# EDGAR Filing Document

**Accession Number:** 0001109441
**File Stem:** 0001741773-23-000064
**Filing Date:** 2023-1
**Character Count:** 72405
**Document Hash:** ba6f1977838760aee7aa35901acc6b75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001741773-23-000064.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001741773-23-000064

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230120

**DATE AS OF CHANGE**: 20230120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin Floating Rate Master Trust
- **CENTRAL INDEX KEY:** 0001109441
- **IRS NUMBER:** 943356217
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09869
- **FILM NUMBER:** 23539075

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN FLOATING RATE MASTER TRUST
- **DATE OF NAME CHANGE:** 20000316

## Series and Classes Contracts Data

### Franklin Floating Rate Income Fund (Series ID: S000052547)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000165007 | Advisor Class |  |

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| | |
|:---|:---|
| As filed with the Securities and Exchange Commission on January 20, 2023 | As filed with the Securities and Exchange Commission on January 20, 2023 |
| File No. 811-09869 | File No. 811-09869 |
| SECURITIES AND EXCHANGE COMMISSION | SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 | Washington, D.C. 20549 |
| FORM N-1A | FORM N-1A |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] |
| Amendment No. | <u>[X]</u> |
| <u>FRANKLIN FLOATING RATE MASTER TRUST</u> | <u>FRANKLIN FLOATING RATE MASTER TRUST</u> |
| (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) |
| <u>ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906</u> | <u>ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906</u> |
| (Address of Principal Executive Offices) (Zip Code) | (Address of Principal Executive Offices) (Zip Code) |
| (650) 312-2000 | (650) 312-2000 |
| Registrant's Telephone Number, Including Area Code | Registrant's Telephone Number, Including Area Code |
| <u>Alison E. Baur, One Franklin Parkway San Mateo, CA 94403-1906</u> | <u>Alison E. Baur, One Franklin Parkway San Mateo, CA 94403-1906</u> |
| (Name and Address of Agent for Service of Process) | (Name and Address of Agent for Service of Process) |
| Please send Copy of Communications to: | Please send Copy of Communications to: |
| Bruce G. Leto, Esq. | Bruce G. Leto, Esq. |
| Stradley, Ronon, Stevens & Young, LLP | Stradley, Ronon, Stevens & Young, LLP |
| 2600 One Commerce Square | 2600 One Commerce Square |
| Philadelphia, PA 19102 | Philadelphia, PA 19102 |

---

#### EXPLANATORY NOTE
This Amendment No. 44 (Amendment) to the Registration Statement of Franklin Floating Rate Master Trust (Registrant) on Form N-1A (File No. 811-09869) relates only to Part A and Part B of Franklin Floating Rate Income Fund, a series of the Registrant, and does not otherwise delete, amend, or supersede any other information relating to Part A or Part B of any other series of the Registrant.

The Amendment is being filed under the Investment Company Act of 1940, as amended (1940 Act), to amend and supplement Amendment No. 43 to the Registrant's Registration Statement on Form N-1A filed with the U.S. Securities and Exchange Commission on November 28, 2022 under the 1940 Act (Accession No. 0001741773-22-003759) (Amendment No. 43), as pertaining to the Part A and Part B of the Fund set forth above. The Parts A and the Parts B of the Fund, as filed in Amendment No. 43, are incorporated herein by reference.

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![](img_4f1f55c44eda4f2.jpg)

#### SUPPLEMENT DATED JANUARY 20, 2023

#### TO THE CURRENTLY EFFECTIVE PART A

#### FRANKLIN FLOATING RATE INCOME FUND
(series of Franklin Floating Rate Master Trust)

The Part A is amended as follows:

I. Effective January 20, 2023, "Item 5. Management" section of the Part A is replaced with the following:

#### Portfolio Managers
**Reema Agarwal, CFA** *Senior Vice President of Advisers and portfolio manager of the Fund since 2019.*

**Margaret Chiu, CFA** *Portfolio Manager of Advisers and portfolio manager of the Fund since 2019.* 

**Tasha Sullivan, CFA** *Portfolio Manager of Advisers and portfolio manager of the Fund since January 2023.*

II. Effective January 20, 2023, the "Item 10(a)(2). Management, Organization, and Capital Structure – Portfolio Manager" section of the Part A is replaced with the following:

The Fund is managed by a team of dedicated professionals focused on investments in income-producing floating interest rate corporate loans and corporate debt securities. The portfolio managers of the Fund are as follows:

**Reema Agarwal, CFA** *Senior Vice President of Advisers* <br>Ms. Agarwal has been a portfolio manager of the Fund since 2019. She joined Franklin Templeton in 2004.

**Margaret Chiu, CFA** *Portfolio Manager of Advisers* <br>Ms. Chiu has been a portfolio manager of the Fund since 2019. She joined Franklin Templeton in 2012.

**Tasha Sullivan, CFA** *Portfolio Manager of Advisers* <br>Ms. Sullivan has been a portfolio manager of the Fund since January 2023. She joined Franklin Templeton in 1996.

CFA<sup>®</sup> and Chartered Financial Analyst<sup>®</sup> are trademarks owned by CFA Institute.

The portfolio managers of the Fund are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. They have equal authority over all aspects of the Fund's investment portfolio, including, but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated investment management requirements. The degree to which each portfolio manager may perform these functions, and the nature of these functions, may change from time to time.

Part B provides additional information about the portfolio managers' compensation, other accounts that they manage and their ownership of Fund shares.

*Please keep this supplement with for future reference.*

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![](img_18dc4bbfda664f2.jpg)

#### SUPPLEMENT DATED JANUARY 20, 2023

#### TO THE CURRENTLY EFFECTIVE PART B

#### FRANKLIN FLOATING RATE INCOME FUND
(series of Franklin Floating Rate Master Trust)

The Part B is amended as follows:

I. Effective January 20, 2023, "Item 20. Portfolio Managers" section of the Part B is replaced with the following:

**Portfolio managers** This section reflects information about the portfolio managers as of July 31, 2022.

The following table shows the number of other accounts managed by the portfolio managers and the total assets in the accounts managed within each category:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Number of Other<br>Registered Investment<br>Companies Managed<sup>1</sup>** | **Assets of Other<br>Registered Investment<br>Companies Managed<br>(x $1 million)<sup>1</sup>** | **Number of Other<br>Pooled Investment<br>Vehicles Managed<sup>2</sup>** | **Assets of Other<br>Pooled Investment<br>Vehicles Managed<br>(x $1 million)<sup>2</sup>** | **Number of Other<br>Accounts Managed<sup>2</sup>** | **Assets of Other<br>Accounts Managed<br>(x $1 million)<sup>2</sup>** |
| Reema Agarwal | 3 | 2386.4 | 4 | 375.6 | 1 | 51.0 |
| Margaret Chiu | 3 | 2386.4 | 3 | 4.7 | 1 | 51.0 |
| Tasha Sullivan<sup>3</sup> | 0 | N/A | 0 | N/A | 0 | N/A |

---

<sup>1.</sup> These figures represent registered investment companies other than the Fund.

