These Terms were last amended as of: March 28th, 2013
This dedicated FTI Research Website is intended only for home office research personnel and must not be distributed to the general public or individual financial advisors in any form.
The Site is provided as a service, and for informational purposes only, by Franklin/Templeton Distributors, Inc. and/or its affiliates that are the Franklin Templeton Investments corporate group of companies (collectively, “Franklin Templeton” or “Franklin Templeton Investments” or “we” or “us”) –it is not provided by the Franklin Templeton mutual funds (“Franklin Templeton Fund(s)” or “Fund(s)”).
Franklin Resources, Inc. [NYSE: BEN] is a global investment organization operating as Franklin Templeton Investments. Through various Franklin Templeton entities, Franklin Templeton Investments provides global and U.S. investment, shareholder and distribution services to the Franklin, Templeton and Mutual Series Funds and institutional accounts, as well as separate account management services.
Information for Non-U.S. Investors
Nothing on the Site shall be considered a solicitation to buy or an offer to sell, or a recommendation for, a security, or any other product or service, to any person in any jurisdiction where such solicitation, offer, recommendation, purchase or sale would be unlawful under the laws of that jurisdiction. If you do not reside in the United States, please click here for information on our international offices, which can assist you with products and services legally available in your place of residence.
Authorized Users and Uses
Authorized Users and Your Representations. By registering with the Site as a Research Analyst or RIA, you represent and agree that: (i) you are an authorized representative of a broker-dealer, bank, insurance company or other financial services firm that has either entered into a valid Distribution Agreement with Franklin Templeton or is contemplating doing so, or you are an authorized representative of an investment advisory firm registered with the Securities and Exchange Commission (“SEC”) (each, a “Firm”); (ii) the Firm has authorized you to access and use the Site; (iii) you are authorized by the Firm to agree to this Agreement and use the Site for research purposes on behalf of the Firm; and (iv) the terms and conditions of this Agreement shall apply equally to you and the Firm (“Authorized Users”).
The Site is available only to Authorized Users residing in the United States and solely for the purpose of researching and evaluating Franklin Templeton products or services. The Site is not accessible to the public and shall not be distributed to the general public or individual financial advisors in any form. Site Content has not been filed with FINRA and generally does not contain the same disclosures required for public or shareholder communications.
U.S. resident use only. The Site is intended for residents of the United States only. If you choose to access the Site from locations outside of the United States, you do so at your own initiative and risk, and are responsible for compliance with all applicable laws.
Use of Fund Information. You are not authorized to give any information or make any representations concerning Franklin Templeton Funds, or shares of any such Funds, except those contained in the Fund’s then-current prospectus or legal disclosure document (e.g., for unregistered Funds), or materials issued by us as information supplemental to such prospectus or legal disclosure document. Third Party Content available on the Site may not have been legally approved by Franklin Templeton. You agree that we are not responsible for your compliance with regulatory requirements, including any SEC or FINRA content or filing requirements.
You agree to use the Site Content at your sole risk and responsibility and in accordance with all applicable laws, regulations and rules as well as in accordance with all instructions and directions that accompany it, and the terms and conditions of the Distribution Agreement. Unless and to the extent required by law or written agreement, we are not responsible for any additional costs or liabilities that you may incur in connection with your election to use the Site Content. You agree to use all reasonable security precautions to prevent the Site, including any Site Content, from being made available to anyone other than Authorized Users.
Your online account access. When registering for general Site access you will receive a user identification and password (collectively, the “Access Code”), which must be maintained as private and confidential. Each Access Code can only be used by one Authorized User with respect to its activities on behalf of a particular Firm. You are solely responsible for maintaining the confidentiality of your account and Access Code, and for restricting access to your computer. You agree to accept responsibility for all access to the Site and any use, misuse, or communications occurring on the Site through your Access Codes that are due to your conduct, inaction, or negligence.
You agree to notify us immediately if you become aware of any disclosure, loss, theft or unauthorized use of your Access Code, and we reserve the right to delete or change one or both of them at any time and for any reason.
