Franklin Income Fund August 31, 2021

August 31, 2021 Franklin Income Fund

Portfolio Holdings

The following portfolio data for the Franklin Templeton funds is made available to the public under our Portfolio Holdings Release Policy and is "as of" the date indicated. This portfolio data should not be relied upon as a complete listing of a fund's holdings (or of a fund's top holdings) as information on particular holdings may be withheld if it is in the fund's interest to do so. Additionally, foreign currency forwards are not included in the portfolio data. Instead, the net market value of all currency forward contracts is included in cash and other net assets of the fund. Further, portfolio holdings data of over-the-counter derivative investments such as Credit Default Swaps, Interest Rate Swaps or other Swap contracts list only the name of counterparty to the derivative contract, not the details of the derivative. Complete portfolio data can be found in the semi- and annual financial statements of the fund.

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

88579Y101 3M CO 1,500,000 $292,110,000 0.40% N/A N/A

DDD1156470 3M CO -15,000 -$165,000 0.00% N/A 09/17/21

AAPL 10.00% ELN ISSUED BY BNP DDD1125133 1,630,000 $229,206,154 0.31% N/A 12/22/21 PARIBAS ISSUANCE BV

ABBV 10% ELN ISSUED BY SOCIETE DDD1124046 2,345,000 $271,146,095 0.37% N/A 12/14/21 GENERALE

ABBV 8.5% ELN ISSUED BY NATIONAL 63306A536 2,197,000 $263,279,296 0.36% N/A 08/12/22 BANK OF CANADA

00287Y109 ABBVIE INC 8,550,000 $1,032,669,000 1.41% N/A N/A

00287YAY5 ABBVIE INC 25,000,000 $27,153,663 0.04% 3.20% 05/14/26

00287YCX5 ABBVIE INC 100,000,000 $109,089,943 0.15% 3.80% 03/15/25

DDD1145751 ABBVIE INC -15,000 -$555,000 0.00% N/A 09/17/21

DDD1146667 ABBVIE INC -5,000 -$55,000 0.00% N/A 09/17/21

DDD1158533 ABBVIE INC -10,000 -$2,440,000 0.00% N/A 11/19/21

ADI 8.0% ELN ISSUED BY ROYAL BANK DDD1104550 1,718,000 $236,743,538 0.32% N/A 09/15/21 OF CANADA

ADI 8.5% ELN ISSUED BY ROYAL BANK DDD1098561 1,240,000 $172,053,908 0.23% N/A 09/10/21 OF CANADA

009158106 AIR PRODUCTS AND CHEMICALS INC 1,150,000 $309,936,500 0.42% N/A N/A

DDD1156469 AIR PRODUCTS AND CHEMICALS INC -6,500 -$97,500 0.00% N/A 09/17/21

DDD1157112 AIR PRODUCTS AND CHEMICALS INC -5,000 -$65,000 0.00% N/A 09/17/21

DDD1155398 ALIBABA GROUP HOLDING LTD -10,000 -$10,590,000 -0.01% N/A 09/17/21

02156LAF8 ALTICE FRANCE SA/FRANCE 50,000,000 $50,613,500 0.07% 5.13% 07/15/29

02209S103 ALTRIA GROUP INC 5,196,624 $261,026,423 0.36% N/A N/A

DDD1153630 ALTRIA GROUP INC -10,000 -$730,000 0.00% N/A 09/17/21

DDD1157892 AMAZON.COM INC -1,000 -$410,000 0.00% N/A 09/17/21

023608102 AMEREN CORP 1,900,000 $166,668,000 0.23% N/A N/A

02376RAC6 AMERICAN AIRLINES GROUP INC 49,471,000 $49,965,710 0.07% 5.00% 06/01/22

AMERICAN AIRLINES INC / 00253XAA9 50,000,000 $52,762,500 0.07% 5.50% 04/20/26 AADVANTAGE LOYALTY IP LTD

franklintempleton.com 1 Franklin Income Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