<sup>2.</sup> The various pooled investment vehicles and accounts listed are managed by a team of investment professionals. Accordingly, the portfolio managers listed would not be solely responsible for managing such listed amounts.

<sup>3.</sup> As of December 31, 2022.

Portfolio managers that provide investment services to the Fund may also provide services to a variety of other investment products, including other funds, institutional accounts and private accounts. The advisory fees for some of such other products and accounts may be different than that charged to the Fund but does not include performance based compensation. This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different advisory fees.

*Conflicts.* The management of multiple funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers' focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

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The structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager's marketing or sales efforts and his or her bonus.

Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While the funds and the investment manager have adopted a code of ethics which they believe contains provisions designed to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

The investment manager and the Fund have adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

**Compensation.** The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager's level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager's compensation consists of the following three elements:

*Base salary* Each portfolio manager is paid a base salary.

*Annual bonus* Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund's shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

*Investment performance.* Primary consideration is given to the historic investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.

*Non-investment performance.* The more qualitative contributions of the portfolio manager to the investment manager's business and the investment management team, including professional knowledge, productivity, responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.

*Responsibilities.* The characteristics and complexity of funds managed by the portfolio manager are factored in the investment manager's appraisal.

*Additional long-term equity-based compensation* Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.

*Benefits* Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.

**Ownership of Fund shares.** The investment manager has a policy of encouraging portfolio managers to invest in the funds they manage. Exceptions arise when, for example, a fund is closed to new investors or when tax considerations or jurisdictional constraints cause such an investment to be inappropriate for the portfolio manager. The following is the dollar range of Fund shares beneficially owned by the portfolio managers (such amounts may change from time to time):

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of <br>Fund Shares <br>Beneficially Owned** |
| Reema Agarwal | None |
| Margaret Chiu | None |

---

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<br> Tasha Sullivan None

*Please keep this supplement for future reference.*

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FRANKLIN FLOATING RATE MASTER TRUST

File Nos. 811-09869

PART C

<u>OTHER INFORMATION</u>

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| | |
|:---|:---|
| **Item 28. Exhibits.** | **Item 28. Exhibits.** |
| The following exhibits are incorporated by reference to the previously filed document indicated below, except as noted: | The following exhibits are incorporated by reference to the previously filed document indicated below, except as noted: |
| (a) | Agreement and Declaration of Trust |
| (i) | [<u>Amended and Restated Agreement and Declaration of Trust of Franklin Floating Rate Master Trust, a Delaware statutory trust, dated May 18, 2018</u>](http://www.sec.gov/Archives/edgar/data/1109441/000137949118006203/exhibitai_2018-0518ffrmtamen.htm)<br>Filing: Amendment No. 32 to the Registration Statement on Form N-1A<br>File No. 811-09869<br>Filing Date: November 30, 2018 |
| (b) | By-Laws |
| (i) | [<u>Third Amended and Restated By-Laws of Franklin Floating Rate Master Trust, a Delaware Statutory Trust effective as of May 18, 2018</u>](http://www.sec.gov/Archives/edgar/data/1109441/000137949118006203/exhibitbi_2018-0518ffrmtamen.htm)<br>Filing: Amendment No. 32 to the Registration Statement on Form N-1A<br>File No. 811-09869<br>Filing Date: November 30, 2018 |
| (ii) | [<u>Certificate of Amendment of By-Laws of Franklin Floating Rate Master Trust dated January 17, 2019</u>](http://www.sec.gov/Archives/edgar/data/1109441/000137949119005016/exhibitbii_co-secretarycerti.htm)<br>Filing: Amendment No. 37 to the Registration Statement on Form N-1A<br>File No. 811-09869<br>Filing Date: November 29, 2019 |
| (c) | Instruments Defining Rights of Security Holders |
| (i) | Amended and Restated Agreement and Declaration of Trust |
| (a) | Article III, Shares |
| (b) | Article V, Shareholders' Voting Powers and Meetings |
| (c) | Article VI, Net Asset Value; Distributions; Redemptions; Transfers |
| (d) | Article VIII, Certain Transactions - Section 4 |
| (e) | Article X, Miscellaneous – Section 4 |
| (ii) | Amended and Restated By-Laws |
| (a) | Article II – Meetings of Shareholders |
| (b) | Article VI, Records and Reports – Section 1,2 and 3 |
| (c) | Article VII, General Matters: - Sections 3, 4, 6, 7 |
| (d) | Article VIII, Amendment – Section 1 |
| (iii) | Part B: Statement of Additional Information – Item 22 |
| (d) | Investment Advisory Contracts |
| (i) | [<u>Amended and Restated Investment Advisory Agreement between the Registrant, on behalf of Franklin Floating Rate Master Series, and Franklin Advisers, Inc. dated March 1, 2015</u>](http://www.sec.gov/Archives/edgar/data/1109441/000110944115000010/di_imaffrmtamendedrestatedas.htm)<br>Filing: Amendment No. 22 to the Registration Statement on <br>Form N-1A<br>File No. 811-09869<br>Filing Date: June 30, 2015 |

