Fixed Income Investing with Franklin Templeton. Fixed Income

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1 Fixed Income Investing with Franklin Templeton Fixed Income

2 Franklin Templeton Investments Gain From Our Perspective At Franklin Templeton Investments, we re dedicated to one goal: delivering exceptional asset management for our clients. By bringing together multiple, world-class investment teams in a single firm, we re able to offer specialized expertise across styles and asset classes, all supported by the strength and resources of one of the world s largest asset managers. This has helped us to become a trusted partner to individual and institutional investors across the globe. Focus on Investment Excellence At the core of our firm, you ll find multiple independent investment teams each with a focused area of expertise from traditional to alternative strategies and multi-asset solutions. And because our portfolio groups operate autonomously, their strategies can be combined to deliver true style and asset class diversification. All of our investment teams share a common commitment to excellence grounded in rigorous, fundamental research and robust, disciplined risk management. Decade after decade, our consistent, research-driven processes have helped Franklin Templeton earn an impressive record of strong, long-term results. Global Perspective Shaped by Local Expertise In today s complex and interconnected world, smart investing demands a global perspective. Franklin Templeton pioneered international investing over 60 years ago, and our expertise in emerging markets spans more than a quarter of a century. Today, our investment professionals are on the ground across the globe, spotting investment ideas and potential risks firsthand. These locally based teams bring in-depth understanding of local companies, economies and cultural nuances, and share their best thinking across our global research network. Strength and Experience Franklin Templeton is a global leader in asset management serving clients in over 180 countries.* We run our business with the same prudence we apply to asset management, staying focused on delivering relevant investment solutions, strong long-term results and reliable, personal service. This approach, focused on putting clients first, has helped us to become one of the most trusted names in financial services. * As of 12/31/15. Clients are represented by the total number of shareholder accounts. Not FDIC Insured May Lose Value No Bank Guarantee

3 Why Invest for Income? Diversification and Regular Checks To reach your financial objectives, most investment professionals would agree that it s important to diversify your portfolio with stocks for their capital appreciation potential, and bonds for their income and relative stability. No matter where you are along the financial life cycle from capital accumulation to needing income in retirement fixed income investments can help diversify your portfolio, lower overall portfolio volatility and provide regular income. Please remember, diversification does not guarantee a profit or protect against a loss. The value of our stock portfolio went up and down more than we would have liked. Diversifying with fixed income investments has helped us lower our overall portfolio volatility. We re at the stage where growth and capital preservation are both important. Our fixed income investments have helped add stability to our overall portfolio. Our fixed income investments provide income to supplement our retirement savings. The investor profiles above are not intended to serve as investment recommendations. Please consult with your financial advisor to identify investments that best match your personal financial objectives. franklintempleton.com Fixed Income Investing with Franklin Templeton 1

4 The Benefits of Bonds Bonds Can Help Preserve Wealth Nobody knows with certainty what will happen next in the financial markets, but looking to the past you can gain a sense of what is possible. While long-term stock returns have edged out those of bonds, stock prices have historically tended to be much more volatile. Stocks and Bonds: Best and Worst Annual Returns 1 20-Year Period Ended December 31, % Worst STOCKS 33% Best 8.19% Average Bonds Can Help Reduce a Portfolio s Risk Combining bonds with stocks has historically lowered the overall risk profile of a hypothetical portfolio. For example, in the period shown below, a 40% allocation to bonds would have reduced volatility by 41%, while still achieving 92% of the return of the all-stock portfolio. Returns 16% -2% Worst Blending Bonds with Stocks Has Historically Reduced Risk 2 20-Year Period Ended December 31, % Average 12% Best 12% 8% 80% Bonds/ 20% Stocks 60% Bonds/ 40% Stocks 40% Bonds/ 60% Stocks 20% Bonds/ 80% Stocks 100% Stocks 4% 100% Bonds 0% 0% 4% 8% 12% 16% Charts are for illustrative purposes only and do not reflect the past or future performance of any Franklin Templeton fund. Risk 1. Source: 2016 Morningstar (stocks as represented by the IA SBBI US Large Stock Index; bonds as represented by the Barclays U.S. Aggregate Bond Index). Returns include reinvestment of interest and dividends. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges Morningstar Stocks as represented by the IA SBBI US Large Stock Index; bonds as represented by the Barclays U.S. Aggregate Bond Index. Risk is measured by the annualized standard deviation of monthly total returns. Successive data points on the line represent incremental changes of 20% in the portfolio allocations from 100% stocks/0% bonds to 0% stocks/100% bonds. Portfolios rebalanced annually. Past performance does not guarantee future results. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 2 Fixed Income Investing with Franklin Templeton franklintempleton.com

