Filing Details

Accession Number:
0000038777-18-000051
Form Type:
13G Filing
Publication Date:
2018-02-06 11:29:43
Filed By:
Franklin Resources Inc
Company:
Boot Barn Holdings Inc. (NYSE:BOOT)
Filing Date:
2018-02-06
SEC Url:
13G Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Franklin Resources, Inc 1,513,967 0 1,513,967 0 1,549,623 5.8%
Charles B. Johnson 1,549,623 5.8%
Rupert H. Johnson, Jr 1,549,623 5.8%
Franklin Advisers, Inc 1,513,967 5.7%
Filing

 

 

      CUSIP NO. 099406100                           13G                            Page 1 of 14

 

 

                                                                              UNITED STATES

                                                         SECURITIES AND EXCHANGE COMMISSION

                                                                     Washington, D.C. 20549

 

                                                                              SCHEDULE 13G

 

                                                 Under the Securities Exchange Act of 1934

                                                                         (Amendment No. )*

 

                                                                  BOOT BARN HOLDINGS, INC.

                                                                          (Name of Issuer)

 

                                                           Common Stock, $0.0001 par value

                                                            (Title of Class of Securities)

 

                                                                                 099406100 

                                                                            (CUSIP Number)

 

                                                                         December 31, 2017

 

                                   (Date of Event Which Requires Filing of this Statement)

 

    Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

    [X] Rule 13d‑1(b)

    [ ] Rule 13d‑1(c)

    [ ] Rule 13d‑1(d)

 

    *The remainder of this cover page shall be filled out for a reporting person's initial

    filing on this form with respect to the subject class of securities, and for any

    subsequent amendment containing information which would alter the disclosures provided in

    a prior cover page.

 

    The information required in the remainder of this cover page shall not be deemed to be

    "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or

    otherwise subject to the liabilities of that section of the Act but shall be subject to

    all other provisions of the Act (however, see the Notes).

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 2 of 14

 

 

          1.    NAMES OF REPORTING PERSONS.    

 

                      Franklin Resources, Inc.

 

          2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

                      (a) 

                      (b) X

 

          3.    SEC USE ONLY

 

          4.    CITIZENSHIP OR PLACE OF ORGANIZATION

 

                      Delaware 

 

          NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

 

          5.    SOLE VOTING POWER

 

                      (See Item 4)

 

          6.    SHARED VOTING POWER

 

                      (See Item 4)

 

          7.    SOLE DISPOSITIVE POWER

 

                      (See Item 4)

 

          8.    SHARED DISPOSITIVE POWER

 

                      (See Item 4)

 

          9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

                      1,549,623 

 

          10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

                      CERTAIN SHARES [ ]

 

          11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

                      5.8% 

 

          12.   TYPE OF REPORTING PERSON

 

                      HC, CO (See Item 4)

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 3 of 14

 

 

          1.    NAMES OF REPORTING PERSONS.    

 

                      Charles B. Johnson

 

          2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

                      (a) 

                      (b) X

 

          3.    SEC USE ONLY

 

          4.    CITIZENSHIP OR PLACE OF ORGANIZATION

 

                      USA 

 

          NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

 

          5.    SOLE VOTING POWER

 

                      (See Item 4)

 

          6.    SHARED VOTING POWER

 

                      (See Item 4)

 

          7.    SOLE DISPOSITIVE POWER

 

                      (See Item 4)

 

          8.    SHARED DISPOSITIVE POWER

 

                      (See Item 4)

 

          9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

                      1,549,623 

 

          10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

                      CERTAIN SHARES [ ]

 

          11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

                      5.8% 

 

          12.   TYPE OF REPORTING PERSON

 

                      HC, IN (See Item 4)

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 4 of 14

 

 

          1.    NAMES OF REPORTING PERSONS.    

 

                      Rupert H. Johnson, Jr.

