TEI Templeton Emerging Markets Income Fund Inc

DECLARATIONS

NOTICE

This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.

INVESTMENT COMPANY BLANKET BOND

NOTICE

This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.

ICI Mutual Insurance Company, a Risk Retention Group (the “Underwriter”), in consideration of an agreed premium, and in reliance upon the Application and all other information furnished to the Underwriter by the Insured, and subject to and in accordance with the Declarations, General Agreements, Provisions, Conditions and Limitations and other terms of this bond (including all riders hereto) (“Bond”), to the extent of the Limit of Liability and subject to the Deductible Amount, agrees to indemnify the Insured for the loss, as described in the Insuring Agreements, sustained by the Insured at any time but discovered during the Bond Period.

INSURING AGREEMENTS

Loss resulting directly from any Dishonest or Fraudulent Act committed by an Employee, committed anywhere and whether committed alone or in collusion with other persons (whether or not Employees), during the time such Employee has the status of an Employee as defined herein, and even if such loss is not discovered until after he or she ceases to be an Employee; and EXCLUDING loss covered under Insuring Agreement B.

Expense incurred by the Insured for that part of the costs of audits or examinations required by any governmental regulatory authority or Self-Regulatory Organization to be conducted by such authority or Organization or by an independent accountant or other person, by reason of the discovery of loss sustained by the Insured and covered by this Bond.

Loss of Property resulting directly from any Mysterious Disappearance, or any Dishonest or Fraudulent Act committed by a person physically present in an office or on the premises of the Insured at the time the Property is surrendered, while the Property is (or reasonably supposed or believed by the Insured to be) lodged or deposited within the Insured’s offices or premises located anywhere, except those offices excluded by Rider; and EXCLUDING loss covered under Insuring Agreement A.

Loss of Property resulting directly from any Mysterious Disappearance or Dishonest or Fraudulent Act while the Property is physically (not electronically) in transit anywhere in the custody of any person authorized by an Insured to act as a messenger, except while in the mail or with a carrier for hire (other than a Security Company); and EXCLUDING loss covered under Insuring Agreement A. Property is “in transit” beginning immediately upon receipt of such Property by the transporting person and ending immediately upon delivery to the designated recipient or its agent, but only while the Property is being conveyed.

Loss resulting directly from the Insured having, in good faith, paid or transferred any Property in reliance upon any Written, Original:

which bear (a) a Forgery, or (b) an Alteration, but only to the extent that the Forgery or Alteration directly causes the loss.

Actual physical possession by the Insured or its authorized representative of the items listed in (1) through (3) above is a condition precedent to the Insured having relied upon the items.

This Insuring Agreement E does not cover loss caused by Forgery or Alteration of Securities or loss covered under Insuring Agreement A.

Loss resulting directly from the Insured, in good faith, in the ordinary course of business, and in any capacity whatsoever, whether for its own account or for the account of others, having acquired, accepted or received, or sold or delivered, or given any value, extended any credit or assumed any liability in reliance on any Written, Original Securities, where such loss results from the fact that such Securities prove to:

and notwithstanding whether or not the act of the Insured causing such loss violated the constitution, by-laws, rules, or regulations of any Self-Regulatory Organization, whether or not the Insured was a member thereof.

This Insuring Agreement F does not cover loss covered under Insuring Agreement A.

Actual physical possession by the Insured or its authorized representative of the Securities is a condition precedent to the Insured having relied upon the Securities.

Loss resulting directly from the receipt by the Insured, in good faith of any Counterfeit Currency.

This Insuring Agreement G does not cover loss covered under Insuring Agreement A.

Loss resulting directly from the payment of dividends, issuance of Fund shares or redemptions or exchanges permitted from an account with the Fund as a consequence of

PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until the Insured’s collection procedures have failed, (b) exchanges of shares between Funds with exchange privileges shall be covered hereunder only if all such Funds are insured by the Underwriter for uncollectible Items of Deposit, and (c) the Insured Fund shall have implemented and maintained a policy to hold Items of Deposit for the minimum number of days stated in its Application (as amended from time to time) before paying any dividend or permitting any withdrawal with respect to such Items of Deposit (other than exchanges between Funds). Regardless of the number of transactions between Funds in an exchange program, the minimum number of days an Item of Deposit must be held shall begin from the date the Item of Deposit was first credited to any Insured Fund.

This Insuring Agreement H does not cover loss covered under Insuring Agreement A.

Loss resulting directly from a Phone/Electronic Transaction, where the request for such Phone/Electronic Transaction:

PROVIDED, that the entity receiving such request generally maintains and follows during the Bond Period all Phone/Electronic Transaction Security Procedures with respect to all Phone/Electronic Transactions; and

EXCLUDING loss resulting from:

This Insuring Agreement I does not cover loss covered under Insuring Agreement A, “Fidelity” or Insuring Agreement J, “Computer Security”.

GENERAL AGREEMENTS

No statement made by or on behalf of the Insured, whether contained in the Application or otherwise, shall be deemed to be an absolute warranty, but only a warranty that such statement is true to the best of the knowledge of the person responsible for such statement.

The Underwriter will indemnify the Insured against court costs and reasonable attorneys’ fees incurred and paid by the Insured in defense of any legal proceeding brought against the Insured seeking recovery for any loss which, if established against the Insured, would constitute a loss covered under the terms of this Bond; provided, however, that with respect to Insuring Agreement A this indemnity shall apply only in the event that:

The Insured shall promptly give notice to the Underwriter of any such legal proceeding and upon request shall furnish the Underwriter with copies of all pleadings and other papers therein. At the Underwriter’s election the Insured shall permit the Underwriter to conduct the defense of such legal proceeding in the Insured’s name, through attorneys of the Underwriter’s selection. In such event, the Insured shall give all reasonable information and assistance which the Underwriter shall deem necessary to the proper defense of such legal proceeding.

If the amount of the Insured’s liability or alleged liability in any such legal proceeding is greater than the amount which the Insured would be entitled to recover under this Bond (other than pursuant to this General Agreement C), or if a Deductible Amount is applicable, or both, the indemnity liability of the Underwriter under this General Agreement C is limited to the proportion of court costs and attorneys’ fees incurred and paid by the Insured or by the Underwriter that the amount which the Insured would be entitled to recover under this Bond (other than pursuant to this General Agreement C) bears to the sum of such amount plus the amount which the Insured is not entitled to recover. Such indemnity shall be in addition to the Limit of Liability for the applicable Insuring Agreement.

This Bond shall be interpreted with due regard to the purpose of fidelity bonding under Rule 17g-1 under the Investment Company Act of 1940 (i.e., to protect innocent third parties from harm) and to the structure of the investment management industry (in which a loss of Property resulting from a cause described in any Insuring Agreement ordinarily gives rise to a potential legal liability on the part of the Insured), such that the term “loss” as used herein shall include an Insured’s legal liability for direct compensatory damages resulting directly from a misappropriation, or measurable diminution in value, of Property.

THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS

AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING

PROVISIONS, CONDITIONS AND LIMITATIONS:

SECTION 1. DEFINITIONS

The following terms used in this Bond shall have the meanings stated in this Section:

for an Investment Company named as an Insured, BUT ONLY while (i) such officer, partner or employee is performing acts coming within the scope of the usual duties of an officer or employee of an Insured, or (ii) such officer, director, trustee, partner or employee is acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the Property of the Insured, or (iii) such director or trustee (or anyone acting in a similar capacity) is acting outside the scope of the usual duties of a director or trustee; PROVIDED, that the term “Employee” shall not include any officer, director, trustee, partner or employee of a transfer agent, shareholder accounting recordkeeper or administrator (x) which is not an “affiliated person” (as defined in Section 2(a) of the Investment Company Act of 1940) of an Investment Company named as an Insured or of the adviser or underwriter of such Investment Company, or (y) which is a “Bank” (as defined in Section 2(a) of the Investment Company Act of 1940), and

while such officer, partner or employee is performing services for any Depository in the operation of systems for the central handling of securities, and

Each employer of temporary personnel and each entity referred to in subsections (6) and (7) and their respective partners, officers and employees shall collectively be deemed to be one person for all the purposes of this Bond.

Brokers, agents, independent contractors, or representatives of the same general character shall not be considered Employees, except as provided in subsections (3), (6), and (7).

All acts or omissions of one or more persons which directly or indirectly aid or, by failure to report or otherwise, permit the continuation of an act referred to in subsections (1) and (2) above of any other person shall be deemed to be the acts of such other person for purposes of this subsection.

All acts or occurrences or events which have as a common nexus any fact, circumstance, situation, transaction or series of facts, circumstances, situations, or transactions shall be deemed to be one act, one occurrence, or one event.

SECTION 2. EXCLUSIONS

THIS BOND DOES NOT COVER:

unless such loss is otherwise covered under Insuring Agreement A.

SECTION 3. ASSIGNMENT OF RIGHTS

Upon payment to the Insured hereunder for any loss, the Underwriter shall be subrogated to the extent of such payment to all of the Insured’s rights and claims in connection with such loss; provided, however, that the Underwriter shall not be subrogated to any such rights or claims one named Insured under this Bond may have against another named Insured under this Bond. At the request of the Underwriter, the Insured shall execute all assignments or other documents and take such action as the Underwriter may deem necessary or desirable to secure and perfect such rights and claims, including the execution of documents necessary to enable the Underwriter to bring suit in the name of the Insured.

Assignment of any rights or claims under this Bond shall not bind the Underwriter without the Underwriter’s written consent.

SECTION 4. LOSS—NOTICE—PROOF—LEGAL PROCEEDINGS

This Bond is for the use and benefit only of the Insured and the Underwriter shall not be liable hereunder to anyone other than the Insured. As soon as practicable and not more than sixty (60) days after discovery of any loss covered hereunder, the Insured shall give the Underwriter written notice thereof and, as soon as practicable and within one year after such discovery, shall also furnish to the Underwriter affirmative proof of loss with full particulars. The Underwriter may extend the sixty-day notice period or the one-year proof of loss period if the Insured requests an extension and shows good cause therefor.

The Insured shall provide the Underwriter with such information, assistance, and cooperation as the Underwriter may reasonably request.

See also General Agreement C (Court Costs and Attorneys’ Fees).

The Underwriter shall not be liable hereunder for loss of Securities unless each of the Securities is identified in such proof of loss by a certificate or bond number or by such identification means as the Underwriter may require. The Underwriter shall have a reasonable period after receipt of a proper affirmative proof of loss within which to investigate the claim, but where the Property is Securities and the loss is clear and undisputed, settlement shall be made within forty-eight (48) hours even if the loss involves Securities of which duplicates may be obtained.

The Insured shall not bring legal proceedings against the Underwriter to recover any loss hereunder prior to sixty (60) days after filing such proof of loss or subsequent to twenty-four (24) months after the discovery of such loss or, in the case of a legal proceeding to recover hereunder on account of any judgment against the Insured in or settlement of any suit mentioned in General Agreement C or to recover court costs or attorneys’ fees paid in any such suit, twenty-four (24) months after the date of the final judgment in or settlement of such suit. If any limitation in this Bond is prohibited by any applicable law, such limitation shall be deemed to be amended to be equal to the minimum period of limitation permitted by such law.

Notice hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual Insurance Company, RRG, 1401 H St. NW, Washington, DC 20005, with an electronic copy to LegalSupport@icimutual.com.

SECTION 5. DISCOVERY

For all purposes under this Bond, a loss is discovered, and discovery of a loss occurs, when the Insured

which would cause a reasonable person to assume that a loss of a type covered by this Bond has been or is likely to be incurred, regardless of when the act or acts causing or contributing to such loss occurred, even though the exact amount or details of the loss may not be known.

SECTION 6. VALUATION OF PROPERTY

For the purpose of determining the amount of any loss hereunder, the value of any Property shall be the market value of such Property at the close of business on the first business day before the discovery of such loss; except that

SECTION 7. LOST SECURITIES

The maximum liability of the Underwriter hereunder for lost Securities shall be the payment for, or replacement of, such Securities having an aggregate value not to exceed the applicable Limit of Liability. If the Underwriter shall make payment to the Insured for any loss of Securities, the Insured shall assign to the Underwriter all of the Insured’s right, title and interest in and to such Securities. In lieu of such payment, the Underwriter may, at its option, replace such lost Securities, and in such case the Insured shall cooperate to effect such replacement. To effect the replacement of lost Securities, the Underwriter may issue or arrange for the issuance of a lost instrument bond. If the value of such Securities does not exceed the applicable Deductible Amount (at the time of the discovery of the loss), the Insured will pay the usual premium charged for the lost instrument bond and will indemnify the issuer of such bond against all loss and expense that it may sustain because of the issuance of such bond.

If the value of such Securities exceeds the applicable Deductible Amount (at the time of discovery of the loss), the Insured will pay a proportion of the usual premium charged for the lost instrument bond, equal to the percentage that the applicable Deductible Amount bears to the value of such Securities upon discovery of the loss, and will indemnify the issuer of such bond against all loss and expense that is not recovered from the Underwriter under the terms and conditions of this Bond, subject to the applicable Limit of Liability.

SECTION 8. SALVAGE

If any recovery is made, whether by the Insured or the Underwriter, on account of any loss within the applicable Limit of Liability hereunder, the Underwriter shall be entitled to the full amount of such recovery to reimburse the Underwriter for all amounts paid hereunder with respect to such loss. If any recovery is made, whether by the Insured or the Underwriter, on account of any loss in excess of the applicable Limit of Liability hereunder plus the Deductible Amount applicable to such loss from any source other than suretyship, insurance, reinsurance, security or indemnity taken by or for the

benefit of the Underwriter, the amount of such recovery, net of the actual costs and expenses of recovery, shall be applied to reimburse the Insured in full for the portion of such loss in excess of such Limit of Liability, and the remainder, if any, shall be paid first to reimburse the Underwriter for all amounts paid hereunder with respect to such loss and then to the Insured to the extent of the portion of such loss within the Deductible Amount. The Insured shall execute all documents which the Underwriter deems necessary or desirable to secure to the Underwriter the rights provided for herein.

SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY

Prior to its termination, this Bond shall continue in force up to the Limit of Liability for each Insuring Agreement for each Single Loss, notwithstanding any previous loss (other than such Single Loss) for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED, however, that regardless of the number of years this Bond shall continue in force and the number of premiums which shall be payable or paid, the liability of the Underwriter under this Bond with respect to any Single Loss shall be limited to the applicable Limit of Liability irrespective of the total amount of such Single Loss and shall not be cumulative in amounts from year to year or from period to period.

SECTION 10. MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES

The maximum liability of the Underwriter for any Single Loss covered by any Insuring Agreement under this Bond shall be the Limit of Liability applicable to such Insuring Agreement, subject to the applicable Deductible Amount and the other provisions of this Bond. Recovery for any Single Loss may not be made under more than one Insuring Agreement. If any Single Loss covered under this Bond is recoverable or recovered in whole or in part because of an unexpired discovery period under any other bonds or policies issued by the Underwriter to the Insured or to any predecessor in interest of the Insured, the maximum liability of the Underwriter shall be the greater of either (1) the applicable Limit of Liability under this Bond, or (2) the maximum liability of the Underwriter under such other bonds or policies.