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| | |
|:---|:---|
| (ii) | [<u>Investment Management Agreement between Registrant on behalf of Franklin Floating Rate Income Fund (formerly, Franklin Middle Tier Floating Rate Fund) and Franklin Advisers, Inc. dated September 15, 2015</u>](http://www.sec.gov/Archives/edgar/data/1109441/000110944115000019/dii_imaffrmtfranklinmiddleti.htm)<br>Filing: Amendment No. 23 to the Registration Statement on <br>Form N-1A<br>File No. 811-09869<br>Filing Date: November 4, 2015 |
| (iii) | [<u>Fee Waiver and/or Expense Reimbursement Agreement dated June 1, 2020</u>](http://www.sec.gov/Archives/edgar/data/1109441/000137949121000858/exdiii_franklinfeewaiveragre.htm)<br>Filing: Amendment No. 40 to the Registration Statement on <br>Form N-1A<br>File No. 811-09869<br>Filing Date: March 4, 2021 |
| (iv) | [<u>Amendment to the Investment Management Agreement dated May 13, 2020, on behalf of the Fund listed in Schedule A and Franklin Advisers, Inc.</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177321003922/ex99dadvsrcontr-div.htm)<br>Filing: Amendment No. 42 to the Registration Statement on Form N-1A<br>File No. 811-09869<br>Filing Date: November 29, 2021 |
| (e) | Underwriting Contracts |
|  | Not Applicable |
| (f) | Bonus or Profit Sharing Contracts |
|  | Not Applicable |
| (g) | Custodian Agreements |
| (i) | [<u>Master Custody Agreement between the Registrant and The Bank of New York Mellon dated February 16, 1996</u>](http://www.sec.gov/Archives/edgar/data/1109441/000110944100000002/0001109441-00-000002.txt)<br>Filing: Registration Statement on Form N-2<br>File No. 811-09869<br>Filing Date: March 24, 2000 |
| (ii) | [<u>Amendment dated May 7, 1997 to Master Custody Agreement between the Registrant and The Bank of New York Mellon dated February 16, 1996</u>](http://www.sec.gov/Archives/edgar/data/1109441/000110944100000002/0001109441-00-000002.txt)<br>Filing: Registration Statement on Form N-2<br>File No. 811-09869<br>Filing Date: March 24, 2000 |
| (iii) | [<u>Amendment dated February 27, 1998 to Master Custody Agreement between the Registrant and The Bank of New York Mellon dated February 16, 1996</u>](http://www.sec.gov/Archives/edgar/data/1109441/000110944100000002/0001109441-00-000002.txt)<br>Filing: Registration Statement on Form N-2<br>File No. 811-09869<br>Filing Date: March 24, 2000 |
| (iv) | [<u>Amendment dated May 16, 2001 to Master Custody Agreement dated February 16, 1996 between the Registrant and The Bank of New York Mellon</u>](http://www.sec.gov/Archives/edgar/data/1109441/000110944101500012/jvimastcussch1.txt)<br>Filing: Amendment No. 3 to the Registration Statement on Form N-2<br>File No. 811-09869<br>Filing Date: November 29, 2001 |
| (v) | [<u>Exhibit A dated September 2022 of the Master Custody Agreement dated February 16, 1996 between the Registrant and The Bank of New York Mellon</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177322003759/ex99gcustagreemt-gv.htm)<br>Filing: Amendment No. 43 to the Registration Statement on Form N-1A<br>File No. 811-09869<br>Filing Date: November 28, 2022 |

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(vi) [<u>Amendment dated June 3, 2019 to Schedule 1 of the Amendment dated May 16, 2001, to Master Custody Agreement dated February 16, 1996 between Registrant and The Bank of New York Mellon</u>](http://www.sec.gov/Archives/edgar/data/1109441/000137949119005016/exhibitgvi_bnyamendmastercus.htm)Filing: Amendment No. 37 to the Registration Statement on Form N-1AFile No. 811-09869Filing Date: November 29, 2019

(vii) [<u>Amended and Restated Foreign Custody Manager Agreement dated May 16, 2001 between the Registrant and The Bank of New York Mellon</u>](http://www.sec.gov/Archives/edgar/data/1109441/000110944101500012/jviiforeigns1s2.txt)Filing: Amendment No. 3 to the Registration Statement on Form N-2File No. 811-09869Filing Date: November 29, 2001

(viii) [<u>Amendment dated January 27, 2017 to Schedule 1 of the Foreign Custody Manager Agreement between the Registrant and The Bank of New York Mellon</u>](http://www.sec.gov/Archives/edgar/data/1109441/000137949117008064/bonyfcmschedule1revised01-27.htm)Filing: Amendment No. 30 to the Registration Statement on Form N-1AFile No. 811-09869Filing Date: November 30, 2017

(ix) [<u>Amendment dated November 19, 2014 to Schedule 2 of the Foreign Custody Manager Agreement dated May 16, 2001 between the Registrant and The Bank of New York Mellon</u>](http://www.sec.gov/Archives/edgar/data/1109441/000137949114001339/ex99gix_sch2-fca.htm)Filing: Amendment No. 21 to the Registration Statement on Form N-1AFile No. 811-09869Filing Date: November 26, 2014

(x) [<u>Terminal Link Agreement dated February 16, 1996 between the Registrant and The Bank of New York Mellon</u>](http://www.sec.gov/Archives/edgar/data/1109441/000110944100000002/0001109441-00-000002.txt)Filing: Registration Statement on Form N-2File No. 811-09869Filing Date: March 24, 2000

(xi) [<u>Exhibit A dated September 2022 of the Terminal Link Agreement dated February 16, 1996 between the Registrant and The Bank of New York Mellon</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177322003759/ex99gcustagreemt-gxi.htm)Filing: Amendment No. 43 to the Registration Statement on Form N-1AFile No. 811-09869Filing Date: November 28, 2022

(xii) [<u>Supplement to the Master Custody Agreement Hong Kong - China Connect Service dated July 26, 2018, revised Exhibit A dated August 1, 2019</u>](http://www.sec.gov/Archives/edgar/data/1109441/000137949121000858/exgxii_mcaamendment2018-0726.htm)Filing: Amendment No. 40 to the Registration Statement on Form N-1AFile No. 811-09869Filing Date: March 4, 2021

(h) Other Material Contracts

(i) [<u>Second Amended and Restated Transfer Agent and Shareholder Services Agreement dated March 1, 2022, between the Registrant, on behalf of Franklin Floating Rate Master Trust and Franklin Templeton Investor Services, LLC</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177322003759/ex99hothmatcont-hi.htm)Filing: Amendment No. 43 to the Registration Statement on Form N-1AFile No. 811-09869Filing Date: November 28, 2022

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(ii) [<u>Subcontract for Fund Administrative Services between Franklin Advisers, Inc. and Franklin Templeton Services, LLC dated May 1, 2014</u>](http://www.sec.gov/Archives/edgar/data/1109441/000137949114001339/ex99hii_subcontract.htm) Filing: Amendment No.
21 to the Registration Statement on Form N-1A File
No. 811-09869 Filing Date: November 26, 2014

(iii) [<u>Subcontract for Fund Administrative Services on behalf of Franklin Floating Rate Income Fund (formerly, Franklin Middle Tier Floating Rate Fund) and Franklin Lower Tier Floating Rate Fund between Franklin Advisers, Inc. and Franklin Templeton Services, LLC dated September 15, 2015</u>](http://www.sec.gov/Archives/edgar/data/1109441/000110944115000019/h_iiifundadminsubcontractffr.htm) Filing: Amendment No. 23 to the Registration Statement on Form
N-1A File No. 811-09869 Filing Date: November 4, 2015

(iv) [<u>Amendment to Fund Services Agreement dated January 22, 2020, as amended July 15, 2020 between Franklin Templeton Services, LLC and JPMorgan Chase Bank, N.A. on behalf of the Registrant</u>](http://www.sec.gov/Archives/edgar/data/1109441/000137949120005920/exhv_firstamendmenttofsa-062.htm) Filing: Amendment No. 39 to the Registration Statement on Form
N-1A File No. 811-09869 Filing Date: November 30, 2020

(v) [<u>Fund Services Agreement between Franklin Templeton Services, LLC and J.P Morgan dated January 22, 2020</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177321003922/ex99hothmatcont-hvii.htm) Filing: Amendment No. 42 to the Registration
Statement on Form N-1A File No. 811-09869 Filing Date: November
29, 2021