AMERICAN AIRLINES INC / 00253XAB7 50,000,000 $54,061,000 0.07% 5.75% 04/20/29 AADVANTAGE LOYALTY IP LTD

025537101 AMERICAN ELECTRIC POWER CO INC 8,750,000 $783,737,500 1.07% N/A N/A

025537127 AMERICAN ELECTRIC POWER CO INC 1,600,000 $81,472,000 0.11% N/A 03/15/22

02557T307 AMERICAN ELECTRIC POWER CO INC 3,600,000 $189,504,000 0.26% N/A 08/15/23

03027XAK6 AMERICAN TOWER CORP 30,000,000 $32,672,802 0.04% 3.38% 10/15/26

031162100 AMGEN INC 2,000,000 $451,060,000 0.61% N/A N/A

DDD1148824 AMGEN INC -15,000 -$75,000 0.00% N/A 09/17/21

AMZN 9.54% ELN ISSUED BY DDD1122214 113,000 $390,270,089 0.53% N/A 12/02/21 CITIGROUP GLOBAL MARKETS INC

DDD1161188 ANALOG DEVICES INC -10,000 -$1,620,000 0.00% N/A 10/15/21

ANHEUSER-BUSCH INBEV WORLDWIDE 035240AL4 25,000,000 $28,474,842 0.04% 4.00% 04/13/28 INC

APD 8.50% ELN ISSUED BY NATIONAL DDD1139370 590,000 $163,425,135 0.22% N/A 04/13/22 BANK OF CANADA

00213MAW4 APX GROUP INC 35,000,000 $35,131,250 0.05% 5.75% 07/15/29

DDD1152878 APX GROUP INC 20,000,000 $19,966,100 0.03% FLOATER 07/09/28

045054AF0 ASHTEAD CAPITAL INC 34,500,000 $36,300,727 0.05% 4.38% 08/15/27

045054AJ2 ASHTEAD CAPITAL INC 15,000,000 $15,936,213 0.02% 4.00% 05/01/28

046353108 ASTRAZENECA PLC 2,500,000 $145,700,000 0.20% N/A N/A

DDD1157260 ASTRAZENECA PLC -10,000 -$300,000 0.00% N/A 09/17/21

DDD1159024 ASTRAZENECA PLC -10,000 -$840,000 0.00% N/A 10/15/21

00206R102 AT&T INC 24,200,000 $663,564,000 0.90% N/A N/A

00206RCT7 AT&T INC 75,000,000 $84,008,374 0.11% 4.13% 02/17/26

DDD1152395 AT&T INC -50,000 -$100,000 0.00% N/A 09/17/21

DDD1159021 AT&T INC -25,000 -$500,000 0.00% N/A 12/17/21

AVGO 10.00% ELN ISSUED BY BNP DDD1156284 575,000 $276,669,923 0.38% N/A 08/08/22 PARIBAS ISSUANCE BV

AVGO 10% ELN ISSUED BY NATIONAL DDD1142924 578,000 $284,989,582 0.39% N/A 05/02/22 BANK OF CANADA

7088429 AXA SA 6,794,777 $190,880,857 0.26% N/A N/A

BAC 8% ELN ISSUED BY NATIONAL DDD1149441 5,833,000 $249,339,512 0.34% N/A 06/15/22 BANK OF CANADA

BAC 9% ELN ISSUED BY BNP PARIBAS DDD1140500 7,200,000 $297,123,026 0.40% N/A 04/13/22 ISSUANCE B.V.

060505104 BANK OF AMERICA CORP 10,000,000 $417,500,000 0.57% N/A N/A

060505EH3 BANK OF AMERICA CORP 55,000,000 $60,946,875 0.08% 6.25% 03/05/70

060505EN0 BANK OF AMERICA CORP 70,000,000 $78,690,150 0.11% 6.10% 09/17/69

06051GHC6 BANK OF AMERICA CORP 40,000,000 $41,310,834 0.06% 3.00% 12/20/23

06051GHD4 BANK OF AMERICA CORP 135,000,000 $148,404,083 0.20% 3.42% 12/20/28

DDD1159022 BANK OF AMERICA CORP -20,000 -$2,080,000 0.00% N/A 12/17/21

DDD1161409 BANK OF AMERICA CORP -25,000 -$2,150,000 0.00% N/A 11/19/21

06738EBE4 BARCLAYS PLC 40,000,000 $40,763,701 0.06% 4.61% 02/15/23

06738EBH7 BARCLAYS PLC 50,000,000 $53,902,783 0.07% 3.93% 05/07/25 franklintempleton.com 2 Franklin Income Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

3134865 BARCLAYS PLC 160,000,000 $405,650,764 0.55% N/A N/A

BD0SY79 BARCLAYS PLC 125,000,000 $140,651,356 0.19% 4.38% 01/12/26

BWBXSJ6 BARCLAYS PLC 50,000,000 $54,240,350 0.07% 3.65% 03/16/25

5086577 BASF SE 7,000,000 $541,491,335 0.74% N/A N/A

05526DBB0 BAT CAPITAL CORP 170,000,000 $184,085,146 0.25% 3.56% 08/15/27

BG5QS88 BAT CAPITAL CORP 78,500,000 $83,322,709 0.11% 3.22% 08/15/24

91911XAV6 BAUSCH HEALTH AMERICAS INC 137,000,000 $147,788,750 0.20% 9.25% 04/01/26

071734AH0 BAUSCH HEALTH COS INC 93,000,000 $88,862,895 0.12% 5.00% 01/30/28

071734AK3 BAUSCH HEALTH COS INC 62,000,000 $61,616,840 0.08% 6.25% 02/15/29

071734AM9 BAUSCH HEALTH COS INC 77,000,000 $72,000,775 0.10% 5.00% 02/15/29

071734AN7 BAUSCH HEALTH COS INC 35,000,000 $36,006,250 0.05% 4.88% 06/01/28

91831AAC5 BAUSCH HEALTH COS INC 139,756,000 $143,075,205 0.19% 6.13% 04/15/25

91911KAN2 BAUSCH HEALTH COS INC 87,220,000 $89,326,363 0.12% 5.50% 11/01/25

91911KAP7 BAUSCH HEALTH COS INC 105,000,000 $111,825,000 0.15% 9.00% 12/15/25

5069211 BAYER AG 6,500,000 $361,585,095 0.49% N/A N/A

07274NAJ2 BAYER US FINANCE II LLC 65,000,000 $72,399,758 0.10% 4.25% 12/15/25

B188TH2 BCE INC 7,500,000 $391,138,939 0.53% N/A N/A

DDD1135272 BELK INC 4,913,315 $4,935,425 0.01% FLOATER 07/31/25

DDD1135278 BELK INC 29,833,102 $22,822,323 0.03% FLOATER 07/31/25

BKR 12% ELN ISSUED BY JPMORGAN DDD1130903 9,836,000 $225,854,969 0.31% N/A 02/15/22 CHASE BANK, NATIONAL ASSOCIATION

BMY 8.5% ELN ISSUED BY NATIONAL DDD1132371 3,984,000 $261,200,956 0.36% N/A 02/16/22 BANK OF CANADA

097793400 BONANZA CREEK ENERGY INC 3,655,400 $142,121,952 0.19% N/A N/A

DDD1140479 BONANZA CREEK ENERGY INC 50,213,617 $50,564,610 0.07% 7.50% 04/30/26

055622104 BP PLC 10,000,000 $244,600,000 0.33% N/A N/A

110122108 BRISTOL MYERS SQUIBB CO 9,500,000 $635,170,000 0.86% N/A N/A

DDD1159028 BRISTOL MYERS SQUIBB CO -10,000 -$140,000 0.00% N/A 09/17/21

0287580 BRITISH AMERICAN TOBACCO PLC 3,000,000 $112,535,971 0.15% N/A N/A

11135F101 BROADCOM INC 342,000 $170,045,820 0.23% N/A N/A

DDD1161186 BROADCOM INC -2,500 -$1,515,000 0.00% N/A 11/19/21

C 9% ELN ISSUED BY CREDIT SUISSE DDD1156497 4,060,000 $286,240,750 0.39% N/A 08/05/22 AG, LONDON BRANCH

28470RAK8 CAESARS ENTERTAINMENT INC 35,000,000 $38,729,250 0.05% 8.13% 07/01/27

BK1276827 CAESARS ENTERTAINMENT INC 30,000,000 $31,746,000 0.04% 6.25% 07/01/25

CALUMET SPECIALTY PRODUCTS 131477AU5 111,402,000 $121,578,015 0.17% 9.25% 07/15/24 PARTNERS, L.P.