SECTION 11. OTHER INSURANCE

Notwithstanding anything to the contrary herein, if any loss covered by this Bond shall also be covered by other insurance or suretyship for the benefit of the Insured, the Underwriter shall be liable hereunder only for the portion of such loss in excess of the amount recoverable under such other insurance or suretyship, but not exceeding the applicable Limit of Liability of this Bond.

SECTION 12. DEDUCTIBLE AMOUNT

The Underwriter shall not be liable under any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the net amount of all reimbursement and/or recovery received by the Insured with respect to such loss (other than from any other bond, suretyship or insurance policy or as an advance by the Underwriter hereunder) shall exceed the applicable Deductible Amount; in such case the Underwriter shall be liable only for such excess, subject to the applicable Limit of Liability and the other terms of this Bond.

No Deductible Amount shall apply to any loss covered under Insuring Agreement A sustained by any Investment Company named as an Insured.

SECTION 13. TERMINATION

The Underwriter may terminate this Bond as to any Insured or all Insureds only by written notice to such Insured or Insureds and, if this Bond is terminated as to any Investment Company, to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C., in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.

The Insured may terminate this Bond only by written notice to the Underwriter not less than sixty (60) days prior to the effective date of the termination specified in such notice. Notwithstanding the foregoing, when the Insured terminates this Bond as to any Investment Company, the effective date of termination shall be not less than sixty (60) days from the date the Underwriter provides written notice of the termination to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C.

This Bond will terminate as to any Insured that is a Non-Fund immediately and without notice upon (1) the takeover of such Insured’s business by any State or Federal official or agency, or by any receiver or liquidator, or (2) the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for the benefit of creditors of the Insured.

Premiums are earned until the effective date of termination. The Underwriter shall refund the unearned premium computed at short rates in accordance with the Underwriter’s standard short rate cancellation tables if this Bond is terminated by the Insured or pro rata if this Bond is terminated by the Underwriter.

Upon the detection by any Insured that an Employee has committed any Dishonest or Fraudulent Act(s), the Insured shall immediately remove such Employee from a position that may enable such Employee to cause the Insured to suffer a loss by any subsequent Dishonest or Fraudulent Act(s). The Insured, within two (2) business days of such detection, shall notify the Underwriter with full and complete particulars of the detected Dishonest or Fraudulent Act(s).

For purposes of this section, detection occurs when any partner, officer, or supervisory employee of any Insured, who is not in collusion with such Employee, becomes aware that the Employee has committed any Dishonest or Fraudulent Act(s).

This Bond shall terminate as to any Employee by written notice from the Underwriter to each Insured and, if such Employee is an Employee of an Insured Investment Company, to the Securities and Exchange Commission, in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.

SECTION 14. RIGHTS AFTER TERMINATION

At any time prior to the effective date of termination of this Bond as to any Insured, such Insured may, by written notice to the Underwriter, elect to purchase the right under this Bond to an additional period of twelve (12) months within which to discover loss sustained by such Insured prior to the effective date of such termination and shall pay an additional premium therefor as the Underwriter may require.

Such additional discovery period shall terminate immediately and without notice upon the takeover of such Insured’s business by any State or Federal official or agency, or by any receiver or liquidator. Promptly after such termination the Underwriter shall refund to the Insured any unearned premium.

The right to purchase such additional discovery period may not be exercised by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed to take over the Insured’s business.

SECTION 15. CENTRAL HANDLING OF SECURITIES

The Underwriter shall not be liable for loss in connection with the central handling of securities within the systems established and maintained by any Depository (“Systems”), unless the amount of such loss exceeds the amount recoverable or recovered under any bond or policy or participants’ fund insuring the Depository against such loss (the “Depository’s Recovery”); in such case the Underwriter shall be liable hereunder only for the Insured’s share of such excess loss, subject to the applicable Limit of Liability, the Deductible Amount and the other terms of this Bond.

For determining the Insured’s share of such excess loss, (1) the Insured shall be deemed to have an interest in any certificate representing any security included within the Systems equivalent to the interest the Insured then has in all certificates representing the same security included within the Systems; (2) the Depository shall have reasonably and fairly apportioned the Depository’s Recovery among all those having an interest as recorded by appropriate entries in the books and records of the Depository in Property involved in such loss, so that each such interest shall share in the Depository’s Recovery in the ratio that the value of each such interest bears to the total value of all such interests; and (3) the Insured’s share of such excess loss shall be the amount of the Insured’s interest in such Property in excess of the amount(s) so apportioned to the Insured by the Depository.

This Bond does not afford coverage in favor of any Depository or Exchange or any nominee in whose name is registered any security included within the Systems.

SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED

If more than one entity is named as the Insured:

SECTION 17. NOTICE AND CHANGE OF CONTROL

Within thirty (30) days after learning that there has been a change in control of an Insured by transfer of its outstanding voting securities the Insured shall give written notice to the Underwriter of:

As used in this Section, “control” means the power to exercise a controlling influence over the management or policies of the Insured.

SECTION 18. CHANGE OR MODIFICATION

This Bond may only be modified by written Rider forming a part hereof over the signature of the Underwriter’s authorized representative. Any Rider which modifies the coverage provided by Insuring Agreement A, Fidelity, in a manner which adversely affects the rights of an Insured Investment Company shall not become effective until at least sixty (60) days after the Underwriter has given written notice thereof to the Securities and Exchange Commission, Washington, D.C., and to each Insured Investment Company affected thereby.

SECTION 19. COMPLIANCE WITH APPLICABLE TRADE AND ECONOMIC SANCTIONS

This Bond shall not be deemed to provide any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder, to the extent that the provision of such coverage, payment of such loss or provision of such benefit would cause the Underwriter to be in violation of any applicable trade or economic sanctions, laws or regulations, including, but not limited to, any sanctions, laws or regulations administered and enforced by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).

SECTION 20. ANTI-BUNDLING

If any Insuring Agreement requires that an enumerated type of document be Counterfeit, or contain a Forgery or Alteration, the Counterfeit, Forgery, or Alteration must be on or of the enumerated document itself, not on or of some other document submitted with, accompanying or incorporated by reference into the enumerated document.

IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the Declarations Page.

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 1

NAMED INSURED COMPANY RIDER (FUNDS-ONLY OMNIBUS)

In consideration of the premium charged for this Bond, it is hereby understood and agreed that Item 1 of the Declarations, Name of Insured, shall include the following:

provided, however, that notwithstanding the foregoing, Item 1 of the Declarations, Name of Insured, shall in no event include any Investment Company (or any portfolio of any Investment Company) that is insured under the Royce Bond.

It is further understood and agreed that notwithstanding the foregoing, and regardless of how many times this Bond (or this rider) may hereafter be renewed, an Inactive Investment Company (or portfolio thereof) shall automatically cease to be an Insured eight years following its Inactive Date.

It is further understood and agreed that:

It is further understood and agreed that the title in this rider is included solely for convenience and shall not itself be deemed to be a term or condition of coverage, or a description or interpretation thereof.

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RNV0001.0-01-170 (06/21)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 2

In consideration of the premium charged for this Bond, it is hereby understood and agreed that notwithstanding Section 2.Q of this Bond, this Bond is amended by adding an additional Insuring Agreement J as follows:

Loss (including loss of Property) resulting directly from Computer Fraud; provided, that the Insured has adopted in writing and generally maintains and follows during the Bond Period all Computer Security Procedures. The isolated failure of the Insured to maintain and follow a particular Computer Security Procedure in a particular instance will not preclude coverage under this Insuring Agreement, subject to the specific exclusions herein and in the Bond.

and

For purposes of this Insuring Agreement, “Single Loss,” as defined in Section 1.EE of this Bond, shall also include all loss caused by Computer Fraud(s) committed by one person, or in which one person is implicated, whether or not that person is specifically identified. A series of losses involving unidentified individuals, but arising from the same method of operation, may be deemed by the Underwriter to involve the same individual and in that event shall be treated as a Single Loss.

It is further understood and agreed that nothing in this Rider shall affect the exclusion set forth in Section 2.O of this Bond.

Coverage under this Insuring Agreement shall terminate upon termination of this Bond. Coverage under this Insuring Agreement may also be terminated without terminating this Bond as an entirety:

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RN0019.1-00 (07/18)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 3

In consideration of the premium charged for this Bond, it is hereby understood and agreed that the exclusion set forth at Section 2.M of this Bond shall not apply with respect to loss resulting from the Dishonest or Fraudulent Acts or other acts or omissions of an Employee in connection with offers or sales of securities issued by an Insured Fund if such Employee (a) is an employee of that Fund or of its investment adviser, principal underwriter, or affiliated transfer agent, and (b) who is communicating with purchasers of such securities only in person in an office of an Insured or by telephone or in writing, and (c) does not receive commissions on such sales; provided, that such Dishonest or Fraudulent Acts or other acts or omissions do not involve, and such loss does not arise from, a statement or representation which is not (1) contained in a currently effective prospectus regarding such securities, which has been filed with the Securities and Exchange Commission, or (2) made as part of a scripted response to a question regarding that Fund or such securities, if the script has been filed with, and not objected to by, the Financial Industry Regulatory Authority, Inc. and if the entire scripted response has been read to the caller, and if any response concerning the performance of such securities is not outdated.

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RNV0026.0-03-170 (03/93)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 4

In consideration of the premium charged for this Bond, it is hereby understood and agreed that this Bond does not cover any loss resulting from or in connection with the acceptance of any Third Party Check, unless

and then only to the extent such loss is otherwise covered under this Bond.

For purposes of this Rider, “Third Party Check” means a check made payable to one or more parties and offered as payment to one or more other parties.

It is further understood and agreed that notwithstanding anything to the contrary above or elsewhere in the Bond, this Bond does not cover any loss resulting from or in connection with the acceptance of a Third Party Check where:

It is further understood and agreed that this Rider shall not apply with respect to any coverage that may be available under Insuring Agreement A, “Fidelity.”

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RN0030.0-01 (01/02)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 5

AMENDED DEFINITION OF “EMPLOYEE” RIDER

In consideration of the premium charged for this Bond, it is hereby understood and agreed that the definition of “Employee” in Section 1.N(6) of this Bond shall be amended to include any individual assigned, on a contingent or part-time basis, to perform the usual duties of an employee in any office of the Insured, provided that in the case of an individual assigned other than by an agency furnishing temporary personnel, such individual has passed a Successful Background Check conducted by or on behalf of the Insured.

It is further understood and agreed that for purposes of this rider, a “Successful Background Check” shall mean a background check (including contact with the individual’s previous employers and personal references and utilization of a private investigation agency), which results in a determination by the Insured that the individual has satisfied the security criteria established by the Insured for hiring employees on a permanent basis.

It is further understood and agreed that the title in this rider is included solely for convenience and shall not itself be deemed to be a term or condition of coverage, or a description or interpretation thereof.

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RNM0036.0-00-170 (06/21)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 6

In consideration of the premium charged for this Bond, it is hereby understood and agreed that the references in Section 13, Termination, to “not less than sixty (60) days” shall be modified to read “not less than ninety (90) days.”

It is further understood and agreed that the sixth paragraph of Section 13, Termination, is amended to read as follows:

“For purposes of this section, detection occurs when any professional employee of the Legal, Compliance or Risk Management Departments of the Insured, who is not in collusion with such Employee, becomes aware that the Employee has committed any Dishonest or Fraudulent Act(s).”

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RNM0045.0-00-170 (06/21)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 7

In consideration for the premium charged for this Bond, it is hereby understood and agreed that notwithstanding anything to the contrary in this Bond (including Insuring Agreement I), this Bond does not cover any loss resulting from any Online Redemption(s) or Online Purchase(s) involving an aggregate amount in excess of Five Hundred Thousand Dollars ($500,000) per shareholder account per day, unless before such redemption(s) or purchase(s), in a procedure initiated by the Insured or by the entity receiving the request for such Online Redemption(s) or Online Purchase(s):

It is further understood and agreed that, notwithstanding the Limit of Liability set forth herein or any other provision of this Bond, the Limit of Liability with respect to any Single Loss caused by an Online Transaction shall be Twenty-Five Million Dollars ($25,000,000) and the Deductible Amount applicable to any such Single Loss is One Hundred Thousand Dollars ($100,000).

It is further understood and agreed that, notwithstanding Section 9, Non-Reduction and Non-Accumulation of Liability and Total Liability, or any other provision of this Bond, the Aggregate Limit of Liability of the Underwriter under this Bond with respect to any and all loss or losses caused by Online Transactions shall be an aggregate of Twenty-Five Million Dollars ($25,000,000) for the Bond Period, irrespective of the total amount of such loss or losses.

For purposes of this Rider, the following terms shall have the following meanings:

“Online Purchase” means any purchase of shares issued by an Investment Company, which purchase is requested through an Electronic Transmission over the Internet.

“Online Redemption” means any redemption of shares issued by an Investment Company, which redemption is requested through an Electronic Transmission over the Internet.

“Online Transaction” means any Phone/Electronic Transaction requested through an Electronic Transmission over the Internet.

Except as above stated, nothing herein shall be held to alter, waive, or extend any of the terms of this Bond.

RN0038.0-02 (06/18)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 8

Most property and casualty insurers, including ICI Mutual Insurance Company, a Risk Retention Group (“ICI Mutual”), are subject to the requirements of the Terrorism Risk Insurance Act of 2002, as amended (the “Act”). The Act establishes a federal insurance backstop under which ICI Mutual and these other insurers may be partially reimbursed by the United States Government for future “insured losses” resulting from certified “acts of terrorism.” (Each of these bolded terms is defined by the Act.) The Act also places certain disclosure and other obligations on ICI Mutual and these other insurers.

Pursuant to the Act, any future losses to ICI Mutual caused by certified “acts of terrorism” may be partially reimbursed by the United States government under a formula established by the Act. Under this formula, the United States government would generally reimburse ICI Mutual for the Federal Share of Compensation of ICI Mutual’s “insured losses” in excess of ICI Mutual’s “insurer deductible” until total “insured losses” of all participating insurers reach $100 billion (the “Cap on Annual Liability”). If total “insured losses” of all property and casualty insurers reach the Cap on Annual Liability in any one calendar year, the Act limits U.S. Government reimbursement and provides that the insurers will not be liable under their policies for their portions of such losses that exceed such amount. Amounts otherwise payable under this Bond may be reduced as a result.

This Bond has no express exclusion for “acts of terrorism.” However, coverage under this Bond remains subject to all applicable terms, conditions, and limitations of the Bond (including exclusions) that are permissible under the Act.

The portion of the premium that is attributable to any coverage potentially available under the Bond for “acts of terrorism” is one percent (1%) and does not include any charges for the portion of loss that may be covered by the U.S. Government under the Act.

As used herein, “Federal Share of Compensation” shall mean 80% beginning on January 1, 2020.

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RN0053.1-01 (05/21)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 9

In consideration of the premium charged for this Bond, it is hereby understood and agreed that the Underwriter shall use its best efforts to enter into an agreement with each Facultative Reinsurer on this Bond, regarding the Insureds’ rights against such Facultative Reinsurer (“Cut Through Agreement”), in substantially the form(s) reviewed and agreed to by the Insureds.

