UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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, 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: 3/31
 
Date of reporting period: 3/31/22
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
ANNUAL
REPORT
Franklin
OnChain
U.S.
Government
Money
Fund
A
Series
of
Franklin
Templeton
Trust
March
31,
2022
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Annual
Report
1
Contents
Annual
Report
Franklin
OnChain
U.S.
Government
Money
Fund
2
Performance
Summary
4
Your
Fund’s
Expenses
5
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
8
Notes
to
Financial
Statements
11
Report
of
Independent
Registered
Public
Accounting
Firm
15
Tax
Information
16
Board
Members
and
Officers
17
Shareholder
Information
20
Visit
franklintempleton.com
for
fund
updates
and
documents,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Franklin
OnChain
U.S.
Government
Money
Fund
This
inaugural
annual
report
for
Franklin
OnChain
U.S.
Government
Money
Fund
covers
the
period
since
the
Fund’s
inception
on
April
6,
2021,
through
March
31,
2022
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
investors
with
as
high
a
level
of
current
income
as
is
consistent
with
the
preservation
of
shareholders’
capital
and
liquidity
by
investing
at
least
99.5%
of
its
total
assets
in
government
securities,
cash
and
repurchase
agreements
collateralized
fully
by
government
securities
or
cash.
1
The
Fund
also
tries
to
maintain
a
stable
$1.00
share
price.
An
investment
in
the
Fund
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency
or
institution.
Although
the
Fund
seeks
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
it
is
possible
to
lose
money
by
investing
in
the
Fund.
The
Fund’s
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Fund,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Fund
at
any
time.
Performance
Overview
The
Fund’s
seven-day
effective
yield
increased
from
0.01%
on
April
13,
2021,
when
the
rate
was
first
available,
to
0.15%
on
March
31,
2022,
as
shown
in
the
Performance
Summary
on
page
4
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
will
fluctuate.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Economic
and
Market
Overview
The
U.S.
bond
market,
as
measured
by
the
Bloomberg
U.S.
Aggregate
Bond
Index,
posted
a
-4.35%
total
return
for
the
period
since
the
Fund’s
inception
on
April
6,
2021,
through
March
31,
2022.
2
Growing
inflation
amid
supply
chain
disruptions
and
increased
consumer
spending
led
to
tighter
monetary
policy,
reducing
the
value
of
most
bonds.
Geopolitical
instability
disrupted
financial
markets
late
in
the
period
following
Russia’s
invasion
of
Ukraine,
contributing
to
significant
volatility
in
bond
markets.
The
yield
curve
flattened
notably
during
the
period,
reflecting
investors’
expectations
that
short-term
interest
rates
will
continue
to
rise,
while
the
outlook
for
long-term
economic
growth
is
uncertain.
In
an
effort
to
control
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
the
federal
funds
target
rate
to
a
range
of
0.25%–0.50%,
the
first
such
increase
since
2018.
The
Fed
noted
in
its
March
2022
meeting
that
strength
in
the
U.S.
job
market
and
continued
inflationary
pressure,
exacerbated
by
the
war
in
Ukraine,
meant
it
anticipated
making
further
increases
to
the
federal
funds
target
rate.
Furthermore,
the
Fed
said
it
expected
to
begin
reducing
its
bond
holdings
at
a
future
meeting.
U.S.
Treasury
(UST)
bonds,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
-3.85%
total
return
for
the
reporting
period.
2
The
10-year
UST
yield
(which
moves
inversely
to
price)
increased,
particularly
later
in
the
period
amid
high
inflation
and
the
Fed’s
less
accommodative
stance.
Mortgage-backed
securities
(MBS),
as
measured
by
the
Bloomberg
U.S.
MBS
Index,
posted
a
-4.96%
total
return
for
the
period.
2
Portfolio
Composition
3/31/22
%
of
Total
Net
Assets
U.S.
Government
and
Agency
Securities
125.1%
Other
Net
Assets
(25.1)%
1.
Although
U.S.
government-sponsored
entities
may
be
chartered
by
acts
of
Congress,
their
securities
are
neither
issued
nor
guaranteed
by
the
U.S.
government.
Please
see
the
Fund’s
prospectus
for
a
detailed
discussion
regarding
various
levels
of
credit
support
for
government
agency
or
instrumentality
securities.
The
Fund’s
yield
and
share
price
are
not
guaranteed
and
will
vary
with
market
conditions.
2.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
7
.
Franklin
OnChain
U.S.
Government
Money
Fund
3
franklintempleton.com
Annual
Report
Corporate
bond
prices
also
declined
overall,
constrained
by
inflation
and
rising
interest
rates.
Furthermore,
corporate
yield
spreads,
a
measure
of
the
difference
in
yields
between
corporate
bonds
and
similarly-dated
USTs,
increased,
reflecting
investors’
increasing
risk-off
preferences.
However,
yield
spreads
rose
faster
for
investment-grade
bonds
than
high-yield
bonds,
and
high-yield
bonds
benefited
from
higher
coupon
payments.
In
this
environment,
high-yield
corporate
bonds,
as
represented
by
the
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index,
posted
a
-1.03%
total
return,
while
investment-grade
corporate
bonds,
as
represented
by
the
Bloomberg
U.S.
Corporate
Bond
Index,
posted
a
-4.59%
total
return.
2
Investment
Strategy
We
seek
to
invest
at
least
99.5%
of
the
Fund’s
total
assets
in
U.S.
government
securities,
cash
and
repurchase
agreements
collateralized
fully
by
government
securities
or
cash.
We
only
buy
securities
that
we
determine
present
minimal
credit
risks.
We
maintain
a
dollar-weighted
average
portfolio
maturity
of
60
calendar
days
or
less
and
a
dollar-
weighted
average
life
for
its
portfolio
of
120
calendar
days
or
less,
and
we
only
buy
securities
that
mature
in
397
calendar
days
or
less.
Manager’s
Discussion
The
U.S.
Federal
Reserve
(Fed)
raised
its
target
range
for
the
federal
funds
rate
by
0.25%,
from
0.00%-0.25%
to
0.25%-0.50%
during
the
period
since
the
Fund’s
inception
on
April
6,
2021,
through
March
31,
2022.
Money
market
yields
remained
pressured
over
the
period
given
extremely
low
short-term
interest
rates.
We
continued
to
invest
the
Fund’s
assets
in
high-quality,
short-term
securities.
We
appreciate
your
support,
welcome
new
shareholders
and
look
forward
to
serving
