Franklin Founding Funds Strategy

Transcription

1 Franklin Founding Funds Strategy

2 Franklin Templeton Investments At Franklin Templeton Investments, we re dedicated to one goal: delivering exceptional asset management for our clients. By bringing together multiple, world-class investment teams in a single firm, we re able to offer specialized expertise across styles and asset classes, all supported by the strength and resources of one of the world s largest asset managers. This has helped us to become a trusted partner to individual and institutional investors across the globe. Focus on Investment Excellence At the core of our firm, you ll find multiple independent investment teams each with a focused area of expertise from traditional to alternative strategies and multi-asset solutions. And because our portfolio groups operate autonomously, their strategies can be combined to deliver true style and asset class diversification. All of our investment teams share a common commitment to excellence grounded in rigorous, fundamental research and robust, disciplined risk management. Decade after decade, our consistent, research-driven processes have helped Franklin Templeton earn an impressive record of strong, long-term results. Global Perspective Shaped by Local Expertise In today s complex and interconnected world, smart investing demands a global perspective. Franklin Templeton pioneered international investing over 60 years ago, and our expertise in emerging markets spans more than a quarter of a century. Today, our investment professionals are on the ground across the globe, spotting investment ideas and potential risks firsthand. These locally based teams bring in-depth understanding of local companies, economies and cultural nuances, and share their best thinking across our global research network. Strength and Experience Franklin Templeton is a global leader in asset management serving clients in over 170 countries.* We run our business with the same prudence we apply to asset management, staying focused on delivering relevant investment solutions, strong long-term results and reliable, personal service. This approach, focused on putting clients first, has helped us to become one of the most trusted names in financial services. * As of 12/31/17. Clients are represented by the total number of shareholder accounts. Not FDIC Insured May Lose Value No Bank Guarantee

3 The Strategy Franklin Founding Funds Strategy combines three value-oriented funds each a cornerstone fund with 60+ years of track record run independently by the Franklin, Templeton or Franklin Mutual Series management group to create an investment portfolio offering diversification across multiple asset classes and the potential for attractive, long-term results. Franklin Mutual Shares Fund % Franklin Income Fund % Templeton Growth Fund % The following pages illustrate a hypothetical combined investment divided equally among Advisor Class shares of the three funds. The performance of the combined hypothetical portfolio assumes rebalancing to an equal allocation of each of the three funds on an annual basis. The allocations and performance of the hypothetical investment are for illustration only and do not consti tute investment advice. You should consider your goals, risk tolerance and time horizon when selecting investments or making asset allocation decisions for your portfolio. Unless otherwise noted, strategy performance figures in this brochure reflect Advisor Class. Please see the back cover for each fund s standardized returns. Performance data represents past performance, which does not guarantee future results. Current performance may differ from the figures shown. A fund s investment return and principal value will change with market conditions, and you may have a gain or a loss when you sell your shares. Please call Franklin Templeton Investments at (800) DIAL BEN/ or visit franklintempleton.com for most recent month-end performance. Three Funds Three Distinct Value Perspectives FRANKLIN INCOME FUND Focuses on undervalued dividend-paying stocks, convertible securities and bonds across a variety of industries. Introduced in 1948, seeks to maximize income while maintaining prospects for capital appreciation Provided positive average annual total returns in all 65 rolling calendar five-year periods since inception 1 Uninterrupted dividends for 69 calendar years (Class A) Distributed capital gains in 56 of the past 69 calendar years (Class A) Pays dividends monthly and Class A had a 30-day unsubsidized yield of 3.71% as of January 31, TEMPLETON GROWTH FUND Searches worldwide for stocks selling at prices believed to be low relative to managers appraisal of value. Introduced in 1954, it is the oldest global mutual fund in the industry Follows a bottom-up, value-oriented, long-term approach to investing Provided positive average annual total returns in 54 of 59 rolling calendar five-year periods since inception 1 FRANKLIN MUTUAL SHARES FUND Seeks to invest primarily in undervalued stocks, and to a lesser extent, distressed securities and merger arbitrage. Introduced in 1949, adheres to a disciplined value investment strategy Provided positive annual total returns in 26 out of the past 31 calendar years 1 Provided positive average annual total returns in 29 rolling calendar five-year periods over the last 31 years 1 1. As of 12/31/17. Advisor Class: Average annual total returns include reinvestment of dividends and capital gains at net asset value. 2. The fund s 30-day unsubsidized yield is calculated over a trailing 30-day period using the yield to maturity on bonds and/or the dividends accrued on stocks. It may not equal the fund s actual income distribution rate, which reflects the fund s past dividends paid to shareholders. franklintempleton.com Franklin Founding Funds Strategy 1