It is further understood and agreed that as used in this rider, “Facultative Reinsurer” means any entity providing reinsurance for this Bond to the Underwriter on a facultative basis (and always excluding any entity providing reinsurance for this Bond to the Underwriter pursuant to treaty).

Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of this Bond other than as above stated.

RNM0011.0-00-163 (08/20)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 10

SOCIAL ENGINEERING FRAUD RIDER

In consideration of the premium charged for this Bond, it is hereby understood and agreed that this Bond is amended by adding an additional Insuring Agreement M, as follows:

Loss resulting directly from the Insured, in good faith, transferring, paying, or delivering money from its own account as a direct result of a Social Engineering Fraud;

PROVIDED, that the entity receiving such request generally maintains and follows during the Bond Period all Social Engineering Security Procedures.

The Limit of Liability for a Single Loss under this Insuring Agreement M shall be the lesser of (a) 50% of the amount by which such Single Loss exceeds the Deductible Amount or (b) $1,000,000 (One Million Dollars), and the Insured shall bear the remainder of any such Single Loss. The Deductible Amount for this Insuring Agreement M is $250,000 (Two Hundred Fifty Thousand Dollars).

Notwithstanding any other provision of this Bond, the aggregate Limit of Liability under this Bond with respect to any and all loss or losses under this Insuring Agreement M shall be $1,000,000 (One Million Dollars) for the Bond Period, irrespective of the total amount of such loss or losses.

This Insuring Agreement M does not cover loss covered under any other Insuring Agreement of this Bond.

It is further understood and agreed that for purposes of this rider:

It is further understood and agreed that the title in this rider is included solely for convenience and shall not itself be deemed to be a term or condition of coverage, or a description or interpretation thereof.

Except as above stated, nothing herein shall be held to alter, waive, or extend any of the terms of this Bond.

RN0054.0-00 (06/21)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 11

ENHANCED AUTHENTICATION MEASURES RIDER

In consideration for the premium charged for this Bond, it is hereby understood and agreed that SECTION 1. DEFINITIONS is amended by deleting the definition of “Officially Designated” in paragraph V in its entirety and replacing it with the following:

It is further understood and agreed that “Enhanced Authentication Measures” shall mean gAuthenticate service provided by GIACT Systems, LLC, as described in the email dated May 9, 2019, from Franklin Templeton Investments to the Underwriter.

It is further understood and agreed that the title in this rider is included solely for convenience and shall not itself be deemed to be a term or condition of coverage, or a description or interpretation thereof.

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RN0056.0-00 (06/21)

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Franklin Templeton SEC Registered Funds

Premium Allocation - June 30, 2021-2022

 

OneTIS #		Fund Name		Allocated Bond Premium
TEMPLETON FUNDS
37		Templeton Foreign Fund		$	3,481.00
27103		Templeton International Climate Change Fund		$	3.00
31		Templeton World Fund		$	3,008.00
		Templeton Funds (3)
4398		Templeton Emerging Markets Small Cap Fund		$	502.00
4290		Templeton Global Balanced Fund		$	635.00
		Templeton Global Investment Trust (2)
17283		Templeton Emerging Markets Bond Fund		$	21.00
97		Templeton Global Bond Fund		$	10,558.00
12801		Templeton Global Total Return Fund		$	1,359.00
12052		Templeton International Bond Fund		$	281.00
		Templeton Income Trust (4)
4562		Foreign Smaller Companies Series		$	691.00
243		International Equity Series		$	430.00
		Templeton Institutional Funds (2)
		INDIVIDUAL TEMPLETON FUNDS THAT ARE NOT PART OF A MULTI SERIES TRUST
4473		Templeton China World Fund		$	258.00
505		Templeton Developing Markets Trust		$	1,633.00
581		Templeton Dragon Fund, Inc.		$	818.00
111		Templeton Emerging Markets Fund		$	321.00
555		Templeton Emerging Markets Income Fund		$	372.00
146		Templeton Global Income Fund		$	718.00
30		Templeton Global Smaller Companies Fund		$	1,239.00
105		Templeton Growth Fund, Inc.		$	9,261.00
FRANKLIN FUNDS
4308		Franklin DynaTech Fund		$	24,535.00
21293		Franklin Focused Growth Fund		$	89.00
4306		Franklin Growth Fund		$	20,060.00
4309		Franklin Income Fund		$	66,956.00
4110		Franklin U.S. Government Securities Fund		$	4,417.00
4307		Franklin Utilities Fund		$	5,641.00
		Franklin Custodian Funds (6)
4021		Franklin Floating Rate Master Series		$	363.00
20794		Franklin Floating Rate Income Fund		$	—
		Franklin Floating Rate Master Trust (2)
4484		Franklin Conservative Allocation Fund		$	106.00
4467		Franklin Corefolio Allocation Fund		$	1.00
28663		Franklin Emerging Market Core Equity (IU) Fund		$	113.00
4468		Franklin Global Allocation Fund		$	2,898.00
4486		Franklin Growth Allocation Fund		$	121.00

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OneTIS #		Fund Name		Allocated Bond Premium
28662		Franklin International Core Equity (IU) Fund		$	325.00
17743		Franklin LifeSmart 2020 retirement Target Fund		$	4.00
4390		Franklin LifeSmart 2025 retirement Target Fund		$	13.00
17740		Franklin LifeSmart 2030 retirement Target Fund		$	7.00
4391		Franklin LifeSmart 2035 retirement Target Fund		$	14.00
17742		Franklin LifeSmart 2040 retirement Target Fund		$	6.00
4392		Franklin LifeSmart 2045 retirement Target Fund		$	10.00
17741		Franklin LifeSmart 2050 retirement Target Fund		$	6.00
20078		Franklin LifeSmart 2055 retirement Target Fund		$	4.00
30761		Franklin LifeSmart 2060 Retirement Target Fund		$	—
4389		Franklin LifeSmart Retirement Income Fund		$	19.00
4485		Franklin Moderate Allocation Fund		$	172.00
20111		Franklin Payout 2021 Fund		$	4.00
26694		Franklin Payout 2022 Fund		$	3.00
28661		Franklin U.S. Core Equity (IU) Fund		$	1,003.00
		Franklin Fund Allocator Series (20)
4493		Franklin Emerging Market Debt Opportunities Fund		$	123.00
12517		Franklin International Growth Fund		$	2,951.00
4643		Franklin International Small Cap Fund		$	85.00
		Franklin Global Trust (3)
4338		Franklin Adjustable U.S. Government Securities Fund		$	629.00
4337		Franklin Convertible Securities Fund		$	4,800.00
4339		Franklin Equity Income Fund		$	3,086.00
4489		Franklin Floating Rate Daily Access Fund		$	1,133.00
4991		Franklin Low Duration Total Return Fund		$	2,543.00
4586		Franklin Managed Income Fund		$	3,680.00
4460		Franklin Total Return Fund		$	4,176.00
		Franklin Investors Securities Trust (7)
4175		Franklin California High Yield Municipal Fund		$	3,031.00
4220		Franklin Tennessee Municipal Bond Fund		$	181.00
		Franklin Municipal Securities Trust (2)
4402		Franklin Biotechnology Discovery Fund		$	1,303.00
4462		Franklin Growth Opportunities Fund		$	5,612.00
4403		Franklin Natural Resources Fund		$	250.00
4465		Franklin Small Cap Growth Fund		$	3,983.00
4198		Franklin Small-Mid Cap Growth Fund		$	5,415.00
4194		Franklin Strategic Income Fund		$	3,578.00
28468		Franklin Templeton SMACS: Series CH		$	3.00
28469		Franklin Templeton SMACS: Series E		$	5.00
28470		Franklin Templeton SMACS: Series H		$	2.00
28471		Franklin Templeton SMACS: Series I		$	3.00
		Franklin Strategic Series (10)
4364		Franklin Alabama Tax-Free Income Fund		$	232.00
4726		Franklin Arizona Tax-Free Income Fund		$	970.00
4327		Franklin Colorado Tax-Free Income Fund		$	703.00
4366		Franklin Connecticut Tax-Free Income Fund		$	186.00
4174		Franklin Federal Intermediate-Term Tax-Free Income Fund		$	3,451.00
4354		Franklin Federal Limited-Term Tax-Free Income Fund		$	1,252.00
4365		Franklin Florida Tax-Free Income Fund		$	498.00

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OneTIS #		Fund Name		Allocated Bond Premium
4328		Franklin Georgia Tax-Free Income Fund		$	446.00
4330		Franklin High Yield Tax-Free Income Fund		$	6,386.00
4172		Franklin Kentucky Tax-Free Income Fund		$	131.00
4368		Franklin Louisiana Tax-Free Income Fund		$	364.00
4369		Franklin Maryland Tax-Free Income Fund		$	392.00
4318		Franklin Massachusetts Tax-Free Income Fund		$	417.00
4319		Franklin Michigan Tax-Free Income Fund		$	895.00
4320		Franklin Minnesota Tax-Free Income Fund		$	1,055.00
4360		Franklin Missouri Tax-Free Income Fund		$	946.00
28870		Franklin Municipal Green Bond Fund		$	8.00
4371		Franklin New Jersey Tax-Free Income Fund		$	779.00
4370		Franklin North Carolina Tax-Free Income Fund		$	812.00
4322		Franklin Ohio Tax-Free Income Fund		$	1,568.00
4361		Franklin Oregon Tax-Free Income Fund		$	1,219.00
4329		Franklin Pennsylvania Tax-Free Income Fund		$	991.00
4363		Franklin Virginia Tax-Free Income Fund		$	592.00
		Franklin Tax-Free Trust (23)
11536		Franklin Allocation VIP Fund		$	664.00
4410		Franklin Flex Cap Growth VIP Fund		$	160.00
4824		Franklin Global Real Estate VIP Fund		$	135.00
4822		Franklin Growth and Income VIP Fund		$	66.00
4829		Franklin Income VIP Fund		$	3,295.00
4843		Franklin Large Cap Growth VIP Fund		$	127.00
4845		Franklin Mutual Global Discovery VIP Fund		$	481.00
4846		Franklin Mutual Shares VIP Fund		$	2,491.00
4836		Franklin Rising Dividends VIP Fund		$	1,551.00
4848		Franklin Small Cap Value VIP Fund		$	1,250.00
4842		Franklin Small-Mid Cap Growth VIP Fund		$	564.00
4884		Franklin Strategic Income VIP Fund		$	371.00
4830		Franklin U.S. Government Securities VIP Fund		$	741.00
17071		Franklin VolSmart Allocation VIP Fund		$	129.00
381		Templeton Developing Markets VIP Fund		$	326.00
523		Templeton Foreign VIP Fund		$	1,204.00
4827		Templeton Global Bond VIP Fund		$	2,082.00
4840		Templeton Growth VIP Fund		$	463.00
		Franklin Templeton Variable Insurance Products Trust (18)
		INDIVIDUAL FRANKLIN FUNDS THAT ARE NOT PART OF A MULTI SERIES TRUST
4312		Franklin California Tax-Free Income Fund		$	15,922.00
4152		Franklin California Tax-Free Trust - Franklin California Intermediate-Term Tax-Free Income Fund		$	1,724.00
4316		Franklin Federal Tax-Free Income Fund		$	10,514.00
4301		Franklin Gold and Precious Metals Fund		$	1,183.00
4305		Franklin High Income Trust - Franklin High Income Fund		$	2,819.00
4472		Franklin Limited Duration Income Trust		$	386.00
4358		Franklin Managed Trust - Franklin Rising Dividends Fund		$	24,524.00
4315		Franklin New York Tax-Free Income Fund		$	3,413.00
4153		Franklin New York Tax-Free Trust - Franklin New York Intermediate-Term Tax-Free Income Fund		$	847.00
4192		Franklin Real Estate Securities Trust - Franklin Real Estate Securities Fund		$	412.00
4157		Franklin Strategic Mortgage Portfolio		$	55.00
4311		Franklin U.S. Government Money Fund		$	3,279.00
4002		Franklin Universal Trust		$	262.00

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OneTIS #		Fund Name		Allocated Bond Premium
4340		Institutional Fiduciary Trust - Money Market Portfolio		$	1,322.00
4184		The Money Market Portfolios - The U.S. Government Money Market Portfolio		$	—
29386		Franklin OnChain U.S. Government Money Fund		$	1.00
NEW JERSEY/ALTERNATIVE FUNDS
431		Franklin Mutual Beacon Fund		$	3,448.00
433		Franklin Mutual European Fund		$	763.00
666		Franklin Mutual Financial Services Fund		$	372.00
432		Franklin Mutual Global Discovery Fund		$	9,642.00
434		Franklin Mutual Quest Fund		$	3,069.00
435		Franklin Mutual Shares Fund		$	8,051.00
		Franklin Mutual Series Funds (6)
4189		Franklin MicroCap Value Fund		$	212.00
4150		Franklin Mutual US Value Fund		$	819.00
4282		Franklin Small Cap Value Fund		$	4,456.00
		Franklin Value Investors Trust (3)
18120		Franklin K2 Alternative Strategies Fund		$	1,235.00
20225		Franklin K2 Long Short Credit Fund		$	99.00
		Franklin Alternative Strategies Funds (2)
FRANKLIN & FRANKLIN TEMPLETON ETF
29096		Franklin Disruptive Commerce ETF		$	37.00
30780		Franklin Exponential Data ETF		$	4.00
26346		Franklin FTSE Asia Ex Japan ETF		$	33.00
26365		Franklin FTSE Australia ETF		$	22.00
26363		Franklin FTSE Brazil ETF		$	228.00
26364		Franklin FTSE Canada ETF		$	26.00
26362		Franklin FTSE China ETF		$	131.00
26349		Franklin FTSE Europe ETF		$	179.00
26347		Franklin FTSE Europe Hedged ETF		$	15.00
26361		Franklin FTSE France ETF		$	7.00
26360		Franklin FTSE Germany ETF		$	12.00
26359		Franklin FTSE Hong Kong ETF		$	16.00
26348		Franklin FTSE India ETF		$	26.00
26358		Franklin FTSE Italy ETF		$	4.00
26357		Franklin FTSE Japan ETF		$	492.00
26355		Franklin FTSE Japan Hedged ETF		$	23.00
27393		Franklin FTSE Latin America ETF		$	5.00
26354		Franklin FTSE Mexico ETF		$	7.00
26356		Franklin FTSE Russia ETF		$	17.00
27392		Franklin FTSE Saudi Arabia ETF		$	3.00
27391		Franklin FTSE South Africa ETF		$	2.00
26353		Franklin FTSE South Korea ETF		$	71.00
26352		FTETFT-Franklin FTSE Switzerland ETF		$	49.00
26351		Franklin FTSE Taiwan ETF		$	41.00
26350		Franklin FTSE United Kingdom ETF		$	212.00
29097		Franklin Genomic Advancements ETF		$	17.00
29098		Franklin Intelligent Machines ETF		$	11.00
26729		Franklin Liberty High Yield Corporate ETF		$	329.00
26175		Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF		$	46.00

