FranklinEuroHighYieldFund Income 31.05 · The Fund may invest in debt instruments with loss-absorption features (“LAP”) e.g. contingent convertible securities, senior non-preferred

Franklin Templeton Investment Funds

Franklin Euro High Yield FundEuropean Fixed

Income31012021

Fund Fact Sheet

E-Mail Web

fti-hkfranklintempletoncom wwwfranklintempletoncomhk

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

Risk ConsiderationsFranklin Euro High Yield Fund invests principally in fixed income debt securities of European or non-European issuersThe Fund is subject to market risk interest rate securities risk credit risk low-rated unrated or non-investment grade

securities risk eurozone risk foreign currency risk liquidity risk valuation risk derivative instruments risk counterparty risk andvolatility riskDerivative instruments for investment purpose 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 Fund In adversesituations the Fund s use of derivative instruments may become ineffective and the Fund may suffer significant lossesThe Fund may at its discretion pay dividends out of the capital or out of gross income of the Fund while paying all or part of

the Fund s fees and expenses out of the capital of the Fund which results in effectively paying dividends out of capitalPayment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from anycapital gains attributable to that original investment Any distributions involving payment of dividends out of the Fund s capital orpayment of dividends effectively out of the Fund s capital (as the case may be) may result in an immediate reduction of the netasset value per shareInvestment 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 Euro High Yield Fund A (Ydis) EUR

80

100

120

140

Fund Overview

Base Currency for Fund EUR

Total Net Assets (EUR) 427 million

Fund Inception Date 17042000

Number of Holdings 182

Benchmark ICE BofA Euro High YieldConstrained Index

Morningstar Category EUR High Yield Bond

Distribution Yield A (Ydis)EUR

393

0116 0716 0117 0717 0118 0718 0119 0719 0120 0720 0121

Performance in Share Class Currency ()

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

A (Ydis) EUR 456 034 131 562 2009 5385 10506

Benchmark in EUR 565 042 293 1017 3029 8243 17851

Summary of Investment Objective

The Fund aims to earn a high level of current income andseeks capital appreciation when consistent with itsprincipal objective of high current income by investingprincipally either directly or through the use of financialderivative instruments in Euro-denominated or Non-Eurodenominated Euro-hedged Fixed Income Debt Securitiesof European or Non-European issuers withNon-investment grade ratings or if unrated theirequivalent

Calendar Year Performance in Share Class Currency ()

2020 2019 2018 2017 2016

A (Ydis) EUR 114 840 -399 515 658Benchmark in EUR 273 1124 -360 672 910

Fund Management

Patricia OConnor CFA United States

Piero del Monte United Kingdom

Rod MacPhee CFA United Kingdom

Emmanuel Teissier United Kingdom

Fund MeasuresAverage Credit Quality BB-Average Duration 277 YearsAverage Weighted Maturity 323 YearsYield to Maturity 331Standard Deviation (5 Yrs) 711

Ratings - A (Ydis) EUR

Overall Morningstar Rating

Asset Allocation (Market Value)

Fixed Income 9597Cash amp Cash Equivalents 403

Offering Documents

Share Class Information

Fees Dividends Fund Identifiers

Share Class Incept Date NAVTER ()31122020

Max SalesCharge ()

MgmtFee ()

Max MaintCharge ()

Max ServCharge ()

Last PaidDate

Last PaidAmount ISIN

A (Ydis) EUR 17042000 EUR 596 156 500 080 040 NA 08072020 02340 LU0109395268A (Mdis) EUR 12072007 EUR 586 156 500 080 040 NA 18012021 00190 LU0300744835A (Mdis) USD-H1 09012015 USD 1024 152 500 080 040 NA 18012021 00340 LU1162221839

Franklin Euro High Yield Fund 31012021


copy 2021 Franklin Templeton All rights reserved wwwfranklintempletoncomhk

Composition of FundFranklin Euro High Yield Fund ICE BofA Euro High Yield Constrained Index

Geographic (Notional Exposure) of TotalUnited States 2000 1348France 1182 1337Italy 1153 1698Germany 1015 1241Spain 780 911United Kingdom 702 496Netherlands 649 496Luxembourg 500 468Portugal 276 102Others 1341 1903Cash amp Cash Equivalents 403 000