No solicitations. Nothing on the Site shall be considered a solicitation to buy or an offer to sell, or a recommendation for, a security, or any other product or service, to any person in any jurisdiction, including any state, where such solicitation, offer, recommendation, purchase or sale would be unlawful under the laws of that jurisdiction.
No investment recommendations or professional advice; use of tools. The Site is not intended to provide any tax, legal, insurance or investment advice, and nothing on the Site should be construed as a recommendation, by us or any third party, to acquire or dispose of any investment or security, or to engage in any investment strategy or transaction. While certain tools available on the Site may provide general investment or financial analyses based upon your personalized input, such results are not to be construed as our providing investment recommendations or advice. Unless otherwise specified, you alone are solely responsible for determining whether any investment, security or strategy or any other product or service, is appropriate or suitable for your firm and its clients.
Prohibited Uses and Means of Access
Prohibited Uses. Because all servers have limited capacity and are used by many people, you may not use the Site in any manner that could damage or overburden any Franklin Templeton server, or any network connected to any Franklin Templeton server. You may not use the Site in any manner that would interfere with any other party’s use of the Site.
Means of Access. The Site is generally intended to be viewed by a conventional web browser such as Microsoft Internet Explorer. Although you may use other means to access the Site, be aware that the Site may not appear accurately through other access methods, and you use them only at your own risk. You are responsible for setting the cache settings on your browser to ensure that you are receiving the most recent data. You should not access the Site through devices or services that are designed to provide high-speed, automated, repeated access, unless such devices are approved by us in writing prior to such use.
Password protected areas. Access to and use of password-protected and/or secure areas of the Site are restricted to Authorized Users only. You may not obtain or attempt to obtain unauthorized access to such parts of our Site, or to any other protected materials or information, through any means not intentionally made available by us for your specific use. Unauthorized individuals attempting to access, or actually accessing, these areas can be subject to criminal and/or civil prosecution.
Fund Prospectus Offer, Performance, and Investment Risks
Prospectus Offer. For more information on any of our funds, 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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Fund Performance. Performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares.
Money market funds seek to maintain a value of $1.00 per share, but there can be no assurance that they will. Mutual funds, annuities and other investment products are not FDIC insured; are not deposits or obligations of, or guaranteed by, any financial institution; and are subject to risks, including possible loss of the principal amount invested.
Investment Risks. All of the funds are subject to certain risks. Generally, investments offering potential for higher returns are accompanied by a higher degree of risk. Stocks and other equities representing an ownership interest in a corporation have historically outperformed other asset classes over the long term, but tend to fluctuate more dramatically over the short term. Bond prices are affected by interest rate changes. Bond prices, and thus a bond fund’s share price, generally move in the opposite direction of interest rates. As the price of bonds in a fund adjust to a rise in interest rates, the fund’s share price may decline. High-yield, lower-rated (junk) bonds generally have greater price swings and higher default risks. Foreign investing, especially in emerging markets, has additional risks such as currency and market volatility and political and social instability. These and other risks pertaining to specific funds, such as those involving investments in specialized industry sectors, such as the technology sector, which has been among the most volatile sectors in the market, or use of complex securities, are discussed in each fund’s prospectus.
Personal Information Transmission, Unsolicited Communications and Usage Monitoring
Personal Information Transmission. Your use of the Site may involve the transmission of information, including personally identifiable data (e.g., transaction history, account balances and holdings), about you. You consent to the transmission of such information by electronic means through the Internet and represent that you have obtained all necessary authorizations for the transmission of such information to Franklin Templeton via the Site. You further represent that such consent shall be effective each time you use the Site.
Unsolicited communications. We welcome your feedback about the Site and may use it to improve the Site. Should you provide unsolicited ideas, or material of any kind (“Communications”) and we use it to develop or market products, services, content, tools or information, you agree that we can do so without compensating you. By providing us with such Communications, you represent to us that you own all rights to it.