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OneTIS #		Fund Name		Allocated Bond Premium
26727		Franklin Liberty International Aggregate Bond ETF		$	157.00
21558		Franklin Liberty Investment Grade Corporate ETF		$	983.00
26176		Franklin Liberty Municipal Bond ETF		$	119.00
26728		Franklin Liberty Senior Loan ETF		$	194.00
28388		Franklin Liberty Systematic Style Premia ETF		$	50.00
28565		Franklin Liberty U.S. Core Bond ETF		$	1,488.00
21559		Franklin Liberty U.S. Low Volatility ETF		$	127.00
29430		Franklin Liberty Ultra Short Bond ETF		$	2.00
29614		Franklin Liberty U.S. Treasury Bond ETF		$	398.00
21413		Franklin LibertyQ Emerging Markets ETF		$	23.00
21415		Franklin LibertyQ Global Dividend ETF		$	26.00
21414		Franklin LibertyQ Global Equity ETF		$	15.00
21412		Franklin LibertyQ International Equity Hedged ETF		$	15.00
25773		Franklin LibertyQ U.S. Equity ETF		$	1,251.00
25772		Franklin LibertyQ U.S. Mid Cap Equity ETF		$	40.00
25771		Franklin LibertyQ U.S. Small Cap Equity ETF		$	18.00
		Franklin Templeton ETF Trust (45)
18000		Franklin ETF Trust - Franklin Liberty Short Duration U.S. Government ETF		$	434.00
29659		Franklin Equity Portfolio Fund		$	—
29660		Franklin Fixed Income Portfolio Fund		$	—
		Franklin EFT Trust (3)
BENEFIT STREET PARTNERS
28074		Business Development Corporation of America†		$	2,731.00
31180		Franklin BSP Capital Corporation†		$	583.00
29694		Broadstone Real Estate Access Fund		$	29.00
Legg Mason Partners Equity Funds
90052		QS Global Equity Fund*		$	180.00
90049		ClearBridge Tactical Dividend Income Fund		$	311.00
90017		ClearBridge Dividend Strategy Fund		$	6,627.00
90003		ClearBridge All Cap Value Fund		$	1,510.00
90113		QS Defensive Growth Fund*		$	—
90110		QS Conservative Growth Fund*		$	—
90111		QS Growth Fund*		$	2.00
90112		QS Moderate Growth Fund*		$	2.00
90132		ClearBridge Large Cap Growth Fund		$	17,773.00
90012		ClearBridge Aggressive Growth Fund		$	6,766.00
90153		ClearBridge Mid Cap Fund		$	2,146.00
90755		ClearBridge Mid Cap Growth Fund		$	130.00
90138		QS S&P 500 Index Fund*		$	321.00
90035		ClearBridge Large Cap Value Fund		$	2,316.00
90149		ClearBridge Small Cap Growth Fund		$	5,899.00
90000		ClearBridge Appreciation Fund		$	7,292.00
90022		ClearBridge International Value Fund		$	225.00
90757		ClearBridge International Small Cap Fund		$	48.00
90646		QS U.S. Large Cap Equity Fund*		$	725.00
90164		ClearBridge Small Cap Value Fund		$	122.00
90968		ClearBridge Select Fund		$	2,570.00
91003		QS Global Dividend Fund*		$	363.00
91306		ClearBridge Sustainability Leaders Fund		$	55.00

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OneTIS #		Fund Name		Allocated Bond Premium
		Legg Mason Partners Equity Trust* (23)
90265		ClearBridge Variable Dividend Strategy Portfolio		$	484.00
90123		QS Variable Conservative Growth*		$	—
90171		ClearBridge Variable Aggressive Growth Portfolio		$	287.00
90056		ClearBridge Variable Appreciation Portfolio		$	932.00
92174		LM/QS Aggressive Model Portfolio*		$	142.00
92173		LM/QS Moderately Aggressive Model Portfolio*		$	537.00
92172		LM/QS Moderate Model Portfolio*		$	506.00
92171		LM/QS Moderately Conservative Model Portfolio*		$	209.00
92170		LM/QS Conservative Model Portfolio*		$	109.00
90124		QS Variable Growth*		$	—
90125		QS Variable Moderate Growth*		$	—
90145		ClearBridge Variable Large Cap Growth Portfolio		$	413.00
90172		ClearBridge Variable Mid Cap Portfolio		$	252.00
90140		ClearBridge Variable Large Cap Value Portfolio		$	286.00
90176		ClearBridge Variable Small Cap Growth Portfolio		$	510.00
94140		QS Legg Mason Dynamic Multi-Strategy VIT Portfolio* (WAM Managed)		$	—
90858		QS Legg Mason Dynamic Multi-Strategy VIT Portfolio* (QS Managed)		$	62.00
		Legg Mason Partners Variable Equity Trust (16)
91415		Legg Mason Low Volatility High Dividend ETF (LVHD)		$	683.00
91481		Legg Mason International Low Volatility High Dividend ETF (LVHI)		$	65.00
91557		Legg Mason Global Infrastructure ETF (INFR)		$	11.00
91662		Legg Mason Small-Cap Quality Value ETF		$	16.00
91616		ClearBridge All Cap Growth ETF		$	207.00
91629		ClearBridge Dividend Strategy ESG ETF		$	18.00
91630		ClearBridge Large Cap Growth ESG ETF		$	146.00
91903		Western Asset Total Return ETF		$	116.00
91970		Western Asset Short Duration Income ETF		$	12.00
		Legg Mason ETF Investment Trust (9)
		INDIVIDUAL LMP FUNDS THAT ARE NOT PART OF A MULTI SERIES TRUST
92192		Active Shares ETF Trust - ClearBridge Focus Value ETF		$	4.00
Legg Mason Partners Closed-End Funds
90324		LMP Capital and Income Fund Inc.		$	307.00
90813		ClearBridge Energy Midstream Opportunity Fund Inc.		$	493.00
90884		BrandywineGLOBAL - Global Income Opportunities Fund Inc.		$	323.00
90061		Western Asset Intermediate Muni Fund Inc.		$	181.00
90064		Western Asset Managed Municipals Fund Inc.		$	793.00
90031		Western Asset Municipal High Income Fund Inc.		$	162.00
90304		Western Asset Emerging Markets Debt Fund Inc.		$	1,135.00
90073		Western Asset High Income Opportunity Fund Inc.		$	480.00
90716		Western Asset Global Corporate Defined Opportunity Fund Inc.		$	357.00
90068		Western Asset Municipal Partners Fund Inc.		$	232.00
90148		Western Asset High Income Fund II Inc.		$	548.00
90705		Western Asset Investment Grade Defined Opportunity Trust Inc.		$	217.00
90692		Western Asset Municipal Defined Opportunity Trust Inc.		$	—
90293		Western Asset Global High Income Fund Inc.		$	320.00
90724		Western Asset Mortgage Defined Opportunity Fund Inc.		$	214.00
90766		Western Asset High Yield Defined Opportunity Fund Inc.		$	333.00

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OneTIS #		Fund Name		Allocated Bond Premium
90745		ClearBridge MLP and Midstream Fund, Inc.		$	595.00
90924		ClearBridge MLP and Midstream Total Return Fund Inc.		$	270.00
91199		Western Asset Middle Market Income Fund Inc.		$	129.00
92083		Clarion Partners Real Estate Income Fund Inc. (Clarion Managed)		$	73.00
94095		Clarion Partners Real Estate Income Fund Inc. (Western Managed)		$	16.00
Legg Mason Funds
90719		BrandywineGLOBAL - International Opportunities Bond Fund		$	56.00
90725		QS Strategic Real Return Fund*		$	105.00
90756		BrandywineGLOBAL - Diversified US Large Cap Value Fund		$	534.00
90800		BrandywineGLOBAL - Global Unconstrained Bond Fund		$	697.00
90096		ClearBridge International Growth Fund		$	5,974.00
90020		ClearBridge Small Cap Fund		$	1,260.00
90007		ClearBridge Value Trust		$	2,026.00
90190		QS U.S. Small Capitalization Equity Fund*		$	187.00
90503		BrandywineGLOBAL - Global Opportunities Bond Fund		$	2,308.00
90067		QS International Equity Fund*		$	206.00
90720		BrandywineGLOBAL - Global High Yield Fund		$	30.00
91103		BrandywineGLOBAL - Alternative Credit Fund		$	212.00
91223		BrandywineGLOBAL - Dynamic US Large Cap Value Fund		$	217.00
90093		Martin Currie Emerging Markets Fund		$	489.00
91403		QS Global Market Neutral Fund*		$	64.00
91402		Martin Currie International Unconstrained Equity Fund		$	21.00
91755		Martin Currie SMASh Series EM Fund		$	901.00
91462		BrandywineGLOBAL - Flexible Bond Fund		$	112.00
91444		ClearBridge Global Infrastructure Income Fund		$	52.00
91996		BrandywineGLOBAL - Global Opportunities Bond Fund (USD hedged)		$	409.00
		Legg Mason Global Asset Management Trust (20)
Western Asset Funds
90040		Western Asset Income Fund		$	1,236.00
90013		Western Asset Mortgage Total Return Fund		$	662.00
90078		Western Asset Pennsylvania Municipals Fund		$	151.00
90083		Western Asset Oregon Municipals Fund		$	62.00
90060		Western Asset Intermediate Maturity New York Municipals Fund		$	149.00
90028		Western Asset New York Municipals Fund		$	501.00
90014		Western Asset California Municipals Fund		$	374.00
90002		Western Asset Managed Municipals Fund		$	4,391.00
90059		Western Asset Intermediate Maturity California Municipals Fund		$	154.00
90018		Western Asset Municipal High Income Fund		$	446.00
90029		Western Asset Massachusetts Municipals Fund		$	91.00
90030		Western Asset New Jersey Municipals Fund		$	149.00
90032		Western Asset Intermediate-Term Municipals Fund		$	2,606.00
90025		Western Asset Short Duration High Income Fund		$	348.00
90005		Western Asset Corporate Bond Fund		$	1,132.00
90058		Western Asset Short-Term Bond Fund		$	993.00
90063		Western Asset Ultra-Short Income Fund		$	561.00
90118		Western Asset Emerging Markets Debt Fund		$	30.00
90094		Western Asset Global High Yield Bond Fund		$	177.00
90279		Western Asset Short Duration Municipal Income Fund		$	792.00

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OneTIS #		Fund Name		Allocated Bond Premium
		Legg Mason Partners Income Trust (20)
90065		Western Asset Institutional Liquid Reserves		$	3,887.00
90066		Western Asset Institutional U.S. Treasury Reserves		$	11,237.00
90127		Western Asset Select Tax Free Reserves		$	200.00
90520		Western Asset SMASh Series M Fund		$	—
90521		Western Asset SMASh Series C Fund		$	—
90522		Western Asset SMASh Series Core Plus Completion Fund		$	—
		Western Asset SMASh Series Core Completion Fund
		Western Asset SMASh Series TF Fund
90098		Western Asset Institutional Government Reserves		$	11,393.00
91067		Western Asset Institutional U.S. Treasury Obligations Money Market Fund		$	384.00
92108		Western Asset Premier Institutional Liquid Reserves		$	459.00
92110		Western Asset Premier Institutional Government Reserves		$	—
92111		Western Asset Premier Institutional US Treasury Reserves		$	69.00
		Legg Mason Partners Institutional Trust (13)
90016		Western Asset Tax Free Reserves		$	73.00
90019		Western Asset New York Tax Free Money Market Fund		$	112.00
90054		Western Asset U.S. Treasury Reserves		$	173.00
90051		Western Asset Government Reserves		$	1,537.00
		Legg Mason Partners Money Market Trust (4)
90044		Western Asset Premium Liquid Reserves		$	12.00
90053		Western Asset Premium U.S. Treasury Reserves		$	100.00
		Legg Mason Partners Premium Money Market Trust (2)
90086		Western Asset Core Plus VIT Portfolio		$	215.00
90146		Western Asset Variable Global High Yield Bond Portfolio		$	153.00
		Legg Mason Partners Variable Income Trust (2)
90150		Western Asset Core Plus Bond Fund		$	38,485.00
90047		Western Asset Core Bond Fund		$	19,032.00
90221		Western Asset High Yield Fund		$	208.00
90203		Western Asset Inflation Indexed Plus Bond Fund		$	479.00
90089		Western Asset Intermediate Bond Fund		$	977.00
90488		Western Asset Total Return Unconstrained Fund		$	973.00
91066		Western Asset Macro Opportunities Fund		$	1,582.00
		Western Asset Funds, Inc. (7)
		INDIVIDUAL WESTERN ASSET FUNDS THAT ARE NOT PART OF A MULTI SERIES TRUST
90296		Western Asset Inflation-Linked Income Fund		$	462.00
90327		Western Asset Inflation-Linked Opportunities & Income Fund		$	1,177.00
90001		Western Asset Investment Grade Income Fund “PAI”		$	139.00
90240		Western Asset Premier Bond Fund		$	225.00
96370		Western Asset Diversified Income Fund		$	918.00
GRAND TOTAL - Franklin Templeton and Legg Mason				$	553,115.00

 

*	Name changed effective August 7, 2021.

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EXPERTS FOCUSED ON YOUR PROTECTION. WE DELIVER.

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		PRODUCER John Macko Aon Risk Services Northeast, Inc. 1 Liberty Plaza, 165 Broadway, Suite 3201 New York, NY 10006 (212) 441-1283

 

Underwritten By
BERKLEY REGIONAL INSURANCE COMPANY
Administrative Office:		Issuing Office:
475 Steamboat Road		29 South Main Street, Suite 308
Greenwich, CT 06830		West Hartford, CT 06107

INVESTMENT COMPANY EXCESS FOLLOW FORM CERTIFICATE

 

POLICY NUMBER		BFIV-45004340-20		PRIOR POLICY NUMBER		N/A
NAMED INSURED		Franklin Alternative Strategies Funds
MAILING ADDRESS		One Franklin Parkway, 950/4
		San Mateo, CA 94403
POLICY PERIOD		6/30/2021 to 6/30/2022
		(12:01 A.M. at your Mailing Address shown above)

TERMS AND CONDITIONS:

In consideration of the premium charged and in reliance upon the statements and information furnished to the COMPANY by the Insured and subject to the terms and conditions of the UNDERLYING COVERAGE scheduled below, the COMPANY agrees to pay the Insured, as excess and not contributing insurance, for loss which:

 

a)

would have been paid by the underlying Carrier(s) in the UNDERLYING COVERAGE scheduled below but for the fact that such loss exceeds the Limit of Liability of the underlying Carrier(s), and

 

b)

for which the underlying Carrier(s) has made monetary payment and the Insured has collected the full monetary amount of the underlying Carrier’s expressed Limit of Liability.

This policy does not provide coverage in excess of any sub-limited coverage in the underlying policy which is below the underlying Carrier’s expressed Limit of Liability in the UNDERLYING COVERAGE scheduled below.