4 The Potential Benefits Diversification 3 (As of December 31, 2017) 1 2 Total of 551 portfolio securities Only seven stocks common to all three funds Invested in 24 industries Invested in 26 countries More than $112 billion in assets Largest Equity Holdings Royal Dutch Shell Plc 2.31% Samsung Electronics Co. Ltd 1.46% Medtronic Plc 1.42% Microsoft Corp. 1.39% Eli Lilly & Co. 1.35% Citigroup Inc. 1.24% J.P. Morgan Chase & Co. 1.16% General Electric Co. 1.01% BP Plc 1.00% A Record of Relatively Lower Volatility An equal investment in Franklin Income Fund, Templeton Growth Fund and Franklin Mutual Shares Fund may help lower your overall portfolio volatility. For the period shown, Founding Funds Strategy, based on a hypothetical combined investment divided equally among Advisor Class shares of each fund, had: A competitive rate of return with less volatility compared to various equity markets 4 A beta of RISK/RETURN COMPARISON 4 20 Years Ended December 31, 2017 Merck & Co Inc. 1.00% Total percentage of portfolio: 13.34% 10% Founding Funds S&P 500 Strategy Index Bloomberg Barclays Gov t/credit Index PORTFOLIO ALLOCATION 5% MSCI EAFE Equity % Index Fixed Income % 0% Cash % 0% 5% 10% 15% 20% Risk Return 20% 15% Diversification does not assure a profit or protect against a loss. 3. Based on the combined funds total net assets as of 12/31/17. Portfolio holdings may change. For the funds most recent portfolio holdings, please call Franklin Templeton Investments at (800) DIAL BEN/ or visit franklintempleton.com. 4. Source: 2018 Morningstar (S&P 500 Index represents large-cap stocks, MSCI EAFE Index represents foreign stocks, Bloomberg Barclays Government/Credit Index represents bonds). All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Index data represents average annual total returns and assumes reinvestment of interest or dividends. The hypothetical combined investment s performance assumes reinvestment of dividends and capital gains at net asset value, and assumes rebalancing to an equal allocation of each of the three funds on an annual basis. Risk is measured by the annualized standard deviation of monthly total returns. Standard deviation is a statistical measurement of the range of an investment s total returns. In general, a higher standard deviation means greater volatility. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 5. Source: 2018 Morningstar. A measure of the combined funds volatility relative to the S&P 500 Index. A beta less than 1.00 indicates lower volatility than the index. Based on monthly returns over the 20 years ended 12/31/17. 2 Franklin Founding Funds Strategy franklintempleton.com

5 3 Long-Term Performance In the last 20 years, the equity market has experienced dramatic upswings and downturns. During this time, Founding Funds Strategy has proven to be a powerful combination for achieving steadier growth over the long term. For the 20-year period ended December 31, 2017, Founding Funds Strategy, without sales charges: Produced a 6.87% average annual total return versus 7.20% for the S&P 500 Index 4 Had positive total returns in 15 of 20 calendar years 6 Outdistanced the U.S. stock market in 75% of the S&P 500 Index s quarterly market downturns 4 FOUNDING FUNDS STRATEGY VS. S&P 500 INDEX Average Annual Total Returns Periods Ended December 31, 2017 If you had invested 1 Yr. Ago 3 Yrs. Ago 5 Yrs. Ago 10 Yrs. Ago 20 Yrs. Ago Founding Funds Strategy % 5.95% 8.76% 4.72% 6.87% S&P 500 Index % 11.41% 15.79% 8.50% 7.20% ROLLING 5-YEAR AVERAGE ANNUAL TOTAL RETURNS Positive Total Returns in 21 of 23 5-Year Rolling Periods Since 1990 Dec. 31 Dec. 31 Founding Funds S&P 500 Strategy 6 Index 4 Dec. 31 Dec. 31 Founding Funds S&P 500 Strategy 6 Index 4 BEST % 16.59% % 12.83% % 15.22% % -2.19% % 20.27% % 0.42% % 24.06% % 2.29% % 28.56% % -0.25% WORST % 18.33% % 1.66% % 10.70% % 17.94% % -0.59% % 15.45% % -0.57% % 12.57% % -2.30% % 14.66% % 0.54% % 15.79% % 6.19% 6. These figures represent performance of a hypothetical combined investment over the periods indicated, include reinvestment of dividends and capital gains at net asset value, and assume rebalancing to an equal allocation of each of the three funds on an annual basis. They are for illustrative purposes only. Please see the back cover of this brochure for standardized performance figures of the funds composing Founding Funds Strategy. franklintempleton.com Franklin Founding Funds Strategy 3