 

          2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

                      (a) 

                      (b) X

 

          3.    SEC USE ONLY

 

          4.    CITIZENSHIP OR PLACE OF ORGANIZATION

 

                      USA 

 

          NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

 

          5.    SOLE VOTING POWER

 

                      (See Item 4)

 

          6.    SHARED VOTING POWER

 

                      (See Item 4)

 

          7.    SOLE DISPOSITIVE POWER

 

                      (See Item 4)

 

          8.    SHARED DISPOSITIVE POWER

 

                      (See Item 4)

 

          9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

                      1,549,623 

 

          10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

                      CERTAIN SHARES [ ]

 

          11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

                      5.8% 

 

          12.   TYPE OF REPORTING PERSON

 

                      HC, IN (See Item 4)

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 5 of 14

 

 

          1.    NAMES OF REPORTING PERSONS.    

 

                      Franklin Advisers, Inc.

 

          2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

                      (a) 

                      (b) X

 

          3.    SEC USE ONLY

 

          4.    CITIZENSHIP OR PLACE OF ORGANIZATION

 

                      California 

 

          NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

 

          5.    SOLE VOTING POWER

 

                      1,513,967  

 

          6.    SHARED VOTING POWER

 

                     

 

          7.    SOLE DISPOSITIVE POWER

 

                      1,513,967  

 

          8.    SHARED DISPOSITIVE POWER

 

                     

 

          9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

                      1,513,967 

 

          10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

                      CERTAIN SHARES [ ]

 

          11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

                      5.7% 

 

          12.   TYPE OF REPORTING PERSON

 

                      IA, CO (See Item 4)

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 6 of 14

 

 

          Item 1.

 

          (a)   Name of Issuer

 

                      BOOT BARN HOLDINGS, INC.

 

          (b)   Address of Issuer's Principal Executive Offices

 

           15345 Barranca Pkwy

           Irvine, CA 92618

 

          Item 2.

 

          (a)   Name of Person Filing

                      (i):   Franklin Resources, Inc.

 

                      (ii):  Charles B. Johnson

 

                      (iii): Rupert H. Johnson, Jr.

 

                      (iv):  Franklin Advisers, Inc.

 

 

          (b)   Address of Principal Business Office or, if none, Residence

 

                      (i), (ii), and (iii):

                                  One Franklin Parkway

                                  San Mateo, CA 94403‑1906

                     (iv): One Franklin Parkway

                                  San Mateo, CA  94403‑1906

 

          (c)   Citizenship

 

                      (i):     Delaware

 

                      (ii) and (iii): USA

 

                      (iv): California

 

 

          (d)   Title of Class of Securities

 

                      Common Stock, $0.0001 par value

 

          (e)   CUSIP Number

 

                      099406100 

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 7 of 14

 

Item 3.     If this statement is filed pursuant to §§240.13d‑1(b) or 240.13d‑2(b) or (c),

                        check whether the person filing is a:

                      (a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

 

                      (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

 

                      (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.78c).

 

                      (d) [ ] Investment company registered under section 8 of the Investment Company

                                      Act of 1940 (15 U.S.C 80a‑8).

 

                      (e) [X] An investment adviser in accordance with §240.13d‑1(b)(1)(ii)(E);

 

                      (f) [ ] An employee benefit plan or endowment fund in accordance with

                                      §240.13d‑1(b)(1)(ii)(F); 

 

                      (g) [X] A parent holding company or control person in accordance with

                                      §240.13d‑1(b)(1)(ii)(G); 

 

                      (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit

                                      Insurance Act (12 U.S.C. 1813);

 

                      (i) [ ] A church plan that is excluded from the definition of an investment

                                      company under section 3(c)(14) of the Investment Company Act of 1940 (15

                                      U.S.C. 80a‑3);

 

                      (j) [ ] A non‑U.S. institution in accordance with §240.13d‑1(b)(ii)(J);

 

                      (k) [ ] Group, in accordance with §240.13d 1(b)(1)(ii)(K).

