Code of Ethics for Principal Executives
&
Senior Financial
Officers
![](https://capedge.com/proxy/N-CSRS/0001727644-21-000060/word6038724018176.gif)
Procedures
Revised December 10, 2018
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FRANKLINTEMPLETONFUNDS
CODE OF ETHICS
FOR
PRINCIPAL
EXECUTIVES
AND
SENIOR FINANCIAL OFFICERS
I. CoveredOfficers and Purpose of the Code
Thiscode
of
ethics(the"Code")appliestothePrincipal
Executive
Officers,Principal
FinancialOfficer
andPrincipalAccounting
Officer(the"CoveredOfficers,"eachofwhom
issetforth inExhibitA)
ofeach investmentcompanyadvised byaFranklinResources
subsidiary
andthatisregisteredwiththeUnitedStatesSecurities
&ExchangeCommission
(“SEC”)(collectively,
"FTFunds")forthepurposeofpromoting:
·
Honest
andethicalconduct,
including
theethicalresolutionof
actualorapparent
conflicts
ofinterestbetweenpersonal
andprofessionalrelationships;·
Full,fair,accurate,
timelyandunderstandabledisclosureinreports
anddocuments
thataregistrantfiles
with,orsubmitsto,the
SECandinotherpublic
communicationsmade
byoronbehalfoftheFTFunds;·
Compliance
withapplicable
lawsandgovernmentalrulesandregulations;·
Thepromptinternalreporting
ofviolations
oftheCodeto
anappropriate
person
orpersonsidentified
intheCode;and·
Accountability
foradherencetotheCode.Each
Covered
Officerwillbeexpected
toadheretoahighstandardofbusinessethics
andmustbesensitive
tosituations
thatmay
giverisetoactual
aswell
asapparentconflictsofinterest.*
Rule 38a-1
under
the
Investment
Company
Act of 1940(“1940Act”)
andRule
206(4)-7
underthe
InvestmentAdvisers
Actof
1940 (“Advisers Act”)(together
the “Compliance Rule”)require registered
investment
companies
andregistered
investment
advisersto,
among otherthings, adopt and implement
writtenpolicies
andprocedures reasonably
designed toprevent
violations
of thefederal
securities
laws
(“Compliance
RulePolicies
andProcedures”).
CONFIDENTIAL
INFORMATION.
This
document
isthe
proprietary
product
ofFranklinTempletonInvestments.
It
may
NOT
bedistributed
outside
thecompany
unless
it is
made subject toanon-disclosure agreement
and/orsuch
release
receives
authorizationby
an FTIChief Compliance
Officer.
Any
unauthorized
use,
reproduction
ortransfer
of thisdocument
is strictlyprohibited.
Franklin
TempletonInvestments
©2014.
AllRights Reserved.
![]() |
II.
Other Policies and Procedures
ThisCodeshallbethesolecodeofethics
adopted
bytheFundsforpurposes
ofSection
406oftheSarbanes-OxleyAct
andtherulesandformsapplicable
to
registeredinvestmentcompaniesthereunder.
Franklin
Resources,
Inc.
hasseparately
adoptedtheCodeofEthicsandBusinessConduct(“BusinessConduct”),
which
isapplicabletoallofficers,directorsandemployeesofFranklinResources,
Inc.,
includingCoveredOfficers.Itsummarizes
thevalues,principlesandbusinesspractices
thatguidetheemployee’s
businessconduct
and
alsoprovides a set of basicprinciples
toguideofficers,directors
andemployees regarding theminimumethicalrequirementsexpectedofthem.Itsupplementsthevalues,principles
andbusinessconductidentifiedintheCodeandotherexistingemployeepolicies.