6 The Results A hypothetical $10,000 investment made on November 30, 1954 (the first month-end following the inception of Templeton Growth Fund), divided equally among Advisor Class shares of Franklin Income Fund, Templeton Growth Fund and Franklin Mutual Shares Fund, with sales charges, would have produced an impressive total return of 82,987% or $8,308,675 as of December 31, Please note that this hypothetical investment does not take into account federal, state or municipal taxes. If taxes were taken into account, the hypothetical values shown would have been lower. GROWTH OF A $10,000 INVESTMENT 7 (November 30, 1954 December 31, 2017) $10,000,000 $1,000,000 Iran Hostage Crisis $100,000 Cuban Missile Crisis Begins U.S. Enters Vietnam War $10,000 $1,000 11/30/54 7. Source: 2018 Morningstar (S&P 500 Index). Indexes are unmanaged and include reinvestment of dividends or interest. One cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. The hypothetical combined investment s return includes reinvestment of dividends and capital gains, and assumes rebalancing to an equal allocation of each of the three funds on an annual basis. Past performance is not an indicator or a guarantee of future performance. 4 Franklin Founding Funds Strategy franklintempleton.com

7 A Few Words about Risk All investments involve risks, including possible loss of principal. Because the strategy invests in underlying funds that may engage in a variety of investment strategies involving certain risks, the strategy is subject to these same risks. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies particular industries or sectors, or general market conditions. Bonds are affected by changes in interest rates and the credit worthiness of their issuers. Bond prices generally move in the opposite direction of interest rates. Thus, as the prices of bonds adjust to a rise in interest rates, share prices may decline. Higher-yielding, lower-rated corporate bonds entail a greater degree of credit risk compared to investment grade securities. Foreign investing carries additional risks such as currency and market volatility and political or social instability, risks which are heightened in developing countries. Value securities may not increase in prices as anticipated or may decline further in value. These and other risks are discussed in each fund s prospectus. Subprime Market Slowdown S&L Crisis Black Monday Berlin Wall Falls Persian Gulf War Technology Market Crashes 9/11 Attacks $8,308,675 Founding Funds Strategy $5,490,084 S&P 500 Index 12/31/17 franklintempleton.com Franklin Founding Funds Strategy 5

8 Up, Down and Sideways Market Performance See How Founding Funds Strategy Performed in Various Market Environments Historically, the stock market has exhibited various periods of up, down and sideways movement. As shown in the tables below, Founding Funds Strategy has been competitive in all three types of market environments, compared to the major U.S. and global stock indexes. 8, 9 U.S. MARKET PERFORMANCE Dow Jones Industrial Average (12/31/99 12/31/09) Sideways Market 12,000 11, , ,000 4,000 Down Market Up Market Down Market Average Annual Total Returns 0 12/99 12/01 12/03 12/05 12/07 12/09 In a Down Market 12/31/99 3/31/03 In an Up Market 3/31/03 10/31/07 In a Down Market 10/31/07 2/28/09 S&P 500 Index % 16.13% % MSCI EAFE Index % 28.19% % Dow Jones Industrial Average % 15.44% % Franklin Founding Funds Strategy Advisor Class % 17.88% % In a Sideways Market Average Annual Total Returns 12/31/99 12/31/09 S&P 500 Index % MSCI EAFE Index % Dow Jones Industrial Average % Franklin Founding Funds Strategy Advisor Class % 8. The hypothetical combined investment s average annual total returns include reinvestment of dividends and capital gains, are for illustrative purposes only, and assume rebalancing to an equal allocation of each of the three funds on an annual basis. 9. Sources: 2018 Morningstar, Dow Jones, Inc. The S&P 500 Index is a market capitalization-weighted index of 500 stocks designed to measure total U.S. equity market performance. MSCI EAFE Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of global developed markets, excluding the United States and Canada. The Dow Jones Industrial Average is a price-weighted average of blue-chip stocks that are generally the leaders in their industry. Indexes are unmanaged and assume reinvestment of dividends. One cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 6 Franklin Founding Funds Strategy franklintempleton.com

