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US Market Perspectives

Title Speaker Date

Alan Muschott: Is it Time for Convertibles?

Mar 20, 2014

Featuring:  Alan Muschott, VP, PM, Franklin Equity Group

  • We focus on balanced convertibles — convertibles that we believe have a good balance between two characteristics: They can have equity performance with the underlying common stock and then they can also have downside protection from owning a bond.
  • With convertibles, because you can have participation with the underlying common stock and you also can have downside protection from the fixed income component or the bond component — by owning a convertible, you can participate in equity to the upside but you can also have downside protection.
  • So when you look at the current environment and you look at the economy today, we think there are reasons to be optimistic and reasons to be cautious about the market.
  • By owning convertibles, you can participate in the upside in the equity markets if they do well, but you can also have some downside protection if some of the other issues come home to roost.
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Important Legal Information

The information provided in this video is not a complete analysis of every material fact regarding any region, country, market, industry, security or fund. Holdings are subject to change. Opinions expressed are as of March 20, 2014, and can change without notice. An assessment of a particular country, market, industry, security, investment or strategy is not intended as an investment recommendation; it is intended only to provide insight into the speaker’s views and portfolio selection process.

What Are the Risks?
All investments involve risks, including possible loss of principal.

Franklin Convertible Securities Fund
All investments involve risks, including possible loss of principal. The fund may invest in high-yielding, fixed income securities. High yields reflect the higher credit risk associated with these lower-rated securities and, in some cases, the lower market prices for these instruments. Interest rate movements may affect the fund’s share price and yield. Bond prices generally move in the opposite direction of interest rates. As the prices of bonds in the fund adjust to a rise in interest rates, the fund’s share price may decline. The fund may also invest in foreign securities, which involve special risks, including political uncertainty and currency volatility. These and other risks are described more fully in the fund’s prospectus.

For more information on any of our funds, contact your financial advisor or download a free prospectus. Investors should carefully consider a fund’s investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

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