This is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by a prospectus. The prospectus for the applicable fund sponsored by Franklin Square Capital Partners should be read carefully by an investor before investing. Investors are advised to consider the investment objectives, risks, charges and expenses of the funds sponsored by Franklin Square Capital Partners carefully before investing. A prospectus may be obtained on this site or from your financial adviser.

Neither the Securities and Exchange Commission nor any state securities regulator has passed on or endorsed the merits of the offering of securities by any fund sponsored by Franklin Square Capital Partners or confirmed the adequacy and accuracy of the prospectus for the applicable fund. Any representation to the contrary is unlawful.

Franklin Square Capital Partners is not affiliated with Franklin Resources/Franklin Templeton Investments or the Franklin Funds.

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May 23, 2013