9 The Power of Dollar-Cost Averaging Regular Investments May Help You Reach Your Long-Term Goals Dollar-cost averaging is a proven investment technique that may help lower the average cost of the shares you purchase. Even modest investments made regularly can make a difference when pursuing your long-term objectives. By investing a fixed dollar amount at regular intervals, you buy more shares when the price is low and fewer shares when the price is high. As a result, your average share cost may be less than the average price per share. Dollar-cost averaging requires continuous investments in securities, regardless of fluctuation in price levels, and investors should consider their financial ability to continue purchases through periods of low price levels or in changing economic conditions. Such a plan does not assure a profit, nor protect against a loss in a declining market. The table below illustrates what would have happened if the maximum annual individual retirement plan (IRA) contribution was put into a hypothetical investment, the Founding Funds Strategy, every year since 1974, the year IRAs were first available. As you can see, consistent, regular investments over time can make a big difference. Past performance does not guarantee future results. Please note that this hypothetical investment does not take into account federal, state or municipal taxes. If taxes were taken into account, the hypothetical values shown would have been lower. DOLLAR-COST AVERAGING WITH FOUNDING FUNDS STRATEGY 10 Contribution Year Annual Investment Total Number of Shares Purchased 10 Value at Year End 1974 $1, $1, $1, $3, $1, $7, $1, $10, $1, $13, $1, $19, $1, $25, $1, $28, $2, $36, $2, $49, $2, $56, $2, $73, $2, $89, $2, $99, $2, $122, $2, $145, $2, $133, $2, $178, $2, $204, $2, $258, $2, $259, $2, $322, $2, $378,733 Contribution Year Annual Investment Total Number of Shares Purchased 10 Value at Year End 1997 $2, $459, $2, $460, $2, $531, $2, $598, $2, $616, $3, $575, $3, $754, $3, $867, $4, $931, $4, $1,122, $4, $1,167, $5,000 1,241 $736, $5, $975, $5, $1,087, $5, $1,074, $5, $1,122, $5, $1,400, $5, $1,450, $5,500 1,036 $1,396, $5, $1,583, $5, $1,770,513 Total $125,500 24,220 $1,770,513 In years of extreme market downturn, like 2008, the same annual investment that purchased 627 shares the year before while it purchases 1,241 shares in that year. 10. The illustration represents performance of a hypothetical combined investment and is for illustrative purposes only. Amount of shares purchased is determined by using equal one-third investments of the contribution amount into the hypothetical three underlying funds of the Founding Funds Strategy on December 31st of each year. Breakpoints apply; please see prospectus for details. Figures assume reinvestment of dividends and capital gains at net asset value and assume rebalancing to an equal allocation of each of the three funds on an annual basis. franklintempleton.com Franklin Founding Funds Strategy 7

