franklinfloatingratefundplc 31.03 - hsbc · product key facts franklin floating rate fund plc...

Franklin Floating Rate Fund PLC

Franklin Floating Rate Fund PLCGlobal Fixed Income

31.03.2020

Fund Fact Sheet

E-Mail Web

[email protected] www.franklintempleton.com.hk

For the source and calculation basis of Fund information, please refer to the *Explanatory Notes section.

Risk ConsiderationsFranklin Floating Rate Fund plc invests up to 100% of its net assets in shares of the Franklin Floating Rate Master Trust

which invests primarily in senior secured corporate loans and corporate debt securities with floating interest rates.The Fund is subject to market risk, credit risk and sovereign debt risk, low-rated, unrated or non-investment grade securities

risk, liquidity risk, emerging markets risk, repurchase agreement risk, derivatives risk, counterparty risk, hedged share classesrisk and currency risk.Emerging markets are generally smaller and less liquid, with greater exposure to economic, political, and regulatory

uncertainties, than developed markets. The risks of investments in emerging markets, which can adversely affect and/or resultin a substantial loss to the Fund, may include: investment and repatriation restrictions; the potential for unusual or higher marketvolatility as compared to more industrialized nations; shallow and substantially smaller liquid securities markets than in moreindustrialized countries; international and regional political and economic developments; possible imposition of exchangecontrols or other local governmental laws or restrictions.The Fund may at its discretion pay dividends out of the capital. Payment of dividends out of capital amounts to a return or

withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Anydistributions involving payment of dividends out of the Fund s capital may result in an immediate reduction of the net assetvalue per share.Investment involves risks which may result in loss of part or entire amount of your investment. Before you decide to invest,

you should make sure the intermediary has explained to you that the Fund is suitable to you. Investors should not only base onthis marketing material alone to make investment decisions.

Performance*

Performance over 5 Years in Share Class Currency (%)

Franklin Floating Rate Fund PLC A (dis) USD

80

100

120

Fund Overview

Base Currency for Fund USD

Total Net Assets (USD) 458 million

Fund Inception Date 15.05.2000

Number of Holdings 136

Benchmark Credit Suisse LeveragedLoan Index

Morningstar Category * Other Bond

Distribution Yield* A (dis)USD

6.09%

03/15 09/15 03/16 09/16 03/17 09/17 03/18 09/18 03/19 09/19 03/20

Performance in Share Class Currency (%)

Cumulative3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept

A (dis) USD -12.78 -12.78 -13.37 -10.41 -3.55 16.39 47.10

Benchmark in USD -13.19 -13.19 -9.51 -2.16 6.18 37.88 106.43

Summary of Investment Objective

The Fund seeks to provide investors with a high level ofcurrent income and preservation of capital by investing upto 100% of its net assets shares of the Franklin FloatingRate Master Trust ( Master Fund ) which invests primarilyin senior secured corporate loans and corporate debtsecurities with floating interest rates.

Calendar Year Performance in Share Class Currency (%)

2019 2018 2017 2016 2015

A (dis) USD 1.71 -0.13 1.53 11.44 -2.10Benchmark in USD 8.17 1.14 4.25 9.88 -0.38

Fund Management*

Reema Agarwal, CFA: United States

Justin G. Ma, CFA: United States

Margaret Chiu, CFA: United States

Judy Sher: United States

Top Ten Holdings (% of Total)Issuer NameETF: FLBL 4.92Onsite Rental Group Operations Pty Ltd 3.58FGI Operating Company, LLC (Freedom Group) 3.49Appvion Operations, Inc. 3.35General Nutrition Centers, Inc. 2.74New Millennium Holdco, Inc. 2.7099 Cents Only Stores 2.63CSM Bakery Supplies LLC 2.60CSC Holdings, LLC (Cablevision) 1.87Fieldwood Energy LLC 1.83

Fund MeasuresAverage Credit Quality* BB-Average Duration 0.84 YearsAverage Weighted Maturity 4.24 YearsDiscount Margin 5.36%Time to Reset 67 DaysAverage Coupon 5.59%Weighted Average Price 83.89Standard Deviation (5 Yrs) 6.39%

Asset Allocation (Market Value)

%Fixed Income 89.12Cash & Cash Equivalents 8.51Equity 2.38

Offering Documents

Share Class Information

Fees Dividends Fund Identifiers

Share Class Incept Date NAV TER (%)Max. SalesCharge (%)

Mgmt.Fee (%)

Max. Maint.Charge (%)

Max. Dist.Fee (%)

Last PaidDate

Last PaidAmount* ISIN

A (dis) USD 15.10.2002 USD 6.81 1.20 5.00 0.79 0.30 N/A 09.03.2020 0.035 IE0032578035A (acc) USD 27.02.2004 USD 13.18 1.20 5.00 0.79 0.30 N/A N/A N/A IE00B000C709A (dis) EUR-H1 27.02.2015 EUR 7.48 1.20 5.00 0.79 0.30 N/A 09.03.2020 0.036 IE00BVFNXR83A (dis) HKD 23.09.2019 HKD 8.41 1.18 3.00 0.79 0.30 N/A 09.03.2020 0.043 IE00BK6VSP79A (dis) SGD-H1 27.02.2015 SGD 7.63 1.20 5.00 0.79 0.30 N/A 09.03.2020 0.040 IE00BVFNXQ76

Franklin Floating Rate Fund PLC 31.03.2020

For the source and calculation basis of Fund information, please refer to the *Explanatory Notes section.

© 2020. Franklin Templeton. All rights reserved. www.franklintempleton.com.hk

Composition of Fund*

Sector (Market Value) % of TotalBank Loan Funds 11.35Health Care 7.78Services 6.11Food & Beverage 5.69Transportation 5.34Gaming/Leisure 5.11Retailers 4.76Technology 4.43Industrial 4.28Others 36.65Cash & Cash Equivalents 8.51

Portfolio Data Derivatives Disclosures

Market value figures reflect the trading value of the investments. Average Duration, Average Weighted Maturity and Average Coupon reflect certain derivatives held in the portfolio (or theirunderlying reference assets). Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

Important InformationUnless stated otherwise, all information is as of the publishing date of this document. Source: Franklin Templeton.Franklin Templeton Investments (Asia) Limited is the issuer of this document. This document is neither an offer nor solicitation to purchase shares of the fund; applications for shares may only bemade on forms of application available with the Offering Documents. Investments are subject to investment risks, fund value may go up as well as down and past performance is not an indicatoror a guarantee of future performance. The investment returns are denominated in fund currency. Investors investing in funds denominated in non-local currency should be aware of the risk ofexchange rate fluctuations that may cause a loss of principal. Investors should read carefully the Offering Documents (including the section 'Risk Considerations') for the relevant risks associatedwith the investment in the fund before investing. Distribution of this document may be restricted in certain jurisdictions. This document does not constitute the distribution of any information or themaking of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make suchan offer or solicitation. This document has not been reviewed by the Securities and Futures Commission of Hong Kong.