Additionally,theFranklinTempletonFunds
have
separatelyadoptedtheFTIPersonal
InvestmentsandInsiderTradingPolicygoverningpersonalsecuritiestrading
andotherrelatedmatters.The
CodeforInsiderTrading
provides
forseparate
requirements
thatapplytotheCoveredOfficersandothers,
andtherefore
isnot
partofthisCode.Insofarasotherpoliciesor
procedures
ofFranklin
Resources,
Inc.,theFunds,theFunds’adviser,principal
underwriter,orotherserviceprovidersgovernorpurporttogovernthebehaviororactivitiesof
the
Covered Officerswho
are subjectto this Code, they aresuperceded
bythisCodetotheextentthatthey
overlaporconflictwith
theprovisions
ofthisCode.
Please
review these other documents or consult withthe
LegalDepartment
if have questions regardingtheapplicability
ofthesepolicies
toyou.III. Covered Officers Should HandleEthicallyActual andApparentConflicts ofInterest
Overview.A"conflictofinterest"occurs
when
aCoveredOfficer'sprivateinterestinterfereswith
theinterestsof,orhisorherserviceto,theFTFunds.Forexample,aconflictofinterestwould
ariseifaCoveredOfficer,oramember
ofhisfamily,
receivesimproperpersonal
benefitsasaresultofapposition
with
theFTFunds.Certain
conflicts
ofinterest
ariseout
oftherelationships
between
CoveredOfficersandtheFTFundsandalreadyaresubjecttoconflictofinterest
provisionsintheInvestmentCompanyActof1940("InvestmentCompanyAct")andtheInvestmentAdvisers
Actof1940("InvestmentAdvisers
Act").Forexample,CoveredOfficersmay
notindividuallyengageincertaintransactions
(such
asthepurchase
orsaleofsecurities
orother
property)withtheFTFundsbecause
oftheirstatusas
"affiliated
persons"ofthe
FTFunds.TheFTFunds’
andtheinvestmentadvisers’compliance
programsandproceduresaredesignedtoprevent,oridentifyandcorrect,violationsoftheseprovisions.ThisCodedoes not,andis notintendedto,repeator replacetheseprogramsandprocedures,andsuchconflictsfall
outsideof
theparametersofthisCode.Althoughtypicallynot
presenting
anopportunityforimproperpersonalbenefit,
conflicts
arisefrom,orasaresultof,thecontractual
relationship
between
theFTFunds,theinvestmentadvisersand
thefundadministrator
ofwhichtheCoveredOfficersarealsoofficers
or
employees.Asaresult,this
Coderecognizes
that
theCoveredOfficerswill,
inthenormal
courseoftheir
duties(whether
formallyfortheFTFunds,fortheadviser,theadministrator,or![]() |
forall
three),
beinvolvedinestablishingpoliciesandimplementingdecisions
thatwillhavedifferenteffects
ontheadviser,
administratorandtheFTFunds.
Theparticipationofthe
CoveredOfficersinsuchactivitiesisinherentinthe
contractual
relationship
betweentheFTFunds,theadviser,
andtheadministratorandisconsistentwith
theperformancebytheCoveredOfficersoftheir
dutiesasofficers
oftheFTFunds.Thus,
ifperformed
inconformitywiththeprovisionsofthe
InvestmentCompanyAct
andtheInvestmentAdvisers
Act,suchactivitieswillbedeemedtohavebeenhandledethically.
Inaddition,
itisrecognized
by
theFTFunds'BoardsofDirectors
("Boards")thattheCoveredOfficersmayalsobeofficersoremployeesofoneormoreotherinvestmentcompaniescovered
bythisorothercodes.