10 Are You Looking for Income? See How a Systematic Withdrawal Plan Works A systematic withdrawal plan allows an investor to sell shares at regular intervals for income. In the example below, a hypothetical, lump-sum purchase of $100,000 was made 20 years ago, on December 31, 1997, in the funds composing the Founding Funds Strategy. Beginning the following year, $6,000 of the account s value was withdrawn each year, increasing 3% annually to adjust for the cost of living. At the end of the 20-year period, although over $160,000 had been withdrawn, the value of the investment would still have increased to over $98, Please note that this hypothetical investment does not take into account federal, state or municipal taxes. If taxes were taken into account, the hypothetical values shown would have been lower. Period Ended Dec. 31 Annual Withdrawal Value at End of Period $0 $96, $6,000 $90, $6,180 $96, $6,365 $100, $6,556 $96, $6,753 $82, $6,956 $98, $7,164 $104, $7,379 $103, $7,601 $115, $7,829 $143, $8,063 $162, $8,305 $159, $8,555 $94, $8,811 $111, $9,076 $113, $9,348 $102, $9,628 $108, $9,917 $122, $10,215 $115, $10,521 $98,525 $161,222 $98,525 Total Withdrawn Value Remaining Concerned about Bad Timing? What if this hypothetical Systematic Withdrawal Plan was started on 12/31/72, right before the brutal bear market of ? On 12/31/17 the total amount withdrawn would have been $556,168, and the value left in the account would have been $5,316, The results of such a program vary substantially depending on investment performance during the period the program is in effect. The rate or amount chosen for withdrawal determines the value remaining at the end of the period. In a period of declining market values, continued with drawals could eventually exhaust the principal. 11. Founding Funds Strategy s performance includes reinvestment of dividends and capital gains, and assumes rebalancing to an equal allocation of each of the three funds on an annual basis. The figures represent performance of a hypothetical combined investment, are for illustrative purposes only. The amounts withdrawn do not represent dividends or income but, rather, the proceeds from the sale of shares. Sufficient shares are sold from the shareholder s account at the time of each withdrawal to provide for such payments. Investors participating in a systematic withdrawal plan should annually review with their financial advisor the results being obtained and the value of remaining shares. Based on this annual review, individuals can increase or decrease the amount of withdrawals, as appropriate. Investors should probably not begin a systematic withdrawal plan until at least six months following the initial investment. Otherwise, investors could receive a portion of their initial investment, which most likely would not have had sufficient time to appreciate to offset the sales charges incurred. 8 Franklin Founding Funds Strategy franklintempleton.com

11 Investing Is Easy Franklin Templeton Investments Provides Service You Can Count On Affordable investment opportunities For most funds, start by investing as little as $1,000. Or, begin an Automatic Investment Plan, and your initial and subsequent investments can be as low as $50. Fund shares are purchased at the offering price, which includes a sales charge. Automatic dividend reinvestment Dividends can be mailed to you or automatically reinvested in your account or in another Franklin Templeton fund account within the same class, generally without any additional fees or sales charges. Exchange shares between Franklin Templeton funds Fund shares can be exchanged between most Franklin Templeton funds within the same class, usually without any additional fees or charges. 12 Easy access to your money You may sell your shares at any time. Their value may be more or less than your original cost. Monthly investment and distribution plans The Automatic Investment Plan lets you electronically transfer monthly investments from your savings or checking account to your Franklin Templeton fund account. Franklin Templeton also offers a Systematic Withdrawal Plan that lets you receive fixed-amount checks from your account on a regular basis. Discounts on sales charges Shareholders who use a Letter of Intent or the combined purchase privileges based on Cumulative Quantity Discounts may be eligible for sales charge discounts on Class A shares. Please see the appropriate fund prospectus for details. Convenient online transactions Online Shareholder Services at franklintempleton.com allows you to manage your investments and fund accounts 24 hours a day. You can purchase, exchange and sell fund shares, and opt for electronic delivery of statements. Registration for Online Shareholder Services is quick and easy. Just log on to franklintempleton.com and follow the instructions Most funds offer multiple share classes, subject to different fees and expenses. Certain exceptions and restrictions apply to the exchange program, as stated in the prospectus, and it may be modified or discontinued by the fund(s). Transfers between funds within a family, while incurring no additional transaction fees, may nevertheless result in a taxable event. 13. If your account is registered under an Employer Identification Number (EIN) or Tax Identification Number (TIN), you may not have online account access. Please call Shareholder Services at (800) for information about these types of accounts.