*Explanatory Notes

Due to system limitation, the Last Paid Amount of Dividends has been rounded to 3 decimal places. Please refer to the Historical Dividend Summary document of the Fund available atwww.franklintempleton.com.hk for the actual amount of dividend per unit paid.Performance: Performance information is based on the stated share class only, in Fund Currency, NAV to NAV, taking into account of dividend reinvestments and capital gain or loss.When performance for either the portfolio or its benchmark has been converted, different foreign exchange closing rates may be used between the portfolio and its benchmark.Morningstar Category : Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is provided for reference purposes only. Past performance is not an indicator or a guarantee of future performance.Distribution Yield: The Distribution Yield refers to annualized yield. The Distribution Yield is based on the most recent month s distribution and shown as an annualized percentage as of thedate shown. It does not include any preliminary charge and investors may be subject to tax on distributions. Information is historical and may not reflect current or future distributions. The formulafor calculating Distribution Yield of the stated share class: (nr/p) x 100. r = last dividend paid; p = month end NAV; n = distribution frequency. n = 12 for monthly distribution; n = 4 for quarterlydistribution; n = 1 for yearly distribution.Fund Management: In the case of portfolio managers who are CFA Charterholders, CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.Top 10 Holdings: These securities do not represent all of the securities purchased, sold or recommended for clients, and the reader should not assume that investment in the securities listedwas or will be profitable. The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list.Fund Measures: The average credit quality (ACQ) rating may change over time. The portfolio itself has not been rated by an independent rating agency. The letter rating, which may be basedon bond ratings from different agencies, is provided to indicate the average credit rating of the portfolio s underlying bonds and generally ranges from AAA (highest) to D (lowest). For unratedbonds ratings may be assigned based on the ratings of the issuer or other relevant factors. The ACQ is determined by assigning a sequential integer to all credit ratings AAA to D, taking asimple, asset-weighted average of debt holdings by market value and rounding to the nearest rating. The risk of default increases as a bond s rating decreases, so the ACQ provided is not astatistical measurement of the portfolio s default risk because a simple, weighted average does not measure the increasing level of risk from lower rated bonds. The ACQ is provided forinformational purposes only. Derivative positions are not reflected in the ACQ.Fees: The management fee comprises a fee of up to 0.26% per annum of the average daily net assets of Franklin Floating Rate Fund plc (which is payable to the Franklin TempletonInternational Services S.à r.l. in its capacity as alternative investment fund manager and as principal distributor of Franklin Floating Rate Fund plc) plus a fee of up to 0.53% per annum of theaverage daily net assets of the Franklin Floating Rate Master Trust (which is payable to Franklin Advisers, Inc. in its capacity as the investment adviser of the Franklin Floating Rate MasterTrust).Asset Allocation/Composition of Fund: Due to rounding, the sum of portfolio may not equal 100%.

Product Key Facts

Franklin Floating Rate Fund plc

Issuer: Franklin Templeton Investments (Asia) Limited

Last updated: April 2020

• This statement provides you with key information about this product.• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Dealing frequency: Every Hong Kong Business Day

Dividend policy: Dividends, if declared, will be reinvested unless

indicated by you in the application form to be paid out. Subject to

any legal and regulatory requirements, the Fund may at its

discretion pay dividends out of the capital or out of gross income

of the Fund while charging/ paying all or part of the Fund’s fees

and expenses to/ out of the capital of the Fund, which results in an

increase in distributable income for the payment of dividends by

the Fund and therefore, the Fund may effectively pay dividends

out of capital. The Fund may amend such distribution policy

subject to the SFC’s prior approval and by giving not less than one

month’s prior notice to investors. Any distributions involving

payment of dividends out of the Fund’s capital or payment of

dividends effectively out of the Fund’s capital (as the case may be)

may result in an immediate reduction of the net asset value per

share.

Minimum Investment: USD 1,000 or equivalent [initial], USD 500

or equivalent [additional]

What is this product?

This is a feeder fund constituted in the form of an investment company with variable capital incorporated in Ireland. Its home regulator

is the Central Bank of Ireland.

Investment Objective and Policy

Franklin Floating Rate Fund plc (the “Fund”) aims to provide investors with a high level of current income and preservation of capital

by investing up to 100% of its net assets in shares of the Franklin Floating Rate Master Trust (the “Master Fund”) which invests

primarily in senior secured corporate loans and corporate debt securities with floating interest rates. Any net assets not invested in the

Master Fund will be retained in cash or invested in cash equivalents or as otherwise provided for in the prospectus.

The debt obligations (U.S. government securities, U.S. government agency securities, money market instruments, corporate and

commercial obligations and repurchase agreements) in which the Master Fund may invest (whether by way of subscription,

Franklin Floating Rate Fund plc 1

Quick facts

Management Company (AIFM): Franklin Templeton

International Services S.à r.l.

Investment manager: Franklin Advisers, Inc.

Depositary: J.P. Morgan Bank (Ireland) plc

Base currency: USD

Financial year end of this Fund: 31 July

Ongoing charges over a year#:

Class A (acc): 1.20%

Class A (dis): 1.20%

Class A (dis) EUR-H1: 1.20%

Class A (dis) HKD: 1.20%

Class A (dis) SGD-H1: 1.20%

#The ongoing charges figures are based on the semi-annual financial statements for the period ended 31 January 2020. These figures may vary from year to year.


acquisition, participation or investment) primarily consist of obligations traded on the over-the-counter market in the United States

conducted by primary dealers and secondary dealers, and by banking institutions.

The Master Fund’s floating rate investments will, in most instances, hold the most senior position in the capitalization structure of the

company and be secured by specific collateral.

The Master Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in

corporate loans and corporate debt securities that are made to, or issued by, borrowers that are U.S. companies, non-U.S. borrowers

and U.S. subsidiaries of non-U.S. borrowers and that have floating interest rates (floating interest rate loans and securities).

The Master Fund normally invests primarily in corporate loans or securities of U.S. entities, but may invest up to 65% of its assets in

corporate loans or corporate debt securities of entities in developed countries other than the U.S. The Master Fund may from time to

time invest in corporate debt securities of entities in emerging market countries, but currently does not intend to invest more than 35%

of its assets in emerging market countries.