 

                      If filing as a non‑U.S. institution in accordance with §240.13d‑1(b)(1)(ii) (J).

                      please specify the type of institution:

 

          Item 4.  Ownership

 

          The securities reported herein are beneficially owned by one or more open‑ or

          closed‑end investment companies or other managed accounts that are investment

          management clients of investment managers that are direct and indirect subsidiaries

          (each, an “Investment Management Subsidiary” and, collectively, the “Investment

          Management Subsidiaries”) of Franklin Resources Inc. (“FRI”), including the Investment

          Management Subsidiaries listed in this Item 4.  When an investment management contract

          (including a sub‑advisory agreement) delegates to an Investment Management Subsidiary

          investment discretion or voting power over the securities held in the investment

          advisory accounts that are subject to that agreement, FRI treats the Investment

          Management Subsidiary as having sole investment discretion or voting authority, as the

          case may be, unless the agreement specifies otherwise. Accordingly, each Investment

          Management Subsidiary reports on Schedule 13G that it has sole investment discretion

          and voting authority over the securities covered by any such investment management

          agreement, unless otherwise noted in this Item 4.  As a result, for purposes of Rule

          13d‑3 under the Act, the Investment Management Subsidiaries listed in this Item 4 may

          be deemed to be the beneficial owners of the securities reported in this Schedule 13G.

      

     Beneficial ownership by Investment Management Subsidiaries and other FRI affiliates is

          being reported in conformity with the guidelines articulated by the SEC staff in

          Release No. 34‑39538 (January 12, 1998) relating to organizations, such as FRI, where

          related entities exercise voting and investment powers over the securities being

          reported independently from each other.  The voting and investment powers held by

          Franklin Mutual Advisers, LLC (“FMA”) and Franklin Advisory Services, LLC (“FAS”), each an

     indirect wholly‑owned Investment Management Subsidiary, are exercised independently from

     FRI and from all other Investment Management Subsidiaries (FRI, its affiliates and the

     Investment Management Subsidiaries other than FMA and FAS are collectively, “FRI

     affiliates”). Furthermore, internal policies and procedures of FMA, FAS and FRI establish

     informational barriers that prevent the flow between FMA and FAS, on the one hand, and the

     FRI affiliates, on the other hand, of information that relates to the voting and investment

     powers over the securities owned by their respective management clients. Consequently, FMA

     and FAS report the securities over which they hold investment and voting power separately

     from the FRI affiliates for purposes of Section 13 of the Act.

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 8 of 14

 

 

          Charles B. Johnson and Rupert H. Johnson, Jr. (the “Principal Shareholders”) each own

          in excess of 10% of the outstanding common stock of FRI and are the principal

          stockholders of FRI.  FRI and the Principal Shareholders may be deemed to be, for

          purposes of Rule 13d‑3 under the Act, the beneficial owners of securities held by

          persons and entities for whom or for which FRI subsidiaries provide investment

          management services.  The number of shares that may be deemed to be beneficially owned

          and the percentage of the class of which such shares are a part are reported in Items

          9 and 11 of the cover pages for FRI and each of the Principal Shareholders.  FRI, the

          Principal Shareholders and each of the Investment Management Subsidiaries disclaim any

          pecuniary interest in any of the such securities.  In addition, the filing of this

          Schedule 13G on behalf of the Principal Shareholders, FRI and the FRI affiliates, as

          applicable, should not be construed as an admission that any of them is, and each of

          them disclaims that it is, the beneficial owner, as defined in Rule 13d‑3, of any of

          the securities reported in this Schedule 13G.

 

          FRI, the Principal Shareholders, and each of the Investment Management Subsidiaries

          believe that they are not a “group” within the meaning of Rule 13d‑5 under the Act and

          that they are not otherwise required to attribute to each other the beneficial

          ownership of the securities held by any of them or by any persons or entities for whom

          or for which the Investment Management Subsidiaries provide investment management

          services. 

 

                      (a)   Amount beneficially owned:

 

                                  1,549,623 

 

                      (b)   Percent of class:

 

                                  5.8% 

 

                      (c)   Number of shares as to which the person has:

 

                              (i)  Sole power to vote or to direct the vote

 

                                        Franklin Resources, Inc.:                                            0

 

                                        Charles B. Johnson:                                                  0

 

                                        Rupert H. Johnson, Jr.:                                              0

 

                                        Fiduciary Trust Company International:                          35,656

 

                                        Franklin Advisers, Inc.:                                     1,513,967

 

                            (ii)  Shared power to vote or to direct the vote

 

                                       

 

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 9 of 14

 

 

                          (iii)  Sole power to dispose or to direct the disposition of

 

                                        Franklin Resources, Inc.:                                            0

 

                                        Charles B. Johnson:                                                  0

 

                                        Rupert H. Johnson, Jr.:                                              0

 

                                        Franklin Advisers, Inc.:                                     1,513,967

 

                                        Fiduciary Trust Company International:                          35,656

 

                           (iv)   Shared power to dispose or to direct the disposition of

 

                                       

 

          Item 5.  Ownership of Five Percent or Less of a Class

 

                            If this statement is being filed to report the fact that as of the date

                            hereof the reporting person has ceased to be the beneficial owner of more

                            than five percent of the class of securities, check the following [ ].

