Capital Gains Distributions

All investments involve risks, including possible loss of principal.

Before investing, carefully consider a fund’s investment objectives, risks, charges and expense. You can find this and other information in each prospectus, or summary prospectus, if available, at franklintempleton.com. Please read it carefully.

To find out more information about the funds listed, including important disclosures about current or upcoming fund changes and/or availability, visit the fund’s page by clicking on the fund name.

Franklin Templeton mutual funds, regardless of performance, generally distribute to shareholders any net realized gains from the sale of individual securities in their portfolios. Distributions are made to those who are registered shareholders of the fund on the record date. Distributions are paid on the payable date. All dates and distributions are subject to board approval. Distributions will vary depending on the fund’s income and any net gains realized from the sale of securities in the fund’s portfolio. Past distributions are not indicative of future trends.

Each fund reports its distribution of a long-term capital gain dividend to its shareholders on Form 1099-DIV (if applicable) and in accordance with Internal Revenue Code Section 852(b)(3).

All fund entities are Franklin Templeton companies. Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.