The Master Fund currently invests predominantly in corporate loans or corporate debt securities that are U.S. dollar-denominated or

otherwise provide for payment in U.S. dollars.

When the Investment Adviser of the Master Fund, Franklin Advisers, Inc., believes market or economic conditions are unfavorable for

investors (for example in times of market failure), the Investment Adviser of the Master Fund may invest up to 100% of the Master

Fund’s assets in a temporary defensive manner by holding all or a substantial portion of its assets in cash, cash equivalents or other

high quality short-term investments. Temporary defensive investments generally may include money market fund shares (including

shares of an affiliated money market fund), U.S. government securities, high-grade commercial paper, bank obligations, repurchase

agreements and other money market instruments. The Investment Adviser of the Master Fund also may invest in these types of

securities or hold cash while looking for suitable investment opportunities, to maintain liquidity or to segregate on the Master Fund’s

books in connection with its derivative strategies.

In addition to the Master Fund main investments, the Master Fund may, under normal conditions hold ancillary liquid assets and invest

up to 20% of its net assets in certain other types of short term debt securities and obligations including unsecured debt obligations,

U.S. government securities, U.S. government agency securities (some of which may not be backed by the full faith and credit of the

United States), bank money market instruments (such as certificates of deposit), bankers acceptances and corporate and commercial

obligations (such as commercial paper and medium-term notes) and for efficient portfolio management purposes re-purchase

agreements. These short-term debt securities or obligations will not exceed 20% of the Master Fund’s total assets except (i) during

interim periods pending investment of the net proceeds of Common Share sales; (ii) pending reinvestment of proceeds of the sale of

debt obligations of the Master Fund; and (iii) during temporary defence periods when, in the opinion of the Investment Adviser of the

Master Fund, suitable senior secured debt obligations are not available or prevailing market or economic conditions warrant.

The Master Fund may invest up to 100% of its portfolio in floating interest rate loans and securities that may be high yield, high risk,

debt securities and are rated less than investment grade (i.e., less than BBB, sometimes called junk bonds), or unrated. Under normal

conditions, the Master Fund invests at least 65% of its total assets in floating interest rate loans and securities that are rated B or

higher by a nationally recognised statistical rating organization (“NRSRO”) or, if unrated, are determined to be of comparable quality

by the Investment Adviser of the Master Fund. Under normal conditions, the Master Fund may invest up to 35% of its total assets in

floating interest rate loans and securities that are rated below B by an NRSRO or, if unrated, are determined to be of comparable

quality by the Investment Adviser of the Master Fund.

The Master Fund has no restrictions on portfolio maturity. The Master Fund anticipates, however, that a majority of its investments will

have stated maturities ranging from three to seven years. This means that the borrower is required to fully repay the obligation within

that time period. The Master Fund also anticipates that its investments will generally have an expected average life of five years or

less.

To a limited extent, the Master Fund may also acquire warrants and equities securities traded on certain recognised markets in

connection with or incidental to the Master Fund’s investment activities.


The Master Fund may invest up to 5% of its net assets in other investment companies, including closed-end funds, exchange traded

funds (ETFs) and affiliated money market funds.

The Master Fund does not intend to invest more than 10% of its net asset value in securities issued and/or guaranteed by any single

sovereign issuer (including its government and a public or local authority of that country) with a credit rating below investment grade,

including unrated sovereign issuers.

Use of derivatives / investment in derivatives

The Master Fund’s net derivative exposure may be up to 50% of the Master Fund’s net asset value.

What are the key risks?

Investment involves risks. Please refer to the offering document for details including the risk factors.

• Market risk: The market values of the Master Fund’s investments (such as corporate loans and corporate debt securities) will tend to go up or down, sometimes rapidly or unpredictably, due to factors affecting individual issuers, particular industries or

sectors within securities markets, or because of general market conditions. During a general downturn in the debt and

securities markets, multiple asset classes (including different sectors of the same asset class) may decline in value at the same

time. Similarly, when markets perform well, there can be no assurance that investments held by the Master Fund will

participate in the advance. Because the investments the Master Fund holds fluctuate in price in this manner, the Fund’s value

may go down as well as up and investors may be adversely affected.

• Interest rate risk: Interest rates changes tend to be driven by prevailing economic, political and regulatory conditions as well as issuer-specific factors, impacting longer term securities more than short-term securities. A fixed income loan or security’s

value will generally increase in value when interest rates fall and decrease in value when interest rates rise. Movements in

interest rates may therefore adversely affect the valuation of the Master Fund’s investments (such as corporate loans and

corporate debt securities) and the net asset values of the Master Fund and the Fund on a daily basis, in addition to impacting

the amount of interest income earned by the Master Fund. Conditions in the banking sector may also adversely affect interest

rates and the prices of fixed income securities, which may in turn adversely affect the value and/or performance of the Master

Fund and the Fund.

• Credit risk and sovereign debt risk: The Master Fund may invest in debt obligations (such as bonds) issued by governments and corporate entities. Investment in sovereign debts issued or guaranteed by governments or by corporate entities involves a

high degree of risk, as default can occur if the relevant government or corporate entity is not able or willing to repay the

principal and/or interest when due. Fixed income securities are also exposed to the risk of being downgraded, which can

adversely affect and/or result in a substantial loss to the Master Fund. Additional risks for sovereign debt include the unilateral

rescheduling of sovereign debt by the issuer and the limited legal recourses available against a sovereign issuer, which may

adversely affect the Master Fund and the Fund.

• Low-rated, unrated or non-investment grade securities risk: The Master Fund may invest in lower rated, unrated or non-investment grade securities (such as lower rated bonds) where the risk of failure to pay interest and/or principal is greater vs.

higher rated securities. Lower rated, unrated or non-investment grade securities generally pose greater illiquidity and valuation

risks. These risks may result in a substantial loss to the Fund.

• Liquidity risk: The Master Fund may not be able to easily sell securities due to adverse market conditions or reduced value or creditworthiness of issuers in which it invests. The inability of the Master Fund to sell securities or positions may also impede

the ability of the Fund to meet redemption requests in a timely manner. Certain securities may also be illiquid due to limited

trading markets or contractual restrictions on their resale. Reduced liquidity due to these factors may have an adverse impact

on the net asset value of the Master Fund and the Fund.

• Emerging markets risk: The Master Fund may invest in, or be exposed to, emerging markets. Emerging markets are generally smaller and less liquid, with greater exposure to economic, political, and regulatory uncertainties, than developed


markets. The risks of investments in emerging markets, which can adversely affect and/or result in a substantial loss to the

Fund, may include: investment and repatriation restrictions; the potential for unusual or higher market volatility as compared to

more industrialized nations; shallow and substantially smaller liquid securities markets than in more industrialized countries,

which means the Master Fund may at times be unable to sell certain securities at desirable prices; international and regional

political and economic developments; possible imposition of exchange controls or other local governmental laws or restrictions.