Technically this means that you hereby grant Franklin Templeton a perpetual, worldwide, royalty-free, irrevocable license to edit, reproduce, disclose, transmit, publish, broadcast, or post your Communications either on the Site or elsewhere with no liability or obligation to you. Franklin Templeton is free to use any ideas, concepts, know-how, or techniques obtained in your unsolicited Communications for any purpose including, but not limited to, developing and marketing products. Unless we state otherwise on the Site, any Communications that you email or otherwise transmit through the Site can be treated by us as non-confidential and nonproprietary.
Copyright, Trademark and other Intellectual Property Rights
You acknowledge that the Site is protected by applicable copyrights, trademarks, trade secrets, patents, proprietary rights and other intellectual property laws, and that these worldwide rights are valid and protected in all forms, media, and technologies existing now or developed in the future. Accordingly, you may not copy, distribute, modify, post or frame-in the Site, including any text, graphics, video, audio, software code, user interface design or logos, except as explicitly authorized below or by us in writing.
Permitted uses. Franklin Templeton grants you a non-exclusive, personal, non-transferable, non-sublicensable, limited and revocable right to access, use and display the Site on any computers or other electronic display device of which you are a user, for your reasonable and fair business use, as an Authorized User for the purpose of researching and evaluating Franklin Templeton products or services, as authorized under an existing or contemplated Distribution Agreement or in connection with your services as a RIA (the “Permitted Uses”). You agree to use the Site only for lawful purposes, for the Permitted Uses, and not for the Prohibited Uses. No other use of the Site is authorized, unless you and we have agreed otherwise in writing.
You may print copies of the Site, provided that these copies are made only for the Permitted Uses and that you include any notices and any legal information contained in the Site, such as all copyright notices, trademark legends, or other proprietary rights notices as well as all legal caveats furnished in the footnotes or under “Important Legal Information” as shown on the screen or through a link.
Trademarks and copyrights. Our trademarks are listed in Franklin Templeton Trademarks. Other company product and service names and logos used and displayed on the Site may be trademarks or service marks owned by others. Nothing on the Site should be construed as granting any license or right to use any of the Franklin Templeton Trademarks or other trademarks displayed on the Site without the prior written permission in each instance of Franklin Templeton and/or the owner(s) of such other trademarks. All goodwill generated from the use of the Franklin Templeton Trademarks on any website will inure to our benefit.
The Site also contains text, software, graphics, images, and other material protected by copyrights or other proprietary rights and laws (collectively, the “Proprietary Material”), owned by Franklin Templeton or its licensors. Any use of such Proprietary Material other than as permitted herein is expressly prohibited without the prior permission of Franklin Templeton and/or the relevant rights holder in writing.
Copyright Policy and Claims Procedure. We reserve the right to remove from our Site, any content that is alleged to infringe someone’s copyright. If you reasonably believe that your copyrighted work is accessible on the Site in a way that constitutes copyright infringement, please follow this procedure:
Franklin Templeton Site Linking Policy.
Linking to the Site is prohibited unless authorized by us in writing in advance.
Third Party Content Providers, Sites, Referrals, and Disclaimers
Not responsible for Third Party Content, referrals or links to third parties or third party sites. For informational or educational purposes, or as a service and convenience to you, the Site may provide referral information, Third Party Content or live links to a regulatory agency, non-profit organization, or other unaffiliated third party and their websites, including companies that have a relationship with Franklin Templeton.
Our decision to provide referral information to a third party or to pass on an offer made by a third party vendor or to provide a link from our Site to a third party site is not an endorsement of the third party, their products or services, or their website accessed through any such links. While we would generally only provide such information from, or links to, sources considered reliable, we do not have the resources to conduct independent investigations and accordingly we make no representations or warranties as to third party products, services, content, tools and information, and do not guarantee their accuracy, timeliness, completeness or usefulness. We advise and encourage you to do your own research. You will use Third Party Content only at your own risk.