5 Bonds Can Help Contribute to Portfolio Growth over the Long Term Lower portfolio volatility may be an important factor in helping you stay invested over the long term. As shown below, a portfolio that consists of 60% stocks and 40% bonds may be less vulnerable to the sharp stock market swings of an all-stock portfolio. For example, between 2000 and 2002, the all-stock portfolio suffered over three times the decline of the 60% stocks/40% bonds portfolio. 500% Bonds Can Help Balance a Stock Portfolio 3 Cumulative Total Return 20-Year Period Ended December 31, % 300% S&P 500 Index % % Barclays U.S. Aggregate Bond Index 40%/ S&P 500 Index 60% 200% 100% 0% 12/95 12/99 12/03 12/07 12/11 12/15 Bonds May Help Reduce the Negative Impact of Volatility in the Short Term 3 Cumulative Total Return 10-Year Period Ended December 31, % 100% 50% S&P 500 Index % 91.70% Barclays U.S. Aggregate Bond Index 40%/ S&P 500 Index 60% 0% -50% 12/05 12/07 12/09 12/11 12/13 12/15 Charts are for illustrative purposes only and do not reflect the past or future performance of any Franklin Templeton fund Morningstar, 12/31/15. Stocks as represented by the S&P 500 Index; bonds as represented by the Barclays U.S. Aggregate Bond Index. Past performance does not guarantee future results. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. Portfolio rebalanced annually. franklintempleton.com Fixed Income Investing with Franklin Templeton 3

6 Today s Fixed Income Market Is Complex The size and scope of the fixed income market is much larger than the stock market. In fact, at more than $39 trillion in size, the U.S. fixed income market is the largest securities market in the world. 4 Within this large marketplace, there are different types of sectors and securities that may react differently to economic and interest rate changes. For this reason, it is essential to make sure the fixed income allocation of your portfolio is well diversified. At Franklin Templeton, we offer a wide variety of fixed income funds, including multisector funds that invest across the entire fixed income spectrum. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses. The chart is for illustrative purposes only and does not reflect the perform ance of any Franklin Templeton fund. For perform ance of any Franklin Templeton fund, please call Franklin Templeton Investments at (800) DIAL BEN/ or visit franklintempleton.com. YEAR-END Best Worst ANNUAL TOTAL RETURNS OF KEY FIXED INCOME SECTORS OVER THE PAST % 12.63% 17.79% 24.18% 17.22% 10.31% 21.99% 27.94% GLOBAL GLOBAL 12.42% 11.95% 15.30% 4.69% 16.20% 9.84% 19.49% 25.66% GOV T ASSET- 7.48% 10.23% 14.58% 3.41% 14.41% 9.81% 16.57% 18.52% GLOBAL 7.44% 9.99% 8.85% 3.28% 13.18% 8.31% 15.38% 14.91% GOV T 5.35% 9.91% 8.57% 2.39% 12.18% 8.24% 13.11% 11.01% GOV T ASSET- 5.32% 9.70% 7.76% 1.86% 11.68% 8.22% 11.01% 9.43% ASSET- ASSET- 5.05% 9.49% 6.96% 1.82% 11.16% 7.90% 10.12% 8.40% ASSET- 4.43% 9.19% 6.72% -0.94% 10.84% 5.80% 9.60% 8.24% GOV T 4.08% 8.30% 6.59% -1.96% 9.08% 5.40% 8.75% 5.31% GLOBAL ASSET- GOV T ASSET- ASSET- 3.62% 7.41% 6.48% -2.06% 7.66% 5.13% 8.55% 4.01% GLOBAL GOV T 3.29% 6.40% 5.31% -4.27% 4.94% 2.65% 7.66% 3.07% GLOBAL GLOBAL GOV T 3.28% 0.23% 3.95% -4.43% 1.59% 1.36% 5.13% 2.59% GLOBAL GOV T 1.50% -4.26% 0.58% -5.07% -2.63% -0.99% 3.10% 1.89% N/A N/A % -7.74% -5.21% -3.54% 1.12% 0.18% Federal Funds Target Rate % 5.50% 4.75% 5.50% 6.50% 1.75% 1.25% 1.00% 10-Year Treasury Bond Yield % 5.75% 4.65% 6.45% 5.12% 5.07% 3.83% 4.27% 6-Month Cd Yield % 5.74% 4.97% 6.08% 6.10% 1.92% 1.32% 1.16% Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses. 4. Sources: U.S. Department of Treasury, Federal Reserve, Federal Agencies, Dealogic, Thomson Financial, Bloomberg, Loan Performance, SIFMA, 9/30/15. Most recent data available. 5. Sources: 2016 Morningstar, Federal Reserve, Federal Reserve H.15 Report. n Floating-rate loans as represented by the Credit Suisse Leveraged Loan Index; n Short-term government bonds as represented by the Barclays U.S. Government 1 2 Year Index; n High-yield bonds as represented by the Credit Suisse High Yield Index; n Global bonds as represented by the Citigroup World Government Bond Index; n Treasury inflation-protected securities as represented by the Barclays U.S. Index; n Municipal bonds as represented by the Barclays Municipal Bond Index; n Treasury bonds as represented by the Payden & Rygel 10-Year U.S. Treasury Index; n Mortgage-backed securities as represented by the Barclays U.S. Mortgage-Backed Securities Index; 4 Fixed Income Investing with Franklin Templeton franklintempleton.com