• Repurchase agreement risk: With collateralized repurchase transactions, the Master Fund and the Fund could suffer losses if the counterparty defaults and the collateral is worth less than the cash placed under the agreement.

• Derivatives risk: The Master Fund may use derivative instruments or structured products for hedging or for efficient portfolio management (to reduce risk or cost), although there is no assurance that the use of derivative instruments for these intended

purposes will be achieved. Derivative instruments involve cost, may be volatile, and may involve a leverage effect. A small

market movement may give rise to a proportionately larger impact, which may cause substantial loss to the Master Fund and

the Fund. Other risks include delivery failure, default by the counterparty or the inability to close out a position because the

trading market becomes illiquid.

• Counterparty risk: Over-the-counter bilateral contracts for financial derivatives used for hedging purposes or for efficient portfolio management depend on the solvency of the counterparties involved, exposing the Master Fund and the Fund to

potential loss. The issuers of loans and securities in which the Master Fund invests may assume large amounts of debt in order

to achieve their business objectives and may enter into transactions such as refinancings, recapitalizations, mergers and

acquisitions, and other financings for general corporate purposes. High indebtedness and restructurings can be the result of,

or lead to, financial distress for the issuers, resulting in losses to the Master Fund and the Fund.

• Hedged share classes risk: The Fund is offered in hedged share classes in addition to unhedged share classes. The intent of the hedged share classes is to offer a return that closely tracks the comparable USD share classes less hedging costs, but

in a currency other than the base currency, which is accomplished using forward foreign currency contracts or currency

options. There is a risk that such techniques will not achieve their intended objective, that hedging costs may be higher than

expected, or that hedging will limit gains the investor would have otherwise earned if the class currency falls against the base

currency of the Fund, which may adversely impact investors of the relevant hedged share class.

• Currency risk: The investments of the Master Fund may be denominated in currencies other than the class currencies of the share classes of the Fund. In such circumstances, adverse exchange rate fluctuations between the currencies in which the

investments of the Master Fund are denominated and the relevant class currency may indirectly result in a decrease in return

and/or a loss of capital for shareholders.

• Dividend policy risk: The Fund may apply an equalization formula from time to time, which constitutes payment of dividends out of capital. The Fund’s dividend policy also allows for payment of dividends effectively out of capital. Payment of dividends

under such circumstances amounts to a return or withdrawal of part of an investor’s original investment or from any capital

gains attributable to that original investment. Any distributions involving payment of dividends out of the Fund’s capital or

payment of dividends effectively out of the Fund’s capital (as the case may be) may result in an immediate reduction of the net

asset value per share.


How has the Fund performed?

The performance of the Fund in these years was achieved under circumstances that no longer apply. The investment techniques and

the investment objectives and policies of the Master Fund were changed in 2014.

• Past performance information is not indicative of future performance. Investors may not get back the full amount invested. • The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividends reinvested. • These figures show by how much class A (dis) increased or decreased in value during the calendar year being shown.

Class A (dis) is the share class available in Hong Kong with the longest history in the Fund. Performance data has been

calculated in USD, including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

• Fund launch date: 15 May 2000 • Class A (dis) launch date: 15 October 2002

Is there any guarantee?

Like most funds, this Fund does not have any guarantees. You may not get back the full amount of money you invest.


What are the fees and charges?

Charges which may be payable by you

You may have to pay the following fees when dealing in the shares of the Fund.

Class A

Subscription fee (Initial sales charge) Up to 5.00% of the subscription amount

Switching fee N/A

Redemption fee N/A

Ongoing fees payable by the Fund and by the Master Fund

The following expenses will be paid out of the Fund and the Master Fund. They affect you because they reduce the return you get on

your investments.

Annual rate

Class A**

Management fee (Investment management fee)* Up to 0.53% of the Master Fund’s net asset value

Depositary fee^ Up to 0.025% of the Fund's net asset value

Performance fee N/A

Administration fee Up to 0.60% of the Fund’s net asset value

Maintenance charge Up to 0.30% of the Fund’s net asset value

AIFM fee+ Up to 0.26% of the Fund’s net asset value

*This fee is payable by the Master Fund to Franklin Advisers, Inc. as the investment adviser of the Master Fund and its level depends

on the average daily net assets of the Master Fund. Please refer to the prospectus of the Fund for details.

^The Depositary is also entitled to be reimbursed for transaction charges and reasonable out-of-pocket expenses incurred for the benefit

of the Fund.

+The AIFM fee is payable by the Fund to the AIFM for the provision of management company and principal distribution services.

**The aggregate fees levied or deducted by the AIFM and Franklin Advisers, Inc. (as the investment adviser of the Master Fund) from

the Fund and/or the Master Fund (as the case may be) for the provision of investment management and distribution services comprise

of the management fee (investment management fee), the AIFM fee and the maintenance charge.

Other fees

You may have to pay other fees and charges when dealing in the shares of the Fund.

Additional Information

• You generally buy and redeem shares at the Fund’s next determined net asset value (NAV) after the Hong Kong Representative, Franklin Templeton Investments (Asia) Limited, receives your request in good order on or before 4:00 p.m.

(Hong Kong time) being the dealing cut-off time. Certain intermediaries may impose an earlier dealing cut-off time.

• The net asset value of this Fund is calculated and the price of shares is published on each business day. Information about prices are available online at www.franklintempleton.com.hk.

• The compositions of the dividends (i.e. the relative amounts paid out of (i) net distributable income and (ii) capital) for the last 12 months are made available by the Hong Kong Representative on request and are also available online at

www.franklintempleton.com.hk.

http://www.franklintempleton.com.hk/


• Investors may obtain the past performance information of other share classes offered to Hong Kong investors from the Hong Kong Representative’s website at www.franklintempleton.com.hk.

• Investors may obtain information on the intermediaries by calling the Hong Kong Representative at (852) 2877-7733 or visiting the Hong Kong Representative’s website at www.franklintempleton.com.hk.

• The website mentioned above has not been reviewed by SFC. Important

If you are in doubt, you should seek professional advice.