Otherconflictsof
interest
arecoveredbytheCode,evenifsuchconflicts
ofinterestarenotsubjectto
provisionsintheInvestmentCompanyActandtheInvestmentAdvisersAct.Thefollowinglistprovidesexamplesofconflictsofinterest
undertheCode,butCoveredOfficersshouldkeepinmindthattheseexamplesarenotexhaustive.Theoverarchingprinciple
isthatthepersonalinterestofaCoveredOfficershouldnotbeplaced
improperlybeforetheinterestoftheFTFunds.EachCoveredOfficermust:
·
Not
usehisorherpersonal
influence
orpersonal
relationshipsimproperlytoinfluenceinvestmentdecisions
orfinancialreporting
bytheFTFundswherebytheCoveredOfficerwouldbenefitpersonallytothedetrimentoftheFTFunds;·
Not
causethe
FTFundstotakeaction,
orfailtotakeaction,fortheindividualpersonal
benefitofthe
CoveredOfficerratherthanthebenefit
theFT
Funds;·
Not
retaliateagainstanyotherCoveredOfficeroranyemployee
oftheFTFundsortheir
affiliatedpersons
forreports
ofpotential
violations
thataremadeingoodfaith;·
Report
atleastannuallythefollowing
affiliations
orotherrelationships:
1
o
alldirectorships
forpubliccompanies
andallcompanies
thatarerequired
tofilereportswiththeSEC;o
anydirectorindirectbusiness
relationship
withany
independentdirectorsoftheFTFunds;o
anydirectorindirectbusiness
relationship
withany
independentpublicaccountingfirm
(whicharenotrelated
totheroutineissues
related
tothefirm’s
serviceasthe
CoveredPersonsaccountant);and
o
anydirectorindirectinterest
inanytransactionwithanyFTFundthatwillbenefittheofficer(not
including
benefitsderivedfromtheadvisory,sub-advisory,distributionorserviceagreementswithaffiliates
ofFranklin
Resources).
These
reports
willbereviewedbytheLegalDepartmentforcompliancewiththeCode.Therearesomeconflictofinterestsituations
that
shouldalways
beapprovedinwritingbyFranklinResourcesGeneralCounselorDeputy
GeneralCounsel,ifmaterial.Examplesoftheseinclude
2
:
·
Service
asadirectoronthe
boardofanypublicor
privateCompany.![](https://capedge.com/proxy/N-CSRS/0001727644-21-000060/word6038724018178.gif)
1
Reportingoftheseaffiliationsorotherrelationshipsshallbemadebycompletingtheannual
Directors
andOfficersQuestionnaireandreturningthequestionnairetoFranklin
ResourcesInc,GeneralCounselorDeputyGeneralCounsel.2
Anyactivityorrelationshipthat
would
presentaconflictforaCoveredOfficermayalsopresentaconflictfortheCoveredOfficerifamemberoftheCoveredOfficer'simmediatefamilyengagesinsuchanactivityorhassucharelationship.TheCoverPersonshouldalsoobtainwrittenapprovalbyFT’sGeneralCounselinsuchsituations.
![](https://capedge.com/proxy/N-CSRS/0001727644-21-000060/word6038724018177.gif)
·
Thereceiptofanygiftsinexcessof$100fromanyperson,fromanycorporationorassociation.
·
ThereceiptofanyentertainmentfromanyCompany
withwhichtheFTFundshascurrentorprospective
business
dealingsunlesssuchentertainment
isbusiness
related,
reasonableincost,appropriate
astotimeandplace,andnotsofrequentastoraiseany
questionofimpropriety.Notwithstandingtheforegoing,
theCoveredOfficersmustobtainpriorapprovalfromtheFranklinResources
GeneralCounselforany
entertainmentwithavalueinexcessof$1000.·
Any
ownershipinterestin,oranyconsultingoremployment
relationshipwith,anyoftheFTFund’sserviceproviders,otherthan
aninvestmentadviser,principal
underwriter,administratororanyaffiliatedpersonthereof.·
Adirectorindirectfinancial
interest
incommissions,transaction
chargesorspreadspaid
bytheFTFundsforeffecting
portfoliotransactions
orforselling
orredeeming
sharesotherthanan
interestarisingfromtheCoveredOfficer'semployment,suchascompensationorequityownership.·
FranklinResources
General
CounselorDeputyGeneralCounselwillprovide
areporttotheFTFundsAuditCommitteeofanyapprovalsgrantedatthe
next