your
investment
needs
in
the
years
ahead.
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
March
31,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
March
31,
2022
Franklin
OnChain
U.S.
Government
Money
Fund
4
franklintempleton.com
Annual
Report
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
will
fluctuate.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236.
1.
The
Fund
has
an
expense
reduction
contractually
guaranteed
through
7/31/22.
Fund
investment
results
reflect
the
expense
reduction;
without
this
reduction,
the
results
would
have
been
lower.
The
Fund
also
has
a
voluntary
fee
waiver
that
may
be
modified
or
discontinued
at
any
time,
and
without
further
notice.
Fund
investment
results
reflect
the
fee
waiver;
without
this
reduction,
the
results
would
have
been
lower.
There
is
no
guarantee
the
Fund
will
be
able
to
avoid
a
negative
yield.
2.
The
seven-day
effective
yield
assumes
compounding
of
daily
dividends,
if
any.
3.
The
figures
are
as
stated
in
the
Fund’s
current
prospectus,
do
not
include
the
voluntary
fee
waiver,
and
may
differ
from
the
expense
ratio
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
Annualized
and
effective
yields
are
for
the
seven-day
period
ended
3/31/22.
The
Fund’s
average
weighted
life
was
31
days
and
the
Fund’s
average
weighted
maturity
was
25
days.
Yield
reflects
Fund
expenses
and
fluctuations
in
interest
rates
on
Fund
investments.
Seven-Day
Annualized
Yield
1
Symbol
Seven-Day
Effective
Yield
1,2
(with
fee
waiver)
(without
fee
waiver)
FOBXX
0.15%
0.15%
-40.05%
Total
Annual
Operating
Expenses
3
With
Fee
Waiver
Without
Fee
Waiver
0.20%
3.51%
Your
Fund’s
Expenses
Franklin
OnChain
U.S.
Government
Money
Fund
5
franklintempleton.com
Annual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions,
if
applicable;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses,
if
applicable.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value.”
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
182/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Beginning
Account
Value
10/1/21
Ending
Account
Value
3/31/22
Expenses
Paid
During
Period
10/1/21–3/31/22
1,2
Ending
Account
Value
3/31/22
Expenses
Paid
During
Period
10/1/21–3/31/22
1,2
a
Annualized
Expense
Ratio
2
$1,000
$1,000.11
$0.42
$1,024.51
$0.43
0.08%
FRANKLIN
TEMPLETON
TRUST
Financial
Highlights
Franklin
OnChain
U.S.
Government
Money
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Year
Ended
March
31,
2022
a
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.....................................................................
$1.00
Income
from
investment
operations:
Net
investment
income
b
...........................................................................
—
Less
distributions
from:
Net
investment
income
b
...........................................................................
(—)
Net
asset
value,
end
of
year
.........................................................................
$1.00
Total
return
c
.....................................................................................
0.02%
Ratios
to
average
net
assets
d
Expenses
before
waiv
er
and
payments
by
affiliates
........................................................
93.40%
Expenses
net
of
waiver
and
payments
by
affiliates
.........................................................
0.06%
Net
investment
income
.............................................................................
0.02%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.......................................................................
$1,958
a
For
the
period
April
6,
2021
(commencement
of
operations)
to
March
31,
2022.
b
Amount
rounds
to
less
than
$0.001
per
share.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
Franklin
Templeton
Trust
Schedule
of
Investments,
March
31,
2022
Franklin
OnChain
U.S.
Government
Money
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
7
a
a
Principal
Amount
a
Value
U.S.
Government
and
Agency
Securities
125.1%
FHLB
,
a
4/01/22
.........................................................
$
100,000
$
100,000
a
4/06/22
.........................................................
100,000
99,999
a
4/08/22
.........................................................
100,000
99,998
a
4/11/22
.........................................................
100,000
99,995
a
4/13/22
.........................................................
100,000
99,993
a
4/18/22
.........................................................
100,000
99,988
a
4/26/22
.........................................................
100,000
99,979
a
4/27/22
.........................................................
100,000
99,983
a
5/04/22
.........................................................
100,000
99,974
a
5/06/22
.........................................................
100,000
99,976
a
5/11/22
.........................................................
100,000
99,964
a
5/24/22
.........................................................
100,000
99,949
a
5/27/22
.........................................................
100,000
99,946
a
6/24/22
.........................................................
100,000
99,877
b
FRN,
0.27%,
(SOFR),
5/18/22
........................................
100,000
100,000
b
FRN,
0.27%,
(SOFR),
6/01/22
........................................
100,000
100,000
b
FRN,
0.27%,
(SOFR),
6/09/22
........................................
100,000
100,000
1,699,621
a
U.S.
Treasury
Bills
,
4/07/22
.........................................................
100,000
99,999
4/12/22
.........................................................
100,000
99,991
4/19/22
.........................................................
100,000
99,988
5/12/22
.........................................................
50,000
49,996
5/17/22
.........................................................
100,000
99,974
6/16/22
.........................................................
100,000
99,905
6/23/22
.........................................................
100,000
99,889
7/26/22
.........................................................
100,000
99,770
749,512
Total
U.S.
Government
and
Agency
Securities
(Cost
$2,449,133)
..................
2,449,133
Total
Short
Term
Investments
(Cost
$2,449,133
)