The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.

http://www.franklintempleton.com.hk/http://www.franklintempleton.com.hk/

31.03.2020

[email protected] www.franklintempleton.com.hk

*

100%

*

5 ( ) (%)

A

80

100

120

( ) 458

15.05.2000

136

*

* A 6.09%

03/15 09/15 03/16 09/16 03/17 09/17 03/18 09/18 03/19 09/19 03/20

( ) (%)

3 1 3 5 10

A -12.78 -12.78 -13.37 -10.41 -3.55 16.39 47.10

-13.19 -13.19 -9.51 -2.16 6.18 37.88 106.43

100%

( ) (%)

2019 2018 2017 2016 2015

A 1.71 -0.13 1.53 11.44 -2.108.17 1.14 4.25 9.88 -0.38

*

Reema Agarwal, CFA:

Justin G. Ma, CFA:

Margaret Chiu, CFA:

Judy Sher:

* ( %)

ETF: FLBL 4.92Onsite Rental Group Operations Pty Ltd 3.58FGI Operating Company, LLC (Freedom Group) 3.49Appvion Operations, Inc. 3.35General Nutrition Centers, Inc. 2.74New Millennium Holdco, Inc. 2.7099 Cents Only Stores 2.63CSM Bakery Supplies LLC 2.60CSC Holdings, LLC (Cablevision) 1.87Fieldwood Energy LLC 1.83

* BB-0.844.245.36%675.59%83.89

(5 ) 6.39%

%89.128.512.38

(%) (%) (%) (%) (%) * ISINA 15.10.2002 6.81 1.20 5.00 0.79 0.30 09.03.2020 0.035 IE0032578035A 27.02.2004 13.18 1.20 5.00 0.79 0.30 IE00B000C709A -1

27.02.2015 7.48 1.20 5.00 0.79 0.30 09.03.2020 0.036 IE00BVFNXR83

A 23.09.2019 8.41 1.18 3.00 0.79 0.30 09.03.2020 0.043 IE00BK6VSP79A- 1

27.02.2015 7.63 1.20 5.00 0.79 0.30 09.03.2020 0.040 IE00BVFNXQ76

31.03.2020

*

Copyright © 2020 www.franklintempleton.com.hk

*

%11.357.786.115.695.34

/ 5.114.764.434.28

36.658.51

100%

( )

*

www.franklintempleton.com.hk: .

: Copyright © Morningstar, Inc. (1) Morningstar, Inc. (2) (3)

(nr/p) x 100 (r) (p) (n) n = 12 n = 4n = 1

CFA® Chartered Financial Analyst® :

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姿斌雌涼碍踊

布利告燐符堂束葎嬉銀

皃講刃？布利告燐釗父曇東雌〔亠秋〕湧個効嗣

• 凡碍踊汀僑凡嬉銀適叔踊雌涼．• 凡碍踊制錏啅丙倦適溢楓噴．• 醒尤喃憮凡碍踊咋東雌穴底．

侯為瓶湊艇奴？戾呼鴻甲嘶曲入

破束星錯: 菰束(韮湧)哉東雌・償樋革仮甥真醒豹殻宙凋迷．修図膚

拷忍価烹励宮烹貴踊泣仮・凡嬉銀夏司羊錫条槲裕凡嬉銀適雌凡袷

裕綯畋尿宙斯手菰束・導滋甥～徘凡嬉銀適雌凡宙起尿～斯夫凡嬉

銀適繕楓袷楓噴非羊宮貝斯・位遅凡嬉銀羊甥斯夫菰束適夏噴培畋

尿夋嘉・引今・凡嬉銀夏寞在丞徘雌凡宙斯夫菰束．絛譛竿偐侍占

斐旬宮陶蚊喉東雌車皃述埠庄甥溢呼倹適侍占栂弛・凡嬉銀夏拾蹄

骸筒破束星錯．忍価菰束噴破弱慎宮裕凡嬉銀適雌凡宙斯手菰束袷

寞在丞裕凡嬉銀適雌凡宙斯手菰束〔詩古条狭自底〕・夏撞遅戾菰

雌姿淅易捉滋玄庄．

塞偵東雌掛 1,000柊厳 [受治]宮 500柊厳 [存悟戾治禰酵]袷筒０

凡嬉銀制腎庠姿斌゛

凡嬉之溢折嬉・位夏斟雌凡東雌効嗣恵鴫訴整・罪姶痔龍整・寿姶痔龍宙往倶竿緩．

布利告燐符堂束葎嬉銀 1

塞悟校森？ 2020捻 4倹

雌涼娩觀

緩痢効嗣〔吧伶東雌嬉銀絛痢〕？ Franklin Templeton

International Services S.à r.l.

東雌絛痢 Franklin Advisers, Inc.

尊緩刃: J.P. Morgan Bank (Ireland) plc

嬉銀過弊柊厳

坂星捻奴習訣入 7倹 31入

繕捻絛擾政貝斯疲葎#: A (令蚕): 1.20% A (破束): 1.20% A (破束) 歔厳-尠億 1: 1.20% A (破束) 甲厳: 1.20% A (破束) 森嘉垉厳-尠億 1: 1.20% # 絛擾政貝斯疲葎制混擅戰詞 2020捻 1倹 31入適叛捻奴坂無宝穀警蚕・戾捻錦夏膿湧曙斟堂．


