** WELLS FARGO BANK, NATIONAL ASSOCIATION

  - **Line Institutions Record: 10 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

  - **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:** JPMORGAN CHASE BANK, N.A.

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

  - **Line Institutions Record: 15 Name of institution:** ROYAL BANK OF CANADA

  - **Line Institutions Record: 16 Name of institution:** DEUTSCHE BANK AG

  - **Line Institutions Record: 17 Name of institution:** MORGAN STANLEY BANK, N.A.

  - **Line Institutions Record: 18 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 19 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 20 Name of institution:** MANUFACTURERS AND TRADERS 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   |
|:---|:---|
| Western Asset Variable Global High Yield Bond Portfolio        | 811-06310         |
| ClearBridge Variable Aggressive Growth Portfolio               | 811-21128         |
| Western Asset SMASh Series TF Fund                             | 811-06740         |
| Franklin U.S. Government Securities Fund                       | 811-00537         |
| Franklin Income VIP Fund                                       | 811-05583         |
| Franklin Global Allocation Fund                                | 811-07851         |
| Franklin Templeton SMACS: Series CH                            | 811-06243         |
| Western Asset Short-Term Bond Fund                             | 811-04254         |
| Franklin Floating Rate Daily Access Fund                       | 811-04986         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund              | 811-22338         |
| Franklin Income Fund                                           | 811-00537         |
| Franklin VolSmart Allocation VIP Fund                          | 811-05583         |
| ClearBridge Small Cap Fund                                     | 811-22338         |
| Franklin Templeton Conservative Model Portfolio                | 811-21128         |
| ClearBridge International Small Cap Fund                       | 811-06444         |
| Franklin Fixed Income Portfolio Fund                           | 811-22801         |
| Franklin Rising Dividends VIP Fund                             | 811-05583         |
| Western Asset Mortgage Total Return Fund                       | 811-04254         |
| Franklin Managed Income fund                                   | 811-04986         |
| Franklin Mutual Quest Fund                                     | 811-05387         |
| Franklin Emerging Market Debt Opportunities Fund               | 811-10157         |
| Western Asset SMASh Series M Fund                              | 811-06740         |
| Templeton Growth Fund, Inc.                                    | 811-04892         |
| Western Asset California Municipals Fund                       | 811-04254         |
| Western Asset SMASh Series Core Completion Fund                | 811-06740         |
| Franklin Alabama Tax-Free Income Fund                          | 811-04149         |
| ClearBridge Variable Appreciation Portfolio                    | 811-21128         |
| Franklin LifeSmart 2050 Retirement Target Fund                 | 811-07851         |
| BrandywineGLOBAL - Alternative Credit Fund                     | 811-22338         |
| Franklin Mutual Shares Fund                                    | 811-05387         |
| Franklin Large Cap Growth VIP Fund                             | 811-05583         |
| Franklin Corefolio Allocation Fund                             | 811-07851         |
| ClearBridge International Growth Fund                          | 811-22338         |
| Templeton Foreign VIP Fund                                     | 811-05583         |
| Franklin Virginia Tax-Free Income Fund                         | 811-04149         |
| Franklin Small-Mid Cap Growth VIP Fund                         | 811-05583         |
| Franklin New Jersey Tax-Free Income Fund                       | 811-04149         |
| Franklin Liberty Senior Loan ETF                               | 811-23124         |
| Franklin Equity Portfolio Fund                                 | 811-22801         |
| Martin Currie SMASh Series EM Fund                             | 811-22338         |
| Franklin Allocation VIP Fund                                   | 811-05583         |
| Franklin Small Cap Value Fund                                  | 811-05878         |
| Franklin Small Cap Growth Fund                                 | 811-06243         |
| Franklin Federal Tax-Free Income Fund                          | 811-03395         |
| Martin Currie Emerging Markets Fund                            | 811-22338         |
| Western Asset Short Duration Income ETF                        | 811-23096         |
| Templeton Sustainable Emerging Markets Bond Fund               | 811-04706         |
| Franklin Arizona Tax-Free Income Fund                          | 811-04149         |
| Franklin LifeSmart 2025 Retirement Target Fund                 | 811-07851         |