Sector (Notional Exposure) of TotalFinance 2018 1842Health Care 1157 464Wireless 712 643Automotive 558 1165Packaging 486 339Media Non Cable 469 264Chemicals 385 325Transportation 378 479Industrial 364 608Others 3070 3871Cash amp Cash Equivalents 403 000

Currency (Notional Exposure) of TotalEuro 10033 10000US Dollar -009 000British Pound -024 000

Portfolio Data Derivatives Disclosures

Market value figures reflect the trading value of the investments Notional exposure figures are intended to estimate the portfolio s exposure including any hedged or increased exposure throughcertain derivatives held in the portfolio (or their underlying reference assets) Average Duration Average Weighted Maturity and Yield to Maturity reflect certain derivatives held in the portfolio (ortheir underlying 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 TempletonCopyright copy 2021 Franklin Templeton All rights reservedFranklin Templeton Investments (Asia) Limited and Legg Mason Asset Management Hong Kong Limited are the issuers of this document This document is for information only and nothingcontained herein constitutes investment advice All charts data opinions estimates and other information are provided as of the date of this document and may be subject to change withoutnotice This document is neither an offer nor solicitation to purchase shares of the fund Investments involves risks fund value may go up as well as down and past performance is notan indicator or a guarantee of future performance The investment returns are calculated on NAV to NAV basis taking into account of reinvestments and capital gain or loss The investmentreturns are denominated in stated currency which may be a foreign currency other than USD and HKD ( other foreign currency ) USHK dollar-based investors are therefore exposed tofluctuations in the USHK dollarother foreign currency exchange rate Please refer to the offering documents for further details including the risk factorsAny share class with H1 in its name will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class although there can be no guarantee thatit will be successful in doing so In some cases investors may be subject to additional risksDistribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the making of any offer or solicitation by anyone inany 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 such an offer or solicitation Any person coming intopossession of this document should seek advice for details of and observe such restrictions (if any) This document has not been reviewed by the Securities and Futures Commission of HongKongLegg Mason Asset Management Hong Kong Limited is an indirect wholly owned subsidiary of Franklin Resources Inc

Explanatory Notes

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 lossWhen performance for either the portfolio or its benchmark has been converted different foreign exchange closing rates may be used between the portfolio and its benchmarkThe index data referenced herein is the property of Intercontinental Exchange ( ICE ) andor its licensors and has been licensed for use by Franklin Templeton ICE and its licensors accept noliability in connection with this use See wwwfranklintempletondatasourcescom for a full copy of the DisclaimerMorningstar Category Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor 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 performanceDistribution 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 (nrp) 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 distributionFund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA InstituteRatings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributedand (3) is provided for reference purposes only Past performance is not an indicator or a guarantee of future performanceFund 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 (or internal ratings for unrated bonds cash and equivalents) is provided to indicate the average credit rating of the portfolios underlying investments andgenerally ranges from AAA (highest) to D (lowest) For unrated bonds cash and equivalents ratings may be assigned based on the ratings of the issuer the ratings of the underlying holdings ofa pooled investment vehicle or other relevant factors The ACQ is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average ofinvestments by market value and rounding to the nearest rating The risk of default increases as a bonds rating decreases so the ACQ provided is not a statistical measurement of the portfolio sdefault risk because a simple weighted average does not measure the increasing level of risk from lower-rated bonds The ACQ may be lower if cash and equivalents are excluded from thecalculation The ACQ is provided for informational purposes only Derivative positions are not reflected in the ACQYield figures quoted should not be used as an indication of the income that has or will be received Yield figures are based on the portfolios underlying holdings and do not represent a payout ofthe portfolioAsset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100

Product Key Facts

Franklin Templeton Investment Funds ndash

Franklin Euro High Yield Fund

Issuer Franklin Templeton Investments (Asia) Limited Last updated April 2020

bull This statement provides you with key information about this product

bull This statement is a part of the offering document

bull You should not invest in this product based on this statement alone

Quick facts

Management company Franklin Templeton International

Services Sagrave rl

Investment manager(s) Franklin Advisers Inc United States

of America (internal delegation) and Franklin Templeton

Investment Management Limited United Kingdom (internal

delegation)