 

          Item 6.  Ownership of More than Five Percent on Behalf of Another Person

 

                            The clients of the Investment Management Subsidiaries, including investment

                            companies registered under the Investment Company Act of 1940 and other

                            managed accounts, have the right to receive or power to direct the receipt of

                            dividends from, and the proceeds from the sale of, the securities reported

                            herein.   

 

                            Franklin Small Cap Growth Fund, a series of Franklin Strategic Series,

                            an investment company registered under the Investment Company Act of 1940,

                            has an interest in 1,384,739 shares, or 5.2%, of the class of securities

                            reported herein.

 

          Item 7.  Identification and Classification of the Subsidiary Which Acquired the

                            Security Being Reported on By the Parent Holding Company

 

                            See Attached Exhibit C

 

          Item 8.  Identification and Classification of Members of the Group

 

                            Not Applicable

 

          Item 9.  Notice of Dissolution of Group

 

                            Not Applicable

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 10 of 14

 

          Item 10.  Certification

 

          By signing below I certify that, to the best of my knowledge and belief, the

          securities referred to above were acquired and are held in the ordinary course of

          business and were not acquired and are not held for the purpose of or with the effect

          of changing or influencing the control of the issuer of the securities and were not

          acquired and are not held in connection with or as a participant in any transaction

          having that purpose or effect.

 

 

          This report shall not be construed as an admission by the persons filing the report

          that they are the beneficial owner of any securities covered by this report.

 

          Exhibits. 

                            Exhibit A Joint Filing Agreement

                            Exhibit B Limited Powers of Attorney for Section 13 Reporting Obligations

                            Exhibit C Item 7 Identification and Classification of Subsidiaries

 

                                                                                  SIGNATURE 

 

          After reasonable inquiry and to the best of my knowledge and belief, I certify that

          the information set forth in this statement is true, complete and correct.

 

          Dated:  January 29, 2018

 

          Franklin Resources, Inc.

 

          Charles B. Johnson

 

          Rupert H. Johnson, Jr.

 

          Franklin Strategic Series on behalf of

                       Franklin Small Cap Growth Fund

 

          By:     /s/LORI A. WEBER

                         ‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑ 

                         Lori A. Weber

                         Assistant Secretary of Franklin Resources, Inc.

                         Attorney‑in‑Fact for Charles B. Johnson pursuant to Power of Attorney

                         attached to this Schedule 13G

 

                         Attorney‑in‑Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney

                         attached to this Schedule 13G

 

            Vice President and Assistant Secretary of Franklin Strategic Series

 

 

           

     Franklin Advisers, Inc.

 

 

 

     By:     /s/ALISON E. BAUR

                         ‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑ 

                         Alison E. Baur

                         Assistant Secretary of Franklin Advisers, Inc.

 

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 11 of 14

 

          EXHIBIT A

 

          JOINT FILING AGREEMENT

 

          In accordance with Rule 13d‑1(k) under the Securities Exchange Act of 1934, as

          amended, the undersigned hereby agree to the joint filing with each other of the

          attached statement on Schedule 13G and to all amendments to such statement and that

          such statement and all amendments to such statement are made on behalf of each of

          them. 

 

          IN WITNESS WHEREOF, the undersigned have executed this agreement on January 29, 2018.

 

          Franklin Resources, Inc.

 

          Charles B. Johnson

 

          Rupert H. Johnson, Jr.

 

          Franklin Strategic Series on behalf of

                       Franklin Small Cap Growth Fund

 

          By:    /s/LORI A. WEBER

                         ‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑ 

                         Lori A. Weber

                         Assistant Secretary of Franklin Resources, Inc.