.................................
2,449,133
a
Total
Investments
(Cost
$2,449,133)
125.1%
....................................
$2,449,133
Other
Assets,
less
Liabilities
(25.1)%
..........................................
(490,901)
Net
Assets
100.0%
...........................................................
$1,958,232
See
abbreviations
on
page
14
.
a
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
b
The
coupon
rate
shown
represents
the
rate
at
period
end.
FRANKLIN
TEMPLETON
TRUST
Financial
Statements
Statement
of
Assets
and
Liabilities
March
31,
2022
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
Franklin
OnChain
U.S.
Government
Money
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$2,449,133
Value
-
Unaffiliated
issuers
..................................................................
$2,449,133
Cash
....................................................................................
752,852
Receivables:
Capital
shares
sold
........................................................................
10,100
Interest
.................................................................................
41
Affiliates
................................................................................
102,726
Offering
costs
.............................................................................
8,710
Total
assets
..........................................................................
3,323,562
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
20
Transfer
agent
fees
........................................................................
247
Distributions
to
shareholders
.................................................................
6
Offering
costs
.............................................................................
525,673
Organization
costs
..........................................................................
788,509
Accrued
expenses
and
other
liabilities
...........................................................
50,875
Total
liabilities
.........................................................................
1,365,330
Net
assets,
at
value
.................................................................
$1,958,232
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,957,890
Total
distributable
earnings
(losses)
.............................................................
342
Net
assets,
at
value
.................................................................
$1,958,232
Shares
outstanding
.........................................................................
1,958,231
Net
asset
value
per
share
....................................................................
$1.00
FRANKLIN
TEMPLETON
TRUST
Financial
Statements
Statement
of
Operations
for
the
year
ended
March
31,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
Franklin
OnChain
U.S.
Government
Money
Fund
a
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$1,205
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,286
Transfer
agent
fees
(Note
3
c
)
..................................................................
3,737
Custodian
fees
.............................................................................
50
Reports
to
shareholders
fees
..................................................................
18,421
Registration
and
filing
fees
....................................................................
39,216
Professional
fees
...........................................................................
43,360
Trustees'
fees
and
expenses
..................................................................
34
Organization
costs
..........................................................................
798,509
Amortization
of
offering
costs
(Note
1d)
..........................................................
519,962
Other
....................................................................................
17,364
Total
expenses
.........................................................................
1,442,939
Expenses
waived/paid
by
affiliates
(Note
3d)
...................................................
(1,442,004)
Net
expenses
.........................................................................
935
Net
investment
income
................................................................
270
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$270
a
For
the
period
April
6,
2021
(commencement
of
operations)
to
March
31,
2022.
FRANKLIN
TEMPLETON
TRUST
Financial
Statements
Statement
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
Franklin
OnChain
U.S.
Government
Money
Fund
Year
Ended
March
31,
2022
a
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
...................................................................
$270
Distributions
to
shareholders
................................................................
(270)
Capital
share
transactions
(Note
2
)
............................................................
1,8
58,232
Net
increase
(decrease)
in
net
assets
.....................................................
1,858,232
Net
assets:
Beginning
of
year
.........................................................................
100,000
End
of
year
.............................................................................
$1,958,232
a
For
the
period
April
6,
2021
(commencement
of
operations)
to
March
31,
2022.
Franklin
Templeton
Trust
11
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
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)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
The
Fund
commenced
operations
effective
April
6,
2021.
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
Portfolio's
Board
of
Trustees
(the
Board),
Franklin
Templeton
Services,
LLC,
an
affiliate
of
the
investment
manager,
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
b.
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
March
31,
2022,
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. 
c.
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
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.
d.
Organization
and
Offering
Costs
Organization
costs
were
expensed
as
incurred.
Offering
costs
are
amortized
on
a
straight
line
basis
over
twelve
months.
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