12 Founding Funds Strategy vs. S&P 500 Index AVERAGE ANNUAL TOTAL RETURNS (Periods Ended December 31, 2017) If you had invested 1 Yr. Ago 3 Yrs. Ago 5 Yrs. Ago 10 Yrs. Ago 20 Yrs. Ago Founding Funds Strategy % 5.95% 8.76% 4.72% 6.87% S&P 500 Index % 11.41% 15.79% 8.50% 7.20% Average Annual Total Returns for Funds Composing Founding Funds Strategy 1-Year 3-Year 5-Year 10-Year 20-Year Total Annual Operating Expenses Advisor Class/Class Z Franklin Income Fund % 5.32% 6.80% 5.71% 7.14% 0.46% Templeton Growth Fund % 6.58% 9.21% 3.59% 6.61% 0.80% Franklin Mutual Shares Fund 8.49% 6.54% 10.76% 5.33% 7.28% 0.80% Class A (with Maximum Sales Charge) Franklin Income Fund % 3.58% 5.76% 5.08% 6.77% 0.61% Templeton Growth Fund % 4.24% 7.65% 2.72% 6.03% 1.05% Franklin Mutual Shares Fund % 4.18% 9.16% 4.41% 6.62% 1.05% 30-Day Unsubsidized Yield 20 (As of January 31, 2018) Franklin Income Fund Advisor Class % Franklin Income Fund Class A 3.71% Performance data represents past performance, which does not guarantee future results. Current performance may differ from the figures shown. The funds investment return and principal value will change with market conditions, and you may have a gain or a loss when you sell your shares. Please call Franklin Templeton Investments at (800) DIAL BEN/ or visit franklintempleton.com for performance data current to the most recent month-end. Advisor Class shares and Class Z shares are only offered to certain eligible investors as stated in the prospectus. They are offered without sales charges or Rule 12b-1 fees. The fund offers multiple share classes, which are subject to different fees and expenses that will affect their performance. Please see the prospectus for details. 14. The hypothetical combined investment s average annual returns assume an investment divided equally among Advisor Class shares of the funds, include reinvestment of dividends and capital gains at net asset value and assume rebalancing to an equal allocation of each of the three funds on an annual basis. They are for illustrative purposes only. 15. Source: 2018 Morningstar. The index is unmanaged and assumes reinvestment of dividends. One cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 16. Effective 12/31/96, the Franklin Income Fund began offering Advisor Class shares. Effective 1/2/97, Templeton Growth Fund began offering Advisor Class shares. For periods prior to the funds Advisor Class inception dates, a restated figure is used based on the funds oldest share class, Class A performance, excluding the effect of Class A s maximum initial sales charge but reflecting the effect of the Class A Rule 12b-1 fees; and for periods after the fund s Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class. 17. On 5/1/94, the fund s Class A shares implemented a Rule 12b-1 plan, which affects subsequent performance. 18. On 1/1/93, a plan of distribution was implemented for these shares under Rule 12b-1, which affects subsequent performance. 19. Prior to 11/1/96, only a single class of fund shares was offered without a sales charge or Rule 12b-1 expenses. Returns shown are a restatement of the original class to include both 12b 1 expenses and the current sales charges applicable to Class A shares as though in effect from the fund s inception. 20. The fund s 30-day unsubsidized yield is calculated over a trailing 30-day period using the yield to maturity on bonds and/or the dividends accrued on stocks. It may not equal the fund s actual income distribution rate, which reflects the fund s past dividends paid to shareholders. The funds offer other share classes, subject to different fees and expenses that will affect their performance. This brochure must be preceded or accompanied by current Franklin Income Fund, Templeton Growth Fund and Franklin Mutual Shares Fund summary prospectuses and/or prospectuses. Please carefully read the prospectuses before you invest or send money. Investors should carefully consider a fund s investment goals, risks, charges and expenses before investing. Performance information will be updated with a slipsheet each quarter containing standardized performance figures. Symbols Class A Class C Class R Advisor/Class Z Franklin Income Fund FKINX FCISX FISRX FRIAX Templeton Growth Fund TEPLX TEGTX TEGRX TGADX Franklin Mutual Shares Fund TESIX TEMTX TESRX MUTHX Franklin Templeton Distributors, Inc. One Franklin Parkway San Mateo, CA (800) DIAL BEN / franklintempleton.com 2018 Franklin Templeton Investments. All rights reserved. UPD 05/18 AA XBVL 02/18