                         Attorney‑in‑Fact for Charles B. Johnson pursuant to Power of Attorney

                         attached to this Schedule 13G

 

                         Attorney‑in‑Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney

                         attached to this Schedule 13G

 

            Vice President and Assistant Secretary of Franklin Strategic Series

 

 

           

     Franklin Advisers, Inc.

 

 

 

     By:     /s/ALISON E. BAUR

                         ‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑ 

                         Alison E. Baur

                         Assistant Secretary of Franklin Advisers, Inc.

 

 

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 12 of 14

 

         EXHIBIT B                         

                                                                       LIMITED POWER OF ATTORNEY

                                                                                             FOR 

                                                         SECTION 13 AND 16 REPORTING OBLIGATIONS

 

     Know all by these presents, that the undersigned hereby makes, constitutes and appoints each

  of Alison E. Baur, Maria Gray, Steven J. Gray, Kimberly H. Novotny, Karen L. Skidmore, Navid

  J. Tofigh and Lori A. Weber each acting individually, as the undersigned’s true and lawful

  attorney‑in‑fact, with full power and authority as hereinafter described on behalf of and in

  the name, place and stead of the undersigned to:

  (1)  prepare, execute, acknowledge, deliver and file Forms ID, Schedules 13D and 13G, and

  Forms 3, 4 and 5 (including any amendments thereto and any related documentation) with the

  United States Securities and Exchange Commission and any national securities exchanges

  relating to Franklin Resources, Inc. (“FRI”) and/or any registered closed‑end company to which

  an affiliate of FRI is an investment adviser (each, a “Reporting Entity”), as considered

  necessary or advisable under Regulation S‑T and Sections 13(d) and 16(a) of the Securities

  Exchange Act of 1934 and the rules and regulations promulgated thereunder, as amended from

  time to time (the “Exchange Act”); and

  (2)  seek or obtain, as the undersigned’s representative and on the undersigned’s behalf,

  information on transactions in the securities of any Reporting Entity from any person,

  including brokers, employee benefit plan administrators and trustees, and the undersigned

  hereby authorizes any such person to release any such information to the undersigned and

  approves and ratifies any such release of information; and

  (3)  perform any and all other acts which in the discretion of such attorney‑in‑fact are

  necessary or desirable for and on behalf of the undersigned in connection with the foregoing.

 

        The undersigned acknowledges that:

  (1)  this Limited Power of Attorney authorizes, but does not require, each such

  attorney‑in‑fact to act in their discretion on information provided to such attorney‑in‑fact

  without independent verification of such information;

  (2)  any documents prepared and/or executed by any such attorney‑in‑fact on behalf of the

  undersigned pursuant to this Limited Power of Attorney will be in such form and will contain

  such information and disclosure as such attorney‑in‑fact, in his or her discretion, deems

  necessary or desirable;

  (3)  none of FRI, any Reporting Entity nor any of such attorneys‑in‑fact assumes (i) any

  liability for the undersigned’s responsibility to comply with the requirements of the Exchange

  Act, (ii) any liability of the undersigned for any failure to comply with such requirements,

  or (iii) any obligation or liability of the undersigned for profit disgorgement under Section

  16(b) of the Exchange Act; and

  (4)  this Limited Power of Attorney does not relieve the undersigned from responsibility for

  compliance with the undersigned’s obligations under the Exchange Act, including without

  limitation, the reporting requirements under Section 16 of the Exchange Act.

     The undersigned hereby gives and grants each of the foregoing attorneys‑in‑fact full power

  and authority to do and perform all and every act and thing whatsoever requisite, necessary or

  appropriate to be done in and about the foregoing matters as fully to all intents and purposes

  as the undersigned might or could do if present, hereby ratifying all that each such

  attorney‑in‑fact of, for and on behalf of the undersigned, shall lawfully do or cause to be

  done by virtue of this Limited Power of Attorney.

     This Limited Power of Attorney shall remain in full force and effect until revoked by the

  undersigned in a signed writing delivered to each such attorney‑in‑fact.

     IN WITNESS WHEREOF, the undersigned has caused this Limited Power of Attorney to be executed

  as of this     27th            day of      February       , 2017.