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust'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
Trust
expects
the
risk
of
loss
to
be
remote.
Franklin
Templeton
Trust
Notes
to
Financial
Statements
12
franklintempleton.com
Annual
Report
2.
Shares
of
Beneficial
Interest
At
March
31,
2022,
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
actual
costs
incurred
by
FT
Services,
and
is
not
an
additional
expense
of
the
Fund.
c.
Transfer
Agent
Fees
The
Fund pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
the
Fund reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and
reimburses
shareholder
servicing
fees
paid
to
third
parties. 
For
the
year
ended
March
31,
2022,
the
Fund
paid
transfer
agent
fees
of
$3,737,
of
which $3,737
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,
2022.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Year
Ended
March
31,
2022
a
Amount
Shares
sold
...................................
$2,364,063
Shares
issued
in
reinvestment
of
distributions
..........
268
Shares
redeemed
...............................
(506,099)
Net
increase
(decrease)
..........................
$1,858,232
a
For
the
period
April
6,
2021
(commencement
of
operations)
to
March
31,
2022.
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
Franklin
Templeton
Trust
Notes
to
Financial
Statements
13
franklintempleton.com
Annual
Report
In
addition,
in
efforts
to
maintain
a
minimum
1
basis
point
annualized
yield,
Advisers
and
Investor
Services
have
voluntarily
agreed
to
waive
or
limit
their
respective
fees,
assume
as
their
own
expense
certain
expenses
otherwise
payable
by
the
Fund
and
if
necessary,
make
a
capital
infusion
into
the
Fund.
These
waivers,
expense
reimbursements
and
capital
infusions
are
voluntary
and
may
be
modified
or
discontinued
by
Advisers
or
Investor
Services
at
any
time,
and
without
further
notice.
Total
expenses
waived
or
paid
are
not
subject
to
reimbursement
by
the
Fund
subsequent
to
the
Fund's
fiscal
year
end.
There
is
no
guarantee
that
the
Fund
will
be
able
to
maintain
the
current
1
basis
point
yield
e.
Other
Affiliated
Transactions
At
March
31,
2022,
Templeton
International
Inc.
owned
51.1%
of
the
Fund's
outstanding
shares.
At
March
31,
2022,
an
interested
board
member
owned
46.0%
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
uses
features
of
traditional
book
entry
form
and
the
Stellar
network’s
blockchain.
The
use
of
blockchain
technology
is
relatively
new
and
still
evolving
for
mutual
funds.
The
recording
of
Fund
shares
on
the
blochchain
will
not
affect
the
Fund’s
investments.
However,
complex
information
technology
and
communications
systems,
such
as
blockchain
networks,
are
subject
to
a
number
of
different
threats
or
risks
that
could
adversely
affect
the
Fund.
5.
Income
Taxes
The
tax
character
of
distributions
paid
during
the
year
ended
March
31,
2022
was
as
follows:
At
March
31,
2022,
the
cost
of
investments
and
undistributed
ordinary
income
for
income
tax
purposes
were
as
follows:
6.
Geopolitical
Risk
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
2022
Distributions
paid
from:
Ordinary
income
..........................................................
$270
Cost
of
investments
..........................................................................
$2,449,133
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$348
3.
Transactions
with
Affiliates
(continued)
d.
Waiver
and
Expense
Reimbursements
(continued)
Franklin
Templeton
Trust
Notes
to
Financial
Statements
14
franklintempleton.com
Annual
Report
7.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
8.
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
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
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
2
inputs.
At
March
31,
2022,
all
of
the
Fund’s
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
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
FHLB
Federal
Home
Loan
Banks
FRN
Floating
Rate
Note
SOFR
Secured
Overnight
Financing
Rate
FRANKLIN
TEMPLETON
TRUST
Report
of
Independent
Registered
Public
Accounting
Firm
15
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
of
Franklin
Templeton
Trust
and
Shareholders
of
Franklin
OnChain
U.S.
Government
Money
Fund.
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
Franklin
OnChain
U.S.
Government
Money
Fund
(one
of
the
funds
constituting
Franklin
Templeton
Trust,
hereafter
collectively
referred
to
as
the
"Fund")
as
of
March
31,
2022,
the
related
statements
of
operations,
changes
in
net
assets
including
the
related
notes,
and
the
financial
highlights
for
the
period
April
6,
2021
(commencement
of
operations)
through
March
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
March
31,
2022,
and
the
results
of
its
operations,
the
changes
in
its
net
assets
and
the
financial
highlights
for
the
period
April
6,
2021
(commencement
of
operations)
through
March
31,
2022,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2022
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
May
17,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
funds
since
1948.
FRANKLIN
TEMPLETON
TRUST
Tax
Information
(unaudited)
16
franklintempleton.com
Annual
Report
Franklin
OnChain
U.S.
Government
Money
Fund
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
March
31,
2022:
Note
(1)
-
The
Law
varies
in
each
state
as
to
whether
and
what
percentage
of
dividend
income
attributable
to
Federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
consult
with
their
tax
advisors
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
taxes.
Pursuant
to:
Amount
Reported
Qualified
Net
Interest
Income
(QII)
§871(k)(1)(C)
$270
Section
163(j)
Interest
Earned
§163(j)
$612
Interest
Earned
from
Federal
Obligations
Note
(1)
$1,207
FRANKLIN
TEMPLETON
TRUST
Board
Members
and
Officers
17
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Rohit
Bhagat
(1964)
Lead
Independent
Trustee
and
Trustee
Since
2019
61
AssetMark
Financial
Holdings,
Inc.
(investment
solutions)
(2018-present)
and
PhonePe
(2020-present)
(payment
and
financial
services);
formerly
,
Axis
Bank
(financial)
(2013-2021),
FlipKart
Limited
(2019-2020)
(eCommerce
company);
CapFloat
Financial
Services
Pvt.,
Ltd.
(non-banking
finance
company)
(2018)
and
Zentific
Investment
Management
(hedge
fund)
