A Comprehensive, Individually-Tailored Approach

Important Tax Information:  Investment management services are provided by ClearBridge Investments, LLC, an affiliated Franklin Resources, Inc. company. Neither ClearBridge Investments, LLC nor any ClearBridge Investments, LLC affiliate offers tax advice and, therefore, neither ClearBridge Investments, LLC nor any ClearBridge Investments, LLC affiliate can guarantee that income from a municipal security will not be taxable to a particular client. Clients should consult their own tax advisers for tax advice, including advice on the extent to which income from municipal securities investments may be taxable. Franklin Resources, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside of Franklin Resources, Inc. and its affiliates. These materials and any tax-related statement are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Diversification does not ensure a profit or protect against market loss. All investments involve risk, including possible loss of principal.

Risks:

All investments involve risk, including loss of principal. Investments may be made in ADRs and U.S.-traded ordinary shares of non-U.S. companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuations, political and economic developments, foreign taxation and differences in auditing and other financial standards. These risks are magnified in emerging markets. Limited investments may be made in mid-cap companies, which involve a higher degree of risk and volatility than investments in larger, more established companies.The value approach to investing involves the risk that those stocks deemed to be undervalued by the portfolio manager may remain undervalued. Fixed income securities are subject to a variety of risks, including interest rate, credit, and inflation risk. As interest rates rise, bond prices fall, reducing the value of a fixed-income investment. Smaller companies may involve higher risk than a fund that invests in larger, more established companies. Smaller companies may have limited product lines, markets or financial resources. © 2025 Franklin Distributors, LLC, member FINRA, SIPC. Franklin Distributors, LLC and ClearBridge Investments, LLC. are subsidiaries of Franklin Resources, Inc.