Although Third Party Content may be displayed, framed-in or provided in a pop-up box on the Site, or available through a live link between our Site and a third party site (sometimes through opening a second browser window), Franklin Templeton does not prepare, edit, guarantee or endorse Third Party Content. When viewing Third Party Content through any such links, keep in mind that the third party’s site terms and conditions, privacy and security policies, or other legal information may be different from those of Franklin Templeton’s Site. We are not liable for any direct or indirect technical or system issues, consequences, or damages arising from your use of any third party website.
WE ARE NOT RESPONSIBLE FOR ANY THIRD PARTY, THEIR PRODUCTS OR SERVICES, THEIR WEBSITE, OR ANY CONTENT MADE AVAILABLE THROUGH SUCH THIRD PARTY SITES, NOR DO WE MAKE ANY WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, REGARDING THIRD PARTY CONTENT (OR ITS ACCURACY) ON ANY THIRD PARTY SITES, AND WE SHALL HAVE NO LIABILITY OF ANY NATURE WHATSOEVER IN RELATION TO ANY OF THE FOREGOING.
DISCLAIMER OF WARRANTIES. YOU ACKNOWLEDGE AND AGREE THAT THE SITE IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. NONE OF FRANKLIN TEMPLETON, ITS AFFILIATES OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS (COLLECTIVELY, THE “FRANKLIN TEMPLETON PARTIES”) GUARANTEES THE TIMELINESS, ACCURACY, RELIABILITY, COMPLETENESS, OR USEFULNESS OF THE SITE. NONE OF THE FRANKLIN TEMPLETON PARTIES WARRANT THAT THE SITE OR DOWNLOADS WILL MEET YOUR NEEDS OR EXPECTATIONS, OR BE UNINTERRUPTED, SECURE OR ERROR FREE OR THAT THE SITE, ITS SERVER OR ANY FILES AVAILABLE FOR DOWNLOADING THROUGH THE SITE ARE FREE OF COMPUTER VIRUSES OR OTHER HARMFUL ELEMENTS. THE FRANKLIN TEMPLETON PARTIES HAVE NO RESPONSIBILITY FOR VIRUSES OR ANY OTHER DAMAGE THAT MAY BE CAUSED TO YOU AS A RESULT OF USING THE SITE. PERIODS OF VOLATILE OR UNUSUAL MARKET ACTIVITY, IN PARTICULAR, MAY AFFECT SYSTEMS AVAILABILITY OR RESPONSE TIME.
YOU EXPRESSLY AGREE THAT THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE SITE AND THE TIMELINESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THE SITE IS ASSUMED SOLELY BY YOU. ALL OF THE FRANKLIN TEMPLETON PARTIES HEREBY SPECIFICALLY DISCLAIM ANY REPRESENTATIONS, ENDORSEMENTS, GUARANTEES, OR WARRANTIES, EXPRESS OR IMPLIED, REGARDING THE SITE, INCLUDING WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT OF THIRD-PARTY RIGHTS. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, ALL OF THE FRANKLIN TEMPLETON PARTIES DISCLAIM ANY WARRANTIES WITH RESPECT TO ANY RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE SITE.
You are responsible for your connectivity. You agree that you are responsible for the means you use to access the Site and understand that your hardware, software, the Internet, your Internet Service Provider, and other third parties involved in connecting you to our Site may not perform as intended or desired.
Not responsible for third party damages. Franklin Templeton also disclaims responsibility for damages third parties may cause to you through the use of the Site, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that Franklin Templeton will not be responsible for any related damages.
No reliance on Data. Reasonable precautions have been taken to ensure that Site Content, including performance and pricing data, are complete and accurate. However, due to the nature of information delivery technology and the necessity of using multiple data sources, including Third Party Content, we are unable to assure the accuracy of the data you access through the Site. Site Content is presented only as of the date published or indicated and may be superseded by subsequent market events or other reasons. Franklin Templeton has no duty to update the Site or any Site Content. WE SHALL NOT BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DAMAGES ARISING FROM ANY ACTIONS OR INVESTMENT DECISIONS TAKEN BY YOU BASED ON THE ACCURACY OF THE DATA PRESENTED THROUGH THE SITE.