| Franklin Adjustable U.S. Government Securities Fund            | 811-04986         |
| Franklin Templeton SMACS: Series EM                            | 811-08226         |
| Franklin Growth Opportunities Fund                             | 811-06243         |
| Templeton Global Balanced Fund                                 | 811-08226         |
| Franklin Multi-Asset Variable Moderate Growth Fund             | 811-21128         |
| Western Asset Core Plus Bond Fund                              | 811-06110         |
| Franklin Natural Resources Fund                                | 811-06243         |
| Western Asset New Jersey Municipals Fund                       | 811-04254         |
| Franklin Growth and Income VIP Fund                            | 811-05583         |
| Western Asset SMASh Series Core Plus Completion Fund           | 811-06740         |
| Templeton China World Fund                                     | 811-07876         |
| Franklin Federal Limited-Term Tax-Free Income Fund             | 811-04149         |
| Western Asset Macro Opportunities Fund                         | 811-06110         |
| Franklin LifeSmart 2060 Retirement Target Fund                 | 811-07851         |
| Franklin New York Tax-Free Income Fund                         | 811-03479         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund         | 811-22338         |
| Western Asset Short Duration High Income Fund                  | 811-04254         |
| Templeton Growth VIP Fund                                      | 811-05583         |
| Franklin Multi-Asset Dynamic Multi-Strategy VIT                | 811-21128         |
| Franklin Liberty High Yield Corporate ETF                      | 811-23124         |
| Western Asset Intermediate Bond Fund                           | 811-06110         |
| Franklin Templeton Moderately Conservative Model Portfolio     | 811-21128         |
| Franklin Georgia Tax-Free Income Fund                          | 811-04149         |
| Franklin LifeSmart 2030 Retirement Target Fund                 | 811-07851         |
| Western Asset Corporate Bond Fund                              | 811-04254         |
| International Equity Series                                    | 811-06135         |
| Franklin Templeton SMACS: Series H                             | 811-06243         |
| Franklin Real Estate Securities Fund                           | 811-08034         |
| BrandywineGLOBAL - Global Opportunities Bond Fund              | 811-22338         |
| ClearBridge Large Cap Value Fund                               | 811-06444         |
| Western Asset Income Fund                                      | 811-04254         |
| Franklin K2 Long Short Credit Fund                             | 811-22641         |
| Franklin Colorado Tax-Free Income Fund                         | 811-04149         |
| Franklin Massachusetts Tax-Free Income Fund                    | 811-04149         |
| ClearBridge Select Fund                                        | 811-06444         |
| Franklin High Yield Tax-Free Income Fund                       | 811-04149         |
| Franklin Floating Rate Income fund                             | 811-09869         |
| Franklin Strategic Income Fund                                 | 811-06243         |
| Western Asset Total Return Unconstrained Fund                  | 811-06110         |
| Western Asset Short Duration Municipal Income Fund             | 811-04254         |
| Templeton Global Bond Fund                                     | 811-04706         |
| Franklin Growth Fund                                           | 811-00537         |
| Franklin Templeton Moderately Aggressive Model Portfolio       | 811-21128         |
| Franklin Mutual U.S. Value Fund                                | 811-05878         |
| BrandywineGLOBAL - Global High Yield Fund                      | 811-22338         |
| Franklin Moderate Allocation Fund                              | 811-07851         |
| BrandywineGLOBAL - Flexible Bond Fund                          | 811-22338         |
| Western Asset SMASh Series C Fund                              | 811-06740         |
| Franklin Small Cap Value VIP Fund                              | 811-05583         |
| Franklin Conservative Allocation Fund                          | 811-07851         |
| Franklin Biotechnology Discovery Fund                          | 811-06243         |
| Franklin Maryland Tax-Free Income Fund                         | 811-04149         |
| Templeton Developing Markets VIP Fund                          | 811-05583         |
| BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) | 811-22338         |
| BrandywineGLOBAL - High Yield Fund                             | 811-06444         |
| Templeton International Bond Fund                              | 811-04706         |
| Western Asset Core Plus VIT Portfolio                          | 811-06310         |