7 20 YEARS ( ) % 10.73% 11.92% 11.64% 20.42% 54.22% 14.42% 16.14% 18.54% 7.53% 15.44% 7.58% GLOBAL 11.95% 5.69% 9.88% 11.45% 10.89% 44.87% 13.66% 13.56% 14.71% 6.15% 10.57% 3.30% GLOBAL GOV T 11.73% 3.51% 8.10% 10.95% 10.11% 28.18% 12.04% 10.70% 13.59% 0.39% 9.05% 1.51% GLOBAL ASSET- ASSET- ASSET % 3.02% 7.33% 10.03% 9.26% 24.71% 9.97% 8.46% 9.82% -0.27% 7.46% 1.25% 8.46% 2.84% 6.94% 7.90% 8.34% 20.07% 9.00% 8.15% 9.43% -1.38% 6.08% 1.23% GLOBAL GOV T GLOBAL 5.60% 2.61% 6.12% 6.90% 5.96% 18.68% 7.89% 6.35% 6.98% -1.41% 5.53% 1.13% GOV T 5.39% 2.33% 5.22% 6.65% -2.35% 12.91% 6.31% 6.23% 6.78% -1.53% 3.64% 1.01% ASSET- ASSET- GOV T 5.11% 2.26% 4.84% 6.28% -2.47% 11.41% 5.85% 5.47% 3.66% -2.55% 3.58% 0.31% ASSET- ASSET- 4.70% 2.09% 4.70% 4.56% -4.94% 5.89% 5.37% 5.17% 2.73% -3.65% 2.06% -0.38% GOV T ASSET- GLOBAL ASSET- 4.51% 1.93% 4.37% 3.36% % 4.39% 5.21% 5.14% 2.59% -4.00% 1.88% -0.68% ASSET- GLOBAL GLOBAL 4.48% 1.68% 4.30% 2.65% % 2.55% 5.17% 4.82% 2.16% -4.56% 1.86% -1.44% GOV T ASSET- GLOBAL GOV T GLOBAL 3.33% 0.96% 4.18% 2.21% % 1.53% 4.36% 4.11% 1.65% -6.58% 0.41% -3.57% ASSET- GLOBAL GOV T GLOBAL 3.01% -6.88% 2.53% 1.88% % 1.28% 2.38% 1.82% 1.51% -8.50% -0.48% -4.93% GOV T GOV T GOV T GOV T 0.92% -9.20% 0.41% % % % 1.65% 1.01% 0.37% -8.61% -2.68% -5.54% 2.25% 4.25% 5.25% 4.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.50% 4.24% 4.39% 4.71% 4.04% 2.25% 3.85% 3.30% 1.89% 1.78% 3.04% 2.17% 2.27% 2.72% 4.65% 5.32% 4.62% 1.70% 0.28% 0.40% 0.64% 0.33% 0.33% 0.43% 0.85% n Investment-grade corporate bonds as represented by the Barclays U.S. Corporate Investment Grade Index; n Emerging markets debt as represented by the JP Morgan Emerging Market Bond Index Global; n International bonds as represented by the Citigroup World Government Bond Index Non-U.S.; n Agencies as represented by the Barclays U.S. Agency Index; n Asset-backed securities as represented by the Barclays Asset Backed Securities Index; n Preferreds as represented by the Bank of America Merrill Lynch Preferred Stock Fixed Rate Index. Past performance does not guarantee future results. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 6. Source: 2016 Morningstar, Bloomberg, L.P. franklintempleton.com Fixed Income Investing with Franklin Templeton 5