Depositary JP Morgan Bank Luxembourg SA

Base currency EUR

Financial year end of this Fund 30 June

Dealing frequency Every Hong Kong Business Day

Minimum Investment USD 1000 [initial] and USD 500

[subsequent purchases] or equivalent

Ongoing charges over a year

Class A (Mdis) EUR 152

Class A (Mdis) USD-H1 152

Class A (Ydis) EUR 152

The ongoing charges figures are based on the semi-annual financial statements for the period ended 31 December 2019 These figures may vary from year to year

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 Fundrsquos 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 SFCrsquos prior approval and by giving not less than one

monthrsquos prior notice to investors Any distributions involving

payment of dividends out of the Fundrsquos capital or payment of

dividends effectively out of the Fundrsquos capital (as the case may be)

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

share

What is this product

This is a fund constituted in the form of a mutual fund It is domiciled in Luxembourg and its home regulator is Commission de

Surveillance du Secteur Financier

Investment Objective and Policy

Franklin Euro High Yield Fund (the Fund) aims to earn high income and secondarily to increase the value of its investments over

the medium to long term

The Fund invests principally (that is at least two-thirds of the Fundrsquos net assets) in

bull fixed income debt securities

bull euro-denominated or non-euro denominated euro-hedged fixed income debt securities with non-investment grade ratings or if

unrated their equivalent of European or non-European issuers

Franklin Templeton Investment Funds - Franklin Euro High Yield Fund 1


In exceptional market circumstances (such as extreme volatility) and on a temporary basis only 100 of the Fundrsquos net assets may

be invested in liquid assets with due regard to the principle of risk spreading

The Fund can invest on an ancillary basis in

bull other types of euro-denominated securities including government securities equity-linked securities (such as common stock

and preferred stock) warrants and convertible securities

bull credit-linked securities (limited to 10 of net assets)

bull securities in default (limited to 10 of net assets)

The investment team manages risk of corporate debt securities through credit analysis of securities issuers which involves a detailed

examination of individual companies and specific industries

The Fund may utilise financial derivative instruments for hedging efficient portfolio management andor investment purposes The

financial derivative instruments may include inter alia swaps such as credit default swaps or fixed income related total return swaps

forwards futures contracts as well as options on such contracts dealt either on regulated markets or over-the-counter

The Fund may invest in debt instruments with loss-absorption features (ldquoLAPrdquo) eg contingent convertible securities senior non-

preferred debts etc These instruments may be subject to contingent write-down or contingent conversion to ordinary shares on the

occurrence of trigger event(s) The Fundrsquos expected total maximum investments in LAP is 30 of its net assets

Use of derivatives investment in derivatives

The Fundrsquos net derivative exposure may be up to 50 of the Fundrsquos net asset value

What are the key risks

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

bull Debt securities risk The Fund is exposed to the creditdefault risk of issuers of the debt securities that the Fund may invest

in Investment in the Fund is subject to interest rate risk The debt securities will generally increase in value when interest rates

fall and decrease in value when interest rates rise Credit ratings assigned by rating agencies are subject to limitations and do

not guarantee the creditworthiness of the security andor issuer at all times The Fund may invest in debt securities on which

the issuer is not currently making interest payments (defaulted debt securities) These securities may become illiquid The

Fund may invest in higher-yielding securities rated lower than investment grade or unrated Such securities are generally

subject to lower liquidity higher volatility and greater risk of loss of principal and interest than high-rated debt securities

bull Market risk The market values of securities owned by the Fund 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 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 securities held by the Fund will participate in the advance Because the securities the Fund holds fluctuate in

price in this manner the Fundrsquos value may go down as well as up and investors may be adversely affected

bull Credit risk The Fund is exposed to the creditdefault risk of issuers of the debt securities that the Fund may invest in