regularlyscheduledmeeting.IV. Disclosure and Compliance
·
Each
CoveredOfficershouldfamiliarizehimselfwiththedisclosurerequirements
generallyapplicabletothe
FTFunds;·
Each
CoveredOfficershouldnotknowingly
misrepresent,orcauseothers
tomisrepresent,factsabout
theFTFunds
toothers,whetherwithinoroutside
theFTFunds,including
totheFT
Funds’directors
andauditors,
andtogovernmentalregulators
andself-regulatory
organizations;·
Each
CoveredOfficershould,totheextentappropriatewithinhisorherareaofresponsibility,
consultwithotherofficersandemployeesoftheFTFunds,theFTFund’sadviserandtheadministrator
withthegoalofpromoting
full,fair,
accurate,
timelyandunderstandable
disclosure
inthereports
anddocuments
theFTFundsfilewith,
orsubmitto,theSECandinotherpubliccommunicationsmadebytheFTFunds;and·
Itistheresponsibility
ofeachCoveredOfficertopromotecompliancewiththestandards
andrestrictionsimposed
byapplicable
laws,rulesandregulations.V. Reportingand Accountability
EachCoveredOfficermust:
·
Upon
becomingacoveredofficeraffirm
inwritingtotheBoardthatheorshehasreceived,read,andunderstands
theCode(seeExhibitB);·
Annually
thereafteraffirm
totheBoardthathehascomplied
withtherequirementsoftheCode;and·
Notify
FranklinResources’
GeneralCounselorDeputy
GeneralCounselpromptly
ifheorsheknows
ofanyviolationofthisCode.
Failuretodosoisitselfisaviolationofthis![]() |
Code.
Franklin However,theIndependentDirectorsofthe
Resources’
General
CounselandDeputyGeneralCounsel
areresponsibleforapplyingthisCodetospecificsituationsinwhichquestionsarepresented
underitand
havetheauthoritytointerpretthisCode
inanyparticularsituation.
3
respective
FTFundswillconsider
anyapprovalsorwaivers4
soughtbyanyChiefExecutiveOfficersoftheFunds.TheFTFundswill
follow
theseprocedures
ininvestigating
and
enforcingthisCode:·
FranklinResources
General
CounselorDeputyGeneralCounselwilltake
allappropriate
actiontoinvestigate
anypotentialviolationsreported
totheLegalDepartment;·
If,aftersuchinvestigation,
theGeneralCounselor
DeputyGeneralCounselbelievesthatnoviolationhasoccurred,TheGeneralCounselisnotrequiredtotake
anyfurtheraction;·
Any
matter
thattheGeneralCounselorDeputyGeneralCounselbelieves
isaviolation
willbereported
totheIndependent
Directorsoftheappropriate
FTFund;·
IftheIndependent
Directors
concurthat
aviolationhasoccurred,
itwillinform
andmakearecommendationtotheBoardoftheappropriate
FTFundorFunds,which
willconsider
appropriateaction,whichmayincludereviewof,andappropriatemodificationsto, applicablepolicies
andprocedures;
notification
toappropriatepersonnelof
theinvestmentadviseroritsboard;orarecommendationtodismisstheCoveredOfficer;·
TheIndependentDirectors
willberesponsible
for
grantingwaivers,asappropriate;and·
Any
changestoorwaiversofthisCode
will,tothe
extentrequired,aredisclosed
asprovidedbySECrules.5
VI. Other Policies and Procedures
ThisCodeshallbethesolecode
of
ethicsadopted
bytheFTFundsfor
purposesofSection406oftheSarbanes-OxleyAct
andtherulesand
formsapplicable
toregisteredinvestmentcompaniesthereunder.Insofarasother
policies
orproceduresoftheFTFunds,theFTFunds'advisers,principalunderwriter,
orotherserviceprovidersgovernorpurporttogovernthebehaviororactivitiesofthe
CoveredOfficerswhoaresubjecttothisCode,theyaresupersededbythisCodetotheextentthattheyoverlaporconflictwith
theprovisionsofthisCode.TheFTIPersonal
InvestmentsandInsiderTradingPolicy,adoptedbytheFTFunds,FTinvestmentadvisersandFTFund’sprincipal
underwriterpursuanttoRule
17j-1undertheInvestmentCompanyAct,theCodeofEthics
andBusinessConductandmoredetailedpolicies
andproceduressetforthin
FT’sEmployeeHandbookareseparaterequirementsapplyingtotheCoveredOfficersandothers,andarenotpartofthisCode.
