# EDGAR Filing Document

**Accession Number:** 0001786958
**File Stem:** 0001133228-25-012985
**Filing Date:** 2025-12
**Character Count:** 66985
**Document Hash:** 58f534a3efa20a9356479233d8f85c64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-012985.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001133228-25-012985

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN TEMPLETON TRUST
- **CENTRAL INDEX KEY:** 0001786958

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23471
- **FILM NUMBER:** 251537639

**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

## Series and Classes Contracts Data

### Franklin OnChain U.S. Government Money Fund (Series ID: S000067043)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000215714 | Franklin OnChain U.S. Government Money Fund | FOBXX           |

?xml version='1.0' encoding='ASCII'? 2025-10-2374200042000_FranklinOnChainUSGovernmentMoneyFund_SingleClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-23471**

 **Franklin Templeton Trust**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **March 31**

Date of reporting period: **September 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin OnChain U.S. Government Money Fund**  | ![image](img2199_202405220716489.jpg) |
| [FOBXX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin OnChain U.S. Government Money Fund for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin OnChain U.S. Government Money Fund | $10 | 0.20% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. Additional amounts may be voluntarily waived and/or reimbursed from time to time.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $718186960 |
| **Total Number of Portfolio Holdings** | 51 |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition (% of Total Investments)**

![image](ts5612img003.jpg)

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin OnChain U.S. Government Money Fund PAGE 1 09001-STSR-1125

72.827.2 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### OnChain

#### U.S.

#### Government

#### Money

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

September

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 5
Notes

to

Financial

Statements

#### 8
Changes

In

and

Disagreements

with

Accountants

#### 12
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Templeton

Trust

Financial

Highlights

#### Franklin

#### OnChain

#### U.S.

#### Government

#### Money

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### September

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### March

#### 31,

#### Year

#### Ended

#### March

#### 31,

#### 2022

#### a

#### 2025

#### 2024

#### 2023

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$1.00

$1.00

$1.00

$1.00

$1.00

Income

from

investment

operations:

Net

investment

income

b

.........................

0.020 0.046 0.050 0.042 —

c

Net

realized

gains

(losses)

.......................

—

0.001 —

(0.015)

—

Total

from

investment

operations

....................

0.020 0.047 0.050 0.027 —

Less

distributions

from:

Net

investment

income

..........................

(0.020)

(0.047)

(0.050)

(0.027)

(—)

c

Net

asset

value,

end

of

period

......................

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

d

...................................

2.06%

4.81%

5.12%

2.79%

0.02%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

......

0.20%

0.22%

0.26%

0.89%

93.40%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.20%

f

0.20%

0.20%

0.20%

0.06%

Net

investment

income

...........................

4.07%

4.63%

5.04%

4.32%

0.02%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

....................

$718,187

$687,263

$360,554

$272,929

$1,958

Portfolio

turnover

rate

............................

—%

—%

35.89%

—%

—%

a

For

the

period

April

6,

2021

(commencement

of

operations)

to

March

31,

2022. b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.001

per

share.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Templeton

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

#### Franklin

#### OnChain

#### U.S.

#### Government

#### Money

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 72.8%
FFCB

,

a

4.211%,

10/23/25

..................................................

$

6,520,000

$

6,503,266

b

FRN,

4.15%,

(SOFR

+

0.02%),

10/09/25

................................

1,750,000

1,750,000

b

FRN,

4.22%,

(SOFR

+

0.09%),

5/14/26

.................................

6,000,000

6,000,761

b

FRN,

4.22%,

(SOFR

+

0.09%),

8/17/26

.................................

1,770,000

1,770,000

b

FRN,

4.245%,

(U.S.

Federal

Funds

+

0.155%),

9/16/26

.....................

2,250,000

2,251,333

b

FRN,

4.2%,

(SOFR

+

0.07%),

10/13/26

.................................

5,749,000

5,749,000

b

FRN,

4.225%,

(SOFR

+

0.095%),

3/05/27

...............................