CALUMET SPECIALTY PRODUCTS 131477AL5 PARTNERS LP / CALUMET FINANCE 33,215,000 $33,404,823 0.05% 7.63% 01/15/22 CORP

CALUMET SPECIALTY PRODUCTS 131477AQ4 PARTNERS LP / CALUMET FINANCE 132,585,000 $131,216,059 0.18% 7.75% 04/15/23 CORP

franklintempleton.com 3 Franklin Income Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

CALUMET SPECIALTY PRODUCTS 131477AT8 PARTNERS LP / CALUMET FINANCE 270,000,000 $279,112,500 0.38% 11.00% 04/15/25 CORP

14040HBJ3 CAPITAL ONE FINANCIAL CORP 113,000,000 $126,044,811 0.17% 4.20% 10/29/25

14040HBK0 CAPITAL ONE FINANCIAL CORP 100,200,000 $110,949,184 0.15% 3.75% 07/28/26

CCO HOLDINGS LLC / CCO HOLDINGS 1248EPBR3 40,000,000 $41,254,400 0.06% 5.50% 05/01/26 CAPITAL CORP

CCO HOLDINGS LLC / CCO HOLDINGS 1248EPBT9 30,000,000 $31,400,850 0.04% 5.13% 05/01/27 CAPITAL CORP

165167164 CHESAPEAKE ENERGY CORP 5,000,000 $151,200,000 0.21% N/A 02/09/26

165167172 CHESAPEAKE ENERGY CORP 5,550,000 $146,631,000 0.20% N/A 02/09/26

165167180 CHESAPEAKE ENERGY CORP 3,000,000 $70,740,000 0.10% N/A 02/09/26

165167735 CHESAPEAKE ENERGY CORP 6,453,366 $360,162,356 0.49% N/A N/A

165167DG9 CHESAPEAKE ENERGY CORP 50,000,000 $53,439,750 0.07% 5.88% 02/01/29

166764100 CHEVRON CORP 12,000,000 $1,161,240,000 1.58% N/A N/A

DDD1152332 CHEVRON CORP -20,000 -$60,000 0.00% N/A 09/17/21

DDD1155395 CHEVRON CORP -10,000 -$50,000 0.00% N/A 09/17/21

CHS/COMMUNITY HEALTH SYSTEMS 12543DBC3 335,000,000 $359,019,500 0.49% 8.00% 03/15/26 INC

CHS/COMMUNITY HEALTH SYSTEMS 12543DBD1 380,000,000 $418,950,000 0.57% 8.00% 12/15/27 INC

CHS/COMMUNITY HEALTH SYSTEMS 12543DBE9 550,000,000 $546,411,250 0.74% 6.88% 04/01/28 INC

CHS/COMMUNITY HEALTH SYSTEMS 12543DBF6 150,900,000 $158,803,764 0.22% 6.63% 02/15/25 INC

CHS/COMMUNITY HEALTH SYSTEMS 12543DBG4 250,000,000 $264,062,500 0.36% 5.63% 03/15/27 INC

CHS/COMMUNITY HEALTH SYSTEMS 12543DBH2 250,000,000 $266,875,000 0.36% 6.00% 01/15/29 INC

CHS/COMMUNITY HEALTH SYSTEMS 12543DBJ8 775,000,000 $806,000,000 1.10% 6.88% 04/15/29 INC

CHS/COMMUNITY HEALTH SYSTEMS 12543DBL3 500,000,000 $504,687,500 0.69% 6.13% 04/01/30 INC

17275R102 CISCO SYSTEMS INC/DELAWARE 13,000,000 $767,260,000 1.04% N/A N/A

DDD1157159 CISCO SYSTEMS INC/DELAWARE -20,000 -$3,800,000 -0.01% N/A 09/17/21

172967424 CITIGROUP INC 8,000,000 $575,280,000 0.78% N/A N/A

172967GD7 CITIGROUP INC 135,000,000 $142,205,625 0.19% 5.95% 07/30/70

172967GR6 CITIGROUP INC 100,000,000 $103,425,000 0.14% 5.35% 11/15/69

172967HQ7 CITIGROUP INC 115,000,000 $123,604,300 0.17% 6.30% 11/15/69

172967KU4 CITIGROUP INC 130,000,000 $147,155,266 0.20% 4.13% 07/25/28

DDD1149417 CITIGROUP INC -20,000 -$40,000 0.00% N/A 09/17/21

CLEAR CHANNEL OUTDOOR HOLDINGS 18453HAC0 20,000,000 $20,875,000 0.03% 7.75% 04/15/28 INC

CLEAR CHANNEL OUTDOOR HOLDINGS 18453HAD8 35,000,000 $36,268,750 0.05% 7.50% 06/01/29 INC

185899AG6 CLEVELAND-CLIFFS INC 50,000,000 $53,687,500 0.07% 6.75% 03/15/26

DDD1158125 CLOROX CO -5,000 -$50,000 0.00% N/A 09/17/21 franklintempleton.com 4 Franklin Income Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