![](https://capedge.com/proxy/N-CSRS/0001727644-21-000060/word6038724018178.gif)
3
FranklinResourcesGeneralCounselandDeputyGeneralCounselareauthorizedtoconsult,asappropriate,
with
membersoftheAuditCommittee,counseltotheFTFundsandcounseltotheIndependentDirectors,andareencouragedtodoso.4
Item2of
Form
N-CSRdefines"waiver"
as"the
approvalbytheregistrantofamaterialdeparturefromaprovisionof
thecodeofethics"and"implicit
waiver,"
which
mustalsobedisclosed,as"the
registrant'sfailuretotakeactionwithin
areasonableperiodoftimeregarding
amaterialdeparturefromaprovisionofthecodeofethicsthathasbeen
madeknowntoanexecutiveofficer"of
theregistrant.SeePartX.5
SeePartX.
![]() |
VII. Amendments
AnyamendmentstothisCode,otherthanamendmentstoExhibitA,mustbe
approved
orratifiedbyamajorityvoteoftheFT
Funds’Board
including
amajorityofindependent
directors.VIII. Confidentiality
Allreportsandrecordspreparedor
maintained
pursuanttothisCode
willbeconsidered
confidential
andshallbemaintained
andprotected
accordingly.Except
asotherwiserequiredbylaw orthis Code,such mattersshallnotbe disclosedto anyoneother thanthe FTFunds’ Boardandtheircounsel.
IX. Internal Use
TheCodeisintended
solely
fortheinternalusebytheFTFundsanddoesnotconstitute
anadmission,byoronbehalfofanyFTFunds,astoanyfact,circumstance,
orlegal
conclusion.X.
Disclosure
on
FormN-CSRItem2ofFormN-CSRrequiresa
registered
managementinvestmentcompanytodisclose
annually
whether,asoftheend
oftheperiod
coveredbythereport,ithasadopted
acodeofethicsthatappliestotheregistrant's
principal
executive
officer,principalfinancial
officer,principalaccounting
officerorcontroller,orpersons
performing
similarfunctions,
regardless
ofwhethertheseofficers
are
employedbytheregistrantorathirdparty.Iftheregistranthasnotadoptedsuchacodeofethics,itmustexplainwhyithasnotdoneso.The
registrant
mustalso:
(1)filewiththeSECacopyofthecodeasanexhibittoitsannualreport;
(2)postthe
textofthecodeonits
Internetwebsiteanddisclose,
inits
mostrecent
report
onFormN-CSR,itsInternetaddressandthefact
thatithas
postedthecodeonitsInternetwebsite;or(3)undertake
initsmostrecent
reportonFormN-CSRtoprovidetoanypersonwithout
charge,uponrequest,acopyofthecodeandexplainthemannerinwhichsuchrequestmaybemade.Disclosure
isalsorequired
ofamendmentsto,orwaivers(includingimplicitwaivers)from,aprovisionofthecodeinthe
registrant's
annualreport
onFormN-CSRoronits
website.
Iftheregistrant
intends
tosatisfytherequirementtodiscloseamendments
andwaiversbypostingsuch
information
onitswebsite,
itwillberequired
todiscloseits
Internet
addressandthisintention.