| Franklin Ohio Tax-Free Income Fund                             | 811-04149         |
| Franklin Rising Dividends Fund                                 | 811-04894         |
| Franklin Gold and Precious Metals Fund                         | 811-01700         |
| Franklin Oregon Tax-Free Income Fund                           | 811-04149         |
| ClearBridge Value Trust                                        | 811-22338         |
| Franklin Mutual Shares VIP Fund                                | 811-05583         |
| Templeton Global Bond VIP Fund                                 | 811-05583         |
| Franklin International Small Cap Fund                          | 811-10157         |
| Western Asset Emerging Markets Debt Fund                       | 811-04254         |
| Franklin MicroCap Value Fund                                   | 811-05878         |
| Franklin Utilities Fund                                        | 811-00537         |
| ClearBridge Small Cap Growth Fund                              | 811-06444         |
| Western Asset Intermediate-Term Municipals Fund                | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund   | 811-04254         |
| ClearBridge All Cap Value Fund                                 | 811-06444         |
| Franklin Michigan Tax-Free Income Fund                         | 811-04149         |
| Franklin California Intermediate Term Tax-Free Income Fund     | 811-04356         |
| Western Asset Ultra-Short Income Fund                          | 811-04254         |
| Franklin Multi-Asset Variable Conservative Growth Fund         | 811-21128         |
| Franklin Equity Income Fund                                    | 811-04986         |
| ClearBridge Dividend Strategy Fund                             | 811-06444         |
| Franklin Mutual Beacon Fund                                    | 811-05387         |
| Western Asset New York Municipals Fund                         | 811-04254         |
| ClearBridge Small Cap Value Fund                               | 811-06444         |
| Franklin LifeSmart 2045 Retirement Target Fund                 | 811-07851         |
| Franklin Templeton SMACS: Series E                             | 811-06243         |
| Franklin K2 Alternative Strategies Fund                        | 811-22641         |
| Franklin LifeSmart 2040 Retirement Target Fund                 | 811-07851         |
| Western Asset Municipal High Income Fund                       | 811-04254         |
| Franklin International Equity Fund                             | 811-22338         |
| Franklin Missouri Tax-Free Income Fund                         | 811-04149         |
| ClearBridge Sustainability Leaders Fund                        | 811-06444         |
| Franklin High Income Fund                                      | 811-01608         |
| Franklin Floating Rate Master Series                           | 811-09869         |
| Franklin Mutual Financial Services Fund                        | 811-05387         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund        | 811-04149         |
| Franklin Low Duration Total Return Fund                        | 811-04986         |
| Franklin U.S. Large Cap Equity Fund                            | 811-06444         |
| Franklin International Growth Fund                             | 811-10157         |
| Franklin S&P 500 Index Fund                                    | 811-06444         |
| Franklin Pennsylvania Tax-Free Income Fund                     | 811-04149         |
| Franklin Focused Growth Fund                                   | 811-00537         |
| Templeton Global Total Return Fund                             | 811-04706         |
| Franklin New York Intermediate-Term Tax-Free Income Fund       | 811-04787         |
| Western Asset Inflation Indexed Plus Bond Fund                 | 811-06110         |
| Western Asset Core Bond Fund                                   | 811-06110         |
| Franklin Templeton Aggressive Model Portfolio                  | 811-21128         |
| Franklin Strategic Income VIP Fund                             | 811-05583         |
| Franklin Multi-Asset Moderate Growth Fund                      | 811-06444         |
| ClearBridge Variable Large Cap Growth Portfolio                | 811-21128         |
| ClearBridge Variable Dividend Strategy Portfolio               | 811-21128         |
| ClearBridge Aggressive Growth Fund                             | 811-06444         |
| Franklin Global Market Neutral Fund                            | 811-22338         |
| Franklin Strategic Mortgage Portfolio                          | 811-07288         |
| Franklin Louisiana Tax-Free Income Fund                        | 811-04149         |
| Franklin Global Real Estate VIP Fund                           | 811-05583         |
| Franklin LifeSmart 2055 Retirement Target Fund                 | 811-07851         |
| ClearBridge Variable Mid Cap Portfolio                         | 811-21128         |