CMI 9.0% ELN ISSUED BY GOLDMAN DDD1125392 920,000 $215,327,726 0.29% N/A 01/28/22 SACHS INTERNATIONAL

125896100 CMS ENERGY CORP 2,000,000 $128,260,000 0.17% N/A N/A

191216100 COCA-COLA CO/THE 20,000,000 $1,126,200,000 1.53% N/A N/A

203372AV9 COMMSCOPE INC 40,000,000 $42,000,000 0.06% 7.13% 07/01/28

20337YAA5 COMMSCOPE TECHNOLOGIES LLC 25,000,000 $25,456,250 0.03% 6.00% 06/15/25

20338HAB9 COMMSCOPE TECHNOLOGIES LLC 25,000,000 $24,651,687 0.03% 5.00% 03/15/27

203668108 COMMUNITY HEALTH SYSTEMS INC 10,000,000 $123,100,000 0.17% N/A N/A

CSCO 8.50% ELN ISSUED BY ROYAL DDD1129841 3,175,000 $159,681,497 0.22% N/A 01/25/22 BANK OF CANADA

CVS 7.5% ELN ISSUED BY ROYAL BANK DDD1103893 3,933,000 $288,475,324 0.39% N/A 09/03/21 OF CANADA

CVS 8.0% ELN ISSUED BY CITIGROUP DDD1145920 3,287,000 $271,332,909 0.37% N/A 05/18/22 GLOBAL MARKETS HOLDINGS INC

CVS 9.00% ELN ISSUED BY JPMORGAN DDD1133662 2,950,000 $238,230,226 0.32% N/A 02/22/22 CHASE BANK, NATIONAL ASSOCIATION

126650100 CVS HEALTH CORP 2,800,000 $241,892,000 0.33% N/A N/A

126650CX6 CVS HEALTH CORP 125,000,000 $144,056,373 0.20% 4.30% 03/25/28

126650CZ1 CVS HEALTH CORP 40,000,000 $53,033,397 0.07% 5.05% 03/25/48

DDD1157124 CVS HEALTH CORP -18,000 -$468,000 0.00% N/A 09/17/21

CVX 10% ELN ISSUED BY CREDIT DDD1148130 2,540,000 $257,772,900 0.35% N/A 06/07/22 SUISSE AG, LONDON BRANCH

DAL 10% ELN ISSUED BY BNP PARIBAS DDD1143361 3,507,000 $151,461,883 0.21% N/A 05/03/22 ISSUANCE B.V.

DIAMOND SPORTS GROUP LLC / 25277LAA4 152,000,000 $101,163,600 0.14% 5.38% 08/15/26 DIAMOND SPORTS FINANCE CO

DDD1156686 DIRECTV HOLDINGS LLC 20,000,000 $20,020,400 0.03% FLOATER 08/02/27

DIRECTV HOLDINGS LLC / DIRECTV 25461LAA0 35,000,000 $36,632,925 0.05% 5.88% 08/15/27 FINANCING CO INC

25470XAJ4 DISH DBS CORP 383,500,000 $397,087,405 0.54% 5.88% 07/15/22

25470XAL9 DISH DBS CORP 300,000,000 $313,500,000 0.43% 5.00% 03/15/23

25470XAW5 DISH DBS CORP 128,200,000 $137,975,250 0.19% 5.88% 11/15/24

25470XBB0 DISH DBS CORP 35,000,000 $37,708,212 0.05% 7.38% 07/01/28

25470MAD1 DISH NETWORK CORP 85,000,000 $82,768,750 0.11% 2.38% 03/15/24

25746U109 DOMINION ENERGY INC 12,000,000 $934,080,000 1.27% N/A N/A

25746U133 DOMINION ENERGY INC 2,750,000 $275,165,000 0.37% N/A 06/01/22

233331107 DTE ENERGY CO 4,000,000 $481,360,000 0.66% N/A N/A

233331842 DTE ENERGY CO 3,100,000 $160,394,000 0.22% N/A 11/01/22

23345M107 DT MIDSTREAM INC 2,000,000 $92,940,000 0.13% N/A N/A

26441C204 DUKE ENERGY CORP 6,000,000 $627,960,000 0.85% N/A N/A

281020107 EDISON INTERNATIONAL 11,000,000 $636,240,000 0.87% N/A N/A

ENDO DAC / ENDO FINANCE LLC / ENDO 29273DAB6 135,712,000 $133,522,965 0.18% 9.50% 07/31/27 FINCO INC

ENDO DAC / ENDO FINANCE LLC / ENDO 29273DAC4 160,739,000 $100,682,891 0.14% 6.00% 06/30/28 FINCO INC

29271LAA2 ENDO FINANCE LLC 53,224,000 $43,032,934 0.06% 5.75% 01/15/22 franklintempleton.com 5 Franklin Income Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