(2015-
2018).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Managing
Member,
Mukt
Capital,
LLC
(private
investment
firm)
(2014-present);
Advisor,
Optimal
Asset
Management
(investment
technology
and
advisory
services
company)
(2015-present);
Chief
Executive
Officer
and
Director,
FinTech
Evolution
Acquisition
(eCommerce
company)
(February
2021-present);
and
formerly
,
Chairman,
Asia
Pacific,
BlackRock
(2009-2012);
Global
Chief
Operating
Officer,
Barclays
Global
Investors
(investment
management)
(2005-2009);
and
Senior
Partner,
The
Boston
Consulting
Group
(management
consulting)
(1992-2005).
Deborah
D.
McWhinney
(1955)
Trustee
Since
2020
61
S&P
Global,
Inc.
(financial
information
services)
(February
2022),
Borg
Warner
(automotive)
(2018-present),
LegalShield
(consumer
services)
(2020-present);
and
formerly
,
IHS
Markit
(information
services)
(2015-2022),
Fluor
Corporation
(construction
and
engineering)
(2014-2020)
and
Focus
Financial
Partner,
LLC
(financial
services)
(2018-2020).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Board
Member,
Lloyds
Banking
Group
(2015-2018)
(financial
institution)
and
Fresenius
Medical
Group
(2016-2018)
(healthcare);
Chief
Executive
Officer
(2013-2014)
and
Chief
Operating
Officer
(2011-2013),
CitiGroup
Global
Enterprise
Payments
(financial
services);
and
President,
Citi’s
Personal
Banking
and
Wealth
Management
(2009-2011).
Anantha
K.
Pradeep
(1963)
Trustee
Since
2019
61
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Executive
Officer,
Smilable,
Inc.
(technology
company)
(2014-present);
Chief
Executive
Officer,
MachineVantage
(technology
company)
(2018-present);
Founder
and
Managing
Partner,
Consult
Meridian,
LLC
(consulting
company)
(2009-present);
and
formerly
,
Founder,
BoardVantage
(board
portal
solutions
provider
delivering
paperless
process
for
boards
and
leadership)
(2000-2002).
FRANKLIN
TEMPLETON
TRUST
18
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Jennifer
M.
Johnson
(1964)
Trustee
and
Chairperson
of
the
Board
Since
2019
72
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Executive
Officer,
President
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Chief
Operating
Officer
and
Executive
Vice
President,
Franklin
Resources,
Inc.
(1994-2015);
Executive
Vice
President
of
Operations
and
Technology,
Franklin
Resources,
Inc.
(2005-2010);
and
Senior
Vice
President,
Franklin
Resources,
Inc.
(2003-2005).
Alison
E.
Baur
(1964)
Vice
President
Since
2019
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Steven
J.
Gray
(1955)
Vice
President
Since
2019
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Distributors,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
–
Finance
and
Administration
Since
2019
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Fred
Jensen
(1963)
Chief
Compliance
Officer
Since
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue,
47th
Floor
New
York,
NY
10018
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
-
Global
Compliance
of
Franklin
Templeton;
Managing
Director
of
Legg
Mason
&
Co.;
Director
of
Compliance,
Legg
Mason
Office
of
the
Chief
Compliance
Officer;
Chief
Compliance
Officer,
Franklin
Advisory
Services,
LLC;
Compliance
Officer,
Franklin
Advisers,
Inc.;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
formerly
,
Chief
Compliance
Officer
of
Legg
Mason
Global
Asset
Allocation;
Chief
Compliance
Officer,
Legg
Mason
Private
Portfolio;
Chief
Compliance
Officer
to
The
Reserves
Funds
(investment
adviser,
funds
and
broker-dealer)
and
Ambac
Financial
Group
(investment
adviser,
funds
and
broker-dealer).
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
September
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue
New
York,
NY
10018
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
FRANKLIN
TEMPLETON
TRUST
19
franklintempleton.com
Annual
Report
*We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
**Jennifer
M.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
her
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund’s
investment
manager
and
distributor.
Note
1:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
Rohit
Bhagat
as
its
audit
committee
financial
expert.
The
Board
believes
that
Mr.
Bhagat
qualifies
as
such
an
expert
in
view
of
his
extensive
business
background
and
experience,
including
extensive
experience
in
the
asset
management
and
financial
services
industries.
Mr.
Bhagat
has
been
a
Member
and
Chairman
of
the
Fund’s
Audit
Committee
since
2019.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Mr.
Bhagat
has
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Mr.
Bhagat
is
an
independent
Board
member
as
that
term
is
defined
under
the
relevant
Securities
and
Exchange
Commission
Rules
and
Releases.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Patrick
O’Connor
(1967)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2019
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
President
and
Chief
Investment
Officer,
Franklin
Advisory
Services,
LLC;
Senior
Vice
President,
Franklin
Advisers,
Inc.;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Vivek
Pai
(1970)
Treasurer,
Chief
Financial
Officer
and
Chief
Accounting
Officer
Since
2019
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
and
Secretary
Since
2019
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Lori
A.
Weber
(1964)
Vice
President
Since
2019
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301-1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
FRANKLIN
TEMPLETON
TRUST
Shareholder
Information
20
franklintempleton.com
Annual
Report
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Monthly
Schedule
of
Investments
The
Fund
files
its
complete
schedule
of
portfolio
holdings
monthly
with
the
U.S.
Securities
and
Exchange
Commission
on
Form
N-MFP.
The
Fund’s
Form
N-MFP
reports
are
available
on
the
SEC’s
website
at
www.sec.gov
and
on
the
Fund’s
website
at
franklintempleton.com.
9001
A
05/22
©
2022
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Annual
Report
Franklin
OnChain
U.S.
Government
Money
Fund
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial expert is Rohit Baghat and he is “independent” as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
Item 4. Principal Accountant Fees and Services.     
 
