Approved use of block block-link money market funds in Franklin Templeton to manage cash

THE INVESTMENT MANAGEMENT OF FRANKLIN TEMPLETON HAS SENT A LETTER OF NO ACTION TO THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC) TO ALLOW ITS REGISTERED FUNDS TO USE ITS CHAINED MONEY MARKET FUND ($FOBXX) TO MANAGE CASH, INCLUDING COLLATERAL FOR SECURITIES LENDING. THIS EXEMPTION ENABLES FRANKLIN TO KEEP AND RECORD OWNERSHIP OF THE SHARES OF THESE FUNDS THROUGH ITS BLOCK CHAIN INTEGRATION SYSTEM WITHOUT HAVING TO COMPLY WITH CERTAIN TRADITIONAL RULES DESIGNED FOR PHYSICAL SECURITIES. FRANKLIN INDICATED THAT THE STRUCTURE COULD SUPPORT DAY-TO-DAY TRANSACTIONS, NET HOURLY VALUE CALCULATIONS AND FASTER TRANSACTION PROCESSING。