 

LEAD CARRIER FOR LAYER:		Berkley Regional Insurance Company
LIMIT OF LIABILITY:		$30,000,000 excess of $100,000,000 plus deductible
AGGREGATE LIMIT:		Not Applicable

 

UNDERLYING COVERAGE:
Carrier:		ICI Mutual Insurance Company
Limit of Liability:		$100,000,000
Deductible:		$250,000
Policy Number:		87170121B
Policy Period:		06/30/2021 to 06/30/2022

 

Forms and Endorsements Forming Part of this Policy When Issued:

 

Form Number and       Edition Date		Description of Form or Endorsement:
BCR WDC 01 01 15		Berkley Crime We Deliver Cover Page

 

 

BCR CGI XS 01 15		Page 1 of 2

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BCR COV 01 08     18		Berkley Crime Cover Letter
BCR CGI XS 01     15		Excess Follow Form Certificate
BAP 90 00 11 13		Forms Index
BAP 91 01 11 13		Manuscript Endorsement
BCR WDB 01 01     15		Berkley Crime We Deliver Back Page

Cancellation of Prior Insurance Issued by Us:

By acceptance of this Policy you give us notice canceling prior policy Numbers: N/A

the cancellation to be effective at the time this Policy becomes effective.

IN WITNESS WHEREOF, Berkley Regional Insurance Company designated herein has executed and attested these presents.

 

 

BCR CGI XS 01 15		Page 2 of 2

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POLICY NUMBER: BFIV-45004340-20		BAP 90 00 11 13
NAMED INSURED: Franklin Alternative Strategies Funds		ENDORSEMENT #: 1
EFFECTIVE DATE: 06/30/2021		EXPIRATION DATE: 06/30/2022
DATE OF ISSUANCE: 10/28/2021

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

FORMS INDEX

 

Forms and Endorsements Forming Part of this Policy When Issued:
Form Number and       Edition Date		Description of Form or Endorsement:
BCR WDC 01 01 15		Berkley Crime We Deliver Cover Page
BCR COV 01 08 18		Berkley Crime Cover Letter
BCR CGI XS 01 15		Excess Follow Form Certificate
BAP 90 00 11 13		Forms Index
BAP 91 01 11 13		Manuscript Endorsement
BCR WDB 01 01 15		Berkley Crime We Deliver Back Page

All other terms, conditions, limitations and exclusions remain unchanged.

 

BAP 90 00 11 13		Page 1 of 1    ☐

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POLICY NUMBER: BFIV-45004340-20		FINANCIAL INSTITUTIONS
		FI 10 06 09 12

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

COINDEMNITY

This endorsement modifies insurance provided under the following:

FINANCIAL INSTITUTION COMPUTER CRIME POLICY

FINANCIAL INSTITUTION CRIME POLICY FOR BANKS AND SAVINGS INSTITUTIONS

FINANCIAL INSTITUTION CRIME POLICY FOR CREDIT UNIONS

FINANCIAL INSTITUTION CRIME POLICY FOR FINANCE COMPANIES

FINANCIAL INSTITUTION CRIME POLICY FOR INSURANCE COMPANIES

FINANCIAL INSTITUTION CRIME POLICY FOR INVESTMENT COMPANIES

FINANCIAL INSTITUTION CRIME POLICY FOR MORTGAGE BANKERS

FINANCIAL INSTITUTION CRIME POLICY FOR SECURITIES BROKERS AND DEALERS

SCHEDULE

 

Percentage Underwritten		Name Of Underwriting Company
$20,000,000 part of $30,000,000 66.666667%		by: Berkley Regional Insurance Company (Controlling Company)   Signature:
$10,000,000 part of $30,000,000 33.333333%		by: Hartford Casualty Insurance Company Signature:
Information required to complete this Schedule, if not shown above, will be shown in the Declarations.

 

A.	Company means all the companies shown in the Schedule.

 

B.	Each company will not pay more for any “single loss” than the percentage underwritten by it as shown in the Schedule.

 

C.	Unless any company requests otherwise:

 

1.

The giving of notice of loss and the filing of proof of loss with the Controlling Company will be considered in compliance with the terms of this policy for the giving of notice of loss and the filing of proof of loss if given and filed in accordance with the terms of this policy.

2.

Notice of cancellation by you, in accordance with the terms of this policy, to the Controlling Company will cancel the liability of all companies shown in the Schedule.

 

.	The Controlling Company may, in accordance with the terms of this policy, give notice that cancels the entire policy or, as respects the Fidelity Insuring Agreement, the coverage on any “employee”.

This notice will cancel the liability of all companies shown in the Schedule for either the entire policy or the “employee”.

 

A.	Any company, other than the Controlling Company, may give notice in accordance with the terms of this policy that cancels:

 

1.

Its liability for the entire policy; or

 

 

FI 10 06 09 12		© Insurance Services Office, Inc., 2011		Page 1 of 2

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2.

As respects the Fidelity Insuring Agreement, the coverage on any “employee”.

Any such cancellation will not terminate or otherwise affect the liability of the other companies.

 

F.	You may cancel the amount underwritten by any company, other than the Controlling Company, by:

 

1.

Giving notice of the cancellation to the company; and

 

2.

Sending a copy of that notice to the Controlling Company.

 

G.	If the coverage under this policy is cancelled or terminated:

 

1.

For one or more companies, then that company or companies will not pay for any loss under this policy.

 

2.

No company will pay for a greater proportion of any return premium due than the amount underwritten by that company bears to the Policy Aggregate Limit Of Insurance shown in the Declarations.

 

3.

As to any company, that company alone will pay any return premium due on account of the cancellation or termination of coverage.

 

H.	All terms and conditions in the policy are deemed to be amended to conform to the provisions of this endorsement.

 

I.	If this endorsement is attached to a nonaggregate limit policy, the references in this endorsement to “single loss” and Policy Aggregate Limit of Insurance shall be deemed to mean loss and Limit of Insurance, respectively.

 

 

 

Page 2 of 2		© Insurance Services Office, Inc., 2011		FI 10 06 09 12

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Berkley Crime

29 South Main Street, 3^rd Floor | West Hartford, CT 06107 | 844.44.CRIME

Berkleycrime.com

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Fidelity Bond Resolutions

Templeton China World Fund

Templeton Developing Markets Trust

Templeton Dragon Fund, Inc.

Templeton Emerging Markets Fund

Templeton Emerging Markets Income Fund

Templeton Funds

Templeton Global Investment Trust

Templeton Global Smaller Companies Fund

Templeton Growth Fund, Inc.

Templeton Income Trust

Templeton Institutional Funds

RESOLVED, that after consideration of the value of the aggregate assets of the 1940 Act Funds to which any covered person (as defined in Rule 17g-1) may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets and the nature of the securities in the 1940 Act Funds’ portfolios, among other factors, the proposed Bond coverage for the Funds and the other 1940 Act Funds, be continued with ICI Mutual and a syndicate of commercial insurers, subject to the amount of the Bond increasing to $130 million subject to ongoing review; and it is

FURTHER RESOLVED, that in accordance with the provisions of subparagraph (e) of Rule 17g-1 under the 1940 Act, and after consideration of the number of other 1940 Act Funds, the nature of the business activities of such 1940 Act Funds, the amount of the Bond, the amount of the premium for such Bond, the ratable allocation of the premium among all 1940 Act Funds and the extent to which the share of the premium allocated to each Fund is less than the premium such Fund would have had to pay if it had provided and maintained a single insured bond, among other factors, the portion of the premium for said Bond to be paid by each Fund be, and it hereby is, approved as to amount and shall be the portion of the allocable premiums paid by all 1940 Act Funds equal to the percentage that the Fund’s assets represent in respect to the assets of all of such 1940 Act Funds in the aggregate as of June 30, 2021; and it is

FURTHER RESOLVED, that the Amended and Restated Allocation Agreement between the Funds and the other 1940 Act Funds under the Bond relating to the sharing of premiums and division of insurance proceeds in the event of a joint fidelity loss, as required by subparagraph (f) of Rule 17g-1, and reflecting the provisions of said Bond, is hereby approved and continued; and it is

FURTHER RESOLVED, that the officers of the Funds be, and each of them hereby is, authorized, empowered and directed to make such filings with the SEC as may be required from time to time pursuant to Rules under the 1940 Act.

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Franklin Alternative Strategies Funds

Franklin California Tax-Free Income Fund

Franklin California Tax-Free Trust

Franklin Custodian Funds

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 Limited Duration Income Trust

Franklin Managed Trust

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 Variable Insurance Products Trust

Franklin U.S. Government Money Fund

Franklin Universal Trust

Franklin Value Investors Trust

Institutional Fiduciary Trust

The Money Market Portfolios

Franklin Templeton ETF Trust

Franklin ETF Trust

Franklin Templeton Trust

Legg Mason ETF Investment Trust

ActiveShares^® ETF Trust

Templeton Global Income Fund

RESOLVED, that after consideration of the value of the aggregate assets of the 1940 Act Funds to which any covered person (as defined in Rule 17g-1) may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets and the nature of the securities in the 1940 Act Funds’ portfolios, among other factors, the proposed Bond coverage for the Trusts and the other 1940 Act Funds, be continued with ICI Mutual and a syndicate of commercial insurers, subject to the amount of the Bond increasing to $130 million subject to ongoing review; and it is

FURTHER RESOLVED, that in accordance with the provisions of subparagraph (e) of Rule 17g-1 under the 1940 Act, and after consideration of the number of other 1940 Act Funds, the nature of the business activities of such 1940 Act Funds, the amount of the Bond, the amount of the premium for such Bond, the ratable allocation of the premium among all 1940 Act Funds and the extent to which the share of the premium allocated to each Trust is less than the premium such Trust would have had to pay if it had provided and maintained a single insured bond, among other factors, the portion of the premium for

---

said Bond to be paid by each Trust be, and it hereby is, approved as to amount and shall be the portion of the allocable premiums paid by all 1940 Act Funds equal to the percentage that the Trust’s assets represent in respect to the assets of all of such 1940 Act Funds in the aggregate as of June 30, 2021; and it is

FURTHER RESOLVED, that the Amended and Restated Allocation Agreement between the Trusts and the other 1940 Act Funds under the Bond relating to the sharing of premiums and division of insurance proceeds in the event of a joint fidelity loss, as required by subparagraph (f) of Rule 17g-1, and reflecting the provisions of said Bond, is hereby approved and continued; and it is

FURTHER RESOLVED, that the officers of the Trusts be, and each of them hereby is, authorized, empowered and directed to make such filings with the SEC as may be required from time to time pursuant to Rules under the 1940 Act.

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Broadstone Real Estate Access Fund

RESOLVED, that the form and amount of the joint fidelity bond (“Joint Bond”) covering the Fund and certain other persons (“Insured Persons”), as discussed at this meeting, be, and the same hereby is, approved after consideration of all factors deemed relevant by the Board of the Fund, including, but not limited to, the value of the aggregate assets of the Fund to which any covered person may have access, the type and terms of the arrangements made for the custody and safekeeping of the Fund’s assets, and the nature of the securities held by the Fund; and

RESOLVED, that the Secretary of the Fund be, and is hereby designated as the officer responsible for making the necessary filings and giving the notices with respect to such fidelity bond required by paragraph (g) of Rule 17g-1 under the Investment Company Act of 1940, as amended; and

RESOLVED, that an Amended and Restated Allocation Agreement by and between the Fund and the Insured Persons (the “Joint Insured Agreement”) in substantially the form presented at the meeting, be and it hereby is, approved; and that any officer of the Fund be, and they hereby severally are, authorized, in the name and on behalf of the Fund, to execute and deliver such Joint Insured Agreement, in substantially such form, with such changes as the officer or officers so acting may deem necessary or desirable, together with such other documents or instruments as he or she may deem necessary or advisable to effect the purposes of this resolution, the execution and delivery thereof to be conclusive evidence that the same has been approved by the Trustees; and

RESOLVED, that the proper officers of the Fund be, and each of them hereby is, authorized to make any and all payments, and to do any and all other acts, in the name of the Fund and on its behalf, as they, or any of them, may determine to be necessary or desirable and proper with the advice of counsel in connection with or in furtherance of the foregoing resolutions.

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Legg Mason Partners Investment Trust

Legg Mason Partners Variable Equity Trust

Legg Mason Global Asset Management Trust

 

RESOLVED:

That the purchase of the fidelity bond coverage with ICI Mutual for the period July 1, 2021 through June 30, 2022, which coverage is maintained jointly on behalf of each 1940 Act Fund and the other parties named as insureds therein, including certain investment companies subsequently added to the Legg Mason Partners Funds complex, Legg Mason Funds complex, Western Asset Funds complex and Franklin Templeton Funds complex, and which provides coverage in the aggregate amount of $130 million, is approved, with respect to the Funds for which the Board is responsible; and further

 

RESOLVED:

That it is the finding of the Board, with respect to the Funds for which the Board is responsible, that the fidelity bond coverage with ICI Mutual for the July 1, 2021 through June 30, 2022 policy period in the aggregate amount of $130 million covering, among others, officers and employees of each 1940 Act Fund in accordance with the requirements of Rule 17g-1 under the 1940 Act (“Joint Fidelity Bond”), is reasonable in form and amount, after having given due consideration to, among other things, the value of the aggregate assets of each 1940 Act Fund to which any person covered under the fidelity bond may have access, the type and terms of the arrangements made for the custody and safekeeping of assets of each 1940 Act Fund and the nature of the securities in each 1940 Act Fund and its series (as applicable); and further

 

RESOLVED:

That the payment by each 1940 Act Fund of its portion of the total premium of $550,000 to $600,000 for the period July 1, 2021 through June 30, 2022 for the aforementioned joint insured fidelity bond as set forth in the Board Material and an Agreement Concerning Allocation of Fidelity Bond Premiums and Recoveries (“Agreement”) as described at the meeting is hereby determined by the Board, with respect to the Funds for which the Board is responsible, to be fair and reasonable and therefore approved, taking into consideration, among other things, the number of parties named as insureds, the nature of the business activities of such parties, the amount of the joint insured fidelity bond; the amount of the premium for such bond, the ratable allocation of the premium among all parties named as insureds; and the extent to which the share of the premium allocated to such Fund is less than the premium that each such Fund would have had to pay if it had provided and maintained a single insured bond; and further

 

RESOLVED:

That the Agreement entered into among the 1940 Act Funds and the other named insureds under the foregoing fidelity bond coverage is hereby approved by the Board, with respect to the Funds for which the Board is responsible, and that each officer of the Trust, acting singly or jointly, is authorized to execute and deliver such Agreement, with such changes as the officers may by their execution and delivery approve, the execution and delivery of said Agreement to be conclusive evidence of the Board’s approval; and further

---

RESOLVED:

That it is the finding of the Board that the aforementioned joint insured fidelity bond is intended to cover each 1940 Act Fund listed under the Agreement and any new Legg Mason-affiliated 1940 Act Fund registered after the inception of such bond will automatically be included as an insured under the current Joint Fidelity Bond until the next renewal of such Joint Fidelity Bond, at which point the 1940 Act Funds will be added to the list of 1940 Act Funds in the said Agreement; and further

 

RESOLVED:

That the officers of the Trust, acting singly or jointly, are hereby authorized by the Board to make any and all payments, in the name and on behalf of each Fund for which the Board is responsible, as they may determine to be necessary or desirable and proper in connection with or in furtherance of the foregoing resolutions; and further

 

RESOLVED:

That the President and/or Vice President of the Trust is hereby directed to file the fidelity bond and the agreement among insureds with the Securities and Exchange Commission and to make the other filings and give the notices as required by Paragraph (g) of Rule 17g-1 under the 1940 Act.