(vi) [<u>Amendment to Fund Services Agreement effective January 29, 2021 between Franklin Templeton Services, LLC for the Registrant and JPMorgan dated January 22, 2020</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177322003759/ex99hothmatcont-hvi.htm) Filing:
Amendment No. 43 to the Registration Statement on Form N-1A File No. 811-09869 Filing Date: November 28, 2022

(vii) [<u>Third Amendment to Fund Services Agreement dated March 12, 2021 between Franklin Templeton Services, LLC for the Registrant and JPMorgan dated January 22, 2020</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177322003759/ex99hothmatcont-hvii.htm) Filing:
Amendment No. 43 to the Registration Statement on Form N-1A File No. 811-09869 Filing Date: November 28, 2022

(viii) [<u>Fourth Amendment to Fund Services Agreement effective September 1, 2021 between Franklin Templeton Services, LLC for the Registrant and JPMorgan dated January 22, 2020</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177322003759/ex99hothmatcont-hviii.htm) Filing: Amendment No. 43 to the Registration Statement on Form N-1A File
No. 811-09869 Filing Date: November 28, 2022

(ix) [<u>Fifth Amendment to Fund Services Agreement dated June 10, 2022 between Franklin Templeton Services, LLC for the Registrant and JPMorgan dated January 22, 2020</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177322003759/ex99hothmatcont-hix.htm) Filing:
Amendment No. 43 to the Registration Statement on Form N-1A File No. 811-09869 Filing Date: November 28, 2022

(x) [<u>Form of Rule 12d1-4 Fund of Funds Investment Agreement</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177322003759/ex99hothmatcont-hx.htm) Filing:
Amendment No. 43 to the Registration Statement on Form N-1A File No. 811-09869 Filing Date: November 28, 2022

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| | |
|:---|:---|
| (xi) | [<u>Placement Agent Agreement between the Registrant on behalf of Franklin Floating Rate Income Fund and Franklin Distributors, LLC dated July 7, 2021</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177322003759/ex99hothmatcont-hxi.htm)<br>Filing: Amendment No. 43 to the Registration Statement on Form N-1A<br>File No. 811-09869<br>Filing Date: November 28, 2022 |
| (i) | Legal Opinion |
|  | Not Applicable |
| (j) | Other Opinions |
|  | Not Applicable |
| (k) | Omitted Financial Statements |
|  | Not Applicable |
| (l) | Initial Capital Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable |
| (m) | Rule 12b-1 Plan |
|  | Not Applicable |
| (n) | Rule 18f-3 Plan |
|  | Not Applicable  |
| (p) | Code of Ethics |
| (i) | [<u>Code of Ethics dated January 1, 2023</u>](ex99pcodeeth-pi.htm) |
| (q) | Power of Attorney |
| (i) | [<u>Power of Attorney dated May 21, 2019</u>](http://www.sec.gov/Archives/edgar/data/1109441/000137949119003006/ffrmtpoan-1a2019.htm)<br>Filing: Amendment No. 36 to the Registration Statement on Form N-1A<br>File No. 811-09869<br>Filing Date: June 11, 2019 |
| (ii) | [<u>Power of Attorney dated May 10, 2021 for Valerie M. Williams</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177321003922/ex99-qii.htm)<br>Filing: Amendment No. 42 to the Registration Statement on Form N-1A<br>File No. 811-09869<br>Filing Date: November 29, 2021 |
| (iii) | [<u>Power of Attorney dated December 10, 2021 for Christopher Kings</u>](http://www.sec.gov/Archives/edgar/data/1109441/000174177322003759/ex99-qiii.htm)<br>Filing: Amendment No. 43 to the Registration Statement on Form N-1A<br>File No. 811-09869<br>Filing Date: November 28, 2022 |

---

#### Item 29. Persons Controlled by or Under Common Control with the Fund
None

#### Item 30. Indemnification

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The Amended and Restated Agreement and Declaration of Trust (the "Declaration") provides that any person who is or was a Trustee, officer, employee or other agent, including the underwriter, of such Trust shall be liable to the Trust and its shareholders only for (1) any act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing, or (2) the person's own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person (such conduct referred to herein as Disqualifying Conduct) and for nothing else. Except in these instances and to the fullest extent that limitations of liability of agents are permitted by the Delaware Statutory Trust Act (the "Delaware Act"), these Agents (as defined in the Declaration) shall not be responsible or liable for any act or omission of any other Agent of the Trust or any investment adviser or principal underwriter. Moreover, except and to the extent provided in these instances, none of these Agents, when acting in their respective capacity as such, shall be personally liable to any other person, other than such Trust or its shareholders, for any act, omission or obligation of the Trust or any trustee thereof.

The Trust shall indemnify, out of its property, to the fullest extent permitted under applicable law, any of the persons who was or is a party, or is threatened to be made a party to any Proceeding (as defined in the Declaration) because the person is or was an Agent of such Trust. These persons shall be indemnified against any Expenses (as defined in the Declaration), judgments, fines, settlements and other amounts actually and reasonably incurred in connection with the Proceeding if the person acted in good faith or, in the case of a criminal proceeding, had no reasonable cause to believe that the conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or plea of nolo contendere or its equivalent shall not in itself create a presumption that the person did not act in good faith or that the person had reasonable cause to believe that the person's conduct was unlawful. There shall nonetheless be no indemnification for a person's own Disqualifying Conduct.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to Trustees, officers and controlling persons of the Trust pursuant to the foregoing provisions, or otherwise, the Trust has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Trust of expenses incurred or paid by a Trustee, officer or controlling person of the Trust in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with securities being registered, the Trust may be required, unless in the opinion of its counsel the matter has been settled by controlling precedent, to submit to a court or appropriate jurisdiction the question whether such indemnification is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

#### Item 31. Business and Other Connections of the Investment Adviser
The officers and directors of Franklin Advisers, Inc., (Advisers), Registrant's investment manager, also serve as officers and/or directors/trustees for (1) Advisers' corporate parent, Franklin Resources, Inc., and/or (2) other investment companies in Franklin Templeton. For additional information please see Part B and Schedules A and D of Form ADV of Advisers (SEC File 801-26292), incorporated herein by reference, which sets forth the officers and directors of Advisers and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

#### Item 32. Principal Underwriters
Not Applicable

#### Item 33. Location of Accounts and Records
The accounts, books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 are kept by the Fund at One Franklin Parkway, San Mateo, CA 94403-1906 or its shareholder service agent, Franklin Templeton Investor Services LLC, at 3344 Quality Drive, Rancho Cordova, CA 95670-7313.

#### Item 34. Management Services
There are no management-related service contracts not discussed in Part A or Part B.

#### Item 35. Undertakings
Not Applicable

------

#### SIGNATURES
Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Mateo, and the State of California, on the 19th day of January 2023.