| Franklin Multi-Asset Conservative Growth Fund                  | 811-06444         |
| Franklin Growth Allocation Fund                                | 811-07851         |
| Franklin Dynatech Fund                                         | 811-00537         |
| Western Asset Global High Yield Bond Fund                      | 811-04254         |
| Franklin Convertible Securities Fund                           | 811-04986         |
| Franklin LifeSmart Retirement Income Fund                      | 811-07851         |
| ClearBridge Mid Cap Fund                                       | 811-06444         |
| ClearBridge Global Infrastructure Income Fund                  | 811-22338         |
| ClearBridge Mid Cap Growth Fund                                | 811-06444         |
| Franklin DynaTech VIP Fund                                     | 811-05583         |
| Franklin Minnesota Tax-Free Income Fund                        | 811-04149         |
| BrandywineGLOBAL - Corporate Credit Fund                       | 811-06444         |
| Franklin Mutual Global Discovery Fund                          | 811-05387         |
| Templeton Emerging Markets Small Cap Fund                      | 811-08226         |
| Franklin Mutual European Fund                                  | 811-05387         |
| Western Asset Pennsylvania Municipals Fund                     | 811-04254         |
| Franklin LifeSmart 2020 Retirement Target Fund                 | 811-07851         |
| Templeton Developing Markets Trust                             | 811-06378         |
| Franklin Municipal Green Bond Fund                             | 811-04149         |
| Franklin Global Dividend Fund                                  | 811-06444         |
| Western Asset Total Return ETF                                 | 811-23096         |
| Franklin Templeton Moderate Model Portfolio                    | 811-21128         |
| Franklin Mutual Global Discovery VIP Fund                      | 811-05583         |
| Franklin Templeton SMACS: Series I                             | 811-06243         |
| Franklin Multi-Asset Growth Fund                               | 811-06444         |
| Martin Currie International Sustainable Equity Fund            | 811-22338         |
| Franklin North Carolina Tax-Free Income Fund                   | 811-04149         |
| Western Asset Oregon Municipals Fund                           | 811-04254         |
| Franklin U.S. Small Capitalization Equity Fund                 | 811-22338         |
| ClearBridge Variable Small Cap Growth Portfolio                | 811-21128         |
| Franklin Total Return Fund                                     | 811-04986         |
| ClearBridge Tactical Dividend Income Fund                      | 811-06444         |
| Franklin Multi-Asset Defensive Growth Fund                     | 811-06444         |
| Foreign Smaller Companies Series                               | 811-06135         |
| BrandywineGLOBAL - Dynamic US Large Cap Value Fund             | 811-22338         |
| Franklin Global Equity Fund                                    | 811-06444         |
| Franklin Multi-Asset Variable Growth Fund                      | 811-21128         |
| Franklin U.S. Government Securities VIP Fund                   | 811-05583         |
| ClearBridge Appreciation Fund                                  | 811-06444         |
| Templeton Global Smaller Companies Fund                        | 811-03143         |
| ClearBridge International Value Fund                           | 811-06444         |
| Templeton Foreign Fund                                         | 811-02781         |
| ClearBridge Large Cap Growth Fund                              | 811-06444         |
| Western Asset High Yield Fund                                  | 811-06110         |
| Templeton International Climate Change Fund                    | 811-02781         |
| ClearBridge Variable Large Cap Value Portfolio                 | 811-21128         |
| Franklin Small Mid-Cap Growth Fund                             | 811-06243         |
| Western Asset Managed Municipals Fund                          | 811-04254         |
| Western Asset Intermediate Maturity California Municipals Fund | 811-04254         |
| Franklin LifeSmart 2035 Retirement Target Fund                 | 811-07851         |
| Franklin California Tax-Free Income Fund                       | 811-02790         |
| Western Asset Massachusetts Municipals Fund                    | 811-04254         |
| Franklin Strategic Real Return Fund                            | 811-22338         |
| Templeton World Fund                                           | 811-02781         |
| Franklin Connecticut Tax-Free Income Fund                      | 811-04149         |
| Franklin California High Yield Municipal Fund                  | 811-06481         |

- **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 Mutual Series Funds

**Date:** 2022-12-31

**Signature:** Ryan Wheeler

**Title:** Assistant Treasurer