disclaimer:
All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks.
Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bondsare subject to greater price
volatility, illiquidity and possibility of default. Floating-rate loans and debt securities are typically rated below investment grade and are subject to greater risk of default, which could result in loss of principal. International investments
are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Active management does not ensure gains or
protect against market declines. Diversification does not guarantee a profit or protect against a loss. This material is intended to be of general interest only and should not be construed as individual investment advice or a
recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice.
The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a
complete analysis of every material fact regarding any country, region or market. Data from third party sources may have beenused in the preparation of this material and Franklin Templeton has not independently verified, validated or
audited such data. Franklin Templeton accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments, opinions and analyses in the material is at the sole discretion of the user. Products,
services and information may not be available in all jurisdictions and are offered outside the US by other Franklin Templeton affiliates and/or their distributors as local laws and regulations permit. Please consult your own financial
professional or Franklin Templeton contact for further information on availability of products and services in your jurisdiction. Issued in the US by Franklin Templeton, One Franklin Parkway, San Mateo, California 94403-1906, (800) DIAL
BEN/342-5236, franklintempleton.com.