(a)      Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $33,010 for the fiscal year ended March 31, 2022 and $0 for the fiscal year ended March 31, 2021.
 
(b)      Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
 
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements. 
 
(c)      Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
 
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning.
 
(d)      All Other Fees
There were no fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant other than the services reported in paragraphs (a)-(c) of Item 4.
 
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant other than the services reported in paragraphs (a)-(c) of Item 4 were $243,743 for the fiscal year ended March 31, 2022 and $0 for the fiscal year ended March 31, 2021. The services for which these fees were paid included professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, professional fees in connection with determining the feasibility of a U.S. direct lending structure, fees in connection with license for employee development tool Pro Edge, and professional fees in connection with SOC 1 Reports.
 
 
 
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
 
      (i)   pre-approval of all audit and audit related services;
 
      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;
 
      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
 
      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
 
(e) (2) None of the services provided to the registrant described in paragraphs
 
(f) No disclosures are required by this Item 4(f).
 
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $243,743 for the fiscal year ended March 31, 2022 and $0 for the fiscal year ended March 31, 2021.
 
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
 
 
 
Item 5.  Audit Committee of Listed Registrants.       N/A
 
 
Item 6.  Schedule of Investments.                     N/A
 
 
Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.            N/A
 
 
Item 8.  Portfolio Managers of Closed-End Management Investment Companies.                               N/A
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers. N/A
 
 
Item 10. 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 11. Controls and Procedures.
 
(a)
 Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b)
 Changes in Internal Controls. There have been no changes 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 internal control over financial reporting.
 
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                             N/A
 
 
Item 13. Exhibits.
 
(a) (1) Code of Ethics
 
codeofethics
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Vivek Pai, Chief Financial Officer and Chief Accounting Officer
 
section302
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Vivek Pai, Chief Financial Officer and Chief Accounting Officer
 
section906
 
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, thereunto duly authorized.
 
 
 
FRANKLIN TEMPLETON TRUST
 
 
By S\MATTHEW T. HINKLE______________________
      Matthew T. Hinkle
      Chief Executive Officer – Finance and Administration
Date May 26, 2022
 
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\MATTHEW T. HINKLE______________________
      Matthew T. Hinkle
      Chief Executive Officer – Finance and Administration
Date May 26, 2022
 
 
By S\VIVEK PAI________________________
    
Vivek Pai
     Chief Financial Officer
and Chief Accounting Officer
Date May 26, 2022
Code of Ethics for Principal Executives & Senior Financial Officers
 
 

Procedures
 
Revised December 19, 2014
 
 
 

FRANKLIN TEMPLETON FUNDS

 
CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND SENIOR FINANCIAL OFFICERS

I.
            
Covered Officers and Purpose of the
Code

 
This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers," each of whom is set forth in Exhibit A) of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission (“SEC”) (collectively, "FT Funds") for the purpose of promoting:
 
·
        
Honest and ethical conduct, including the ethical resolution of actual or apparent conflicts of interest between personal and professional
relationships;
·
        
Full, fair, accurate, timely and understandable disclosure in reports and documents
that a registrant files with, or submits to, the SEC and in other public communications made by or on behalf of the FT
Funds;
·
        
Compliance with applicable laws and governmental rules and
regulations;
·
        
The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code;
and
·
        
Accountability for adherence to the
Code.
 
Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
 
 
 
 
*
Rule
38a-1
under
the Investment
Company
Act
of
1940
(“1940
Act”)
and
Rule
206(4)-7
under
the
Investment
Advisers
Act
of 1940 (“Advisers Act”) (together the “Compliance Rule”) require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws (“Compliance Rule Policies and
Procedures”).
 