Changes in the financial condition of an issuer changes in economic and political conditions in general or changes in

economic and political conditions specific to an issuer are factors that may have an adverse impact on an issuerrsquos credit

quality and security value Default can occur if an issuer fails to make principal and interest payments when due which may

result in a substantial loss to the Fund Debt securities are also exposed to the risk of being downgraded which can adversely

affect andor result in a substantial loss to the Fund

bull Europe and Eurozone risk The Fund may invest in the Eurozone Mounting sovereign debt burdens (eg any sovereigns

within the Eurozone which default on their debts may be forced to restructure their debts and faced difficulties in obtaining

credit or refinancing) and slowing economic growth among European countries combined with uncertainties in European

financial markets including feared or actual failures in the banking system and the possible break-up of the Eurozone and Euro


currency may adversely affect interest rates and the prices of securities across Europe and potentially other markets as

well These events may increase volatility liquidity and currency risks associated with investments in Europe The aforesaid

economic and financial difficulties in Europe may spread across Europe and as a result a single or several European countries

may exit the Eurozone or a sovereign within the Eurozone may default on its debts In any event of the break-up of the

Eurozone or Euro currency the Fund may be exposed to additional operational or performance risks While the European

governments the European Central Bank and other authorities are taking measures (eg undertaking economic reforms and

imposing austerity measures on citizens) to address the current fiscal conditions these measures may not have the desired

effect and therefore the future stability and growth of Europe is uncertain The performance and value of the Fund may be

adversely affected should there be any adverse credit events (eg downgrade of the sovereign credit rating or default or

bankruptcy of any Eurozone countries)

bull Foreign currency risk The Fund will typically invest to a significant degree in securities that are denominated in currencies

other than the base currency of the Fund exposing its investments to changes in foreign exchange rates and the possibility of

exchange control regulations Changes in currency exchange rates may adversely affect the value of the Fund and also may

affect the income earned by the Fund and gains and losses realized by the Fund The Fund may seek to hedge currency

exposure which can limit the potential for currency gains To the extent that the Fund seeks to hedge or protect against

currency exchange risk there is no guarantee that hedging or protection will be achieved and the value of the Fund may be

adversely affected Furthermore the total return for a share class that is denominated in a different currency (the ldquoalternative

currencyrdquo) from the base currency of the Fund may be affected either positively or negatively by changes in the exchange rate

between the Fundrsquos base currency and the alternative currency

bull Liquidity risk The 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 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 Fund

bull Valuation risk Valuation of the Fundrsquos investments may involve uncertainties and judgmental determinations Independent

pricing information may not always be available If valuations prove to be incorrect the investors of the Fund may be adversely

affected

bull Derivative instruments risk 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 Fund Other risks

include counterpartycredit risk liquidity risk valuation risk volatility risk and over-the-counter transaction risk In adverse

situations the Fundrsquos use of derivative instruments may become ineffective and the Fund may suffer significant losses

bull Counterparty risk When over-the-counter (OTC) or other bilateral contracts are entered into (such as OTC derivatives

repurchase agreements security lending etc) the Fund may find itself exposed to risks arising from the solvency of its

counterparties and from their ability to respect the condition of these contracts and the Fundinvestors may be adversely

impacted

bull Volatility risk The debt securities in emerging markets may be subject to higher volatility and lower liquidity compared to

more developed markets The prices of securities traded in such markets may be subject to fluctuations The bid and offer

spreads of the price of such securities may be large and the Fund may incur significant trading costs

bull Credit-linked securities risk The Fund may invest in credit-linked securities (such as credit default swaps) The Fund may be

adversely affected by any delay or cessation in the making of payments by the issuers of the debt obligations underlying the

credit-linked security or by the issuer of the credit-linked security If the market for credit-linked securities becomes illiquid the

Fund could experience difficulty in selling such security at a price the investment manager believes is fair and the Fund may

be adversely impacted


bull Restructuring companies risk Companies involved in reorganization or financial restructuring tend to have a relatively weak

financial position Restructuring could be disruptive to the business and management structure of the companies involved

which may result in substantial losses for the Fund

bull Swap agreements risk In a standard ldquoswaprdquo transaction two parties agree to exchange the returns (or differential in rates of

return) earned or realized on particular predetermined investments or instruments Whether the Funds use of swap

agreements will be successful in furthering its investment objective will depend on the ability of the investment manager to

correctly predict whether certain types of investments are likely to produce greater returns than other investments Swap

agreements are illiquid and in the event of the default or bankruptcy of a swap agreement counterparty the Fund may suffer a

substantial loss

bull Warrants risk Warrants are more volatile than the securities to which the warrants are linked exposing the Fund to greater

risk The Fund may be adversely affected as a result

bull Risks associated with investments in debt instruments with loss-absorption features Debt instruments with loss-

absorption features are subject to greater risks when compared to traditional debt instruments as such instruments are typically

subject to the risk of being written down or converted to ordinary shares upon the occurrence of a pre-defined trigger events

