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Products, services and information may not be available in all jurisdictions and are offered by FTI affiliates and/or their distributors as local legislation permits. Investments involve risks. Investments can go down as well as up, and investors may not get back the full amount invested. Certain statements contained herein are intended to provide insight on macroeconomic issues, and this commentary is not intended as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. Please consult your professional adviser for information on the availability of products and services in your jurisdiction.

The content on this page is for information only and do not constitute investment advice or a recommendation and was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. Any research and analysis contained in this page has been procured by Franklin Templeton Investments for its own purposes and may be acted upon in that connection and, as such is provided to you incidentally. Any views expressed are the views of the fund manager and do not constitute investment advice. The underlying assumptions and these views are subject to change. Franklin Templeton Investments accepts no liability whatsoever for any direct or indirect consequential loss arising from the use of any information, opinion or estimate herein. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance.

Past performance or any prediction or forecast is not necessarily indicative of future performance of any funds.

Subscriptions may only be made on the basis of the latest Prospectus, and if available for this product the Key Investor Information Document, the annual report and semi-annual report, if published thereafter, can be found on our website www.franklintempleton.lu or can be obtained, free of charge, from Franklin Templeton International Services S.à r.l. Potential investors should read the details of the Prospectus and Key Investor Information Document before deciding to subscribe for or purchase any funds. This shall not be construed as the making of any offer or invitation to anyone in any jurisdiction in which such offer is not authorised or in which the person making such offer is not qualified to do so or to anyone to whom it is unlawful to make such an offer. Some of the funds may use financial derivative instruments which entail specific risks more fully described in the funds’ Prospectus.

Investors may wish to seek advice from a financial advisor before making a commitment to invest in the shares of any funds. In the event an investor chooses not to seek advice from a financial advisor, he/she should consider whether the fund is suitable for him/her.