東雌勿漂宮星錯

布利告燐符堂束葎嬉銀〔“凡嬉銀”〕遅倫陶蚊對存淅雌姿適塞汰 100%東雌甥布利告燐符堂束葎菩唇濁嬉銀〔“菩嬉銀”〕適菰伋・位汀僑

東雌車剛睡盾適舷滋畋尿歪雌凡鋪０・自菩嬉銀守踊東雌甥虞湧符堂束葎適友占湧提横効嗣逮汗宮効嗣再無譛喧．巳東雌甥菩嬉銀適忍

価淅雌姿淅鋪粒異舷銀袷東雌甥筒導舷銀適姿斌・償樋嬉銀禰酵粧艇吧湧貴底．

菩嬉銀夏東雌適〔埠和制陶蚊禰酵，畋酵，雙菰袷制東雌〕匠間再高〔柊圓星扶譛喧，柊圓星扶毅洪譛喧，過弊志嬢巷虞，効嗣歪嘗曲

再高位宮壊酵卿菊〕守踊裕溢給歪弐給侯為嘗宮倶講毅洪絛嘶適柊圓嬢害侯為志嬢侯為適再高訴整．

罪醍楓噴条狭仮・菩嬉銀適符堂束葎東雌對罪湧闥効嗣雌凡訣洪宙楊湧塞友占恥偉・閉裕禿底提横斌咋鋪譛．

菩嬉銀栂擾對存雌姿淅０適詞庄 80%・哉嘉丞引東雌勿適曙尺尿適汗高・東雌甥乢甥柊圓効嗣適尺汗刃，樋柊圓尺汗刃歪樋柊圓尺汗刃

適柊圓撫乢効嗣曙汀僑袷皃講閉虞湧符堂束葎適効嗣逮汗宮効嗣再無譛喧〔符堂束葎逮汗宮譛喧〕．

菩嬉銀栂擾對守踊東雌甥柊圓寞髟嚢効嗣逮汗袷譛喧・辰制・夏東雌塞剛奪存雌姿適 65%甥偉甥柊圓位害適帋皃添圓科適寞髟嚢効嗣逮

汗袷効嗣再無譛喧．菩嬉銀夏邂滋東雌甥森郷志嬢圓科適寞髟嚢効嗣再無譛喧・辰制・疇漸尠森郷志嬢圓科適東雌埠偐銚蚊存雌姿適

35%．

菩嬉銀舷滋守踊東雌甥位柊厳警儉袷位存太法鴫汀僑柊厳夫汗適効嗣逮汗袷効嗣再無譛喧．

弱菩嬉銀適東雌五紋 Franklin Advisers, Inc.禰異志嬢袷絛濬眞狭埠履甥東雌車〔韮志嬢室敕棄関〕・菩嬉銀適東雌五紋夏對塞汰 100%

適菩嬉銀雌姿震講仕滋頬鋭形東雌・位舷銀，舷銀筒０袷存太友蔀箪棄東雌適法鴫次湧曙湧袷醍楓噴雌姿．仕滋頬鋭形東雌溢販夏膿報

渇過弊志嬢嬉銀菰伋〔報渇闥連過弊志嬢嬉銀適菰伋〕，柊圓星扶譛喧，剛廟給嘗曲評擅，倶講匠間再高，壊酵卿菊歪存太過弊志嬢巷

虞．菩嬉銀適東雌五紋又夏膿罪尽抓拷溺東雌毅偐胃次琉栂政袷罪菩嬉銀適弔倣丞各噴湧闥存洫精巷虞錯流適雌姿棄関東雌甥丞峻伶蔑

譛喧袷次湧舷銀．

償僚菩嬉銀適守踊東雌害・罪牲擾条狭仮・菩嬉銀夏次湧撫乢琉堂雌姿・宮塞汰夏對存雌姿凑０適 20%東雌甥冒叉存太伶蔑適箪棄再無

譛喧宮再高・報渇矛拜鋪適匠間再高，柊圓星扶譛喧，柊圓星扶毅洪譛喧〔疇宙楓噴夏膿泄湧繕楓柊圓唇逮拜鋪〕，倶講過弊志嬢巷虞

〔韮尊汗譛〕，倶講招兢評擅，効嗣歪嘗曲再高〔韮嘗曲評擅歪宙棄評擅〕，宮異汀剛東雌訴拷緩痢敕葎適壊酵卿菊．剝叉箪棄再無譛

喧袷再高對埠偐銚蚊菩嬉銀綯雌姿適 20%・償僚 (i) 罪筒態東雌父栂菰錏啅淅畋悦適蚊奴棄関！(ii) 筒態哉東雌菩嬉銀匠間再高錏啅畋悦

適棄関！歪 (iii) 菩嬉銀適東雌五紋糟唇・泄湧拷溺適剛給湧拜鋪匠間再高袷守琉志嬢袷絛濬恵征譛迷埠技適仕滋頬鋭棄関．

菩嬉銀夏塞剛對存東雌訴拷適 100%東雌甥符堂束葎逮汗宮譛喧・自骸筒逮汗宮譛喧夏膿制剛束適，剛蕗隱適宮溢叉廟給偵甥東雌給蔑

〔捉偵甥 BBB〕適再無譛喧〔湧滋費稾異垮坫再喧〕袷巳費廟給適再無譛喧．溢販条狭仮・菩嬉銀東雌存綯雌姿適塞庄 65%甥費圓科効

禰董警廟給毅洪〔“NRSRO”〕廟異 B給袷校剛給蔑適符堂束葎逮汗宮譛喧・袷韮巳費廟給・息裕菩嬉銀東雌五紋曙穴底糟筒適蔀蘇．

溢販条狭仮・菩嬉銀夏塞汰對存綯雌姿適 35%東雌甥費冒 NRSRO廟異 B給位仮適符堂束葎逮汗宮譛喧・袷韮巳廟給・菩嬉銀東雌五紋

曙穴底糟筒適蔀蘇．

菩嬉銀埠個姓東雌訴拷適蕩棄入．菩嬉銀幼警存醍汰斃東雌適蕩棄入異参捻蕩執捻適貴底棄個．剝制孜尺汗刃図甥骸筒棄個乳匠間繕楓


再高．菩嬉銀間幼警・存東雌適幼警柄錦棄個異伍捻袷校箪．

罪湧個適条狭仮・菩嬉銀間夏酵賠罪効禰志嬢丞侯為適禰菰槲譛歪雌凡譛喧・咋異菩嬉銀適糟闥袷撫幄東雌滑堂．

菩嬉銀夏東雌塞剛奪存雌姿淅０適 5%甥存太東雌効嗣・報渇風米鴫嬉銀，侯為曙賠賽嬉銀宮闥連過弊志嬢嬉銀．

菩嬉銀閉埠舵蚕對銚蚊 10%適雌姿淅０東雌甥裕忍価唇逮廟給偵甥東雌給蔑適喃溢守槲皃講刃〔報渇存星扶歪骸圓適効協袷恥法毅洪〕

皃講宮～袷拜鋪適譛喧・報渇巳穫廟給適守槲皃講刃．

荏羊洫精巷虞～東雌洫精巷虞

菩嬉銀適洫精巷虞蕗隱招拜淅掛夏奪詞菩嬉銀雌姿淅易適 50%．

凡嬉銀湧唅叉守踊蕗隱゛

東雌慎宮蕗隱・醒雙援錏啅丙倦・僚塊蕗隱引蘇筒雌涼．

• 志嬢蕗隱？裕甥寿呼蔑皃講毅洪，譛喧志嬢乳禿底講曲袷絵蔑適引蘇袷溢販志狭曳驚・菩嬉銀嚢東雌〔励韮効嗣逮汗宮効嗣再喧〕適志嬢儉０夏哨夏跋・湧滋校夏膿述舷朽属袷矛烹幼警適哨跋．疇再喧宮譛喧志嬢埠渓汕・汰呼雌姿伶蔑〔報渇導溢雌姿伶