CONFIDENTIAL INFORMATION. This document is the proprietary product of Franklin Templeton Investments. It may NOT be distributed outside the company unless it is made subject to a non-disclosure agreement and/or such release receives authorization by an FTI Chief Compliance Officer. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton Investments © 2014. All Rights
Reserved.
 

II.
            
Other Policies and
Procedures

 
This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.
 
Franklin Resources, Inc. has separately adopted the Code of Ethics and Business Conduct (“Business Conduct”), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee’s business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee
policies.
 
Additionally, the Franklin Templeton Funds have separately adopted the FTI Personal Investments and Insider Trading Policy governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.
 
Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to
you.
 

III.
            
Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

 
Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of apposition with the FT Funds.
 
Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds’ and the investment advisers’ compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.
 
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or

2


for all three), be involved in establishing policies and implementing decisions that will have different effects on the adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.
 
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.
 
Each Covered Officer must:
·
        
Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the FT Funds whereby the Covered
Officer would benefit personally to the detriment of the FT
Funds;
·
        
Not cause the FT Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the FT
Funds;
·
        
Not retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated persons for reports of potential violations that are made in good
faith;
·
        
Report at least annually the following affiliations or other
relationships:
1
o
   
all directorships for public companies and all companies that are required to file reports with the
SEC;
o
   
any direct or indirect business relationship with any independent directors of
the FT
Funds;
o
   
any direct or indirect business relationship with any independent public accounting firm (which are not related to the routine issues related to the
firm’s service as the Covered Persons accountant);
and
o
   
any direct or indirect interest in any transaction with any FT Fund that will benefit the officer (not including benefits derived from the advisory, sub-advisory, distribution or service agreements with affiliates of Franklin
Resources).
These reports will be reviewed by the Legal Department for compliance with the Code.
There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include
2
:
·
        
Service as a director on the board of any public or private
Company.
 

1
 
Reporting
of
these
affiliations
or
other
relationships
shall
be
made
by
completing
the
annual
Directors
and
Officers
Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General
Counsel.
2
    
Any
activity
or
relationship
that
would
present
a
conflict
for
a
Covered Officer
may
also
present
a
conflict
for
the
Covered Officer
if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Cover Person should also obtain written approval by FT’s General Counsel in such situations.
 

3


·
        
The receipt of any gifts in excess of $100 from any person, from any corporation
or association.
·
        
The receipt of any entertainment from any Company with which the FT Funds has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise
any question of impropriety. Notwithstanding the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources General Counsel for any entertainment with a value in excess of
$1000.
·
        
Any ownership interest in, or any consulting or employment relationship with, any of
the FT Fund’s service providers, other than an investment adviser, principal underwriter, administrator or any affiliated person
thereof.
·
        
A direct or indirect financial interest in commissions, transaction charges or spreads paid by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity
ownership.
·
        
Franklin Resources General Counsel or Deputy General Counsel will provide a report
to the FT Funds Audit Committee of any approvals granted at the next regularly scheduled meeting.
 

IV.
            
Disclosure and
Compliance

·
        
Each Covered Officer should familiarize himself with the disclosure
requirements generally applicable to the FT
Funds;
·
        
Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the FT Funds to others, whether within or outside the FT Funds, including to the FT Funds’ directors and auditors, and to governmental
regulators and self-regulatory
organizations;
·
        
Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the FT Funds, the FT Fund’s adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and in other public communications made by the FT Funds;
and
·
        
It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.
 

V.
            
Reporting and Accountability

 
Each Covered Officer must:
·
        
Upon becoming a covered officer affirm in writing to the Board that he or she has received, read, and understands the Code (see Exhibit
B);
·
        
Annually thereafter affirm to the Board that he has complied with the requirements of
the Code;
and
·
        
Notify Franklin Resources’ General Counsel or Deputy General Counsel promptly if he or she knows of any violation of this Code. Failure to do so is itself is a violation of
this

4


Code.
Franklin Resources’ General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.
3
 
However, the Independent Directors of the respective FT Funds will consider any approvals or waivers
4
 
sought by any Chief Executive Officers of the Funds.
 
The FT Funds will follow these procedures in investigating and enforcing this Code:
 
·
        
Franklin Resources General Counsel or Deputy General Counsel will take all
appropriate action to investigate any potential violations reported to the Legal
Department;
·
        
If, after such investigation, the General Counsel or Deputy General Counsel believes that no violation has occurred, The General Counsel is not required to take any
further action;
·
        
Any matter that the General Counsel or Deputy General Counsel believes is a
violation will be reported to the Independent Directors of the appropriate FT
Fund;
·
        
If the Independent Directors concur that a violation has occurred, it will inform and make a recommendation to the Board of the appropriate FT Fund or Funds, which will
consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered
Officer;
·
        
The Independent Directors will be responsible for granting waivers, as appropriate;
and
·
        
Any changes to or waivers of this Code will, to the extent required, are disclosed
as provided by SEC
rules.
5

VI.
            
Other Policies and
Procedures

 
This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund’s principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT’s Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this
Code.
 
 
 

3
 
Franklin
Resources
General
Counsel
and
Deputy
General
Counsel
are
authorized
to
consult,
as
appropriate,
with
members
of
the Audit
Committee, counsel
to
the
FT
Funds
and
counsel
to
the
Independent
Directors,
and
are
encouraged
to
do
so.
4
  
Item
2
of
Form
N-CSR
defines
"waiver"
as
"the
approval
by
the
registrant
of
a
material
departure
from
a
provision
of
the
code
of
ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.
5
   
See Part
X.