FRANKLIN FLOATING RATE MASTER TRUST

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)

By: <u>/s/STEVEN J. GRAY</u>

Steven J. Gray

Vice President and Co-Secretary

------

FRANKLIN FLOATING RATE MASTER TRUST

REGISTRATION STATEMENT

EXHIBITS INDEX

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION |
| Ex-99.(p)(i) | &nbsp;&nbsp;[<u>Code of Ethics dated January 1, 2023</u>](ex99pcodeeth-pi.htm) |

---

------

## Ex-99.P

![](img_45a322adabeb4f4.jpg)

(This Policy serves as a code of ethics adopted pursuant to Rule 17j-1 under the

Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940)

#### Revised January 1, 2023

---

| | | |
|:---|:---|:---|
| **SECTION 1.** | **PURPOSE OF THE POLICY** | 1 |
| 1.1 | SCOPE AND PURPOSE OF THE POLICY | 2 |
| 1.2 | STATEMENT OF PRINCIPLES | 2 |
| 1.3 | PROHIBITED ACTIVITIES | 2 |
| 1.4 | MONITORING OF THE POLICY AND ADDITIONAL INFORMATION | 3 |
| **SECTION 2.** | **PERSONAL INVESTMENTS** | 3 |
| 2.1 | STATEMENT ON COVERED EMPLOYEE INVESTMENTS | 3 |
| 2.2 | CATEGORIES OF PERSONS SUBJECT TO THE POLICY | 3 |
| 2.3 | ACCOUNTS AND TRANSACTIONS COVERED BY THE POLICY | 4 |
| 2.4 | PROHIBITED TRANSACTIONS | 4 |
| 2.5 | ADDITIONAL PROHIBITIONS AND REQUIREMENTS FOR ACCESS PERSONS AND PORTFOLIO PERSONS | 5 |
| 2.6 | REPORTING REQUIREMENTS | 6 |
| 2.7 | PRE-CLEARANCE REQUIREMENTS | 7 |
| 2.8 | REQUIREMENTS FOR INDEPENDENT DIRECTORS | 7 |
| **SECTION 3.** | **INSIDER TRADING** | **8** |
| 3.1 | POLICY ON INSIDER TRADING | 8 |
| **SECTION 4.** | **RELATED POLICIES AND REQUIREMENTS** | **9** |
| 4.1 | STATEMENT ON OTHER POLICIES AND REQUIREMENTS | 9 |
| **SECTION 5.** | **ADMINISTRATION OF THE POLICY, WAIVERS & REPORTING VIOLATIONS** | **9** |
| 5.1 | CODE OF ETHICS COMMITTEE; REPORTING TO FT FUND BOARDS | **9** |
| 5.2 | VIOLATIONS OF THE POLICY | **9** |
| 5.3 | WAIVERS OF THE POLICY | **9** |
| 5.4 | REPORTING VIOLATIONS | **9** |

---

------

#### This document is the proprietary product of Franklin Templeton. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton© 2023. All Rights Reserved.

------

#### SECTION 1. PURPOSE OF THE POLICY
&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Scope and Purpose of the Policy**

The Franklin Templeton Personal Investments and Insider Trading Policy (the "Policy") applies to the personal investment activities of all Covered Employees (as defined in section 2.2 of the Policy) of Franklin Resources, Inc. ("FRI") and all of its subsidiaries (collectively, "Franklin Templeton").

Franklin Templeton provides services to the funds that are advised or sub-advised by a Franklin Templeton investment adviser (the "FT Funds") and other client accounts ("Client Accounts"). Thus, for purposes of this Policy, "FT Fund" includes all open-end and closed-end funds within the Franklin Templeton Group of Funds, as well as any other fund that is advised or sub-advised by a Franklin Templeton investment adviser.

The purpose of the Policy is to summarize the values, principles and business practices that guide Franklin Templeton's business conduct and to establish a set of principles to guide Covered Employees regarding the conduct expected of them when managing their personal investments.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Statement of Principles**

All Covered Employees are required to conduct themselves in a lawful, honest and ethical manner in their business practices and to maintain an environment that fosters fairness, respect and integrity.

Franklin Templeton's policy is that the interests of the FT Funds and Client Accounts are paramount and come before the interests of any employee. Information concerning the securities1 holdings and financial circumstances of the FT Funds and Client Accounts, as well as the identity of certain Client Accounts, is confidential and Covered Employees are required to safeguard this information.

The personal investment activities of Covered Employees must be conducted in a manner to avoid actual or potential conflicts of interest with the FT Funds and Client Accounts. In particular, to the extent that a Covered Employee learns of an investment opportunity because of his or her position with Franklin Templeton (e.g., internal or third party research, Franklin Templeton or company sponsored conferences, or communications with company officers), the Covered Employee must give preference to the FT Funds or Client Accounts.

Personal transactions in a security may not be executed, regardless of quantity, if the Covered Employee has access to information regarding, or knowledge or even a presumed knowledge of, FT Fund or Client Account activity in such security, including proposed activity and recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3 Prohibited Activities**

Covered Employees generally are prohibited from engaging or participating in any activity that has the potential to cause harm to an FT Fund or Client Account. Examples of prohibited activities include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making investment decisions, changes in research ratings and trading decisions other than exclusively for the benefit of, and in the best interest of, the FT Funds or Client Accounts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking, delaying or omitting to take any action with respect to any research recommendation, report or rating or any investment or trading decision for an FT Fund or Client Account in order to avoid economic injury to themselves or anyone other than the FT Funds or Client Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing or selling a security on the basis of knowledge of a possible trade by or for an FT Fund or Client Account with the intent of personally profiting from, or avoiding a loss with respect to, personal holdings in the same or related securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For purposes of this Policy, the term "securities" also includes derivatives, such as futures, options and swaps.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revealing to any other person (except in the normal course of the Covered Employee's duties on behalf of an

FT Fund or Client Account) any information regarding securities transactions by any FT Fund or Client Account or the consideration by any FT Fund or Client Account of any such securities transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on an FT Fund or Client Account or engaging in any manipulative practice with respect to any FT Fund or Client Account.

&nbsp;&nbsp;&nbsp;&nbsp;**1.4 Monitoring of the Policy and Additional Information**

Questions regarding the Policy and related requirements should be directed to the Code of Ethics Department located in San Mateo, CA. The Code of Ethics Department can be reached by e-mail at lpreclear@franklintempleton.com. The Code of Ethics Department uses PTA, http://coeprod/pta/index.jsp, an automated transaction pre-clearance system, to manage the oversight of personal investments. Administration of the Policy is the responsibility of the Code of Ethics Committee.

#### SECTION 2. PERSONAL INVESTMENTS
&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Statement on Covered Employee Investments**

Franklin Templeton recognizes the importance to Covered Employees of managing their own financial resources. However, because of the potential conflicts of interest inherent in its business, Franklin Templeton has implemented this Policy with regard to personal investments of Covered Employees. This Policy is designed to minimize these conflicts and help ensure that Franklin Templeton focuses on meeting its duties as a fiduciary to the FT Funds or Client Accounts.