蔑適埠導絵蔑〕適儉０夏膿導滋仮跋．導橄恥・疇志嬢豹舷遼孝・夜埠膿鋪譛菩嬉銀適東雌對寿悴．引異菩嬉銀適東雌儉殻位丞

峻法鴫琶堂・凡嬉銀適儉０偐丞哨宮仮跋・夏膿尠東雌車湧埠履曳驚．

• 履葎蕗隱？履葎斟堂溢販手穴甥舷講絛濬，星璽歪竿緩眞狭位宮皃講毅洪糟闥適禿底引蘇・糟尠捻棄箪適譛喧・尠閣鳥捻棄適譛喧曳驚閣醍．疇履葎仮超・孤底畋悦逮汗袷譛喧息哨０．履葎丞哨滋・息孤底畋悦譛喧對栂擾賁０．引今・償僚曳驚菩嬉銀適履

束畋尿害・履葎斟堂夏膿戾入赴摸曳驚丁菩嬉銀適東雌〔励韮効嗣逮汗宮効嗣再無譛喧〕嚢儉０宮菩嬉銀舍凡嬉銀雌姿淅０．倶

講曲眞狭又夏膿尠履葎宮孤底畋悦譛喧嚢儉殻湧埠履曳驚・邂嚢夏尠菩嬉銀宮凡嬉銀適儉０宮/袷豹舷側整赴摸曳驚．

• 唇逮蕗隱宮守槲再無蕗隱？菩嬉銀夏東雌甥星扶宮危曲毅洪曙皃講適匠間再高〔励韮再喧〕．僲糟闥星扶袷危曲毅洪甥蕩棄滋巳膿袷埠伎易匠間凡銀宮/袷履束・医訳修夏膿皃精・引今東雌甥裕星扶袷危曲毅洪皃講袷鋪譛適守槲再無慎宮剛蕗隱．孤底畋悦譛

喧又献慎費香偵廟給適蕗隱・剝夏膿尠菩嬉銀湧埠履曳驚宮～袷撞遅凡嬉銀招寿叔醍遜室．守槲再無適掛害蕗隱報渇皃講毅洪喃

法摸叔森按杯守槲再無適匠間棄・宮尠控守槲再無皃講毅洪適夏羊烹立雌現湧個・剝夏膿尠菩嬉銀宮凡嬉銀湧埠履曳驚．

• 偵廟給，巳費廟給袷樋東雌給蔑適譛喧蕗隱？菩嬉銀夏東雌甥閣偵廟給，巳費廟給袷樋東雌給蔑適譛喧〔励韮偵廟給再喧〕・存巳膿斯夫履束宮 / 袷凡銀適蕗隱糟尠閣剛廟給適譛喧異醍．偵廟給，巳費廟給袷樋東雌給蔑適譛喧栂擾招寿閣醍適琉堂政埠俗宮

佝０蕗隱．骸筒蕗隱夏膿撞遅凡嬉銀招寿叔醍遜室．

• 琉堂政蕗隱？菩嬉銀夏膿裕甥志狭偵鳴袷儉０仮跋袷存東雌嚢皃講毅洪適唇讌惠何・自二位述啅譛喧．凡嬉銀矛烹述啅譛喧袷次壮又夏膿曳驚菩嬉銀宮滋游俗赭壊醒泣適膿倫．弱患譛喧又夏膿引侯為志嬢湧個袷拷訳個姓轎啅自罌傍琉堂政．裕骸筒引蘇淫遅

適琉堂政香偵夏膿尠菩嬉銀宮凡嬉銀適雌姿淅０湧埠遼適曳驚．

• 森郷志嬢蕗隱？菩嬉銀夏東雌甥袷雙舍森郷志嬢．森郷志嬢溢販閣帋皃添志嬢貴妄閣尚・琉堂政閣偵・叶招寿閣汰絛濬，星璽宮貴緩埠迷榔引蘇．東雌甥森郷志嬢適蕗隱夏尠凡嬉銀湧埠履曳驚宮～袷撞遅凡嬉銀招寿叔醍遜室・存夏膿報渇？東雌宮雌銀壊圓


適個姓！閣皃奪巷曲圓科異剛適潭罪埠尽擾志嬢琶堂嚢蕗隱！糟尠皃奪巷曲圓科志嬢疹奴閣偵宮琉堂政醍醍恥閣庄・柑限嚢菩嬉

銀湧滋光夏膿埠膿位痢掃適儉殻述啅弱患譛喧！圓在宮恥卅政星璽宮絛濬皃添！枝嘉害匳緩姓袷存太凡恥星扶烹立袷個姓適夏膿

政．

• 壊酵卿菊蕗隱？弱侯為尠殊医訳歪提横斌適儉０偵甥混擅卿菊東尿適舷銀・菩嬉銀宮凡嬉銀夏引提横壊酵侯為自木寿遜室． • 洫精巷虞蕗隱？菩嬉夏司羊予洫精巷虞袷訣洪政姿斌咋尠億羊鍍袷咋異湧敕恥緩東雌訴拷(位玄偵蕗隱袷整凡) ・俟緩碍矛鋪譛司羊洫精巷虞夏奪遅骸筒幼棄勿漂．洫精巷虞適東雌慎宮整凡・又夏膿閣琶堂・閉夏膿慎宮槎梏敕懈．閣尚適志嬢琶堂夏膿

側整糟尠醍適曳驚・袷偐例菩嬉銀宮凡嬉銀招寿叔醍遜室．存太蕗隱報渇巳膿侯畋，侯為尠殊医跡・袷引侯為志嬢琉栂政埠俗自

埠膿柄壮．

• 侯尠殊蕗隱？羊咋尠億羊鍍袷咋異湧敕恥緩東雌訴拷適予洫精巷虞適嬢害曼法拷訳詩古慎宮適侯尠殊適匠夫膿・夏膿菩嬉銀宮凡嬉招寿潭罪遜室．菩嬉銀曙東雌適逮汗宮譛喧適皃講毅洪異寞舷存曲無勿漂夏膿招拜剛掛再無宮夏蹄掠侯為・励

韮哉予雌，雌凡叔晴，拷塀宮畋酵宮存太予雌咋溢販効嗣羊鍍．剛掛再無宮叔訴夏膿制皃講毅洪坂無墾二側整袷撞遅皃講毅洪坂

無墾二・例菩嬉銀宮凡嬉木寿遜室．

• 尠億菰伋伶蔑蕗隱？償僚樋尠億菰伋伶蔑嚢害・凡嬉銀汀僑尠億菰伋伶蔑．尠億菰伋伶蔑止罪汀僑菌顛導筒柊厳菰伋伶蔑豹舷適壊ɔ〔玄巨尠億羊〕・辰骸壊宝位嬉凡過弊位害適過弊警儉・剝制陶蚊司羊鴛棄害匳拷訳袷過弊棄槲儘奪整．尊罪適蕗隱報渇