1,000,000

1,000,000

25,024,360

FHLB

,

a

4.227%,

10/03/25

..................................................

7,616,000

7,614,212

a

4.214%,

10/08/25

..................................................

12,240,000

12,229,980

a

4.083%,

10/10/25

..................................................

22,833,000

22,809,719

a

4.246%,

10/15/25

..................................................

15,705,000

15,679,109

a

4.262%,

10/17/25

..................................................

15,567,000

15,537,571

a

4.065%,

10/21/25

..................................................

3,460,000

3,452,205

a

4.01%,

10/22/25

...................................................

6,715,000

6,699,332

a

4.153%,

10/29/25

..................................................

6,395,000

6,374,408

a

4.043%,

11/05/25

..................................................

695,000

692,278

a

4.039%,

11/07/25

..................................................

13,440,000

13,384,427

a

4.009%,

11/12/25

..................................................

10,375,000

10,326,692

a

3.979%,

11/14/25

..................................................

8,560,000

8,518,570

a

3.981%,

11/19/25

..................................................

3,225,000

3,207,617

a

4.052%,

12/01/25

..................................................

4,000,000

3,972,720

4%,

9/18/26

......................................................

5,685,000

5,680,734

b

FRN,

4.13%,

(SOFR),

10/03/25

.......................................

4,600,000

4,600,000

b

FRN,

4.13%,

(SOFR),

10/14/25

.......................................

11,000,000

11,000,000

b

FRN,

4.15%,

(SOFR

+

0.02%),

10/15/25

................................

5,000,000

5,000,000

b

FRN,

4.135%,

(SOFR

+

0.005%),

10/17/25

..............................

4,800,000

4,800,000

b

FRN,

4.135%,

(SOFR

+

0.005%),

10/21/25

..............................

5,000,000

5,000,000

b

FRN,

4.155%,

(SOFR

+

0.025%),

11/28/25

...............................

3,500,000

3,500,000

b

FRN,

4.13%,

(SOFR),

12/15/25

.......................................

9,200,000

9,200,000

b

FRN,

4.135%,

(SOFR

+

0.005%),

2/09/26

...............................

6,800,000

6,800,000

b

FRN,

4.155%,

(SOFR

+

0.025%),

2/17/26

...............................

7,000,000

7,000,000

b

FRN,

4.205%,

(SOFR

+

0.075%),

11/27/26

...............................

6,320,000

6,320,000

b

FRN,

4.23%,

(SOFR

+

0.1%),

3/16/27

..................................

6,570,000

6,570,000

205,969,574

a

U.S.

Treasury

Bills

,

4.087%,

10/02/25

..................................................

37,011,000

37,006,799

4.14%,

10/07/25

...................................................

20,045,000

20,031,178

4.214%,

10/09/25

..................................................

12,985,000

12,972,852

4.163%,

10/14/25

..................................................

15,336,000

15,312,976

4.225%,

10/16/25

..................................................

27,100,000

27,052,369

4.191%,

10/21/25

..................................................

16,005,000

15,967,815

4.1%,

10/23/25

...................................................

6,805,000

6,787,991

4.082%,

10/28/25

..................................................

26,560,000

26,478,932

4.053%,

10/30/25

..................................................

20,470,000

20,403,382

4.116%,

11/04/25

..................................................

13,165,000

13,114,022

4.026%,

11/06/25

..................................................

18,230,000

18,156,898

4.017%,

11/12/25

..................................................

13,560,000

13,496,752

4.141%,

11/18/25

..................................................

24,135,000

24,002,460

4.103%,

11/25/25

..................................................

10,060,000

9,997,320

3.869%,

1/27/26

...................................................

15,000,000

14,812,159

3.782%,

3/19/26

...................................................

13,500,000

13,264,492

Franklin

Templeton

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### OnChain

#### U.S.

#### Government

#### Money

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

a

U.S.

Treasury

Bills,

(continued)

4.021%,

5/14/26

...................................................