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Western Asset Investment Grade Income Fund Inc. (PAI)

Western Asset Premier Bond Fund (WEA)

Western Asset Inflation-Linked Income Fund (WIA)

Western Asset Inflation-Linked Opportunities & Income Fund (WIW)

Western Asset Funds, Inc.

Legg Mason Partners Income Trust

Legg Mason Partners Money Market Trust

Legg Mason Partners Institutional Trust

Legg Mason Partners Premium Money Market Trust

Master Portfolio Trust

Legg Mason Partners Variable Income Trust

 

RESOLVED:

That the purchase of the fidelity bond coverage with ICI Mutual for the period July 1, 2021 through June 30, 2022, which coverage is maintained jointly on behalf of each 1940 Act Fund and the other parties named as insureds therein, including certain investment companies subsequently added to the Legg Mason Partners Funds complex, Legg Mason Funds complex, Western Asset Funds complex and Franklin Templeton Funds complex, and which provides coverage in the aggregate amount of $130 million, is approved, with respect to the Funds for which the Board is responsible; and further

 

RESOLVED:

That it is the finding of the Board, with respect to the Funds for which the Board is responsible, that the fidelity bond coverage with ICI Mutual for the July 1, 2021 through June 30, 2022 policy period in the aggregate amount of $130 million covering, among others, officers and employees of each 1940 Act Fund in accordance with the requirements of Rule 17g-1 under the 1940 Act (“Joint Fidelity Bond”), is reasonable in form and amount, after having given due consideration to, among other things, the value of the aggregate assets of each 1940 Act Fund to which any person covered under the fidelity bond may have access, the type and terms of the arrangements made for the custody and safekeeping of assets of each 1940 Act Fund and the nature of the securities in each 1940 Act Fund and its series (as applicable); and further

 

RESOLVED:

That the payment by each 1940 Act Fund of its portion of the aggregate premium for the Joint Fidelity Bond in the range of $188,494 - 205,629 for the period July 1, 2021 through June 30, 2022 for the aforementioned joint insured fidelity bond as set forth in the Board Material and an Agreement Concerning Allocation of Fidelity Bond Premiums and Recoveries (“Agreement”) as described at the meeting is hereby determined by the Board, with respect to the Funds for which the Board is responsible, to be fair and reasonable and therefore approved, taking into consideration, among other things, the number of parties named as insureds, the nature of the business activities of such parties, the amount of the joint insured fidelity bond; the amount of the premium for such bond, the ratable allocation of the premium among all parties named as insureds; and the extent to which the share of the premium allocated to such Fund is less than the premium that each such Fund would have had to pay if it had provided and maintained a single insured bond; and further

---

RESOLVED:

That the Agreement entered into among the 1940 Act Funds and the other named insureds under the foregoing fidelity bond coverage is hereby approved by the Board, with respect to the Funds for which the Board is responsible, and that each officer of the Corporation/Trust, acting singly or jointly, is authorized to execute and deliver such Agreement, with such changes as the officers may by their execution and delivery approve, the execution and delivery of said Agreement to be conclusive evidence of the Board’s approval; and further

 

RESOLVED:

That it is the finding of the Board that the aforementioned joint insured fidelity bond is intended to cover each 1940 Act Fund listed under the Agreement and any new Legg Mason-affiliated 1940 Act Fund registered after the inception of such bond will automatically be included as an insured under the current Joint Fidelity Bond until the next renewal of such Joint Fidelity Bond, at which point the 1940 Act Funds will be added to the list of 1940 Act Funds in the said Agreement; and further

 

RESOLVED:

That the officers of the Corporation/Trust, acting singly or jointly, are hereby authorized by the Board to make any and all payments, in the name and on behalf of each Fund for which the Board is responsible, as they may determine to be necessary or desirable and proper in connection with or in furtherance of the foregoing resolutions; and further

 

RESOLVED:

That the President and/or Vice President of the Corporation/Trust is hereby directed to file the fidelity bond and the agreement among insureds with the Securities and Exchange Commission and to make the other filings and give the notices as required by Paragraph (g) of Rule 17g-1 under the 1940 Act.

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BrandywineGLOBAL – Global Income Opportunities Fund (“BWG”)

Clarion Partners Real Estate Income Fund Inc. (“CPREIF”)

ClearBridge Energy Midstream Opportunity Fund Inc. (“EMO”)

ClearBridge MLP and Midstream Fund Inc. (“CEM”)

ClearBridge MLP and Midstream Total Return Fund Inc. (“CTR”)

LMP Capital and Income Fund Inc. (“SCD”)

Western Asset Diversified Income Fund Inc.(“WDI”)

Western Asset Emerging Markets Debt Fund Inc. (“EMD”)

Western Asset Global Corporate Defined Opportunity Fund Inc. (“GDO”)

Western Asset Global High Income Fund Inc. (“EHI”)

Western Asset High Income Fund II Inc. (“HIX”)

Western Asset High Income Opportunity Fund Inc. (“HIO”)

Western Asset High Yield Defined Opportunity Fund Inc. (“HYI”)

Western Asset Intermediate Muni Fund Inc. (“SBI”)

Western Asset Investment Grade Defined Opportunity Trust Inc. (“IGI”)

Western Asset Managed Municipals Fund Inc. (“MMU”)

Western Asset Middle Market Income Fund Inc. (“XWMFX”)

Western Asset Mortgage Defined Opportunity Fund Inc. (“DMO”)

Western Asset Municipal High Income Fund Inc. (“MHF”)

Western Asset Municipal Partners Fund Inc. (“MNP”)

 

RESOLVED:

That the purchase of the fidelity bond coverage with ICI Mutual for the period June 30, 2021 through June 30, 2022, which coverage is maintained jointly on behalf of each 1940 Act Fund and the other parties named as insureds therein, including certain investment companies subsequently added to the Legg Mason Partners Funds complex, Legg Mason Funds complex, Western Asset Funds complex and Franklin Templeton Funds complex, and which provides coverage in the aggregate amount of $130 million, is approved, with respect to the Funds for which the Board is responsible; and further

 

RESOLVED:

That it is the finding of the Board, with respect to the Funds for which the Board is responsible, that the fidelity bond coverage with ICI Mutual for the June 30, 2021 through June 30, 2022 policy period in the aggregate amount of $550,000 to $600,000 million covering, among others, officers and employees of each 1940 Act Fund in accordance with the requirements of Rule 17g-1 under the 1940 Act (“Joint Fidelity Bond”), is reasonable in form and amount, after having given due consideration to, among other things, the value of the aggregate assets of each 1940 Act Fund to which any person covered under the fidelity bond may have access, the type and terms of the arrangements made for the custody and safekeeping of assets of each 1940 Act Fund and the nature of the securities in each 1940 Act Fund and its series (as applicable); and further

 

RESOLVED:

That the payment by each 1940 Act Fund of its portion of the total premium of $550,000 to $600,000 for the period June 30, 2021 through June 30, 2022 for the aforementioned joint insured fidelity bond as set forth in the Board Material and an Agreement Concerning Allocation of Fidelity Bond Premiums and Recoveries (“Agreement”) as described at the meeting is hereby determined by the Board, with respect to the Funds for which the Board is responsible, to be fair and reasonable and therefore approved, taking into consideration, among other things, the number of parties named as insureds, the nature of the business activities of

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such parties, the amount of the joint insured fidelity bond; the amount of the premium for such bond, the ratable allocation of the premium among all parties named as insureds; and the extent to which the share of the premium allocated to such Fund is less than the premium that each such Fund would have had to pay if it had provided and maintained a single insured bond; and further

 

RESOLVED:

That the Agreement entered into among the 1940 Act Funds and the other named insureds under the foregoing fidelity bond coverage is hereby approved by the Board, with respect to the Funds for which the Board is responsible, and that each officer of the Corporation/Trust, acting singly or jointly, is authorized to execute and deliver such Agreement, with such changes as the officers may by their execution and delivery approve, the execution and delivery of said Agreement to be conclusive evidence of the Board’s approval; and further

 

RESOLVED:

That it is the finding of the Board that the aforementioned joint insured fidelity bond is intended to cover each 1940 Act Fund listed under the Agreement and any new Legg Mason-affiliated 1940 Act Fund registered after the inception of such bond will automatically be included as an insured under the current Joint Fidelity Bond until the next renewal of such Joint Fidelity Bond, at which point the 1940 Act Funds will be added to the list of 1940 Act Funds in the said Agreement; and further

 

RESOLVED:

That the officers of the Corporation/Trust, acting singly or jointly, are hereby authorized by the Board to make any and all payments, in the name and on behalf of each Fund for which the Board is responsible, as they may determine to be necessary or desirable and proper in connection with or in furtherance of the foregoing resolutions; and further

 

RESOLVED:

That the President and/or Vice President of the Corporation/Trust is hereby directed to file the fidelity bond and the agreement among insureds with the Securities and Exchange Commission and to make the other filings and give the notices as required by Paragraph (g) of Rule 17g-1 under the 1940 Act.

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Amended and Restated Allocation Agreement

This Amended and Restated Allocation Agreement (“Agreement”) is made as of the 23rd day of February, 2022, by and among the funds listed on Schedule A1, Schedule A2 and Schedule A3 of this Agreement (hereafter collectively referred to as the “Funds”) and the non-funds described on Schedule B of this Agreement (hereafter collectively referred to as the “Non-Funds”). The Funds and Non-Funds are hereafter collectively referred to as the “Insured.”

This Agreement is entered into under the following circumstances:

 

A.

Section 17(g) of the Investment Company Act of 1940 (the “Act”) provides that the Securities and Exchange Commission (“SEC”) is authorized to require that the officers and employees of registered management investment companies be bonded against larceny and embezzlement, and the SEC has promulgated rules and regulations dealing with this subject (“Rule 17g-1”);

 

B.	The Funds and the Non-Funds are named as insured’s under the terms of certain bonds or policies of insurance which insure against larceny and embezzlement of officers and employees (the “Fidelity Bonds”);

 

C.

A majority of those members of the Board of Directors/Trustees of each of the Funds, who are not “interested persons” as defined by Section 2(a)(19) of the Act, have given due consideration to all factors relevant to the form, amount and apportionment of premiums and recoveries on the Fidelity Bonds and each such Board of Directors/Trustees of each Fund has approved the term and amount of the Fidelity Bonds, the portion of the premiums payable by that party, and the manner in which recovery of said Fidelity Bonds, if any, shall be shared by and among the parties hereto as hereinafter set forth; and

 

D.	The Insured’s now desire to enter into the agreement required by Rule 17g-1(f) to establish the manner in which payment of premiums and recovery on said Fidelity Bonds, if any, shall be shared.

NOW, THEREFORE, IT IS HEREBY AGREED by and among the parties hereto as follows:

 

1.	Payment of Premiums

The premium shall be allocated between the Insured in accordance with the requirements of Rule 17g-1(e). The portion of the premium which is allocated to the Funds shall be divided among the Funds as follows: each Fund shall pay that percentage of each premium when due under the Fidelity Bonds which is derived by a fraction, (i) the denominator of which is the total assets of all of the Funds combined at the time any premium is due; and (ii) the numerator of which is the total assets of each of the Funds individually at the time any premium is due.

 

2.	Allocation of Recoveries

 

(a)

If more than one of the parties hereto is damaged in a single loss for which recovery is received under the Fidelity Bonds, each such party shall receive that portion of the recovery which represents the loss sustained by that party, unless the recovery is inadequate fully to indemnify each such party sustaining a loss.

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(b)

If the recovery is inadequate fully to indemnify each such party hereto sustaining a loss, the recovery shall be allocated among such parties in the following order:

 

(i)

Each Insured sustaining a loss shall be allocated an amount equal to the lesser of its actual loss or an amount in the proportion that each such Insured’s last payment of premium bears to the sum of the last such premium payments of all such Insured’s, except that if this allocation would result in any Fund, including those Fund(s) created during the policy term that have paid no premium as provided for in paragraph 4 of this Agreement, receiving less than the minimum amount of recovery under the Fidelity Bonds which would be required to be maintained by such party under a single insured fidelity bond in accordance with the provision of Rule 17g-1(d)(1) (determined as of the time of the loss) (the “Single Insured Minimum”), then first from the share allocated to the non-Funds, sufficient monies shall be re-allocated to the Funds to bring the share of each Fund up to the Single Insured Minimum (determined as of the time of the loss).

The basis of each reallocation from each of the non-Funds sustaining a loss to Funds sustaining a loss shall be the proportion that each such non-Fund’s last payment of premium bears to the sum of the last such premium payments of all such non-Funds.

To the extent this reallocation from non-Funds to Funds is still insufficient to bring the share of each Fund sustaining a loss up to the Single Insured Minimum (determined as of the time of the loss), then second, from the share allocated to Funds sustaining a loss whose allocation exceeds the Single Insured Minimum amount for the Fund, sufficient monies will be reallocated, to the extent possible, to the other Funds sustaining a loss to bring the share of each Fund sustaining a loss up to the Single Insured Minimum (determined as of the time of loss).

The basis of such reallocation from Funds sustaining a loss to other Funds sustaining a loss shall be the proportion that each such Fund’s last payment of premium bears to the last such premium payments of all such Funds.

 

(ii)

The remaining portion of the proceeds shall be allocated to each party sustaining a loss not fully covered by the allocation under subparagraph (i) in the proportion that each such party’s last payment of premium bears to the sum of the last such premium payment of all such parties. If such allocation would result in any party sustaining a loss receiving a portion of the recovery in excess of the loss actually sustained by such party, the aggregate of each excess portion shall be allocated among the other parties whose losses would not be fully indemnified in the same proportion that each such party’s last payment of premium bears to the sum of the last such premium payments of all parties entitled to receive a share of the excess. Any allocation in excess of a loss actually sustained by any such party shall be reallocated in the same manner.

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3.	Obligation to Maintain Minimum Coverage

Each of the Funds represents and warrants to each of the other parties hereto that it has determined the amount of its Single Insured Minimum as of the date hereof and that such Single Insured Minimum is included in the coverage of the Fidelity Bonds. Each of the Funds agrees that it will determine, no less often than at the end of each calendar quarter, the Single Insured Minimum which would be required of it if a determination with respect to the adequacy of the coverage were then currently being made. In the event that the total amount of the minimum coverage thus determined exceeds the total amount of coverage of then effective Fidelity Bonds, management of each of the Funds will be notified and will determine whether it is necessary or appropriate to increase the total amount of coverage of the Fidelity Bonds to an amount not less than the total amount of such minimums, or to secure such excess coverage for one or more of the parties hereto, which, when added to the total coverage of the Fidelity Bonds, will equal an amount not less than the total amount of such minimums. Each Fund agrees to pay its fair (taking into account all of the then existing circumstances) portion of the new or additional premium; provided that in the event that a Fund elects to terminate this Agreement (as to itself as a party hereto pursuant to paragraph 5) and its participation in the insured Fidelity Bonds on or prior to the effective date of the new or additional premium, such party shall not pay any portion of the new or additional premium.