Covered Employees should be aware that their ability to invest in certain securities and to liquidate those positions may be severely restricted under this Policy due to trading by the FT Funds or Client Accounts, including during times of market volatility. Therefore, as a general matter, Franklin Templeton encourages Covered Employees to exercise caution when investing in individual securities, particularly in situations where a Covered Employee wishes to invest in securities held or likely to be held by the FT Funds or Client Accounts.

Franklin Templeton also discourages Covered Employees from engaging in a pattern of securities transactions that is so excessively frequent as to potentially impact the Covered Employee's ability to carry out their assigned responsibilities, increases the possibility of potential conflicts or violates the Policy or the FT Funds' prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Categories of Persons Subject to the Policy**

All persons subject to the Policy are assigned to the following categories based on their access to information regarding, or involvement in, investment activities. Persons subject to other personal trading policies or codes of ethics adopted by Franklin Templeton or its affiliates generally are exempt from this Policy.2 Please consult the Code of Ethics Department if you have any questions about how this Policy applies to you.

**Covered Employees:** Covered Employees are: (1) partners, officers, directors (or persons

------

occupying a similar status or having similar functions) and employees (including certain designated temporary employees or consultants) of any Franklin Templeton investment adviser, as well as any other persons who provide advice on behalf of any Franklin Templeton investment adviser and are subject to the supervision and control of that investment adviser; (2) Access Persons, as defined below; and (3) Independent directors of FT Funds within the Franklin Templeton Group of Funds and independent directors of Franklin Templeton investment advisers (collectively, "Independent Directors").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In limited circumstances, certain affiliates of FRI may adopt separate policies or codes of ethics governing personal trading in order to address the specific features of their investment activities and operations. Individuals subject to such separate policies or codes of ethics generally are exempt from this Policy.

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**Access Persons:** Access Persons are those who have access to non-public information regarding FT Funds' or Client Accounts' securities transactions; or have access to recommendations that are non-public; or have access to non-public information regarding the portfolio holdings of the FT Funds or Client Accounts.

**Portfolio Persons:** Portfolio Persons, a subset of Access Persons, are those who, in connection with their regular functions or duties, make or participate in the decision to purchase or sell a security by an FT Fund or Client Account or if his or her functions relate to the making of any recommendations about those purchases or sales.

Please see the Appendix to this Policy for a table indicating how the provisions of the Policy apply to each category of persons. In addition, please see section 2.8 of the Policy for a description of the requirements for Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Accounts and Transactions Covered by the Policy**

The Policy covers two types of securities accounts and transactions: (1) those in which Covered Employees have or share investment control, and (2) those in which Covered Employees have direct or indirect beneficial ownership.

Generally, a person has a beneficial ownership in a security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the security. "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in a security means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the security. Covered Employees are presumed to have a pecuniary interest in securities held by members of their immediate family or domestic partners sharing the same household.

Certain types of securities and investments are exempt from the Policy. These include, but are not limited to, direct obligations of the U.S. government, money market instruments, and registered open-end funds other than the FT Funds. Cryptocurrencies are reportable only, (1) by members of those investment teams investing in cryptocurrencies, and (2) for the cryptocurrencies in which they are investing on behalf of clients or funds. Please consult the Code of Ethics Department for further information about specific types of securities that are exempt from the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Prohibited Transactions**

#### Trading that Conflicts with FT Funds or Client Accounts
Covered Employees are prohibited from any trading activity that conflicts with the FT Funds' or Client Accounts' trading activity. Examples of prohibited trading activity include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "front running" or trading ahead of an FT Fund or Client Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading parallel to or against an FT Fund or Client Account.

#### Short Sales of Securities Issued by Franklin Resources and FT Sponsored Closed-end Funds and Exchange Traded Funds (ETFs)
Covered Employees are prohibited from effecting short sales, including "short sales against the box," of securities issued by FRI, or any FT sponsored closed-end funds or FT exchange traded

------

funds (ETFs). This prohibition includes economically equivalent transactions such as call or put options, swap transactions or other derivatives that would result in having a net short exposure to FRI or any closed-end fund or ETF sponsored or advised by Franklin Templeton.

#### Pledged Securities
Directors and Executive Officers are also prohibited from pledging, hypothecating or otherwise encumbering securities issued by Franklin Resources as described in greater detail in the FRI Code of Ethics and Business Conduct.

------

#### Trading in Shares of the FT Funds
A Covered Employee is prohibited from buying or selling shares of an FT Fund while in possession of material non public information about the FT Fund. Specifically, Covered Employees are prohibited from taking personal advantage of their non-public knowledge of recent or impending investment activities of FT Funds or the FT Funds' investment advisers or any other non-public information that a reasonable investor would likely consider important in making his or her investment decisions, including information that may have a material effect on an FT Fund's share price or net asset value.

In addition, Covered Employees must keep confidential at all times non-public information they may obtain about an FT Fund, including but not limited to information such as portfolio holdings, pricing or valuation of an FT Fund's portfolio holdings, recent or impending securities transactions by an FT Fund, changes related to an FT Fund's investment adviser, offerings of new FT Funds, changes to investment minimums, FT Fund closures or liquidations, changes to investment personnel, FT Fund flow activity, and information on current or prospective FT Fund shareholders.

Please consult your local Legal or Compliance department if you have any questions about materiality, confidentiality, or any other concerns before trading on or sharing non-public information relating to FT Funds.

#### Short-Term Trading in Open-end FT Funds
Franklin Templeton discourages short-term or excessive trading, often referred to as "market timing," in shares of the open-end FT Funds. Covered Employees must be familiar with the "Frequent Trading Policy" or its equivalent described in the prospectus of each open-end FT Fund in which they invest and must not engage in trading activity that might violate the purpose or intent of such policy. Accordingly, all Covered Employees must comply with the purpose and intent of each open-end FT Fund's Frequent Trading Policy or its equivalent and must not engage in any short-term or excessive trading in open-end FT Funds.

For open-end FT Funds within the Franklin Templeton Group of Funds, including FT Funds purchased through a 401(k) plan, trading activity by Covered Employees is monitored and any trading patterns or behaviors that may constitute short-term or excessive trading is reported to the Code of Ethics Department. These reports will include descriptions of any actions taken and any sanctions or penalties imposed in response to such trading activity. This policy does not apply to purchases and sales of money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;**2.5 Additional Prohibitions and Requirements for Access Persons and Portfolio Persons**

#### Initial Public Offerings
Access Persons are prohibited from investing in securities sold in an initial public offering or a secondary offering (including Initial Coin Offerings ("ICOs")) by an issuer except for offerings of securities made by closed-end FT Funds advised or sub-advised by Franklin Templeton. However, IPOs may be permissible in certain circumstances or jurisdictions. Please contact the Code of Ethics department or your local Compliance Officer in advance of executing any IPO.

