Important Legal Information

• Portfolio data for the Franklin Templeton funds is made available to the public under our Portfolio Holdings Release Policy. Generally, a list of portfolio holdings for our funds is available on the franklintempleton.com website or for institutional funds, on the ftinstitutional.com website) 30 days after the end of each calendar quarter, while other portfolio data, such as the significant 10 holdings or industry weightings, is available 5 calendar days or more after the end of each month.
• This portfolio data should not be relied upon as a complete listing of a fund's holdings (or of a fund's top holdings) as information on particular holdings may be withheld if it is in the fund's interest to do so.
• Portfolio holdings are subject to change without notice and may not represent current or future portfolio composition. The portfolio data is "as of" the date indicated and we disclaim any responsibility to update the information.
• Investors should carefully consider a fund's investment goals, risks, charges and expenses before investing. To obtain a prospectus, which contains this and other information, talk to your financial advisor, call us at (800) 342-5236 or visit our website at franklintempleton.com. Please read the prospectus carefully before investing. Franklin Templeton Distributors Inc., One Franklin Parkway, San Mateo, CA 94403.