8 A Comprehensive Fund Lineup Franklin Templeton has been a pioneer in fixed income investing. And, as the fixed income market has evolved, we ve expanded our fixed income fund offerings to help investors take advantage of marketplace innovations. Today, we offer a wide variety of fixed income funds covering a broad spectrum of credit quality and interest rate sensitivity to help you meet your investment needs. A Comprehensive Fixed Income Fund Lineup Symbols/CUSIPs for Franklin Templeton Income Funds Advisor Class Class A Franklin High Income Fund FVHIX FHAIX GLOBAL FLOATING- RATE MULTI- SECTOR 9 Templeton Hard Currency Fund ICHHX ICPHX Templeton Global Bond Fund TGBAX TPINX Templeton Global Total Return Fund TTRZX TGTRX Templeton Emerging Markets Bond Fund FEMGX Templeton International Bond Fund FIBZX TBOAX Franklin Floating Rate Daily Access Fund FDAAX FAFRX Franklin Flexible Alpha Bond Fund FZBAX FABFX Franklin Low Duration Total Return Fund FLDZX FLDAX Franklin Strategic Income Fund FKSAX FRSTX Franklin Total Return Fund FBDAX FKBAX Franklin Adjustable U.S. Government Securities Fund 7 FAUZX FISAX Franklin Strategic Mortgage Portfolio H H 207 Franklin U.S. Government Securities Fund 7 FUSAX FKUSX Franklin Real Return Fund 8 FARRX FRRAX Franklin Federal Intermediate-Term Tax-Free Income Fund 10 FITZX FKITX Franklin Federal Limited-Term Tax-Free Income Fund 10 FTFZX FFTFX Franklin Federal Tax-Free Income Fund 10 FAFTX FKTIX Franklin High Yield Tax-Free Income Fund 10 FHYVX FRHIX Franklin Insured Tax-Free Income Fund 7,10 FINZX FTFIX Franklin also offers over 30 state-specific municipal bond funds. Franklin Templeton has global fixed income specialist teams focusing on every major sector of the fixed income market. This worldwide breadth gives us an advantage in identifying investment opportunities for our fund portfolios. CHRISTOPHER MOLUMPHY, CFA, EVP and CIO, Franklin Templeton Fixed Income Group MICHAEL HASENSTAB, Ph.D., EVP and CIO, Templeton Global Macro 7. An investment in the fund is neither insured nor guaranteed by the U.S. government or by any other entity or institution. 8. Investors in Franklin Real Return Fund who do not reinvest income that comes from inflation adjustments may not maintain the purchasing power of the investment over the long term. Income earned depends on the amount of principal invested, and that principal may not keep up with inflation if the investor does not reinvest the principal adjustment paid out as part of the fund s income. 9. For investors subject to the alternative minimum tax, a small portion of a fund s dividends may be taxable. Distributions of capital gains are generally taxable. 10. Dividends are generally subject to state and local taxes, if any. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. 6 Fixed Income Investing with Franklin Templeton franklintempleton.com