 

4.	Newly Created Funds or Non-Funds

The parties hereto agree that during the policy term any newly created Fund(s) or non-Fund(s) can be added as Insured on the Fidelity Bonds and can be added as parties to this Agreement, as then currently amended or restated, in the case of this Agreement, by attaching a revised Schedule A1 and/or Schedule A2 and/or Schedule B, as applicable, to this Agreement that reflects the addition of such newly created Fund(s) or non-Fund(s); provided that such revised Schedule A1 and/or Schedule A2 and/or Schedule B is signed by the proper officers of the Insured that are authorized to execute this Agreement and is dated with the as of date upon which such addition(s) is effective. The newly created Fund(s) or non-Fund(s) that are added as Insured on the Fidelity Bonds and to this Agreement, as then currently amended or restated, will not be required to pay any premium during the then current policy term of the Fidelity Bonds, unless, pursuant to paragraph 3 of this Agreement, an increase in the total amount of coverage is required. Each of such newly created Fund(s) or non-Fund(s) that are added as Insured agrees to pay its proportionate share of any new or additional premium, as outlined in paragraph 3 to this Agreement, and to be bound by all other terms and conditions of this Agreement.

 

5.	Successors

This Agreement shall apply to the present Fidelity Bond coverage and any renewal or replacement thereof and shall continue until terminated as to any party by such party hereto giving not less than sixty days’ notice to the other parties hereto in writing. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and any successor or successors to a party hereto resulting from a change in domicile or form of corporate, trust or similar organization of such party.

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6.	Authorization to Execute; Counterparts

The parties hereby agree that the proper officers of the Insured are authorized to execute this Agreement, and any amendments thereto, on behalf of the parties to this Agreement. This Agreement may be executed in two or more counterparts, all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

THE FUNDS LISTED ON SCHEDULE A1 OF THIS AGREEMENT, AND

THE NON-FUND FRANKLIN RESOURCES, INC. ON SCHEDULE B OF THIS AGREEMENT

 

By:		/s/ Craig S. Tyle
Name: Craig S. Tyle
THE FUNDS LISTED ON SCHEDULE A2 OF THIS AGREEMENT
By:		/s/ Leeor Avigdor
Name: Leeor Avigdor
THE FUNDS LISTED ON SCHEDULE A3 OF THIS AGREEMENT
By:		/s/ Jane Trust
Name: Jane Trust

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SCHEDULE A1

Funds

 

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 Limited Duration Income Trust

Franklin Managed Trust

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 Trust

Franklin Templeton Variable Insurance Products Trust

Franklin U.S. Government Money Fund

Franklin Universal Trust

Franklin Value Investors Trust

Institutional Fiduciary Trust

The Money Market Portfolios

Templeton China World Fund

Templeton Developing Markets Trust

Templeton Dragon Fund, Inc.

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 Growth Fund, Inc.

Templeton Income Trust

Templeton Institutional Funds

Legg Mason ETF Investment Trust

ActiveShares® ETF Trust

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SCHEDULE A2

Fund

Broadstone Real Estate Access Fund

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SCHEDULE A3

Funds

 

Legg Mason Partners Investment Trust

Legg Mason Partners Variable Equity Trust

LMP Capital and Income Fund Inc.

ClearBridge Energy Midstream Opportunity Fund Inc.

BrandywineGLOBAL - Global Income Opportunities Fund Inc.

Western Asset Intermediate Muni Fund Inc.

Western Asset Managed Municipals Fund Inc.

Western Asset Municipal High Income Fund Inc.

Western Asset Emerging Markets Debt Fund Inc.

Western Asset High Income Opportunity Fund Inc.

Western Asset Global Corporate Defined Opportunity Fund Inc.

Western Asset Municipal Partners Fund Inc.

Western Asset High Income Fund II Inc.

Western Asset Investment Grade Defined Opportunity Trust Inc.

Western Asset Global High Income Fund Inc.

Western Asset Mortgage Defined Opportunity Fund Inc.

Western Asset High Yield Defined Opportunity Fund Inc.

ClearBridge MLP and Midstream Fund, Inc.

ClearBridge MLP and Midstream Total Return Fund Inc.

Western Asset Middle Market Income Fund Inc.

Clarion Partners Real Estate Income Fund Inc.

Legg Mason Global Asset Management Trust

Legg Mason Partners Income Trust

Legg Mason Partners Institutional Trust

Legg Mason Partners Money Market Trust

Legg Mason Partners Premium Money Market Trust

Master Portfolio Trust

Legg Mason Partners Variable Income Trust

Western Asset Funds, Inc.

Western Asset Inflation-Linked Income Fund

Western Asset Inflation-Linked Opportunities & Income Fund

Western Asset Investment Grade Income Fund

Western Asset Premier Bond Fund

Western Asset Diversified Income Fund

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SCHEDULE B

Non-Funds

Franklin Resources, Inc. and its subsidiaries.

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List of Funds insured under Joint Fidelity Bond

and 17g-1 Bond Limit Calculation

As Of 06/30/2021

 

 

OneTIS# Fund Name				Fund AUM (In $ Millions)				Trust AUM (In $ Millions)				17g-1 Required Bond Limit
TEMPLETON FUNDS
37		Templeton Foreign Fund			3,790.1
27103		Templeton International Climate Change Fund			2.8
31		Templeton World Fund			3,274.9
		Templeton Funds (3)							7,067.8				2,500,000
4398		Templeton Emerging Markets Small Cap Fund			546.2
4290		Templeton Global Balanced Fund			691.0
		Templeton Global Investment Trust (2)							1,237.2				1,250,000
17283		Templeton Emerging Markets Bond Fund			23.1
97		Templeton Global Bond Fund			11,494.9
12801		Templeton Global Total Return Fund			1,480.1
12052		Templeton International Bond Fund			306.1
		Templeton Income Trust (4)							13,304.2				2,500,000
4562		Foreign Smaller Companies Series			751.9
243		International Equity Series			468.0
		Templeton Institutional Funds (2)							1,219.9				1,250,000
		INDIVIDUAL TEMPLETON FUNDS THAT ARE NOT PART OF A MULTI SERIES TRUST
4473		Templeton China World Fund			281.0				281.0				750,000
505		Templeton Developing Markets Trust			1,778.2				1,778.2				1,500,000
581		Templeton Dragon Fund, Inc.			890.5				890.5				1,000,000
111		Templeton Emerging Markets Fund			349.6				349.6				750,000
555		Templeton Emerging Markets Income Fund			404.8				404.8				750,000
146		Templeton Global Income Fund			782.0				782.0				1,000,000
30		Templeton Global Smaller Companies Fund			1,349.3				1,349.3				1,250,000
105		Templeton Growth Fund, Inc.			10,082.6				10,082.6				2,500,000
		TEMPLETON FUNDS TOTAL							38,747.0				17,000,000

 

Page 1 of 10

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As Of 06/30/2021

 

 

OneTIS# Fund Name				Fund AUM (In $ Millions)				Trust AUM (In $ Millions)				17g-1 Required Bond Limit
FRANKLIN FUNDS
4308		Franklin DynaTech Fund			26,711.3
21293		Franklin Focused Growth Fund			96.6
4306		Franklin Growth Fund			21,839.6
4309		Franklin Income Fund			72,897.7
4110		Franklin U.S. Government Securities Fund			4,809.3
4307		Franklin Utilities Fund			6,141.0
		Franklin Custodian Funds (6)							132,495.4				2,500,000
4021		Franklin Floating Rate Master Series			395.4
20794		Franklin Floating Rate Income Fund			0.4
		Franklin Floating Rate Master Trust (2)							395.7				750,000
4484		Franklin Conservative Allocation Fund			115.7
4467		Franklin Corefolio Allocation Fund			0.6
28663		Franklin Emerging Market Core Equity (IU) Fund			123.1
4468		Franklin Global Allocation Fund			3,154.8
4486		Franklin Growth Allocation Fund			131.4
28662		Franklin International Core Equity (IU) Fund			353.9
17743		Franklin LifeSmart 2020 retirement Target Fund			4.9
4390		Franklin LifeSmart 2025 retirement Target Fund			13.9
17740		Franklin LifeSmart 2030 retirement Target Fund			7.9
4391		Franklin LifeSmart 2035 retirement Target Fund			15.0
17742		Franklin LifeSmart 2040 retirement Target Fund			7.0
4392		Franklin LifeSmart 2045 retirement Target Fund			11.0
17741		Franklin LifeSmart 2050 retirement Target Fund			6.4
20078		Franklin LifeSmart 2055 retirement Target Fund			3.9
30761		Franklin LifeSmart 2060 Retirement Target Fund			0.1
4389		Franklin LifeSmart Retirement Income Fund			20.8
4485		Franklin Moderate Allocation Fund			187.0
20111		Franklin Payout 2021 Fund			4.1
26694		Franklin Payout 2022 Fund			3.6
28661		Franklin U.S. Core Equity (IU) Fund			1,092.2

 

		Page 2 of 10

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As Of 06/30/2021

 

 

OneTIS# Fund Name				Fund AUM (In $ Millions)				Trust AUM (In $ Millions)				17g-1 Required Bond Limit
		Franklin Fund Allocator Series (20)							5,257.1				2,500,000
4493		Franklin Emerging Market Debt Opportunities Fund			133.9
12517		Franklin International Growth Fund			3,212.6
4643		Franklin International Small Cap Fund			92.5
		Franklin Global Trust (3)							3,438.9				2,100,000
4338		Franklin Adjustable U.S. Government Securities Fund			685.0
4337		Franklin Convertible Securities Fund			5,225.4
4339		Franklin Equity Income Fund			3,359.8
4489		Franklin Floating Rate Daily Access Fund			1,233.6
4991		Franklin Low Duration Total Return Fund			2,768.7
4586		Franklin Managed Income Fund			4,006.8
4460		Franklin Total Return Fund			4,546.6
		Franklin Investors Securities Trust (7)							21,825.9				2,500,000
4175		Franklin California High Yield Municipal Fund			3,299.8
4220		Franklin Tennessee Municipal Bond Fund			196.6
		Franklin Municipal Securities Trust (2)							3,496.5				2,100,000
4402		Franklin Biotechnology Discovery Fund			1,419.0
4462		Franklin Growth Opportunities Fund			6,109.6
4403		Franklin Natural Resources Fund			272.3
4465		Franklin Small Cap Growth Fund			4,336.3
4198		Franklin Small-Mid Cap Growth Fund			5,895.5
4194		Franklin Strategic Income Fund			3,896.0
28468		Franklin Templeton SMACS: Series CH			3.2
28469		Franklin Templeton SMACS: Series E			5.0
28470		Franklin Templeton SMACS: Series H			2.2
28471		Franklin Templeton SMACS: Series I			3.7
		Franklin Strategic Series (10)							21,942.8				2,500,000
4364		Franklin Alabama Tax-Free Income Fund			252.2
4726		Franklin Arizona Tax-Free Income Fund			1,056.3
4327		Franklin Colorado Tax-Free Income Fund			764.9
4366		Franklin Connecticut Tax-Free Income Fund			202.7
4174		Franklin Federal Intermediate-Term Tax-Free Income Fund			3,757.3
4354		Franklin Federal Limited-Term Tax-Free Income Fund			1,363.3
4365		Franklin Florida Tax-Free Income Fund			542.6
4328		Franklin Georgia Tax-Free Income Fund			486.0
4330		Franklin High Yield Tax-Free Income Fund			6,952.3
4172		Franklin Kentucky Tax-Free Income Fund			143.1
4368		Franklin Louisiana Tax-Free Income Fund			396.8
4369		Franklin Maryland Tax-Free Income Fund			426.3
4318		Franklin Massachusetts Tax-Free Income Fund			454.5
4319		Franklin Michigan Tax-Free Income Fund			974.9
4320		Franklin Minnesota Tax-Free Income Fund			1,148.7
4360		Franklin Missouri Tax-Free Income Fund			1,029.7
28870		Franklin Municipal Green Bond Fund			8.8
4371		Franklin New Jersey Tax-Free Income Fund			848.4
4370		Franklin North Carolina Tax-Free Income Fund			884.1
4322		Franklin Ohio Tax-Free Income Fund			1,707.5
4361		Franklin Oregon Tax-Free Income Fund			1,326.7
4329		Franklin Pennsylvania Tax-Free Income Fund			1,078.5
4363		Franklin Virginia Tax-Free Income Fund			644.3

 

		Page 3 of 10

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As Of 06/30/2021

 

 

OneTIS# Fund Name				Fund AUM (In $ Millions)				Trust AUM (In $ Millions)				17g-1 Required Bond Limit
		Franklin Tax-Free Trust (23)							26,449.9				2,500,000
11536		Franklin Allocation VIP Fund			723.0
4410		Franklin Flex Cap Growth VIP Fund			174.1
4824		Franklin Global Real Estate VIP Fund			147.5
4822		Franklin Growth and Income VIP Fund			72.2
4829		Franklin Income VIP Fund			3,587.0
4843		Franklin Large Cap Growth VIP Fund			138.7
4845		Franklin Mutual Global Discovery VIP Fund			523.7
4846		Franklin Mutual Shares VIP Fund			2,711.9
4836		Franklin Rising Dividends VIP Fund			1,689.1
4848		Franklin Small Cap Value VIP Fund			1,360.4
4842		Franklin Small-Mid Cap Growth VIP Fund			613.7
4884		Franklin Strategic Income VIP Fund			403.4
4830		Franklin U.S. Government Securities VIP Fund			807.0
17071		Franklin VolSmart Allocation VIP Fund			140.5
381		Templeton Developing Markets VIP Fund			355.0
523		Templeton Foreign VIP Fund			1,310.9
4827		Templeton Global Bond VIP Fund			2,266.8
4840		Templeton Growth VIP Fund			504.2
		Franklin Templeton Variable Insurance Products Trust (18)							17,529.1				2,500,000
		INDIVIDUAL FRANKLIN FUNDS THAT ARE NOT PART OF A MULTI SERIES TRUST
4312		Franklin California Tax-Free Income Fund			17,335.1				17,335.1				2,500,000
4152		Franklin California Tax-Free Trust - Franklin California Intermediate-Term Tax-Free Income Fund			1,877.0				1,877.0				1,500,000
4316		Franklin Federal Tax-Free Income Fund			11,447.2				11,447.2				2,500,000
4301		Franklin Gold and Precious Metals Fund			1,288.4				1,288.4				1,250,000
4305		Franklin High Income Trust - Franklin High Income Fund			3,069.2				3,069.2				2,100,000
4472		Franklin Limited Duration Income Trust			419.9				419.9				750,000
4358		Franklin Managed Trust - Franklin Rising Dividends Fund			26,700.0				26,700.0				2,500,000
4315		Franklin New York Tax-Free Income Fund			3,715.8				3,715.8				2,300,000
4153		Franklin New York Tax-Free Trust - Franklin New York Intermediate-Term Tax-Free Income Fund			922.6				922.6				1,000,000
4192		Franklin Real Estate Securities Trust - Franklin Real Estate Securities Fund			448.5				448.5				750,000
4157		Franklin Strategic Mortgage Portfolio			59.9				59.9				400,000
4311		Franklin U.S. Government Money Fund			3,570.1				3,570.1				2,300,000
4002		Franklin Universal Trust			285.0				285.0				750,000
4340		Institutional Fiduciary Trust - Money Market Portfolio			1,439.8				1,439.8				1,250,000
4184		The Money Market Portfolios - The U.S. Government Money Market Portfolio			0.0				—				—
29386		Franklin OnChain U.S. Government Money Fund			1.2				1.2				100,000
		FRANKLIN FUNDS TOTAL							305,411.1				41,900,000.0

