FRANKLIN UNIVERSAL TRUST — Audit Report / Information 2021

Dec 29, 2021

40-17F2 1 f2-futpe123121.htm f2-futpe123121.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-17F-2

CERTIFICATE OF ACCOUNTING OF SECURITIES AND SIMILAR

INVESTMENTS IN THE CUSTODY OF

MANAGEMENT INVESTMENT COMPANIES

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

| 1. Investment
Company Act File Number: | | | | | |
| --- | --- | --- | --- | --- | --- |
| 811
-05569 | | | December
23, 2021 | | |
| 2. State
Identification Number: | | | | | |
| AL | AK | AZ | AR | CA | CO |
| CT | DE | DC | FL | GA | HI |
| ID | IL | IN | IA | KS | KY |
| LA | ME | MD | MA | MI | MN |
| MS | MO | MT | NE | NV | NH |
| NJ | NM | NY | NC | ND | OH |
| OK | OR | PA | RI | SC | SD |
| TN | TX | UT | VT | VA | WA |
| WV | WI | WY | PUERTO RICO | | |
| 3. Exact name of
investment company as specified in registration statement: | | | | | |
| Franklin
Universal Trust | | | | | |
| 4. Address of
principal executive office: (number, street, city, state, zip code) | | | | | |
| One Franklin Parkway, San Mateo, CA 94403 | | | | | |

[PWC LOGO]

Report of Independent Accountants

To the Board of Trustees and Management of:

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

And the Board of Directors and Management of:

Templeton Dragon Fund, Inc.

We have examined management's assertion, included in the accompanying Management Statement Regarding Compliance with Certain Provisions of the Investment Company Act of 1940, that the Funds listed in Attachment A (collectively, the “Funds”) complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 (“the Act”) as of December 31, 2020. The Funds’ management is responsible for its assertion and the Funds’ compliance with those requirements. Our responsibility is to express an opinion on management's assertion about the Funds' compliance with the specified requirements based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management’s assertion about compliance with the specified requirements is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Funds' compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. Included among our procedures were the following tests performed as of December 31, 2020, and with respect to agreement of security purchases and sales, for the period from November 1, 2020 (see Attachment A for details) through December 31, 2020:

• Confirmation of all securities held by Franklin Templeton Investors Services, Inc., (the “Transfer Agent”), as they pertain to the security positions owned by the Funds and held in book entry form
• Reconciliation of all such securities to the books and records of the Funds and the Transfer Agent
• Agreement of 121 security purchases and 150 security sales across the Funds since our last report from the books and records of the Funds to the records of the Transfer Agent

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

In our opinion, management's assertion that the Funds listed in Attachment A complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of December 31, 2020 with respect to securities reflected in the investment accounts of the Funds is fairly stated, in all material respects.

