Franklin Templeton Investments

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Investments in foreign markets involve special risks including currency fluctuations, economic instability and political developments. Investments in emerging market countries involve heightened risks related to the same factors, in addition to those associated with these markets' smaller size, lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets. Such investments could experience significant price volatility in any given year.

Investors should carefully consider mutual fund and/or college savings plan investment goals, risks, charges and expenses before investing. To obtain a mutual fund summary prospectus and/or prospectus or 529 plan disclosure document, which contain this and other information, talk to your financial advisor or call Franklin Templeton Distributors, Inc., the principal distributor of Franklin Templeton's U.S. registered mutual funds and the manager and underwriter for a 529 plan at (800) DIAL BEN / (800) 342-5236 or visit franklintempleton.com. You should read the mutual fund prospectus and/or 529 plan disclosure document carefully before investing or sending money and, with respect to 529 plan investments, consider whether your, or the beneficiary's, home state offers any state tax or other benefits that are only available for investments in its qualified tuition program.

All investments involve risks, including possible loss of principal. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions.

ETFs trade like stocks, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. ETF shares may be bought or sold throughout the day at their market price on the exchange on which they are listed. However, there can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.

Diversification does not guarantee profit or protect against risk of loss.

Special risks are associated with foreign investing, including currency fluctuations, economic instability and political developments. Investments in developing markets involve heightened risks related to the same factors.

Franklin Templeton's portfolio manager views are for informational purposes only and should not be considered individual investment advice or a recommendation to invest in any security or to adopt any investment strategy. They are not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy. Because market and economic conditions are subject to change, Franklin Templeton comments, opinions and analyses are rendered as of the date of the posting and may change without notice. Reliance upon information in the posting is at the sole discretion of the viewer. Please consult your own professional adviser before investing.

Investors should carefully consider a fund’s investment goals, risks, charges, and expenses before investing. To obtain a summary prospectus and/or prospectus, which contains this and other information, talk to your financial advisor, call us at (800) DIAL BEN / (800) 342-5236, or visit franklintempleton.com for mutual funds or libertyshares.com for ETFs. Please carefully read a prospectus before you invest or send money.

Franklin Templeton Distributors, Inc.

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