Cautions about future or “forward-looking” statements. Speculation or stated beliefs about future events, such as market and economic conditions, company or security performance, upcoming product offerings or other projections are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. General business, market, economic and political conditions could cause actual results to differ materially from what we presently anticipate or project.
Internet email. We discourage you from using e-mail for sending confidential or sensitive information. If you send e-mail (encrypted or not) to us over the Internet, you are accepting the associated risks of lack of confidentiality.
Limitation of Liability
YOUR SOLE REMEDY FOR DISSATISFACTION WITH YOUR USE OF OUR SITE IS TO STOP USING THE SITE. YOU AGREE THAT UNDER NO CIRCUMSTANCES WILL THE FRANKLIN TEMPLETON PARTIES BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES (COLLECTIVELY, THE “EXCLUDED DAMAGES”), ARISING OUT OF OR IN ANY WAY CONNECTED WITH YOUR USE OF OR INABILITY TO USE THE SITE, INCLUDING BUT NOT LIMITED TO: LOSS OF REVENUE, TRADING LOSSES, ANTICIPATED PROFITS, BUSINESS, SAVINGS, GOODWILL OR DATA; ANY FAILURE OF PERFORMANCE, DENIAL OF SERVICE, ATTACK, INTERRUPTION, DEFECT, OPERATOR ERRORS, INCONVENIENCE OR DELAY IN OPERATION OR TRANSMISSION OR COMPUTER VIRUS; FAILURE OF ELECTRONIC OR MECHANICAL EQUIPMENT OR COMMUNICATIONS LINES (INCLUDING TELEPHONE, CABLE AND INTERNET);, SEVERE OR EXTRADODINARY WEATHER (INCLUDING FLOOD, EARTHQUAKE, OR OTHER ACT OF GOD); FIRE, WAR, INSURRECTION, TERRORIST ACT, RIOT, LABOR DISPUTE AND OTHER LABOR PROBLEMS, ACCIDENT, EMERGENCY OR ACTION OF GOVERNMENT; OR THIRD PARTY THEFT OF, DESTRUCTION OF, UNAUTHORIZED ACCESS TO, ALTERATION OR USE OF YOUR INFORMATION, EQUIPMENT OR PROPERTY, EVEN IF THE FRANKLIN TEMPLETON PARTIES HAVE BEEN ADVISED OF THE POSSIBILITY OF OR COULD HAVE FORESEEN THE EXCLUDED DAMAGES. FURTHER, THE FRANKLIN TEMPLETON PARTIES WILL NOT BE RESPONSIBLE FOR ANY FAILURE TO COMPLY, BY YOU OR ANY THIRD PARTY, WITH THESE TERMS OR WITH APPLICABLE FEDERAL, STATE AND LOCAL LAWS.
THESE LIMITATIONS OF LIABILITY WILL APPLY REGARDLESS OF: (I) ANY NEGLIGENCE OR GROSS NEGLIGENCE OF ANY FRANKLIN TEMPLETON PARTY OR (II) WHETHER THE LIABILITY SOUNDS IN NEGLIGENCE, STRICT LIABILITY, CONTRACT, TORT (INCLUDING NEGLIGENCE) OR ANY OTHER THEORY OF LEGAL LIABILITY; AND WILL REMAIN IN EFFECT EVEN IF ANY REMEDY FAILS OF ITS ESSENTIAL PURPOSE. SOME STATES DO NOT ALLOW THE LIMITATION OF LIABILITY OR EXCLUSION OF WARRANTIES, SO THE ABOVE LIMITATIONS AND EXCLUSIONS MAY NOT APPLY TO YOU. IN THOSE STATES, THE FRANKLIN TEMPLETON PARTIES’ LIABILITY WILL BE LIMITED TO THE GREATEST EXTENT PERMITTED BY LAW. IN NO EVENT SHALL THE FRANKLIN TEMPLETON PARTIES’ AGGREGATE LIABILITY TO YOU EXCEED ONE HUNDRED DOLLARS ($100).
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