ENDO LUXEMBOURG FINANCE CO I 29280BAA3 55,000,000 $54,520,675 0.07% 6.13% 04/01/29 SARL / ENDO US INC

29364G103 ENTERGY CORP 1,500,000 $165,915,000 0.23% N/A N/A

30161N101 EXELON CORP 7,500,000 $367,650,000 0.50% N/A N/A

30231G102 EXXON MOBIL CORP 20,000,000 $1,090,400,000 1.48% N/A N/A

DDD1155394 EXXON MOBIL CORP -25,000 -$75,000 0.00% N/A 09/17/21

DDD1156294 EXXON MOBIL CORP -15,000 -$120,000 0.00% N/A 09/17/21

3140QBMZ8 FANNIE MAE POOL 41,776,650 $45,527,865 0.06% 4.00% 08/01/49

FEDERAL HOME LOAN MORTGAGE 313400624 6,000,000 $8,820,000 0.01% 8.38% 06/30/69 CORP

FEDERAL NATIONAL MORTGAGE 313586752 4,000,000 $7,040,000 0.01% 8.25% 09/30/69 ASSOCIATION

FEDERAL NATIONAL MORTGAGE 313586810 4,250 $23,587,500 0.03% N/A 09/30/69 ASSOCIATION

FIDELITY NATIONAL INFORMATION 31620M106 2,000,000 $255,540,000 0.35% N/A N/A SERVICES INC

FIDELITY NATIONAL INFORMATION DDD1149418 -10,000 -$50,000 0.00% N/A 09/17/21 SERVICES INC

FIDELITY NATIONAL INFORMATION DDD1156485 -4,950 -$14,850 0.00% N/A 09/17/21 SERVICES INC

FMG RESOURCES AUGUST 2006 PTY 30251GAW7 60,540,000 $65,192,499 0.09% 5.13% 05/15/24 LTD

FMG RESOURCES AUGUST 2006 PTY 30251GBC0 35,000,000 $37,765,700 0.05% 4.38% 04/01/31 LTD

345370CR9 FORD MOTOR CO 120,000,000 $129,431,400 0.18% 4.35% 12/08/26

345370CW8 FORD MOTOR CO 50,000,000 $61,147,500 0.08% 9.00% 04/22/25

345397A60 FORD MOTOR CREDIT CO LLC 60,000,000 $65,925,000 0.09% 5.13% 06/16/25

345397XL2 FORD MOTOR CREDIT CO LLC 149,650,000 $159,938,437 0.22% 4.13% 08/04/25

345397ZR7 FORD MOTOR CREDIT CO LLC 100,000,000 $113,134,500 0.15% 5.11% 05/03/29

35671DAZ8 FREEPORT-MCMORAN INC 62,636,000 $64,828,260 0.09% 3.88% 03/15/23

35671DCD5 FREEPORT-MCMORAN INC 25,000,000 $27,697,500 0.04% 5.25% 09/01/29

37045VAP5 GENERAL MOTORS CO 140,000,000 $169,106,751 0.23% 5.15% 04/01/38

37045XCL8 GENERAL MOTORS FINANCIAL CO INC 75,000,000 $79,358,703 0.11% 4.15% 06/19/23

GILD 10% ELN ISSUED BY MERRILL DDD1129467 3,725,000 $253,453,149 0.34% N/A 01/25/22 LYNCH INTERNATIONAL & CO CV

GM 10% ELN ISSUED BY BARCLAYS DDD1122740 5,735,000 $278,043,885 0.38% N/A 12/08/21 BANK PLC

GM 10% ELN ISSUED BY CREDIT DDD1124035 5,678,000 $275,324,033 0.37% N/A 12/17/21 SUISSE AG, LONDON BRANCH

GM 12% ELN ISSUED BY CREDIT DDD1131056 4,820,000 $245,758,231 0.33% N/A 02/08/22 SUISSE AG, LONDON BRANCH

GOLD 10% ELN ISSUED BY ROYAL DDD1140224 8,910,000 $178,833,447 0.24% N/A 04/08/22 BANK OF CANADA

38113YAE9 GOLDEN NUGGET INC 53,500,000 $53,689,925 0.07% 6.75% 10/15/24

382550BL4 GOODYEAR TIRE & RUBBER CO/THE 30,000,000 $31,770,000 0.04% 5.00% 07/15/29

382550BP5 GOODYEAR TIRE & RUBBER CO/THE 30,000,000 $32,133,900 0.04% 5.25% 07/15/31

franklintempleton.com 6 Franklin Income Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

HAL 12% ELN ISSUED BY UBS AG, DDD1133655 10,300,000 $208,646,265 0.28% N/A 02/25/22 LONDON BRANCH

406216101 HALLIBURTON CO 4,000,000 $79,920,000 0.11% N/A N/A

DDD1153409 HALLIBURTON CO -40,000 $0 0.00% N/A 09/17/21

404119BN8U HCA INC 114,800,000 $126,308,095 0.17% 5.00% 03/15/24

404121AG0 HCA INC 90,000,000 $97,087,500 0.13% 5.88% 05/01/23

404121AJ4 HCA INC 80,000,000 $95,502,800 0.13% 5.63% 09/01/28

437076102 HOME DEPOT INC/THE 1,000,000 $326,180,000 0.44% N/A N/A

DDD1153846 HOME DEPOT INC/THE -10,000 -$610,000 0.00% N/A 09/17/21

HON 8.00% ELN ISSUED BY SOCIETE DDD1130506 1,271,000 $286,007,475 0.39% N/A 02/01/22 GENERALE

457756500 IFT MONEY MARKET PORTFOLIO 1,995,500,995 $1,995,500,995 2.72% N/A N/A

INTC 10% ELN ISSUED BY CITIGROUP DDD1139082 3,857,000 $223,461,458 0.30% N/A 04/06/22 GLOBAL MARKETS HOLDINGS INC

INTC 8.5% ELN ISSUED BY MERRILL DDD1122885 6,167,000 $316,023,197 0.43% N/A 12/08/21 LYNCH INTERNATIONAL & CO. C.V.

458140100 INTEL CORP 6,282,800 $339,648,168 0.46% N/A N/A

DDD1148838 INTEL CORP -25,000 -$50,000 0.00% N/A 09/17/21

DDD1149442 INTEL CORP -10,000 -$30,000 0.00% N/A 09/17/21

DDD1161187 INTEL CORP -25,000 -$2,050,000 0.00% N/A 11/19/21

INTERNATIONAL BUSINESS MACHINES 459200101 3,000,000 $421,020,000 0.57% N/A N/A CORP

INTERNATIONAL BUSINESS MACHINES DDD1157161 -15,000 -$165,000 0.00% N/A 09/17/21 CORP

INTERNATIONAL FLAVORS & 459506309 500,000 $25,270,000 0.03% N/A 09/15/21 FRAGRANCES INC

IP 9.50% ELN ISSUED BY ROYAL BANK DDD1137415 2,852,000 $170,648,165 0.23% N/A 03/18/22 OF CANADA

IP 9.5% ELN ISSUED BY NATIONAL DDD1122595 5,000,000 $284,032,760 0.39% N/A 12/06/21 BANK OF CANADA

46284VAC5 IRON MOUNTAIN INC 73,250,000 $76,363,125 0.10% 4.88% 09/15/27

DDD1144285 JAZZ FINANCING LUX SARL 20,000,000 $20,028,900 0.03% FLOATER 06/30/28

478160104 JOHNSON & JOHNSON 5,500,000 $952,215,000 1.30% N/A N/A

DDD1149570 JOHNSON & JOHNSON -20,000 -$2,260,000 0.00% N/A 09/17/21

JPM 8.5% ELN ISSUED BY UBS AG, DDD1144138 1,725,000 $271,165,311 0.37% N/A 05/06/22 LONDON BRANCH

JPM 8% ELN ISSUED BY MIZUHO DDD1151102 1,620,000 $256,995,588 0.35% N/A 06/30/22 MARKETS CAYMAN LP

46625H100 JPMORGAN CHASE & CO 5,000,000 $799,750,000 1.09% N/A N/A

46625HHA1 JPMORGAN CHASE & CO 115,959,000 $116,223,322 0.16% 3.60% 10/30/69

46625HJQ4 JPMORGAN CHASE & CO 65,000,000 $71,784,375 0.10% 6.75% 08/01/70

48124BAC9 JPMORGAN CHASE & CO 60,700,000 $62,756,516 0.09% 5.15% 11/01/69

48126HAA8 JPMORGAN CHASE & CO 55,000,000 $58,444,375 0.08% 6.00% 02/01/70

48126HAC4 JPMORGAN CHASE & CO 70,000,000 $76,431,250 0.10% 6.10% 04/01/70

48127FAA1 JPMORGAN CHASE & CO 108,100,000 $108,330,610 0.15% 3.46% 01/01/70

DDD1152765 JPMORGAN CHASE & CO -10,000 -$850,000 0.00% N/A 09/17/21 franklintempleton.com 7 Franklin Income Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