 

                                                                                                                              /s/Charles B. Johnson

                                                                                                                              Signature 

 

                                                                                                                              Charles B. Johnson

                                                                                                                              Print Name

 

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 13 of 14

 

                                                                       LIMITED POWER OF ATTORNEY

                                                                                             FOR 

                                                         SECTION 13 AND 16 REPORTING OBLIGATIONS

 

     Know all by these presents, that the undersigned hereby makes, constitutes and appoints each

  of Alison E. Baur, Maria Gray, Steven J. Gray, Kimberly H. Novotny, Karen L. Skidmore, Navid

  J. Tofigh and Lori A. Weber each acting individually, as the undersigned’s true and lawful

  attorney‑in‑fact, with full power and authority as hereinafter described on behalf of and in

  the name, place and stead of the undersigned to:

  (1)  prepare, execute, acknowledge, deliver and file Forms ID, Schedules 13D and 13G, and

  Forms 3, 4 and 5 (including any amendments thereto and any related documentation) with the

  United States Securities and Exchange Commission and any national securities exchanges

  relating to Franklin Resources, Inc. (“FRI”) and/or any registered closed‑end company to which

  an affiliate of FRI is an investment adviser (each, a “Reporting Entity”), as considered

  necessary or advisable under Regulation S‑T and Sections 13(d) and 16(a) of the Securities

  Exchange Act of 1934 and the rules and regulations promulgated thereunder, as amended from

  time to time (the “Exchange Act”); and

  (2)  seek or obtain, as the undersigned’s representative and on the undersigned’s behalf,

  information on transactions in the securities of any Reporting Entity from any person,

  including brokers, employee benefit plan administrators and trustees, and the undersigned

  hereby authorizes any such person to release any such information to the undersigned and

  approves and ratifies any such release of information; and

  (3)  perform any and all other acts which in the discretion of such attorney‑in‑fact are

  necessary or desirable for and on behalf of the undersigned in connection with the foregoing.

 

        The undersigned acknowledges that:

  (1)  this Limited Power of Attorney authorizes, but does not require, each such

  attorney‑in‑fact to act in their discretion on information provided to such attorney‑in‑fact

  without independent verification of such information;

  (2)  any documents prepared and/or executed by any such attorney‑in‑fact on behalf of the

  undersigned pursuant to this Limited Power of Attorney will be in such form and will contain

  such information and disclosure as such attorney‑in‑fact, in his or her discretion, deems

  necessary or desirable;

  (3)  none of FRI, any Reporting Entity nor any of such attorneys‑in‑fact assumes (i) any

  liability for the undersigned’s responsibility to comply with the requirements of the Exchange

  Act, (ii) any liability of the undersigned for any failure to comply with such requirements,

  or (iii) any obligation or liability of the undersigned for profit disgorgement under Section

  16(b) of the Exchange Act; and

  (4)  this Limited Power of Attorney does not relieve the undersigned from responsibility for

  compliance with the undersigned’s obligations under the Exchange Act, including without

  limitation, the reporting requirements under Section 16 of the Exchange Act.

     The undersigned hereby gives and grants each of the foregoing attorneys‑in‑fact full power

  and authority to do and perform all and every act and thing whatsoever requisite, necessary or

  appropriate to be done in and about the foregoing matters as fully to all intents and purposes

  as the undersigned might or could do if present, hereby ratifying all that each such

  attorney‑in‑fact of, for and on behalf of the undersigned, shall lawfully do or cause to be

  done by virtue of this Limited Power of Attorney.

     This Limited Power of Attorney shall remain in full force and effect until revoked by the

  undersigned in a signed writing delivered to each such attorney‑in‑fact.

     IN WITNESS WHEREOF, the undersigned has caused this Limited Power of Attorney to be executed

  as of this     27th            day of      February       , 2017.

 

                                                                                                                              /s/Rupert H. Johnson, Jr.

                                                                                                                              Signature 

 

                                                                                                                              Rupert H. Johnson, Jr.

                                                                                                                              Print Name

 

 


 

 

 

      CUSIP NO. 099406100                           13G                            Page 14 of 14

 

          EXHIBIT C

 

          Franklin Advisers, Inc.                                     Item 3 Classification: 3(e)

 

     Fiduciary Trust Company International                       Item 3 Classification: 3(j)