(eg when the issue is near or at the point of non-viability or when the issuerrsquos capital ratio falls to a specified level) which are

likely to be outside of the issuerrsquos control Such trigger events are complex and difficult to predict and may result in a significant

or total reduction in the value of such instruments In the event of the activation of a trigger there may be potential price

contagion and volatility to the entire asset class Debt instruments with loss-absorption features may also be exposed to

liquidity valuation and sector concentration risk The Fund may invest in contingent convertible debt securities commonly

known as CoCos which are highly complex and are of high risk Upon the occurrence of the trigger event CoCos may be

converted into shares of the issuer (potentially at a discounted price) or may be subject to the permanent write-down to zero

Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point for any reason and for any

length of time The Fund may also invest in senior non-preferred debts While these instruments are generally senior to

subordinated debts they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the

creditor ranking hierarchy of the issuer This may result in total loss of principal invested

bull Convertible securities risk The Fund may invest in convertible securities which are a hybrid between debt and equity

permitting holders to convert into shares of the issuer at a specified future date Convertibles are exposed to equity movement

and greater volatility than straight bond investments Investments in convertible securities are subject to the same interest rate

risk credit risk liquidity risk and prepayment risk associated with comparable straight bond investments The value and

performance of the Fund may be adversely affected as a result

bull Dividend policy risk The Fundrsquos dividend policy allows for payment of dividends out of capital or effectively out of capital

Where this is done it amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains

attributable to that original investment Any distributions involving payment of dividends out of the Fundrsquos capital or payment of

dividends effectively out of the Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value

per share

bull Class hedging risk The hedging strategy for a hedged share class may not work as intended exposing investors of that

share class to currency risk Additionally investors of a hedged share class may be exposed to fluctuations in the net asset

value per share reflecting the gainslosses on and the associated transaction costs of the financial instruments used for

hedging and such investors may be adversely impacted


How has the Fund performed

The performance of the Fund in these years was achieved under circumstances that no longer apply The investment policy was changed in 2015

bull Past performance information is not indicative of future performance Investors may not get back the full amount invested

bull The computation basis of the performance is based on the calendar year end NAV-to-NAV with dividends reinvested

bull These figures show by how much class A (Ydis) EUR increased or decreased in value during the calendar year being shown

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

calculated in EUR including ongoing charges and excluding subscription fee and redemption fee you might have to pay

bull Fund launch date 17 April 2000

bull Class A (Ydis) EUR launch date 17 April 2000

Is there any guarantee

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 500 of the subscription amount

Switching fee (Switching charge) 100 of the value of the shares being switched

Redemption fee (Redemption charge) NA

Ongoing fees payable by the Fund

The following expenses will be paid out of the Fund They affect you because they reduce the return you get on your investments

Annual rate (as a of the Fundrsquos net asset value)

Class A

Management fee (Investment management fee) 080

Depositary fee Up to 0140

Performance fee NA

Administration fee NA

Maintenance charge 040

Servicing charge NA

Registrar and Transfer Corporate Domiciliary and

Administrative Agent fee +

Additional fixed amount per Shareholder account at each Class

level

Up to 02175

Up to USD 30 per annum

The current fee level may be increased up to the maximum level permitted by the constitutive document of the Fund by giving one

monthrsquos prior notice to the shareholders

The Annual Management Fees as defined in the Explanatory Memorandum comprise of the Management Fee (Investment

Management 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

bull You generally buy and redeem shares at the Fundrsquos 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 400 pm

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

bull The net asset value of this Fund is calculated and the price of shares is published on each business day Information about

prices is available online at wwwfranklintempletoncomhk

bull The compositions of the dividends (ie 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

wwwfranklintempletoncomhk


bull Investors may obtain the past performance information of other share classes offered to Hong Kong investors from the Hong