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

/s/PRICEWATERHOUSECOOPERS, LLP

December 23, 2021

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

T: (415) 498 5000, www.pwc.com/us

| Attachment A | Examination
Period |
| --- | --- |
| Templeton
Global Investment Trust: | |
| Templeton Emerging
Markets Small Cap Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton Global
Balanced Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Real Estate Securities Trust: | |
| Franklin Real
Estate Securities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Strategic Series: | |
| Franklin
Biotechnology Discovery Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Growth
Opportunities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Natural
Resources Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Small Cap
Growth Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Small-Mid
Cap Growth Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Strategic
Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Templeton
SMACS Series E a | November 1, 2020 -
December 31, 2020 |
| Franklin Templeton
SMACS Series I a | November 1, 2020 -
December 31, 2020 |
| Franklin
High Income Trust: | |
| Franklin High
Income Fund a | November 1, 2020 -
December 31, 2020 |
| Institutional
Fiduciary Trust: | |
| Money Market
Portfolio a | November 1, 2020 -
December 31, 2020 |
| Franklin
Global Trust: | |
| Franklin Emerging
Market Debt Opportunities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
International Growth Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
International Small Cap Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
U.S. Government Money Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Gold and Precious Metals Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Universal Trust a | November 1, 2020 -
December 31, 2020 |
| Templeton
China World Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Emerging Markets Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Emerging Markets Income Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Funds: | |
| Templeton
International Climate Change Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Global Income Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Global Smaller Companies Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Income Trust: | |
| Templeton Emerging
Markets Bond Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton Global
Bond Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton Global
Total Return Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
International Bond Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Custodian Funds: | |
| Franklin DynaTech Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Growth Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin U.S.
Government Securities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Utilities
Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Focused
Growth Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Strategic Mortgage Portfolio a | November 1, 2020 -
December 31, 2020 |
| Franklin
Investors Securities Trust: | |
| Franklin
Adjustable U.S. Government Securities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Convertible Securities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Equity
Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Floating
Rate Daily Access Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Low
Duration Total Return Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Managed
Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Total
Return Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Developing Markets Trust a | November 1, 2020 -
December 31, 2020 |
| Franklin
Fund Allocator Series: | |
| Franklin
Conservative Allocation Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Corefolio
Allocation Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Emerging
Market Core Equity (IU) Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Founding
Funds Allocation Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Growth
Allocation Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
International Core Equity (IU) Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
Retirement Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2020 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2025 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2030 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2035 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2040 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2045 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2050 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2055 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Moderate
Allocation Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Payout
2020 Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Payout
2021 Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Payout
2022 Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin U.S. Core
Equity (IU) Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Templeton Variable Insurance Products Trust: | |
| Franklin
Allocation VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Flex Cap
Growth VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Global
Real Estate VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Growth
and Income VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Income
VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Large Cap
Growth VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Rising
Dividends VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Small Cap
Value VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Small-Mid
Cap Growth VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Strategic
Income VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin VolSmart
Allocation VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Developing Markets VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton Foreign
VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton Global
Bond VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Dragon Fund, Inc. a | November 1, 2020 -
December 31, 2020 |
| Templeton
Institutional Funds: | |
| Foreign Small
Companies Series a | November 1, 2020 -
December 31, 2020 |
| International
Equity Series a | November 1, 2020 -
December 31, 2020 |
| Franklin ETF
Trust: | |
| Franklin Liberty
Short Duration U.S. Government ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin
Floating Rate Master Trust: | |
| Franklin Floating
Rate Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Floating
Rate Master Series a | November 1, 2020 -
December 31, 2020 |
| Franklin
Limited Duration Income Trust a | November 1, 2020 -
December 31, 2020 |
| Franklin
Managed Trust: | |
| Franklin Rising
Dividends Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Templeton ETF Trust: | |
| Franklin Equity
Portfolio a | November 1, 2020 -
December 31, 2020 |
| Franklin Fixed
Income Portfolio a | November 1, 2020 -
December 31, 2020 |
| Franklin LibertyQ
Emerging Markets ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin LibertyQ
U.S. Equity ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin LibertyQ
U.S. Mid Cap Equity ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin LibertyQ
U.S. Small Cap Equity ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE Asia
ex Japan ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
China ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
Europe ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
Europe Hedged ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
Japan ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
Japan Hedged ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
United Kingdom ETF a | November 1, 2020 -
December 31, 2020 |

Management Statement Regarding Compliance with Certain

Provisions of the Investment Company Act of 1940

We, as members of management of the Franklin Templeton Funds indicated in Attachment I (the “Funds”), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management Investment Companies of the Investment Company Act of 1940. We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Funds’ compliance with the requirements of subsection (b) and (c) of Rule 17f-2 as of December 31, 2020, and for the periods indicated in Attachment I.

Based on this evaluation, we assert that the Funds were in compliance with the requirements of subsection (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of December 31, 2020, and for the periods indicated in Attachment I, with respect to securities reflected in the investment accounts of the Funds.

By:

/s/MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Date December 23, 2021

/s/RYAN R. WHEELER

Ryan R. Wheeler

Chief Financial Officer and Chief Accounting Officer – Templeton Funds

Date December 23, 2021

/s/JEFFREY W. WHITE

Jeffrey W. White

Chief Financial Officer and Chief Accounting Officer – Franklin Funds

Date December 23, 2021

/s/VIVEK PAI

Vivek Pai

Chief Financial Officer and Chief Accounting Officer – Franklin Templeton ETF Trust

