AMENDMENT TO INVESTMENT MANAGEMENT AGREEMENT
AMENDMENT TO
INVESTMENT MANAGEMENT AGREEMENT
This Amendment, dated as of May 13, 2020, is to each Investment Management Agreement, as amended and/or restated to date (each, an “Agreement”), by and between each Investment Manager identified on Schedule A, each a registered investment adviser (the “Investment Manager”), and each registered investment company (each, an “Investment Company”), on behalf of itself and, as applicable, its separate series (each, a “Series”) identified opposite the Investment Manager’s name on Schedule A.
WITNESSETH:
WHEREAS, the Investment Manager and each Investment Company, on behalf of itself and, as applicable, each Series, wish to amend the applicable Agreement as provided herein; and
WHEREAS, the Board of Trustees of the Investment Company, including a majority of Trustees who are not interested persons (as defined in the Investment Company Act of 1940, as amended) of the Investment Company, approved the following amendment at a meeting on May 13, 2020.
NOW, THEREFORE, in consideration of the foregoing premises, the parties hereto agree that each Agreement is amended to include a new appropriately numbered paragraph/section, as applicable, at the end of the Agreement as follows:
Where the effect of a requirement of the 1940 Act reflected in any provision of the Agreement is revised by rule, interpretation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, interpretation or order.
[Signature page follows.]
IN WITNESS WHEREOF, this Amendment has been executed on behalf of each party as of the date set forth above.
Each Investment Manager listed on Schedule A
Franklin
Advisers, Inc.
By: /s/
Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title:
President
Franklin Xxxxxxxxx Institutional, LLC
By: /s/ Xxxxxx X. Xxxxxx
Name: Xxxxxx X. Xxxxxx
Title:
President
Franklin Xxxxxxxxx Investment Management Limited
By: /s/
Xxxxxx X. Xxxxxx
Name: Xxxxxx X. Xxxxxx
Title: Chief
Executive Officer
Each Investment Company and, as applicable, each Series listed on Schedule A
By: /s/
Xxxxxx X. Xxxx
Name: Xxxxxx X. Xxxx
Title: Vice
President and Co-Secretary
Schedule A
Investment Company and Series | Investment Manager |
Franklin California Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin California Tax-Free Trust | |
Franklin California Intermediate-Term Tax Free Income Fund | Franklin Advisers, Inc. |
Franklin Custodian Funds | |
Franklin DynaTech Fund | Franklin Advisers, Inc. |
Franklin Focused Growth Fund | Franklin Advisers, Inc. |
Franklin Growth Fund | Franklin Advisers, Inc. |
Franklin Income Fund | Franklin Advisers, Inc. |
Franklin U.S. Government Securities Fund | Franklin Advisers, Inc. |
Franklin Utilities Fund | Franklin Advisers, Inc. |
Franklin Federal Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Floating Rate Master Trust | |
Franklin Floating Rate Master Series | Franklin Advisers, Inc. |
Franklin Floating Rate Income Fund | Franklin Advisers, Inc. |
Franklin Fund Allocator Series | |
Franklin Conservative Allocation Fund | Franklin Advisers, Inc. |
Franklin Emerging Market Core Equity (IU) Fund | Franklin Advisers, Inc. |
Franklin Global Core Fixed Income (IU) Fund | Franklin Xxxxxxxxx Investment Management Limited |
Franklin Growth Allocation Fund | Franklin Advisers, Inc. |
Franklin International Core Equity (IU) Fund | Franklin Advisers, Inc. |
Franklin LifeSmartTM Retirement Income Fund | Franklin Advisers, Inc. |
Franklin LifeSmartTM 2020 Retirement Target Fund | Franklin Advisers, Inc. |
Franklin LifeSmartTM 2025 Retirement Target Fund | Franklin Advisers, Inc. |
Franklin LifeSmartTM 2030 Retirement Target Fund | Franklin Advisers, Inc. |
Franklin LifeSmartTM 2035 Retirement Target Fund | Franklin Advisers, Inc. |
Franklin LifeSmartTM 2040 Retirement Target Fund | Franklin Advisers, Inc. |
Franklin LifeSmartTM 2045 Retirement Target Fund | Franklin Advisers, Inc. |
Franklin LifeSmartTM 2050 Retirement Target Fund | Franklin Advisers, Inc. |
Franklin LifeSmartTM 2055 Retirement Target Fund | Franklin Advisers, Inc. |
Franklin Moderate Allocation Fund | Franklin Advisers, Inc. |
Franklin NextStep Conservative Fund | Franklin Advisers, Inc. |
Franklin NextStep Growth Fund | Franklin Advisers, Inc. |
Franklin NextStep Moderate Fund | Franklin Advisers, Inc. |
Franklin Payout 2020 Fund | Franklin Advisers, Inc. |
Franklin Payout 2021 Fund | Franklin Advisers, Inc. |
Franklin Payout 2022 Fund | Franklin Advisers, Inc. |
Franklin Payout 2023 Fund | Franklin Advisers, Inc. |
Franklin Retirement Growth Fund | Franklin Advisers, Inc. |
Franklin Retirement Savings Fund | Franklin Advisers, Inc. |
Franklin U.S. Core Equity (IU) Fund | Franklin Advisers, Inc. |
Franklin U.S. Core Fixed Income (IU) Fund | Franklin Advisers, Inc. |
Franklin Global Trust | |
Franklin Emerging Market Debt Opportunities Fund | Franklin Xxxxxxxxx Investment Management Limited |
Franklin International Growth Fund | Franklin Xxxxxxxxx Institutional, LLC |
Franklin International Small Cap Fund | Franklin Advisers, Inc. |
Franklin High Income Trust | |
Franklin High Income Fund | Franklin Advisers, Inc. |
Franklin Investors Securities Trust | |
Franklin Adjustable U.S. Government Securities Fund | Franklin Advisers, Inc. |
Franklin Convertible Securities Fund | Franklin Advisers, Inc. |
Franklin Equity Income Fund | Franklin Advisers, Inc. |
Franklin Floating Rate Daily Access Fund | Franklin Advisers, Inc. |
Franklin Low Duration Total Return Fund | Franklin Advisers, Inc. |
Franklin Managed Income Fund | Franklin Advisers, Inc. |
Franklin Total Return Fund | Franklin Advisers, Inc. |
Franklin Limited Duration Income Trust | Franklin Advisers, Inc. |
Investment Company and Series | Investment Manager |
Franklin Municipal Securities Trust | |
Franklin California High Yield Municipal Fund | Franklin Advisers, Inc. |
Franklin Tennessee Municipal Bond Fund | Franklin Advisers, Inc. |
Franklin New York Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin New York Tax-Free Trust | |
Franklin New York Intermediate-Term Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Advisers, Inc. | |
Franklin Tax-Free Trust | |
Franklin Alabama Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Arizona Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Colorado Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Connecticut Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Federal Intermediate-Term Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Federal Limited-Term Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Florida Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Georgia Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin High Yield Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Kentucky Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Louisiana Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Maryland Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Massachusetts Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Michigan Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Minnesota Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Missouri Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Municipal Green Bond Fund | Franklin Advisers, Inc. |
Franklin New Jersey Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin North Carolina Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Ohio Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Oregon Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Pennsylvania Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Virginia Tax-Free Income Fund | Franklin Advisers, Inc. |
Franklin Universal Trust | Franklin Advisers, Inc. |
Institutional Fiduciary Trust | |
Franklin Money Market Fund | Franklin Advisers, Inc. |
The Money Market Portfolios | |
The U.S. Government Money Market Portfolio | Franklin Advisers, Inc. |