Kong Representativersquos website at wwwfranklintempletoncomhk

bull Investors may obtain information on the intermediaries by calling the Hong Kong Representative at (852) 2877-7733 or visiting

the Hong Kong Representativersquos website at wwwfranklintempletoncomhk

bull The website mentioned above has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo)

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

31012021


5 ( ) ()

A

80

100

120

140

( ) 427

17042000

182

A 393

0116 0716 0117 0717 0118 0718 0119 0719 0120 0720 0121

( ) ()

3 1 3 5 10

A 456 034 131 562 2009 5385 10506

565 042 293 1017 3029 8243 17851

( ) ()

2020 2019 2018 2017 2016

A 114 840 -399 515 658273 1124 -360 672 910

Patricia OConnor CFA

Piero del Monte

Rod MacPhee CFA

Emmanuel Teissier

BB-277323331

(5 ) 711

- A

Morningstar

9597403

()31122020 () () () () ISIN

A 17042000 596 156 500 080 040 08072020 02340 LU0109395268

A 12072007 586 156 500 080 040 18012021 00190 LU0300744835

A- 1

09012015 1024 152 500 080 040 18012021 00340 LU1162221839

31012021

Copyright copy 2021 wwwfranklintempletoncomhk

2000 13481182 13371153 16981015 1241780 911702 496649 496500 468276 102

1341 1903403 000

2018 18421157 464712 643558 1165486 339469 264385 325378 479364 608

3070 3871403 000

10033 10000-009 000-024 000

100

Copyright copy 2021( )

H1

( )Franklin Resources Inc

Intercontinental Exchangewwwfranklintempletondatasourcescom

Copyright copy Morningstar Inc (1) Morningstar Inc (2) (3)

(nrp) x 100 (r) (p) (n) n = 12 n = 4n = 1

CFAreg Chartered Financial Analystreg Copyright copy Morningstar Inc (1) Morningstar Inc (2) (3)

ACQAAA D

ACQ AAA DACQ

ACQ ACQ ACQ

100

姿斌雌涼碍踊

布利告燐釗父曇東雌嬉銀 ndash

布利告燐歔厳剛束嬉銀

皃講刃布利告燐釗父曇東雌〔亠秋〕湧個効嗣

bull 凡碍踊汀僑凡嬉銀適叔踊雌涼

bull 凡碍踊制錏啅丙倦適溢楓噴

bull 醒尤喃憮凡碍踊咋東雌穴底

雌涼娩觀

緩痢効嗣Franklin Templeton International Services Sagrave rl

東雌絛痢Franklin Advisers Inc柊圓〔乳楓尉濁〕宮 Franklin

Templeton Investment Management Limited詠圓〔乳楓尉濁〕

尊緩刃JP Morgan Bank Luxembourg SA

嬉銀過弊歔厳

坂星捻奴習訣入6倹30入

侯為瓶湊艇奴戾呼鴻甲嘶曲入

塞偵東雌掛1000柊厳 [受治]宮500柊厳 [存悟戾治禰酵]袷筒

繕捻絛擾政貝斯疲葎

A (戾倹破束) 歔厳152

A (戾倹破束) 柊厳-尠億1152

A (戾捻破束) 歔厳 152 絛擾政貝斯疲葎制混擅戰詞2019捻12倹31入適叛捻奴坂無宝穀警蚕戾捻錦夏膿湧曙斟堂

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夏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