Franklin Templeton Investments

Date December 23, 2021

| Attachment I | Examination
Period |
| --- | --- |
| Templeton
Global Investment Trust: | |
| Templeton Emerging
Markets Small Cap Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton Global
Balanced Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Real Estate Securities Trust: | |
| Franklin Real
Estate Securities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Strategic Series: | |
| Franklin
Biotechnology Discovery Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Growth
Opportunities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Natural
Resources Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Small Cap
Growth Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Small-Mid
Cap Growth Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Strategic
Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Templeton
SMACS Series E a | November 1, 2020 -
December 31, 2020 |
| Franklin Templeton
SMACS Series I a | November 1, 2020 -
December 31, 2020 |
| Franklin
High Income Trust: | |
| Franklin High
Income Fund a | November 1, 2020 -
December 31, 2020 |
| Institutional
Fiduciary Trust: | |
| Money Market
Portfolio a | November 1, 2020 -
December 31, 2020 |
| Franklin
Global Trust: | |
| Franklin Emerging
Market Debt Opportunities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
International Growth Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
International Small Cap Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
U.S. Government Money Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Gold and Precious Metals Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Universal Trust a | November 1, 2020 -
December 31, 2020 |
| Templeton
China World Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Emerging Markets Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Emerging Markets Income Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Funds: | |
| Templeton
International Climate Change Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Global Income Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Global Smaller Companies Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Income Trust: | |
| Templeton Emerging
Markets Bond Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton Global
Bond Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton Global
Total Return Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
International Bond Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Custodian Funds: | |
| Franklin DynaTech Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Growth Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin U.S.
Government Securities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Utilities
Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Focused
Growth Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Strategic Mortgage Portfolio a | November 1, 2020 -
December 31, 2020 |
| Franklin
Investors Securities Trust: | |
| Franklin
Adjustable U.S. Government Securities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Convertible Securities Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Equity
Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Floating
Rate Daily Access Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Low
Duration Total Return Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Managed
Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Total
Return Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Developing Markets Trust a | November 1, 2020 -
December 31, 2020 |
| Franklin
Fund Allocator Series: | |
| Franklin
Conservative Allocation Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Corefolio
Allocation Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Emerging
Market Core Equity (IU) Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Founding
Funds Allocation Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Growth
Allocation Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
International Core Equity (IU) Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
Retirement Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2020 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2025 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2030 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2035 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2040 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2045 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2050 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin LifeSmart
2055 Retirement Target Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Moderate
Allocation Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Payout
2020 Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Payout
2021 Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Payout
2022 Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin U.S. Core
Equity (IU) Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Templeton Variable Insurance Products Trust: | |
| Franklin
Allocation VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Flex Cap
Growth VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Global
Real Estate VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Growth
and Income VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Income
VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Large Cap
Growth VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Rising
Dividends VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Small Cap
Value VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Small-Mid
Cap Growth VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Strategic
Income VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin VolSmart
Allocation VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Developing Markets VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton Foreign
VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton Global
Bond VIP Fund a | November 1, 2020 -
December 31, 2020 |
| Templeton
Dragon Fund, Inc. a | November 1, 2020 -
December 31, 2020 |
| Templeton
Institutional Funds: | |
| Foreign Small
Companies Series a | November 1, 2020 -
December 31, 2020 |
| International
Equity Series a | November 1, 2020 -
December 31, 2020 |
| Franklin ETF
Trust: | |
| Franklin Liberty
Short Duration U.S. Government ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin
Floating Rate Master Trust: | |
| Franklin Floating
Rate Income Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin Floating
Rate Master Series a | November 1, 2020 -
December 31, 2020 |
| Franklin
Limited Duration Income Trust a | November 1, 2020 -
December 31, 2020 |
| Franklin
Managed Trust: | |
| Franklin Rising
Dividends Fund a | November 1, 2020 -
December 31, 2020 |
| Franklin
Templeton ETF Trust: | |
| Franklin Equity
Portfolio a | November 1, 2020 -
December 31, 2020 |
| Franklin Fixed
Income Portfolio a | November 1, 2020 -
December 31, 2020 |
| Franklin LibertyQ
Emerging Markets ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin LibertyQ
U.S. Equity ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin LibertyQ
U.S. Mid Cap Equity ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin LibertyQ
U.S. Small Cap Equity ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE Asia
ex Japan ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
China ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
Europe ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
Europe Hedged ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
Japan ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
Japan Hedged ETF a | November 1, 2020 -
December 31, 2020 |
| Franklin FTSE
United Kingdom ETF a | November 1, 2020 -
December 31, 2020 |

Legend:

a: October 31, 2020 represents the date of our last examination.