 

		Page 4 of 10

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As Of 06/30/2021

 

 

OneTIS# Fund Name				Fund AUM (In $ Millions)				Trust AUM (In $ Millions)				17g-1 Required Bond Limit
NEW JERSEY/ALTERNATIVE FUNDS
431		Franklin Mutual Beacon Fund			3,754.0
433		Franklin Mutual European Fund			830.4
666		Franklin Mutual Financial Services Fund			405.5
432		Franklin Mutual Global Discovery Fund			10,497.4
434		Franklin Mutual Quest Fund			3,341.7
435		Franklin Mutual Shares Fund			8,764.9
		Franklin Mutual Series Funds (6)							27,594.0				2,500,000
4189		Franklin MicroCap Value Fund			230.6
4150		Franklin Mutual US Value Fund			891.6
4282		Franklin Small Cap Value Fund			4,850.9
		Franklin Value Investors Trust (3)							5,973.1				2,500,000
18120		Franklin K2 Alternative Strategies Fund			1,344.4
20225		Franklin K2 Long Short Credit Fund			108.0
		Franklin Alternative Strategies Funds (2)							1,452.3				1,250,000
		NJ/ALT FUNDS TOTAL							35,019.4				6,250,000

 

		Page 5 of 10

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As Of 06/30/2021

 

 

OneTIS# Fund Name				Fund AUM (In $ Millions)				Trust AUM (In $ Millions)				17g-1 Required Bond Limit
FRANKLIN & FRANKLIN TEMPLETON ETF
29096		Franklin Disruptive Commerce ETF			40.3
30780		Franklin Exponential Data ETF			4.1
26346		Franklin FTSE Asia Ex Japan ETF			35.4
26365		Franklin FTSE Australia ETF			24.5
26363		Franklin FTSE Brazil ETF			248.5
26364		Franklin FTSE Canada ETF			28.2
26362		Franklin FTSE China ETF			142.4
26349		Franklin FTSE Europe ETF			195.3
26347		Franklin FTSE Europe Hedged ETF			16.4
26361		Franklin FTSE France ETF			7.7
26360		Franklin FTSE Germany ETF			13.4
26359		Franklin FTSE Hong Kong ETF			17.2
26348		Franklin FTSE India ETF			28.1
26358		Franklin FTSE Italy ETF			4.1
26357		Franklin FTSE Japan ETF			535.2
26355		Franklin FTSE Japan Hedged ETF			24.6
27393		Franklin FTSE Latin America ETF			5.1
26354		Franklin FTSE Mexico ETF			7.2
26356		Franklin FTSE Russia ETF			18.1
27392		Franklin FTSE Saudi Arabia ETF			3.3
27391		Franklin FTSE South Africa ETF			2.6
26353		Franklin FTSE South Korea ETF			76.8
26352		FTETFT-Franklin FTSE Switzerland ETF			53.2
26351		Franklin FTSE Taiwan ETF			44.7
26350		Franklin FTSE United Kingdom ETF			231.1
29097		Franklin Genomic Advancements ETF			18.1
29098		Franklin Intelligent Machines ETF			12.0
26729		Franklin Liberty High Yield Corporate ETF			358.6
26175		Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF			49.7
26727		Franklin Liberty International Aggregate Bond ETF			170.7
21558		Franklin Liberty Investment Grade Corporate ETF			1,070.2
26176		Franklin Liberty Municipal Bond ETF			129.4
26728		Franklin Liberty Senior Loan ETF			210.8
28388		Franklin Liberty Systematic Style Premia ETF			53.9
28565		Franklin Liberty U.S. Core Bond ETF			1,619.7
21559		Franklin Liberty U.S. Low Volatility ETF			138.0
29430		Franklin Liberty Ultra Short Bond ETF			2.5
29614		Franklin Liberty U.S. Treasury Bond ETF			433.0
21413		Franklin LibertyQ Emerging Markets ETF			25.2
21415		Franklin LibertyQ Global Dividend ETF			27.8
21414		Franklin LibertyQ Global Equity ETF			15.9
21412		Franklin LibertyQ International Equity Hedged ETF			16.7
25773		Franklin LibertyQ U.S. Equity ETF			1,362.0
25772		Franklin LibertyQ U.S. Mid Cap Equity ETF			44.0
25771		Franklin LibertyQ U.S. Small Cap Equity ETF			19.1

 

		Page 6 of 10

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As Of 06/30/2021

 

 

OneTIS# Fund Name				Fund AUM (In $ Millions)				Trust AUM (In $ Millions)				17g-1 Required Bond Limit
		Franklin Templeton ETF Trust (45)							7,584.8				2,500,000
18000		Franklin ETF Trust - Franklin Liberty Short Duration U.S. Government ETF			472.1
29659		Franklin Equity Portfolio Fund			0.0
29660		Franklin Fixed Income Portfolio Fund			0.0
		Franklin EFT Trust (3)							472.1				750,000
		FRANKLIN & FRANKLIN TEMPLETON ETF TOTAL							8,056.9				3,250,000
BENEFIT STREET PARTNERS
28074		Business Development Corporation of America†			2,973.1				2,973.1				1,900,000
31180		Franklin BSP Capital Corporation†			635.0				635.0				900,000
29694		Broadstone Real Estate Access Fund			31.7				31.7				300,000
		Benefit Street Partners Total							3,639.8				3,100,000.0
†   Not an SEC Registered Fund, but a BDC subject to 40 Act regulations, including Bonding requirement, and not included in this filing.
All Franklin Templeton Funds Total					390,874.1				390,874.1				71,500,000.0
Legg Mason Partners Equity Funds
90052		QS Global Equity Fund*			196.3
90049		ClearBridge Tactical Dividend Income Fund			338.9
90017		ClearBridge Dividend Strategy Fund			7,215.4
90003		ClearBridge All Cap Value Fund			1,644.1
90113		QS Defensive Growth Fund*			0.0
90110		QS Conservative Growth Fund*			0.0
90111		QS Growth Fund*			1.7
90112		QS Moderate Growth Fund*			1.8
90132		ClearBridge Large Cap Growth Fund			19,350.3
90012		ClearBridge Aggressive Growth Fund			7,366.5
90153		ClearBridge Mid Cap Fund			2,336.1
90755		ClearBridge Mid Cap Growth Fund			141.5
90138		QS S&P 500 Index Fund*			349.4
90035		ClearBridge Large Cap Value Fund			2,521.7
90149		ClearBridge Small Cap Growth Fund			6,422.0
90000		ClearBridge Appreciation Fund			7,938.4
90022		ClearBridge International Value Fund			245.2
90757		ClearBridge International Small Cap Fund			52.3
90646		QS U.S. Large Cap Equity Fund*			789.3
90164		ClearBridge Small Cap Value Fund			132.4
90968		ClearBridge Select Fund			2,798.5
91003		QS Global Dividend Fund*			395.0
91306		ClearBridge Sustainability Leaders Fund			59.4
		Legg Mason Partners Equity Trust* (23)							60,296.2				2,500,000
90265		ClearBridge Variable Dividend Strategy Portfolio			526.8
90123		QS Variable Conservative Growth*			0.1
90171		ClearBridge Variable Aggressive Growth Portfolio			312.7
90056		ClearBridge Variable Appreciation Portfolio			1,014.4
92174		LM/QS Aggressive Model Portfolio*			154.5
92173		LM/QS Moderately Aggressive Model Portfolio*			584.4
92172		LM/QS Moderate Model Portfolio*			550.8
92171		LM/QS Moderately Conservative Model Portfolio*			227.4
92170		LM/QS Conservative Model Portfolio*			118.3
90124		QS Variable Growth*			0.4

 

		Page 7 of 10

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As Of 06/30/2021

 

 

OneTIS# Fund Name				Fund AUM (In $ Millions)				Trust AUM (In $ Millions)				17g-1 Required Bond Limit
90125		QS Variable Moderate Growth*			0.1
90145		ClearBridge Variable Large Cap Growth Portfolio			449.5
90172		ClearBridge Variable Mid Cap Portfolio			274.6
90140		ClearBridge Variable Large Cap Value Portfolio			311.6
90176		ClearBridge Variable Small Cap Growth Portfolio			555.4
94140		QS Legg Mason Dynamic Multi-Strategy VIT Portfolio* (WAM Managed)			0.0
90858		QS Legg Mason Dynamic Multi-Strategy VIT Portfolio* (QS Managed)			67.1
		Legg Mason Partners Variable Equity Trust (16)							5,148.2				2,500,000
91415		Legg Mason Low Volatility High Dividend ETF (LVHD)			743.7
91481		Legg Mason International Low Volatility High Dividend ETF (LVHI)			70.9
91557		Legg Mason Global Infrastructure ETF (INFR)			12.4
91662		Legg Mason Small-Cap Quality Value ETF			17.1
91616		ClearBridge All Cap Growth ETF			225.6
91629		ClearBridge Dividend Strategy ESG ETF			19.9
91630		ClearBridge Large Cap Growth ESG ETF			158.9
91903		Western Asset Total Return ETF			126.4
91970		Western Asset Short Duration Income ETF			13.1
		Legg Mason ETF Investment Trust (9)							1,388.1				1,250,000
		INDIVIDUAL LMP FUNDS THAT ARE NOT PART OF A MULTI SERIES TRUST
92192		Active Shares ETF Trust - ClearBridge Focus Value ETF			4.0				4.0				125,000
		Legg Mason Partners Funds Total							66,836.5				6,375,000
Legg Mason Partners Closed-End Funds
90324		LMP Capital and Income Fund Inc.			334.7				334.7				750,000
90813		ClearBridge Energy Midstream Opportunity Fund Inc.			537.1				537.1				900,000
90884		BrandywineGLOBAL - Global Income Opportunities Fund Inc.			351.2				351.2				750,000
90061		Western Asset Intermediate Muni Fund Inc.			196.6				196.6				600,000
90064		Western Asset Managed Municipals Fund Inc.			863.1				863.1				1,000,000
90031		Western Asset Municipal High Income Fund Inc.			176.9				176.9				600,000
90304		Western Asset Emerging Markets Debt Fund Inc.			1,235.7				1,235.7				1,250,000
90073		Western Asset High Income Opportunity Fund Inc.			522.3				522.3				900,000
90716		Western Asset Global Corporate Defined Opportunity Fund Inc.			388.9				388.9				750,000
90068		Western Asset Municipal Partners Fund Inc.			252.9				252.9				750,000
90148		Western Asset High Income Fund II Inc.			596.2				596.2				900,000
90705		Western Asset Investment Grade Defined Opportunity Trust Inc.			236.7				236.7				600,000
90692		Western Asset Municipal Defined Opportunity Trust Inc.			0.0				—				50,000
90293		Western Asset Global High Income Fund Inc.			348.7				348.7				750,000
90724		Western Asset Mortgage Defined Opportunity Fund Inc.			232.6				232.6				600,000
90766		Western Asset High Yield Defined Opportunity Fund Inc.			362.1				362.1				750,000
90745		ClearBridge MLP and Midstream Fund, Inc.			647.3				647.3				900,000
90924		ClearBridge MLP and Midstream Total Return Fund Inc.			293.8				293.8				750,000
91199		Western Asset Middle Market Income Fund Inc.			140.0				140.0				525,000
92083		Clarion Partners Real Estate Income Fund Inc. (Clarion Managed)			79.7				79.7				450,000
94095		Clarion Partners Real Estate Income Fund Inc. (Western Managed)			17.5				17.5				225,000
Legg Mason Partners Closed-End Funds Total									7,813.9				14,750,000.0

 

		Page 8 of 10

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As Of 06/30/2021

 

 

OneTIS# Fund Name				Fund AUM (In $ Millions)				Trust AUM (In $ Millions)				17g-1 Required Bond Limit
Legg Mason Funds
90719		BrandywineGLOBAL - International Opportunities Bond Fund			61.3
90725		QS Strategic Real Return Fund*			113.9
90756		BrandywineGLOBAL - Diversified US Large Cap Value Fund			581.3
90800		BrandywineGLOBAL - Global Unconstrained Bond Fund			758.8
90096		ClearBridge International Growth Fund			6,503.7
90020		ClearBridge Small Cap Fund			1,371.6
90007		ClearBridge Value Trust			2,206.0
90190		QS U.S. Small Capitalization Equity Fund*			203.6
90503		BrandywineGLOBAL - Global Opportunities Bond Fund			2,513.0
90067		QS International Equity Fund*			224.6
90720		BrandywineGLOBAL - Global High Yield Fund			32.7
91103		BrandywineGLOBAL - Alternative Credit Fund			230.9
91223		BrandywineGLOBAL - Dynamic US Large Cap Value Fund			236.3
90093		Martin Currie Emerging Markets Fund			532.6
91403		QS Global Market Neutral Fund*			69.6
91402		Martin Currie International Unconstrained Equity Fund			23.4
91755		Martin Currie SMASh Series EM Fund			981.1
91462		BrandywineGLOBAL - Flexible Bond Fund			122.0
91444		ClearBridge Global Infrastructure Income Fund			57.1
91996		BrandywineGLOBAL - Global Opportunities Bond Fund (USD hedged)			445.6
		Legg Mason Global Asset Management Trust (20)							17,269.1				2,500,000
		Legg Mason Funds Total							17,269.1				2,500,000
Western Asset Funds
90040		Western Asset Income Fund			1,345.7
90013		Western Asset Mortgage Total Return Fund			720.8
90078		Western Asset Pennsylvania Municipals Fund			163.9
90083		Western Asset Oregon Municipals Fund			67.7
90060		Western Asset Intermediate Maturity New York Municipals Fund			162.3
90028		Western Asset New York Municipals Fund			545.4
90014		Western Asset California Municipals Fund			406.7
90002		Western Asset Managed Municipals Fund			4,781.0
90059		Western Asset Intermediate Maturity California Municipals Fund			167.2
90018		Western Asset Municipal High Income Fund			485.3
90029		Western Asset Massachusetts Municipals Fund			98.9
90030		Western Asset New Jersey Municipals Fund			162.4
90032		Western Asset Intermediate-Term Municipals Fund			2,837.4
90025		Western Asset Short Duration High Income Fund			379.0
90005		Western Asset Corporate Bond Fund			1,232.7
90058		Western Asset Short-Term Bond Fund			1,081.2
90063		Western Asset Ultra-Short Income Fund			610.6
90118		Western Asset Emerging Markets Debt Fund			32.5
90094		Western Asset Global High Yield Bond Fund			192.8