#### Short Sales of Securities
Portfolio Persons are prohibited from selling short any security held by the FT Funds, including

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"short sales against the box." This prohibition also applies to effecting economically equivalent transactions, including, but not limited to, sales of uncovered call options, sales of put options while not owning the underlying security, and short sales of bonds that are convertible into equity positions, swaps or other derivatives where the security is held by FT Funds.

#### Short Swing Rule
Portfolio Persons are subject to a short swing rule whereby they cannot profit from the purchase and sale or sale and purchase of any security within a 60 calendar day period, including transactions in derivatives and transactions that may occur in margin and option accounts. For purposes of this rule, profits will be determined based upon the maximum gain that could be realized on the purchases and sales (or sales and purchases) occurring during the 60

------

calendar day period. Please consult the Code of Ethics Department about how profits are calculated for purposes of this rule.

#### Disclosure of Interest in Securities or Private Investments
Portfolio Persons are required to disclose any interest they have in the securities of an issuer or direct investment in any company if they are involved in either analysis or investment decisions related to the issuer or company.

Portfolio Persons must re-disclose any such interest if they participate in later recommendations or investment decisions related to the issuer or company.

Portfolio Persons must also disclose any personal transactions they are contemplating in the securities referenced above, any position they hold with the issuer and any proposed business relationship between the issuer and the Portfolio Person or any party in which the Portfolio Person has an interest.

The disclosures above must be made to their Chief Investment Officer and /or Director of Research.

&nbsp;&nbsp;&nbsp;&nbsp;**2.6 Reporting Requirements**

#### All Accounts
All Covered Employees must complete an Initial Code of Ethics Certification no later than 10 calendar days after the date the person is notified by a member of the Human Resources Department of the requirement to do so.

Additionally, by **February 15<sup>th</sup>** of each subsequent year they must complete an annual certification that they have complied with and will comply with the Policy.

Access Persons must also file an Initial Broker Accounts Certification and Initial Holdings Certification no later than 10 calendar days after the date the person is notified by a member of the Human Resources Department of the requirement to do so. Additionally, by **February 15<sup>th</sup>** of each subsequent year, Access Persons must file a then current **annual** report of all personal securities accounts and securities holdings and must certify that they have complied with and will comply with the Policy.

#### Non-Discretionary Accounts
On a **quarterly** basis, and no later than 30 calendar days after the end of each calendar quarter, every Access Person must report all transactions in securities covered by this Policy, except for those executed through an Automatic Investment Plan or that would duplicate information already provided in broker confirmations or statements sent to the Code of Ethics Department directly from the broker.

No later than 30 calendar days after the calendar quarter, Access Persons must report any account established in which any securities were held during that calendar quarter.

#### Discretionary Accounts
Reporting of transactions is not required for discretionary accounts. **A** discretionary account is managed by a non affiliated third party (registered broker-dealer, a registered investment adviser, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion.

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The Access Person must certify initially and annually thereafter that they do not have investment control of the discretionary account other than the right to terminate. If the Access Person makes or participates in an investment decision for an account that has been reported as a discretionary account, any transactions related to that investment decision must be pre-cleared. If there is any uncertainty about whether a particular account would be deemed discretionary for purposes of the Policy, please consult the Code of Ethics Department.

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&nbsp;&nbsp;&nbsp;&nbsp;**2.7 Pre-Clearance Requirements**

#### Securities Transactions
Access Persons must obtain pre-clearance from the Code of Ethics Department before buying or selling any security (other than those not requiring pre-clearance, a full list of which is available from the Code of Ethics Department) and are always prohibited from executing transactions in a security if aware that the FT Funds or Client Accounts are active or contemplate being active in the security (even if the transactions have been pre cleared}. Pre-clearance requests should be submitted via PTA.

#### Private Investments and Limited Offerings
Access Persons must obtain pre-clearance from the Code of Ethics Department before investing in a private placement or purchasing other securities in a limited offering. For example, investments in private or unregistered funds (i.e., hedge funds) are required to be pre-cleared under the Policy.

#### Discretionary Accounts
Transactions in discretionary accounts do not need to be pre-cleared if satisfactory evidence has been provided to the Code of Ethics Department that sole investment discretion has been granted to an investment manager. If the Access Person makes or participates in an investment decision for an account that has been reported as a discretionary account, any transactions related to that investment decision must be pre-cleared.

#### Exemptions from Pre- Clearance
Certain types of securities and transactions are exempt from pre-clearance requirements. Examples of these types of securities and transactions include, but are not limited to, shares issued by FRI; shares of open-end and closed end funds (including the FT Funds); shares of ETFs; certain government obligations and transactions effected pursuant to dividend reinvestment plans. In addition, transactions in small quantities of securities (e.g., in the case of equity securities, 500 shares within a 30 calendar day period} are not required to be pre-cleared. Please consult the Code of Ethics Department for further information about the types of securities and transactions that are exempt from the pre-clearance requirements of the Policy.

#### "Intent" Is Important
While pre-clearance of Access Persons' transactions is a cornerstone of Franklin Templeton's compliance efforts, it cannot detect inappropriate or illegal transactions where the intent conflicts with the principles of the Policy. Thus, the fact that a proposed transaction received pre-clearance is not a defense against a charge of violating the Policy or the securities laws. For example, even if an Access Person received pre-clearance for a transaction, that transaction might constitute front-running if it occurred shortly before a transaction by an FT Fund or Client Account that the Access Person was aware of. In cases like this, the intent may not be evident when a particular transaction request is analyzed for pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;**2.8 Requirements for Independent Directors**

#### Pre-clearance and Reporting Requirements
An Independent Director is subject to the pre-clearance and transaction reporting requirements of the Policy only if such Independent Director, at the time of his or her transaction, knew or should have known that, during the 15 calendar day period before or after the date of the Independent Director's transaction, the security was purchased or sold or considered for purchase or sale by

------

an FT Fund or Client Account. The pre-clearance and reporting requirements of the Policy do not apply to securities transactions conducted in an account where an Independent Director has granted full investment discretion to a brokerage firm, bank or investment adviser or conducted in a trust account in which the trustee has full investment discretion. Independent Directors are not required to disclose any securities holdings or brokerage accounts, including brokerage accounts where he/she has granted discretionary authority to a brokerage firm, bank or investment adviser.

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#### Initial and Annual Acknowledgment Reports
An Independent Director must complete and return an executed Acknowledgment Form to the Code of Ethics Department no later than 10 calendar days after the date the person becomes an Independent Director.

Independent Directors will be asked to certify by **February 15<sup>th</sup>** of each year that they have complied with and will comply with the Policy by filing the Acknowledgment Form with the Code of Ethics Department.

#### SECTION 3. INSIDER TRADING
&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Policy on Insider Trading**

Insider trading, or trading on material non-public information, is against the law and penalties are severe, both for individuals involved in such unlawful conduct and their employers. No Covered Employee may **(1)** trade, either personally or on behalf of the FT Funds or Client Accounts, while in possession of material non-public information, or (2) communicate material non-public information to others.