DDD1156221 JPMORGAN CHASE & CO -10,000 -$130,000 0.00% N/A 09/17/21

48251W401 KKR & CO INC 1,350,000 $110,214,000 0.15% N/A 09/15/23

539830109 LOCKHEED MARTIN CORP 2,000,000 $719,600,000 0.98% N/A N/A

DDD1149577 LOCKHEED MARTIN CORP -10,000 -$150,000 0.00% N/A 09/17/21

DDD1156471 LOCKHEED MARTIN CORP -10,000 -$100,000 0.00% N/A 09/17/21

DDD1157113 LOCKHEED MARTIN CORP -5,000 -$940,000 0.00% N/A 09/17/21

LVS 12% ELN ISSUED BY MIZUHO DDD1159378 1,734,000 $73,925,249 0.10% N/A 08/29/22 MARKETS CAYMAN LP

LYB 10% ELN ISSUED BY CITIGROUP DDD1149902 1,600,000 $169,425,142 0.23% N/A 06/23/22 GLOBAL MARKETS HOLDINGS INC.

MAUSER PACKAGING SOLUTIONS 12429TAD6 115,000,000 $116,006,250 0.16% 5.50% 04/15/24 HOLDING CO

MAUSER PACKAGING SOLUTIONS 12429TAE4 212,495,000 $210,327,551 0.29% 7.25% 04/15/25 HOLDING CO

58933Y105 MERCK & CO INC 20,000,000 $1,525,800,000 2.08% N/A N/A

DDD1147211 MERCK & CO INC -25,000 -$275,000 0.00% N/A 09/17/21

MET 8.5% ELN ISSUED BY BARCLAYS 06747W849 4,240,000 $257,947,671 0.35% N/A 07/11/22 BANK PLC

MET 9.00% ELN ISSUED BY BNP DDD1103894 6,597,000 $306,534,189 0.42% N/A 09/07/21 PARIBAS ISSUANCE B.V

MET 9.50% ELN ISSUED BY BARCLAYS DDD1135717 4,251,700 $263,634,077 0.36% N/A 03/09/22 BANK PLC

MET 9.5% ELN ISSUED BY ROYAL BANK DDD1125119 4,545,000 $248,539,452 0.34% N/A 12/21/21 OF CANADA

59156R108 METLIFE INC 3,500,000 $217,000,000 0.30% N/A N/A

595017AP9 MICROCHIP TECHNOLOGY INC 69,000,000 $73,170,722 0.10% 4.33% 06/01/23

59565JAA9 MIDAS OPCO HOLDINGS LLC 35,000,000 $35,875,000 0.05% 5.63% 08/15/29

617446448 MORGAN STANLEY 1,810,000 $189,018,300 0.26% N/A N/A

DDD1152968 MORGAN STANLEY -10,000 -$5,100,000 -0.01% N/A 09/17/21

DDD1160123 MOZART BUYER LP 165,537,036 $165,537,036 0.23% FLOATER 03/11/22

DDD1160131 MOZART BUYER LP 187,894,037 $187,894,037 0.26% FLOATER 03/11/22

553283AC6 MPH ACQUISITION HOLDINGS LLC 157,000,000 $150,143,810 0.20% 5.75% 11/01/28

553283AD4 MPH ACQUISITION HOLDINGS LLC 50,000,000 $50,896,000 0.07% 5.50% 09/01/28

DDD1159935 MPH ACQUISITION HOLDINGS LLC 25,000,000 $24,840,625 0.03% FLOATER 09/01/28

MS 8.5% ELN ISSUED BY CREDIT 22550T880 2,970,000 $275,533,092 0.37% N/A 07/06/22 SUISSE AG, LONDON BRANCH

MS 8.5% ELN ISSUED BY UBS AG DDD1131575 2,345,000 $198,899,987 0.27% N/A 02/11/22 LONDON

17144CAB0 MULTIPLAN CORP 185,000,000 $161,006,521 0.22% 6.00% 10/15/27

62548M100 MULTIPLAN CORP 4,400,000 $26,400,000 0.04% N/A N/A

62957HAG0 NABORS INDUSTRIES INC 28,000,000 $26,473,580 0.04% 6.50% 02/01/25

BL3BQ20 NABORS INDUSTRIES LTD 16,000,000 $14,900,000 0.02% 7.25% 01/15/26

NEM 9.5% ELN ISSUED BY BARCLAYS DDD1147439 3,278,000 $204,424,694 0.28% N/A 06/15/22 BANK PLC

64110LAN6 NETFLIX INC 100,000,000 $113,265,500 0.15% 4.38% 11/15/26

64110LAS5 NETFLIX INC 69,300,000 $81,083,079 0.11% 4.88% 04/15/28 franklintempleton.com 8 Franklin Income Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

64110LAT3 NETFLIX INC 50,000,000 $62,064,250 0.08% 5.88% 11/15/28

65339F101 NEXTERA ENERGY INC 1,965,000 $165,040,350 0.22% N/A N/A

65339F739 NEXTERA ENERGY INC 7,250,000 $390,557,500 0.53% N/A 09/01/23

65339F770 NEXTERA ENERGY INC 5,250,000 $279,772,500 0.38% N/A 03/01/23

DDD1149030 NEXTERA ENERGY INC -19,650 -$8,331,600 -0.01% N/A 09/17/21

65473P105 NISOURCE INC 1,000,000 $24,650,000 0.03% N/A N/A

65473P121 NISOURCE INC 1,167,000 $120,387,720 0.16% N/A 03/01/24

674599DY8 OCCIDENTAL PETROLEUM CORP 50,000,000 $60,312,500 0.08% 8.00% 07/15/25

674599EC5 OCCIDENTAL PETROLEUM CORP 60,000,000 $71,261,700 0.10% 6.38% 09/01/28

674599ED3 OCCIDENTAL PETROLEUM CORP 50,000,000 $62,444,750 0.08% 6.63% 09/01/30

674599EE1 OCCIDENTAL PETROLEUM CORP 30,000,000 $33,488,700 0.05% 5.50% 12/01/25

674599EF8 OCCIDENTAL PETROLEUM CORP 40,000,000 $48,423,800 0.07% 6.13% 01/01/31

680665AM8 OLIN CORP 40,000,000 $50,190,000 0.07% 9.50% 06/01/25

ORCL 8% ELN ISSUED BY MERRILL DDD1120287 4,500,000 $297,035,149 0.40% N/A 11/08/21 LYNCH INTERNATIONAL & CO. C.V.