遅戾菰雌姿淅捉滋玄庄

凡嬉銀制腎庠姿斌゛

凡嬉銀位午悴嬉銀恵鴫訴整罪蘯浸塋整掠寿 Commission de Surveillance du Secteur Financier竿緩

布利告燐釗父曇東雌嬉銀 - 布利告燐歔厳剛束嬉銀 1

塞悟校森 2020捻4倹


東雌勿漂宮星錯

布利告燐歔厳剛束嬉銀〔 ldquo凡嬉銀rdquo〕遅倫甥宙棄詞鳥棄尽泣剛睡柄適畋悦存治寞舷東雌夋

凡嬉銀守踊〔捉凡嬉銀塞庄参噴嚢弐適淅雌姿〕東雌甥

bull 孤底畋悦再無譛喧乢樋東雌廟給位歔厳袷樋歔厳警蚕歔厳尠億適孤底畋悦再無譛喧袷弱乢巳費廟給車息又異存導伶形適歔

秋袷樋歔秋皃講毅洪適東雌高勿

罪禿珠適志嬢条狭仮〔励韮桐奴琶堂〕宮但罪隣滋嬉租丞凡嬉銀塞剛奪100適淅雌姿罪肱虜蕩蕗隱噴燦適幻息仮夏東雌甥琉堂雌姿

罪募女適条狭仮凡嬉銀夏東雌甥

bull 存太位歔厳警嚢譛喧伶蔑報渇星扶譛喧菰評樫嚇譛喧〔励韮父栂菰宮友占菰〕禰菰槲譛宮夏柑菰譛喧

bull 唇逮樫嚇譛喧〔個甥雌姿淅適10〕

bull 医訳譛喧〔個甥雌姿淅適10〕

東雌嗇鯛陶蚊尠譛喧皃講毅洪震講唇羊噴積儘緩痢効嗣再無譛喧蕗隱慎宮尠呼蔑効嗣宮禿底講曲適賞裁噴積

凡嬉銀夏司羊銀予洫精巷虞咋尠億湧敕緩痢東雌訴拷宮袷東雌羊鍍銀予洫精巷虞償存太位害夏報渇掵棄拷訳〔励韮唇逮医訳掵棄袷舍

孤底畋悦糟闥適綯壊宝掵棄〕鴛棄拷訳棄過拷訳又報渇甥寿竿緩志嬢袷嬢害侯為志嬢賠賽適今筒拷訳適棄槲

凡嬉銀夏東雌甥虞湧遜室弓畋禿鎮適再無巷虞〔『』〕〔励韮懈朽夏轎柑譛喧剛給樋友占再無〕罪皃精訖皃侍倦滋今筒巷虞夏

膿費袷湧撟玄儉袷費袷湧轎柑異父栂菰凡嬉銀甥LAP適幼警塞剛綯東雌掛異存雌姿淅適30

荏羊洫精巷虞～東雌洫精巷虞

凡嬉銀適洫精巷虞蕗隱招拜淅掛夏奪詞凡嬉銀雌姿淅適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

bull 再無譛喧蕗隱凡嬉銀招寿凡嬉銀夏膿東雌適再無譛喧適皃講毅洪適唇逮～医訳蕗隱凡嬉銀適東雌招寿履葎蕗隱溢販自限履

葎仮跋滋再無譛喧適儉偐丞哨履葎丞哨滋息偐仮跋廟給毅洪牛与適唇逮廟給尊罪個姓埠膿滋国鋪譛骸譛喧宮～袷皃講毅

洪適唇讌凡嬉銀夏東雌甥皃講毅洪舷滋泄湧咋述履束夫汗適再無譛喧〔医訳再無譛喧〕今筒譛喧夏膿斟異琉栂政埠俗凡嬉銀

夏東雌甥閣剛束自末費廟異偵甥東雌給蔑袷巳費廟給適譛喧舍剛廟給再無譛喧糟疲骸筒譛喧栂擾琉堂政閣偵琶堂政閣剛宮遜

室凡銀舍履束適蕗隱閣醍

bull 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凡嬉銀曙次譛喧適志嬢儉夏哨夏跋湧滋

校夏膿述舷朽属袷矛烹幼警適哨跋疇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〕適儉夏膿導滋仮跋導