$

3,000,000

$

2,926,312

291,784,709

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $522,778,643)

#### ................

#### 522,778,643

#### Repurchase

#### Agreements

#### 27.1%
c

Tri-party

repurchase

agreement

with

RBC

Dominion

Securities,

Inc.,

4.2%,

10/01/25

(Maturity

Value

$195,022,750)

Collateralized

by

U.S.

Treasuries,

0%

-

4.25%,

10/30/25

-

8/15/30

(valued

at

$198,900,001)

....................................................

195,000,000

195,000,000

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $195,000,000)
..............................

#### 195,000,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $717,778,643)

#### ...............................

#### 717,778,643

#### a

#### Total

#### Investments

#### (Cost

#### $717,778,643)

#### 99.9%

#### ...................................

#### $717,778,643

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.1%

#### .............................................

#### 408,317

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $718,186,960
See

Abbreviations

on

page

11. a

The

rate

shown

represents

the

yield

at

period

end.

b

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

See

Note

1(b)

regarding

repurchase

agreement.

Franklin

Templeton

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

September

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### OnChain

#### U.S.

#### Government

#### Money

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$522,778,643

Cost

-

Unaffiliated

repurchase

agreements

......................................................

195,000,000

Value

-

Unaffiliated

issuers

..................................................................

$522,778,643

Value

-

Unaffiliated

repurchase

agreements

......................................................

195,000,000

Cash

....................................................................................

98,497

Receivables:

Capital

shares

sold

........................................................................

5,545

Interest

.................................................................................

591,284

Other

assets

..............................................................................

(137,989)

Total

assets

..........................................................................

718,335,980

Liabilities:

Payables:

Management

fees

.........................................................................

76,513

Transfer

agent

fees

........................................................................

38,258

Professional

fees

.........................................................................

30,572

Trustees'

fees

and

expenses

.................................................................

Accrued

expenses

and

other

liabilities

...........................................................

3,651

Total

liabilities

.........................................................................

149,020

Net

assets,

at

value

.................................................................

$718,186,960

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$718,184,008

Total

distributable

earnings

(losses)

.............................................................

2,952

Net

assets,

at

value

.................................................................

$718,186,960

Shares

outstanding

.........................................................................

718,186,832

Net

asset

value

per

share

a

....................................................................

$1.00

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Templeton

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

September

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### OnChain

#### U.S.

#### Government

#### Money

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

........................................................................

$15,831,279

Expenses:

Management

fees

(Note

a)

...................................................................

556,468

Transfer

agent

fees

(Note

3c)

..................................................................

97,652

Custodian

fees

............................................................................

1,279

Reports

to

shareholders

fees

..................................................................

1,274

Registration

and

filing

fees

....................................................................

22,256

Professional

fees

...........................................................................

39,910

Trustees'

fees

and

expenses

..................................................................

11,192

Other

....................................................................................

19,044

Total

expenses

.........................................................................

749,075

Expenses

waived/paid

by

affiliates

(Note

d)

...................................................

(14,124)

Net

expenses

.........................................................................

734,951

Net

investment

income

................................................................

15,096,328

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$15,096,328

Franklin

Templeton

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### OnChain

#### U.S.

#### Government

#### Money

#### Fund

#### Six

#### Months

#### Ended

#### September

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### March

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$15,096,328

$21,315,932

Distributions

to

shareholders

..............................................

(15,096,328)

(21,315,936)

Capital

share

transactions

(Note

2)

..........................................

30,923,608

326,709,805

Net

increase

(decrease)

in

net

assets

...................................

30,923,608

326,709,801

Net

assets:

Beginning

of

period

.....................................................

687,263,352

360,553,551

End

of

period

..........................................................

$718,186,960

$687,263,352

Franklin

Templeton

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Templeton

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of

one

fund, Franklin

OnChain

U.S.

Government

Money

Fund

(Fund).

The Fund

follows

the accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
Securities

are

valued

at

amortized

cost,

which

approximates

fair

value.