68622V106 ORGANON & CO 250,000 $8,472,500 0.01% N/A N/A

69888XAA7 PAR PHARMACEUTICAL INC 99,744,000 $101,115,480 0.14% 7.50% 04/01/27

PBF HOLDING CO LLC / PBF FINANCE 69318FAJ7 37,000,000 $24,286,060 0.03% 6.00% 02/15/28 CORP

PBF HOLDING CO LLC / PBF FINANCE 69318FAK4 43,430,000 $41,964,237 0.06% 9.25% 05/15/25 CORP

713448108 PEPSICO INC 5,000,100 $781,965,639 1.06% N/A N/A

DDD1155154 PEPSICO INC -10,000 -$280,000 0.00% N/A 09/17/21

717081103 PFIZER INC 31,250,000 $1,439,687,500 1.96% N/A N/A

DDD1147210 PFIZER INC -30,000 -$6,870,000 -0.01% N/A 09/17/21

DDD1159209 PFIZER INC -20,000 -$820,000 0.00% N/A 12/17/21

69331C108 PG&E CORP 10,000,000 $91,700,000 0.12% N/A N/A

69331C140 PG&E CORP 500,000 $45,825,000 0.06% N/A 08/16/23

718172109 PHILIP MORRIS INTERNATIONAL INC 8,777,900 $904,123,700 1.23% N/A N/A

737446AN4 POST HOLDINGS INC 40,000,000 $42,150,000 0.06% 5.63% 01/15/28

69351T106 PPL CORP 6,500,000 $190,775,000 0.26% N/A N/A

DDD1152386 PROCTER & GAMBLE CO -20,000 -$6,160,000 -0.01% N/A 09/17/21

DDD1156296 PROCTER & GAMBLE CO -10,000 -$560,000 0.00% N/A 09/17/21

DDD1157125 PROCTER & GAMBLE CO -10,000 -$80,000 0.00% N/A 09/17/21

742718109 PROCTER & GAMBLE CO/THE 10,000,000 $1,423,900,000 1.94% N/A N/A

744320BF8 PRUDENTIAL FINANCIAL INC 65,000,000 $76,593,429 0.10% 5.70% 09/15/48

913017109 RAYTHEON TECHNOLOGIES CORP 2,959,550 $250,851,458 0.34% N/A N/A

913017CR8 RAYTHEON TECHNOLOGIES CORP 40,000,000 $43,645,459 0.06% 3.13% 05/04/27

RIO 10% ELN ISSUED BY MORGAN DDD1147982 2,972,000 $245,995,016 0.33% N/A 06/07/22 STANLEY FINANCE II LTD

B03MM62 ROYAL DUTCH SHELL PLC 5,500,000 $218,680,000 0.30% N/A N/A

RTX 10.0% ELN ISSUED BY JPMORGAN DDD1126783 2,120,000 $166,563,967 0.23% N/A 01/11/22 CHASE BANK, NATIONAL ASSOCIATION franklintempleton.com 9 Franklin Income Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