9 Franklin Templeton Fixed Income Extensive Expertise Franklin Templeton has been managing fixed income assets since 1948 and dedicated fixed income mutual funds since During that time, we have become one of the most respected names in the industry as well as one of the largest fixed income fund managers in the country. 11 A fixed income leader. Manages over $300 billion in fixed income assets for over 1.1 million shareholder accounts. 12,13 Research expertise. Includes more than 170 investment professionals with an average of over 16 years of industry experience. 14 We are also able to tap the expertise of the Franklin equity research team, which gives us the ability to view our investments from yet another perspective. Extensive resources. Dedicated risk management team partners with managers to analyze and monitor portfolio risk. 50 fixed income funds. Offers funds covering the entire fixed income spectrum, including government securities, municipal bonds, corporate bonds, floating-rate loans, global bonds and multi-sector strategies that capitalize on our expertise in each of these areas. Depth and Breadth of Expertise Corporate Credit 35 Professionals Global Fixed Income 31 Professionals Municipals 32 Professionals Mortgage /Government/ Asset-Backed Securities 8 Professionals International Local Asset Management 47 Professionals Franklin Templeton Fixed Income Bank Loans 17 Professionals Equity Research Team Quantitative Analysis 8 Professionals More than 170 dedicated fixed income investment professionals, including 61 CFA Charterholders and 13 Ph.D.s Strategic Insight, ICI as of 12/31/ Fixed income assets managed as of 12/31/ Number of shareholder accounts as of 12/31/ As of 12/31/15. Investment professionals include portfolio managers, analysts and traders. 15. As of 12/31/15. franklintempleton.com Fixed Income Investing with Franklin Templeton 7

10 Strong Historical Long-Term Performance Our commitment to high-quality investment management has resulted in strong long-term performance across our fixed income fund lineup. In fact, more than 27% of Franklin Templeton fixed income funds (Class A) ranked in the top two Lipper quartiles for 1-, 3-, 5- and 10-year cumulative total returns as of December 31, Lipper Rankings Franklin Templeton Fixed Income Funds Class A Based on Cumulative Total Return Without Sales Charge (As of December 31, 2015) 1-Year Period 12/31/14 12/31/15 6.4% 21.3% 3-Year Period 12/31/12 12/31/ % 20.0% 5-Year Period 12/31/10 12/31/ % 20.5% 23.8% 10-Year Period 12/31/05 12/31/15 4.8% 31.0% 48.9% 23.4% 28% TOP TWO QUARTILES 35.6% 22.2% 42% TOP TWO QUARTILES 34.1% 29.5% 50% TOP TWO QUARTILES 40.5% 71% TOP TWO QUARTILES 1st Quartile n n 2nd Quartile 3rd Quartile n n 4th Quartile Percentages may not add up to 100% due to rounding. Lower Expenses As of December 31, 2015, 95% of our fixed income funds (Class A) had lower expense ratios than their Lipper peer group averages. 17 Lower Fund Expenses 17 As of December 31, 2015 Franklin Templeton Fixed Income Funds Average Class A 0.94% 35% Lower Lipper Fixed Income Funds Average Class A 1.44% Past performance does not guarantee future results. 16. Source: Lipper, Inc., 12/31/15. Lipper rankings do not include sales charges and are for Class A shares only. Of the eligible Franklin Templeton non-money market fixed income funds tracked by Lipper, 3, 9, 9 and 13 ranked in the top quartile; 10, 10, 13 and 17 ranked in the second quartile; 11, 16, 15 and 10 ranked in the third quartile; and 23, 10, 7 and 2 ranked in the fourth quartile of their respective Lipper peer groups for the 1-, 3-, 5- and 10-year periods, respectively, for cumulative total return. Past performance does not guarantee future results. 17. Lipper, Inc., 12/31/15. Expense ratios are for Class A shares only and are based on a simple average of the Franklin Templeton non-money market fixed income funds tracked by Lipper. 8 Fixed Income Investing with Franklin Templeton franklintempleton.com