Amortized

cost

is

an

income-based

approach

which

involves

valuing

an

instrument

at

its

cost

and

thereafter

assuming

a

constant

amortization

to

maturity

of

any

discount

or

premium.

Under

compliance

policies

and

procedures

approved

by

the

Fund's Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

b. #### Repurchase

#### Agreements
The

Fund

enters

into

repurchase

agreements.

Repurchase

agreements

are

accounted

for

as

a

loan

by

the

Fund

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the

Fund's

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

of

the

dollar

amount

invested

by

the

Fund,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

The

Fund

may

also

enter

into

joint

repurchase

agreements

whereby

its

uninvested

cash

balance

is

deposited

into

a

joint

cash

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager

and

is

used

to

invest

in

one

or

more

repurchase

agreements.

The

value

and

face

amount

of

the

joint

repurchase

agreement

are

allocated

to

the

funds

based

on

their

pro-rata

interest.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Fund,

certain

MRAs

may

permit

the

non-defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The

Fund

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the Fund

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

All

repurchase

agreements

held

by

the Fund

at

period

end,

as

indicated

in

the Statement

of

Investments,

had

been

entered

into

on

September

30,

2025. c. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

September

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Income

received

from

the

Portfolio

and

estimated

expenses

are

accrued

daily.

Dividends

from

net

investment

income

are

normally

declared

and

distributed

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

Franklin

Templeton

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

e. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

f. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

September

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

at

$1.00

per

share

were

as

follows:

#### 3

#### .

#### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Fund are

also

officers,

directors, and/or trustees

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to

Advisers

of

0.15% per year

of

the average

daily net

assets

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the actual

costs

incurred

by

FT

Services,

and

is

not

an

additional

expense

of

the

Fund.

#### Six

#### Months

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### March

#### 31,

#### 2025
Shares

sold

............................................................

$479,707,924

$614,574,467

Shares

issued

in

reinvestment

of

distributions

...................................

15,097,885

21,328,164

Shares

redeemed

........................................................

(463,882,201)

(309,192,826)

Net

increase

(decrease)

...................................................

$30,923,608

$326,709,805

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Franklin

Templeton

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

c. #### Transfer

#### Agent

#### Fees
The

Fund

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. In

addition,

the

Fund reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and reimburses

shareholder

servicing

fees

paid

to

third

parties.

For

the

period

ended

September

30,

2025,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$66,973

was

retained

by

Investor

Services.

d. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

expenses

(excluding

distribution

fees

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

the

Fund

do

not

exceed

0.20%,

based

on

the

average

net

assets

of

the

Fund

until

July

31,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

e. #### Other

#### Affiliated

#### Transactions
At

September

30,

2025, Franklin

Advisers

Inc.

owned

15.7%

of

the

Fund's

outstanding

shares.

At

September

30,

2025,

Franklin

Distributors

LLC

owned

14.9%

of

the

Fund's

outstanding

shares.

At

September

30,

2025,

Stellar

Development

Foundation,

Uphold

HQ

Inc.,

Ondo

I

LP

and

Charles

B

Johnson

OR

Ann

L

Johnson

TRSTE

owned

47.6%

of

the

Fund's

outstanding

shares.

4. #### Use

#### of

#### Blockchain
The

Fund's

transfer

agent

maintains

the

official

record

of

share

ownership

via

a

proprietary

blockchain-integrated

system

that

utilizes

features

of

traditional

book-entry

form

and

one

or

more

public

blockchain

networks.

The

use

of

blockchain

technology

is

relatively

new

and

still

evolving

for

mutual

funds.

Similar

to

traditional

fund

recordkeeping

systems,

all

Fund

and

shareholder

records

in

the

blockchain-integrated

system

are

under

the

full

and

complete

control

of

the

Fund's

transfer

agent.

5. #### Income

#### Taxes
At

September

30,

2025,

the

cost

of

investments

for

book

and

income

tax

purposes

was

the

same.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

September

30,

2025,

aggregated

$38,222,808 and

$–,

respectively.

7. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

#### 3

#### .

#### Transactions

#### with

#### Affiliates
(continued)

Franklin

Templeton

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

Money

market

securities

may

be

valued

using

amortized

cost,

in

accordance

with

the

1940

Act.

Generally,

amortized

cost

reflects

the

current

fair

value

of

a

security,

but

since

the

value

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

securities

were

valued

using

Level

inputs.

At

September

30,

2025,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 2

inputs.

8. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

9. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### FFCB
Federal

Farm

Credit

Banks

Funding

Corp.

#### FHLB
Federal

Home

Loan

Banks

#### FRN
Floating

Rate

Note

#### SOFR
Secured

Overnight

Financing

Rate

7. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Templeton

Trust

franklintempleton.com

Semiannual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(unaudited)

#### FRANKLIN

#### TEMPLETON

#### TRUST

#### Franklin

#### OnChain

#### U.S.

#### Government

#### Money

#### Fund
(Fund)

At

an

in-person

meeting

held

on

May

21,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Templeton

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

from

management

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

Templeton

Trust

franklintempleton.com

Semiannual

Report

of

the

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

the

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

Franklin

Templeton

(FT)

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

registered

fund

business

as

evidenced

by

its

continued

introduction

of

new

funds,

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

for

the

one-year

period

ended

December

31,

2024,

noting

the

Fund

commenced

operations

on

April

6,

2021. The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

registered

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

registered

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

The

Board

referenced

earlier

discussions

with

management

on

matters

related

to,

among

other

things,

the

expansion

and

rationalization

of

the

overall

product

line,

including

investments

in

novel

asset

classes,

as

well

as

the

growth

in

assets

from

internal

and

external

clients.

In

addition,

the

Board

acknowledged

information

provided

regarding

management's

strategy

to

grow

market

share

through

the

use

of

innovative

data

and

technology

and

investments

in

marketing

and

distribution.

The

Board

noted

management's

high

level

of

client

engagement

and

the

strength

of

its

internal

audit

and

compliance

program.

A

summary

of

the

Fund's

performance

results

is

below.

Franklin

Templeton

Trust

franklintempleton.com

Semiannual

Report

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

US

government

money

market

funds.

The

Fund

commenced

operations

on

April

6,

2021,

and

thus

had

been

in

operation

for

less

than

five

years

as

of

the

period

ended

December

31,

2024. The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

three-year

periods

was

above

the

median

and

in

the

first

quintile

(best)

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

the

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A,

Class

D

and

Investor

Class

shares

for

other

funds

in

the

Expense

Group

with

multiple

classes

of

shares.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

was

comprised

of

retail

no-load

funds,

which

included

the

Fund

and

other

US

government

money

market

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

below

the

medians

and

in

the

first

quintile

(least

expensive)

of

its

Expense

Group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

Funds

during

the

12-month

period

ended

September

30,

2024

(the

most

recent

fiscal

year-end

for

FRI).

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund's

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund's

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run,

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

Franklin

Templeton

Trust

franklintempleton.com

Semiannual

Report

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

The

Board

considered

management's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that,

as

of

December

31,

2024,

the

Fund's

net

assets

were

approximately

$559

million.

The

Board

also

noted

management's

representation

that

for

the

fiscal

year

ended

September

30,

2024,

the

Fund

did

not

experience

a

profit.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

29386-SFSOI

11/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fougmf-efp18872_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fougmf-efp18872_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Franklin Templeton Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | November 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | November 28, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Vivek Pai |
|  | Vivek Pai |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | November 28, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Templeton Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: November 28, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Vivek Pai, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Templeton Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

Date: November 28, 2025

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| |
|:---|
| /s/ Vivek Pai |
| Vivek Pai |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

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## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Vivek Pai,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Templeton Trust.** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **September 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Templeton Trust | Franklin Templeton Trust |
| /s/ Christopher Kings | /s/ Vivek Pai |
| Christopher Kings | Vivek Pai |
| Date: November 28, 2025 | Date: November 28, 2025 |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.