RTX 9% ELN ISSUED BY JPMORGAN DDD1136118 3,345,000 $275,987,156 0.38% N/A 03/18/22 CHASE BANK, NATIONAL ASSOCIATION

78433BAA6 SCIH SALT HOLDINGS INC 30,000,000 $30,256,500 0.04% 4.88% 05/01/28

78433BAB4 SCIH SALT HOLDINGS INC 80,000,000 $78,786,800 0.11% 6.63% 05/01/29

816851109 SEMPRA ENERGY 5,621,111 $744,010,251 1.01% N/A N/A

SLB 10% ELN ISSUED BY SOCIETE DDD1131730 8,975,000 $241,129,422 0.33% N/A 02/10/22 GENERALE

842587107 SOUTHERN CO/THE 17,000,000 $1,117,410,000 1.52% N/A N/A

842587602 SOUTHERN CO/THE 6,300,000 $332,703,000 0.45% N/A 08/01/22

852061AM2 SPRINT COMMUNICATIONS INC 215,000,000 $219,697,750 0.30% 11.50% 11/15/21

852061AS9 SPRINT COMMUNICATIONS INC 347,700,000 $367,692,750 0.50% 6.00% 11/15/22

85207UAF2 SPRINT CORP 187,350,000 $212,492,370 0.29% 7.88% 09/15/23

85207UAH8 SPRINT CORP 190,650,000 $219,485,812 0.30% 7.13% 06/15/24

85207UAK1 SPRINT CORP 86,300,000 $106,511,460 0.14% 7.63% 03/01/26

SPRINT SPECTRUM CO LLC / SPRINT 85208NAE0 90,000,000 $103,761,000 0.14% 5.15% 09/20/29 SPECTRUM CO II LLC / SP

87422VAF5 TALEN ENERGY SUPPLY LLC 11,500,000 $9,958,080 0.01% 7.25% 05/15/27

2381093 TELUS CORP 4,000,000 $92,161,369 0.13% N/A N/A

88033GAV2 TENET HEALTHCARE CORP 55,258,000 $62,939,967 0.09% 6.88% 11/15/31

88033GCN8 TENET HEALTHCARE CORP 599,200,000 $650,132,000 0.88% 6.75% 06/15/23

88033GDJ6 TENET HEALTHCARE CORP 205,000,000 $216,787,500 0.30% 6.13% 10/01/28

882508104 TEXAS INSTRUMENTS INC 720,000 $137,455,200 0.19% N/A N/A

DDD1161184 TEXAS INSTRUMENTS INC -7,200 -$3,132,000 0.00% N/A 11/19/21

DDD1161185 TEXAS INSTRUMENTS INC -10,000 -$1,970,000 0.00% N/A 11/19/21

TFC 8.0% ELN ISSUED BY BARCLAYS DDD1157158 2,740,000 $154,220,541 0.21% N/A 08/17/22 BANK PLC

TGT 8% ELN ISSUED BY SOCIETE DDD1124159 1,165,000 $234,822,847 0.32% N/A 12/20/21 GENERALE

TGT 9% ELN ISSUED BY CITIGROUP DDD1134473 1,386,000 $302,687,456 0.41% N/A 03/09/22 GLOBAL MARKETS HOLDINGS INC

92537RAA7 TK ELEVATOR US NEWCO INC 43,000,000 $45,486,260 0.06% 5.25% 07/15/27

89151E109 TOTALENERGIES SE 10,000,000 $442,900,000 0.60% N/A N/A

89832Q109 TRUIST FINANCIAL CORP 7,170,000 $409,120,200 0.56% N/A N/A

TXN 8.0% ELN ISSUED BY CITIGROUP DDD1149044 1,328,000 $255,570,427 0.35% N/A 06/21/22 GLOBAL MARKETS HOLDINGS INC

TXN 9.0% ELN ISSUED BY GOLDMAN DDD1126031 1,593,000 $282,652,871 0.38% N/A 01/26/22 SACHS INTERNATIONAL

B10RZP7 UNILEVER PLC 10,000,000 $556,778,651 0.76% N/A N/A

UNITED AIRLINES 2020-1 CLASS A PASS 90931GAA7 51,011,125 $57,013,277 0.08% 5.88% 04/15/29 THROUGH TRUST

911365BG8 UNITED RENTALS NORTH AMERICA INC 93,000,000 $98,764,605 0.13% 4.88% 01/15/28

UNITED STATES TREASURY NOTE/ 912828ZF0 750,000,000 $749,267,580 1.02% .50% 03/31/25 BOND

UNITED STATES TREASURY NOTE/ 91282CBR1 750,000,000 $748,945,312 1.02% .25% 03/15/24 BOND

franklintempleton.com 10 Franklin Income Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

UNITED STATES TREASURY NOTE/ 91282CCF6 750,000,000 $750,263,670 1.02% .75% 05/31/26 BOND

UNITED STATES TREASURY NOTE/ 91282CCG4 750,000,000 $747,714,840 1.02% .25% 06/15/24 BOND

UNITED STATES TREASURY NOTE/ 91282CCJ8 500,000,000 $502,812,500 0.68% .88% 06/30/26 BOND

914906AS1 UNIVISION COMMUNICATIONS INC 217,220,000 $221,440,584 0.30% 5.13% 02/15/25

914906AT9 UNIVISION COMMUNICATIONS INC 55,000,000 $60,018,750 0.08% 9.50% 05/01/25

914906AU6 UNIVISION COMMUNICATIONS INC 30,000,000 $32,521,500 0.04% 6.63% 06/01/27

UNP 8% ELN ISSUED BY GOLDMAN DDD1131075 1,085,000 $239,491,523 0.33% N/A 02/09/22 SACHS INTERNATIONAL (SERIES L)

UPS 8.5% ELN ISSUED BY ROYAL BANK DDD1135270 1,355,000 $244,345,150 0.33% N/A 03/08/22 OF CANADA

902973304 US BANCORP 5,000,000 $286,950,000 0.39% N/A N/A

BYMX833 UTAH ACQUISITION SUB INC 110,000,000 $121,991,724 0.17% 3.95% 06/15/26

2090571 VERIZON COMMUNICATIONS INC 25,000,000 $1,375,000,000 1.87% N/A N/A

92840M102 VISTRA CORP 10,000,000 $190,900,000 0.26% N/A N/A

92840VAH5 VISTRA OPERATIONS CO LLC 50,000,000 $50,812,500 0.07% 4.38% 05/01/29

BH4HKS3 VODAFONE GROUP PLC 175,000,000 $293,914,179 0.40% N/A N/A

931142103 WALMART INC 2,000,500 $296,274,050 0.40% N/A N/A

DDD1152637 WALMART INC -20,000 -$1,860,000 0.00% N/A 09/17/21

WDAY 9.5% ELN ISSUED BY MIZUHO DDD1148450 921,000 $236,950,374 0.32% N/A 06/07/22 MARKETS CAYMAN LP

947075AP2 WEATHERFORD INTERNATIONAL LTD 584,000,000 $611,010,000 0.83% 11.00% 12/01/24

WEATHERFORD INTERNATIONAL LTD/ 947075AR8 180,250,000 $187,685,312 0.26% 8.75% 09/01/24 BERMUDA

DDD1033528 WEATHERFORD INTERNATIONAL PLC 12,000,000 $189,120,000 0.26% N/A N/A

949746RG8 WELLS FARGO & CO 70,000,000 $76,163,850 0.10% 5.90% 12/15/69

95081QAN4 WESCO DISTRIBUTION INC 30,000,000 $32,308,200 0.04% 7.13% 06/15/25

WYNN LAS VEGAS LLC / WYNN LAS 983130AU9 84,000,000 $86,292,360 0.12% 4.25% 05/30/23 VEGAS CAPITAL CORP

WYNN LAS VEGAS LLC / WYNN LAS 983130AV7 164,500,000 $174,575,625 0.24% 5.50% 03/01/25 VEGAS CAPITAL CORP

WYNN LAS VEGAS LLC / WYNN LAS 983130AX3 96,827,000 $101,802,939 0.14% 5.25% 05/15/27 VEGAS CAPITAL CORP

98389B100 XCEL ENERGY INC 2,500,000 $171,875,000 0.23% N/A N/A

franklintempleton.com 11 Franklin Income Fund August 31, 2021

Important Legal Information

• Portfolio holdings are subject to change without notice and may not represent current or future portfolio composition. The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information.

• The net market value of all currency forward contracts is included in cash and other net assets, reflected in the base currency of the fund. The net market value of any Credit Default, Interest Rate and/or other Swap contract positions are displayed as exposure to the issuing counterparty (i.e. "Citibank") .

• Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year.

• The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other investments.

• Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. To obtain a prospectus, which contains this and other information, talk to your financial advisor, call us at 1-800/DIAL BEN (1-800/342-5236) or visit our website at franklintempleton.com. Please read the prospectus carefully before investing. Franklin Templeton Distributors Inc., One Franklin Parkway, San Mateo, CA 94403.

Franklin Templeton Distributors, Inc. One Franklin Parkway San Mateo, CA 94403 (800) DIAL BEN/342-5236 franklintempleton.com

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