11 Different Needs Require Different Strategies We ve highlighted six common investor needs, along with corresponding fixed income fund strategies. Your financial advisor can help you choose among the different fixed income funds discussed on this page based on your individual investment objective, time frame and risk tolerance. Need Fixed Income Fund Solution Franklin Templeton Funds Class A One Diversified Income Multi-sector funds have the flexibility to invest Franklin Total Return Fund (FKBAX) Investment across various sectors of the fixed income market. Franklin Strategic Income Fund (FRSTX) Current Income and High Credit Quality U.S. government securities funds invest in government-backed securities such as Government National Mortgage Association (GNMA) securities. Franklin U.S. Government Securities Fund 18 (FKUSX) High Income Limited Sensitivity to Interest Rate Changes Global Diversification Current Income and Tax Savings High-yield funds invest in higher-yielding, lowerrated corporate bonds, which typically provide a higher level of income because they have a greater risk of default. Floating-rate loan funds invest in floating-rate bank loans. These loans are generally less sensitive to interest rate risk because their rates reset as certain benchmark rates change. However, they are rated below investment grade, which involves greater risk of default. Global bond funds invest in bonds from around the world, which can offer valuable diversification to a U.S.-focused portfolio. Municipal bond funds invest in municipal bonds, which provide income free from federal tax, and in many cases, state and local income taxes as well. Franklin High Income Fund (FHAIX) Franklin Floating Rate Daily Access Fund (FAFRX) Templeton Global Bond Fund (TPINX) Franklin tax-free income funds 19 Over 30 funds, including limited-term, intermediate-term, long-term, high-yield and insured funds We re looking for an income-oriented investment. What type of fixed income fund is right for us? 18. Securities owned by the fund, but not shares of the fund, are guaranteed by the U.S. government, its agencies or instrumentalities as to timely payment of principal and interest. The fund s yield and share price are not guaranteed and will fluctuate with market conditions. 19. Franklin tax-free income funds seek income free from regular federal and, depending on the fund, state and personal income taxes. For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains are generally taxable. franklintempleton.com Fixed Income Investing with Franklin Templeton 9

12 WHAT ARE THE RISKS? All investments involve risks, including possible loss of principal. Bond prices generally move in the opposite direction of interest rates. Thus, as the prices of bonds in a fund adjust to a rise in interest rates, the fund s share price may decline. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond s issuer, insurer or guarantor, may affect the bond s value. Floating rate loans and high-yield corporate bonds are generally rated below investment grade and are subject to greater risk of default, which could result in loss of principal, a risk that may be heightened in a slowing economy. The markets for particular securities or types of securities are or may become relatively illiquid. Reduced liquidity will have an adverse impact on the security s value and on a fund s ability to sell such securities when necessary to meet the fund s liquidity needs or in response to a specific market event. The risks of foreign securities include currency fluctuations and political uncertainty. Investments in developing markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. Derivatives, including currency management strategies, involve costs and can create economic leverage in a portfolio, which may result in significant volatility and cause a fund to participate in losses (as well as enable gains) on an amount that exceeds the fund s initial investment. A fund may not achieve the anticipated benefits, and may realize losses when a counterparty fails to perform as promised. Some derivatives are particularly sensitive to changes in interest rates. Please review a fund s prospectus for a complete discussion of fund risks. Franklin Templeton Distributors, Inc. One Franklin Parkway San Mateo, CA (800) DIAL BEN / franklintempleton.com Franklin Templeton Investments Your Source for: Mutual Funds Retirement 529 College Savings Plans Separately Managed Accounts Investors should carefully consider a fund s investment goals, risks, charges and expenses before investing. To obtain a summary prospectus and/or prospectus, which contains this and other information, talk to your financial advisor, call (800) DIAL BEN/ or visit franklintempleton.com. Please carefully read a prospectus before you invest or send money Franklin Templeton Investments. All rights reserved. FI B 01/16