VII.
            
Amendments

 
Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the FT Funds’ Board including a majority of independent directors.

VIII.
            
Confidentiality

 
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds’ Board and their counsel.

IX.
            
Internal
Use

 
The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.
 
X.
           
Disclosure on Form
N-CSR
 
Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.
The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this
intention.
The Legal Department shall be responsible for ensuring that:
·
        
a copy of the Code is filed with the SEC as an exhibit to each Fund’s annual report;
and
·
        
any amendments to, or waivers (including implicit waivers) from, a provision of the
Code is disclosed in the registrant's annual report on Form
N-CSR.
In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.
In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

EXHIBIT A

 
Persons Covered by the Franklin Templeton Funds Code of Ethics
January 1, 2022
 
 

FRANKLIN GROUP OF FUNDS

 
Edward
Perks                           President and Chief Executive Officer – Investment Management
Rupert H.
Johnson,
Jr.               Chairman of the Board and Vice
President
Michael
McCarthy                      President and Chief Executive Officer – Investment Management
Sonal Desai,
Ph
D                     President and Chief Executive Officer – Investment Management
Matthew
Hinkle                          Chief Executive Officer – Finance and
Administration
Christopher Kings                     Chief Financial Officer and Chief Accounting Officer and Treasurer
 
           
 

FRANKLIN MUTUAL SERIES FUNDS

 
Christian K. Correa                    Chief Executive Officer – Investment Management
Matthew
Hinkle                          Chief Executive Officer – Finance and Administration
Christopher Kings                     Chief Financial Officer and Chief Accounting Officer and Treasurer
 
 

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

 
Brooks
Ritchey                          President and Chief Executive Officer – Investment Management
Matthew
Hinkle                          Chief Executive Officer – Finance and
Administration
Christopher Kings                     Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 

TEMPLETON GROUP OF FUNDS

 
Rupert H.
Johnson
Jr.                Chairman of the Board and Vice
President
Manraj
S.
Sekhon                      President and Chief Executive Officer – Investment Management
Michael Hasenstab, Ph.D.          President and Chief Executive Officer – Investment Management
Alan
Bartlett                              President and Chief Executive Officer – Investment Management
Matthew
Hinkle                          Chief Executive Officer – Finance and
Administration
Christopher Kings                     Chief Financial Officer, Chief Accounting Officer and Treasurer

Exhibit B ACKNOWLEDGMENT FORM

 

Franklin Templeton Funds Code of Ethics

For Principal Executives and Senior Financial Officers
 
 

Instructions:

1.
     
Complete all sections of this
form.
2.
     
Print the completed form, sign, and
date.
3.
     
Submit completed form to FT’s General Counsel c/o Code of Ethics Administration within 10 days of becoming a Covered Officer and by February 15th of each subsequent year.
 
E-mail:      Code of Ethics Inquiries & Requests (internal address);
lpreclear@franklintempleton.com
(external
address)
 
 
Covered Officer’s Name:
 
Title:
 
Department:
 
Location:
 
Certification for Year Ending:
 
 
 
To: Franklin Resources General Counsel, Legal Department
 
I acknowledge receiving, reading and understanding the Franklin Templeton Fund’s Code of Ethics for Principal Executive Officers and Senior Financial Officers (the “Code”). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.
 
 
 
 

Signature
 
Date signed
 
I, Matthew T. Hinkle, certify that:
 
1.
      
I have reviewed this report on Form N-CSR of Franklin Templeton Trust;
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;   
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;
4.
      
The registrant's other certifying officer(s) 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:
(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;
 
(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;
 
(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
 
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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 
5.
      
The registrant's other certifying officer(s) 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):
(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
(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.
 
5/26/2022
 
 
 
S\MATTHEW T. HINKLE
 
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
 

I, Vivek Pai, certify that:
 
1.
      
I have reviewed this report on Form N-CSR of Franklin Templeton Trust;
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;   
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;
4.
      
The registrant's other certifying officer(s) 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:
(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;
 
(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;
 
(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
 
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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 
5.
      
The registrant's other certifying officer(s) 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):
(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
(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.
 
5/26/2022
 
 
 
S\VIVEK PAI
 
Vivek Pai
Chief Financial Officer, Chief Accounting Officer and Treasurer
 
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 
I, Matthew T. Hinkle, Chief Executive Officer of the Franklin Templeton Trust (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
 
1.
                  
The periodic report on Form N-CSR of the Registrant for the period ended 3/31/2022 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
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.
 
Dated:  5/26/2022
 
                                                S\MATTHEW T. HINKLE
                                                                                                           
                                                Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
                        

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 
I, Vivek Pai, Chief Financial Officer of the Franklin Templeton Trust (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
 
1.
                  
The periodic report on Form N-CSR of the Registrant for the period ended 3/31/2022 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
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.
 
Dated:  5/26/2022
 
                                                S\VIVEK PAI
                                                                                                           
                                                Vivek Pai
Chief Financial Officer, Chief Accounting Officer and Treasurer