骸筒欺幸夏膿矛烹奪遅存幼棄勿漂，尠億非羊剛甥幼棄袷尠億對個姓東雌車罪伶蔑過弊兢柑凡嬉銀適嬉凡過弊仮跋滋贄手適畋

悦・剝夏膿尠糟闥尠億菰伋伶蔑適東雌車湧埠履曳驚．

• 過弊蕗隱？菩嬉銀嚢東雌夏膿位凡嬉銀適菰伋伶蔑過弊位害適過弊宝儉．罪骸筒条狭仮・菩嬉銀嚢東雌適宝儉過弊舍糟闥伶蔑過弊関適赴摸匳葎斟堂夏関折撞遅菰梼適壊宝玄庄宮～袷雌凡遜室．

• 破束星錯蕗隱？凡嬉銀夏埠滋懈羊柄旬超晴・剝易魅仲徘雌凡宙斯手菰束．凡嬉銀嚢破束星錯又咽鋸寞在丞裕雌凡宙斯手菰束．罪骸筒条狭仮斯手菰束筒甥隊間袷手壊東雌車嚢楓噴幻東雌汗高袷忍価歿乢甥幻東雌汗高適雌凡畋悦．忍価菰束噴破弱慎宮裕凡

嬉銀適雌凡宙斯手菰束袷寞在丞裕凡嬉銀適雌凡宙斯手菰束〔詩古条狭自底〕・夏撞遅戾菰雌姿淅０捉滋玄庄．


凡嬉銀蚊押適曲責豹舷韮価゛

• 押責閉樋幼速入悟曲責豹舷適孜漂．東雌車巳筆膿手壊繕楓東雌凡銀． • 嬉銀曲責豹舷位鍊捻迄適雌姿淅０咋異疲閣嬉租・菰束偐滲尊哉咋東雌． • 丞峻斃擅顱耳 A (破束) 伶菰伋綯０罪湧闥鍊捻乳適哨跋福奴．A (破束) 伶菰伋制凡嬉銀甥鴻甲皃啅適菰伋伶蔑宙鍊四塞揖休適．曲責豹舷位柊厳警蚕・疇宙帆栄述嬉銀適次纐非羊・辰埠報渇嬉銀夏膿喉革仮畋手適禰酵非宮赭壊非．

• 嬉銀皃講入: 2000捻 5倹 15入 • A (破束) 伶菰伋皃講入: 2002捻 10倹 15入

凡嬉銀湧庇汀僑鋪譛゛

凡嬉銀舍醍楓噴嬉銀溢橄・閉埠汀僑忍価鋪譛．革仮巳筆膿手壊東雌凡銀．

凡嬉銀甥湧闥捻乳適曲責豹舷制罪舷滋埠哉溺羊適条狭仮奪遅．菩嬉銀適東雌欺幸舍東雌勿漂宮星錯帋甥 2014捻校晦．


東雌凡嬉銀慎宮唅叉非羊宮畋非゛

革仮袷図纑夫適畋非

凡嬉銀菰伋侯為袷図纑夫位仮非羊．

伶菰伋

禰酵非 (袷受治禰酵非羊) 塞剛異禰酵銀掛適

轎柑非埠溺羊

赭壊非埠溺羊

凡嬉銀宮菩嬉銀次纐纑夫適非羊

位仮畋非對徘凡嬉銀宮菩嬉銀綯０宙扠償・革仮適東雌壊宝對偐引自玄庄．

捻葎

伶菰伋

緩痢非 (東雌緩痢非塞剛異菩嬉銀雌姿淅０適

尊緩非^ 塞剛異凡嬉銀雌姿淅０適

曲責豹舷非埠溺羊

講星非塞剛異凡嬉銀雌姿淅０適

胃次非塞剛異凡嬉銀雌姿淅０適

非羊+ 塞剛異凡嬉銀雌姿淅０適

*今非羊裕菩嬉銀喉菩嬉銀適東雌五紋 Franklin Advisers, Inc.斯夫宮存畋非睡柄詩古菩嬉銀適柄錦戾入雌姿淅０．賞条醒雙援凡嬉銀適

嬉銀禰酵粧艇．

^尠甥侯為非位宮異凡嬉銀履悦姿精適拷痢斯述・尊緩刃對涜蕩匠夫． +AIFM非羊裕凡嬉銀喉吧伶東雌嬉銀絛痢斯夫・咋異存汀僑緩痢効嗣宮守踊噴錏腹無適宝醜．

AIFM宮 Franklin Advisers, Inc.〔咋異菩嬉銀適東雌五紋〕修存曙汀僑適東雌緩痢宮噴錏腹無自徘凡嬉銀宮/袷菩嬉銀〔詩古条狭自

底〕鎮畋袷扠玄適綯非羊報渇緩痢非〔東雌緩痢非〕，AIFM非羊宮胃次非．

存太非羊

凡嬉銀菰伋侯為袷図纑夫存太非羊宮畋非．

存太雌迅

• 罪侯為戰氏滋関捉鴻甲滋関仮吾始滋袷嚢漸絛鴻甲大豹(捉布利告燐釗父曇東雌(亠秋)湧個効嗣)畋打適禰酵宮赭壊踊泣・溢販案邂悟釟底適菰伋儉殻嫉講．楓噴宙解刃袷偐節底閣巣適侯為戰氏滋関．


叔踊汀耳

革仮韮湧義紋・懈賜誂尓曲易賢．

譛竿偐尠凡碍踊適乳揚閉埠招拜忍価跡忍・尠存盾覚政袷寛晴政又埠咋述忍価墜峻．

• 凡嬉銀罪戾溢嘶曲入警蚕嚢雌姿淅０宮効怖菰伋儉殻・夏陶蚊位仮蒙竝 www.franklintempleton.com.hk 穫手． • 湧闥塞吟戎弐呼倹適菰束訴整〔捉徘〔i〕夏噴培淅畋尿宮〔ii〕雌凡宙噴破適糟尠斃掛〕・夏喉鴻甲大豹桜手・又夏陶蚊位仮蒙竝 www.franklintempleton.com.hk 穫手．

• 東雌車夏甥鴻甲大豹嚢蒙竝 www.franklintempleton.com.hk手涜存太喉鴻甲東雌車錏啅適菰伋伶蔑嚢蚊押曲責雌涼． • 東雌車夏遅吐 (852) 2877-7733 連酪鴻甲大豹袷瀛觀鴻甲大豹嚢蒙竝 www.franklintempleton.com.hk手涜宙解刃適雌涼． • 丞峻蒙竝閉巳異鴻甲譛喧宮棄過侍無竿撮尉姻偐〔譛竿偐〕慎援．