TheLegalDepartmentshallbe
responsible
forensuring
that:·
acopyoftheCodeisfiledwiththeSECasanexhibittoeachFund’sannual
report;
and·
anyamendmentsto,orwaivers(includingimplicitwaivers)from,aprovisionoftheCodeisdisclosedintheregistrant's
annualreportonFormN-CSR.Intheeventthatthe
foregoing
disclosure
isomitted
orisdetermined
tobeincorrect,the
LegalDepartmentshallpromptlyfilesuchinformation
withthe
SECasanamendmenttoFormN-CSR.Insuchan
event,
theFundChiefComplianceOfficershallreviewtheCodeandproposesuchchanges
totheCodeasarenecessary
orappropriate
to
preventreoccurrences.![]() |
EXHIBITA
PersonsCoveredbytheFranklin
Templeton
FundsCodeofEthicsDecember2018
FRANKLIN GROUPOF FUNDS
Edward
Perks President
and
Chief Executive Officer
–Investment
Management
Rupert H. Johnson, Jr. Chairman
of the Board and
Vice President– Investment
Management
DonTaylor President
and
Chief Executive Officer
–Investment
Management
Sonal
Desai) President
and
Chief
Executive
Officer
–Investment
Management
Matthew Hinkle Chief Executive Officer
–
Finance
and Administration
Gaston R. Gardey Chief Financial Officer and Chief Accounting Officer and
Treasurer
FRANKLIN MUTUALSERIES FUNDS
Peter Langerman Chief Executive Officer
–
Investment Management
Matthew Hinkle Chief Executive Officer
–Finance
and Administration
Robert G. Kubilis Chief Financial Officer and Chief Accounting Officer
FRANKLIN ALTERNATIVE STRATEGIES FUNDS
Mat S. Gulley Chief Executive Officer
–
Investment
Management
Matthew Hinkle Chief Executive
Officer
–Finance
and Administration
Robert G. Kubilis Chief Financial Officer and Chief Accounting
Officer
TEMPLETONGROUPOF FUNDS
Manraj S. Sekhon President and
Chief Executive Officer
–Investment
Management
Michael
Hasenstab,
Ph.D.President and Chief Executive Officer
–Investment
Management
NormanBoersma President
and
Chief Executive Officer
–Investment
Management
Matthew Hinkle Chief Executive Officer
–Finance
and Administration
Robert G. Kubilis Chief Financial Officer, Chief Accounting Officer and Treasurer
![]() |
ExhibitBACKNOWLEDGMENT FORM
FranklinTempletonFundsCodeofEthics
ForPrincipalExecutivesandSeniorFinancialOfficers
Instructions:
1.
Complete
allsections
ofthisform.2.
Print
thecompleted
form,sign,anddate.3.
SubmitcompletedformtoFT’sGeneralCounselc/oCodeofEthicsAdministrationwithin
10daysofbecomingaCoveredOfficerandbyFebruary15th
ofeachsubsequent
year.Inter-officemail:
Code
ofEthics
Administration,
GlobalComplianceSM-920/2Fax:
(650)312-5646
E-mail:
Code
ofEthicsInquiries
&Requests(internaladdress);
lpreclear@franklintempleton.com
(externaladdress)CoveredOfficer’sName: | |
Title: | |
Department: | |
Location: | |
CertificationforYearEnding: |
To: FranklinResourcesGeneralCounsel,LegalDepartment
I
acknowledge
receiving,
readingand
understanding
theFranklin
TempletonFund’s
Code
ofEthicsforPrincipal
Executive
Officers
andSenior
FinancialOfficers
(the“Code”).Iwill
complyfullywith
allprovisionsoftheCodetotheextenttheyapplytome
duringtheperiod
ofmy
employment.Ifurtherunderstandandacknowledgethatanyviolation
oftheCodemaysubjectmetodisciplinaryaction,includingtermination
ofemployment.![](https://capedge.com/proxy/N-CSRS/0001727644-21-000060/word6038724018179.gif)
![](https://capedge.com/proxy/N-CSRS/0001727644-21-000060/word6038724018180.gif)
Signature Date signed