Material non-public information may be obtained by many means, both in connection with a Covered Employee's job functions (e.g., from meetings with company executives or consultations with expert networks) or independent of the Covered Employee's employment or relationship with Franklin Templeton (e.g., from friends or relatives).

Before trading for themselves or others (including FT Funds and Client Accounts) in the securities of a company about which a Covered Employee potentially may have material non-public information, the Covered Employee should consider the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First, is the information material? Information is considered material if there is a substantial likelihood that a reasonable investor would consider the information to be important in making his or her investment decision, or if it is reasonably certain to have a substantial effect on the price of the company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second, is the information non-public? Information is non-public until it has been effectively communicated to the marketplace. For example, information in a report filed with the U.S. Securities and Exchange Commission, or that appears in a publication of general circulation (e.g., The Wall Street Journal or Reuters) would be considered public. If the information has been obtained from someone who is betraying an obligation not to share the information (e.g., a company insider), that information is very likely to be non-public.

If, after consideration of these questions, the Covered Employee believes that the information that they have about a company may be material and non-public, or if the Covered Employee has questions as to whether the information is material or non-public, he or she must report the matter immediately to Trading Desk Compliance/IC, the designated Compliance Officer or Legal Department. In addition, the Covered Employee must not purchase or sell any securities issued by such company on behalf of themselves or others (including on behalf of any FT Fund or Client Account), or communicate the information inside or outside Franklin Templeton.

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Trading Desk Compliance/IC or the Compliance Officer will promptly contact the Legal Department for advice. After review of the facts, the Legal Department, Trading Desk Compliance/IC or the Compliance Officer will provide instructions to the Covered Employee. If the information in the Covered Employee's possession is determined to be material and non-public, the Covered Employee is required to keep the information confidential and secure. Those securities for which the Covered Employee has material non-public information will be placed on restricted trading lists for a timeframe determined by the Compliance Officer.

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#### SECTION 4. RELATED POLICIES AND REQUIREMENTS
&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Statement on Other Policies and Requirements**

In addition to the Policy, Covered Employees are required to observe the applicable policies and procedures prescribed in the *Code of Ethics and Business Conduct,* the policies contained in the U.S. and non-U.S. employee handbooks (as applicable), and various other policies adopted by Franklin Templeton.

#### SECTION 5. ADMINISTRATION OF THE POLICY, WAIVERS & REPORTING VIOLATIONS
&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Code of Ethics Committee; Reporting to FT Fund Boards**

The Code of Ethics Committee is responsible for the administration of the Policy and provides oversight of compliance with the personal trading requirements of the Policy. Among other things, the Committee has the authority and responsibility to review the Policy periodically, review sanction guidelines for violations of the Policy and review trading violations and waivers granted.

At least annually, the Franklin Templeton Fund Boards will be provided with a report describing any issues arising under the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Violations of the Policy**

A Covered Employee that violates this Policy will be sanctioned in a manner commensurate with the violation. Prescribed sanctions range from warning memos for a first time failure to pre-clear a transaction to the immediate sale of positions, disgorgement of profits, personal trading suspensions and other sanctions, up to and including termination and reporting to regulatory authorities for more serious violations.

&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Waivers of the Policy**

The Chief Compliance Officer of the relevant investment adviser, or primary regional officer, may, in his or her discretion, waive compliance by any Covered Employee with the provisions of the Policy, if he or she finds that such a waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is necessary to alleviate undue hardship or in view of unforeseen circumstances or is otherwise appropriate under all the relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) will not be inconsistent with the purposes and objectives of the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) will not adversely affect the interests of the FT Funds or Client Accounts or the interests of Franklin Templeton; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) will not result in a transaction or conduct that would violate provisions of applicable laws or regulations.

Any waiver will be in writing, will contain a statement of the basis for it, and any waivers granted by the Chief Compliance Officer of the relevant investment adviser, or primary regional officer, will be reported to the SVP of Regulatory Compliance.

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&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Reporting Violations**

Covered Employees are required to report violations of the Policy or the related Procedures, whether by themselves or by others.

Franklin Templeton is dedicated to providing Covered Employees with the means and opportunity to report violations of the Policy or the related Procedures, or other instances of wrongdoing, or any concerns they may have regarding ethical violations or accounting, internal control or auditing matters, including fraud. Several means are provided by which reports to the Compliance and Ethics Hotline can be made including:

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Online at: <u>https://franklintempleton</u><u>.</u><u>ethicspoint.com</u>

U.S., U.S. Territories or Canada can call toll-free 1-800-648-7932 All other countries can call collect at 704-540-0139

Franklin Templeton will not allow retaliation against any Covered Employee who has submitted a report of a violation of the Policy or the related Procedures in good faith.

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#### Appendix

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Covered Employees** | **Access Persons** | **Portfolio Persons** | **Independent Directors** |
| **Prohibited Activities (Section 1.3)** | **X** | **X** | **X** | **X** |
| **Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** |  |  |  |  |
| Prohibition on Trading Activity that Conflicts with FT Funds or Client Accounts | **X** | **X** | **X** | **X** |
| Prohibition on Short Sales of FRI and Closed-end FT Funds | **X** | **X** | **X** | **X** |
| Trading in Shares of the FT Funds When in Possession of Material Non-Public Information | **X** | **X** | **X** | **X** |
| Short-Term Trading in Open-end FT Funds | **X** | **X** | **X** | **X** |
| Prohibition on Investments in Initial Public Offerings |  | **X** | **X** |  |
| Prohibition on Short Sales of All Securities |  |  | **X** |  |
| Short Swing Rule |  |  | **X** |  |
| Disclosure of Interest in Securities |  |  | **X** |  |
| **Reporting Requirements (Section 2.6)** |  |  |  |  |
| Initial Certification/Acknowledgment | **X** | **X** | **X** | **X** |
| Initial Disclosure of Accounts and Holdings |  | **X** | **X** |  |
| Annual Disclosure of Accounts and Holdings |  | **X** | **X** |  |
| Annual Certification of Compliance | **X** | **X** | **X** | **X** |
| Quarterly Disclosure of Transactions |  | **X** | **X** | **X\*** |
| Quarterly Disclosure of New Accounts |  | **X** | **X** |  |
| **Pre-Clearance Requirements (Section 2.7)** |  | **X** | **X** | **X\*** |
| **Insider Trading (Section 3)** | **X** | **X** | **X** | **X** |
| **Requirement to Report Violations (Section 5.4)** | **X** | **X** | **X** | **X** |

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\*Only applicable if the Independent Director, at the time of his or her transaction, knew or should have known that, during the 15 calendar day period before or after the date of the Independent Director's transaction, the security was purchased or sold or considered for purchase or sale by an FT Fund or Client Account.

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