橄恥疇志嬢豹舷遼孝夜埠膿鋪譛凡嬉銀曙次湧適譛喧對寿悴引異凡嬉銀次湧適譛喧儉殻位丞峻法鴫琶堂凡嬉銀適儉偐丞

哨宮仮跋夏膿尠東雌車湧埠履曳驚


bull 唇逮蕗隱凡嬉銀袷図招寿凡嬉銀曙東雌適再無譛喧適皃講毅洪適唇逮～医訳蕗隱皃講毅洪適坂無194885狭適轎斟晴髟絛濬宮星璽

条狭適晦斟袷禿蔑尠皃講毅洪湧闥適絛濬宮星璽引蘇適晦斟剝叉引蘇砥夏膿尠皃講毅洪適唇逮蔀蘇宮譛喧儉湧埠履適曳驚僲

冒溢皃講毅洪甥蕩棄滋巳膿斯夫凡銀宮履束夫汗医訳修夏膿皃精剝夏膿撞遅凡嬉銀招寿叔醍遜室再無譛喧又献慎費香偵廟給

適蕗隱剝夏膿尠凡嬉銀湧埠履曳驚宮～袷撞遅凡嬉銀招寿叔醍遜室

bull 歔秋宮歔厳卅蕗隱凡嬉銀夏東雌甥歔厳卅歔秋圓科再無赴拜嘉叔〔励韮歔厳卅乳忍価皃精再無医訳適圓科夏膿費謬震講再無叔

訴宮摸尠二位穫涜唇逮袷哉予雌適墾二〕絛濬夋鳥朋翰位宮歔秋銀予志嬢尊罪埠迷榔引蘇報渇有虜袷寞在倶講髟継室敕宮歔

厳卅舍歔厳夏膿塊髟袷偐尠歔秋宮存太志嬢適履葎宮譛喧儉殻湧埠履曳驚骸筒侍倦夏膿夋嘉舍東雌甥歔秋糟闥適蕗隱報渇琶

堂政蕗隱琉堂政蕗隱宮過弊蕗隱歔秋丞峻適絛濬宮銀予墾強夏膿未掩詞晴呼歔秋引今喃溢袷汰呼歔秋圓科夏膿隊述歔厳卅

袷歔厳卅適圓科夏膿皃精再無医訳僲歔厳卅袷歔厳塊髟凡嬉銀夏膿招寿掛害適嘶荏袷責敕蕗隱俟緩歔秋星扶歔秋往講宮存

太疇極牲歳手曽枝〔励韮震講絛濬晦岳宮尠務睊寞講菌塾曽枝〕位晦然舷滋適坂星194885狭辰骸筒曽枝夏膿巳膿奪蕩幼棄敕歌引

今歔秋巳儘適穰底宮夋鳥仆埠迷榔僲弱皃精忍価赴摸適唇羊侍倦〔励韮守槲唇逮廟給仮超袷歔厳卅乳適忍価圓科皃精再無医訳

袷罵姿〕凡嬉銀適豹舷宮佝夏膿寿蕩埠履曳驚

bull 害弊蕗隱凡嬉銀栂擾醍領東雌甥位凡嬉銀宝儉過弊位害適存太過弊底適譛喧夏膿例骸筒東雌招寿匳葎斟堂宮害匳緩姓貴励適

曳驚害琡兢舷葎適琶堂夏膿尠凡嬉銀適儉洪整赴摸曳驚又夏曳驚凡嬉銀贄涜適畋尿宮凡嬉銀適寞在履純舍蚓遜凡嬉銀夏膿

尽泣尠億過弊蕗隱剝夏個姓過弊夋悦潭倫罪凡嬉銀尽泣咋尠億袷頬煩害琡兢舷蕗隱適条狭泄湧鋪譛偐奪蕩尠億袷頬煩敕歌

宮凡嬉銀適儉夏膿寿蕩埠履曳驚今害位埠導甥凡嬉銀宝儉過弊適過弊〔『吧溢夏銭擘過弊』〕警適菰伋伶蔑適綯壊宝夏

膿引凡嬉銀宝儉過弊舍吧溢夏銭擘過弊嚢関適匳葎斟堂自寿蕩牲摸袷赴摸曳驚

bull 琉堂政蕗隱凡嬉銀夏膿裕甥志狭偵鳴袷儉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

又夏膿曳驚凡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

堂政香偵夏膿尠凡嬉銀適雌姿淅湧埠遼適曳驚

bull 佝蕗隱凡嬉銀適東雌佝袷偐慎宮埠迷榔引蘇宮反底政適穴底巳筆夏溢沈汀僑獸掠底儉雌涼韮譛寞佝埠牲覚凡嬉銀適

東雌車夏膿偐寿蕩埠履曳驚

bull 洫精巷虞蕗隱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

凡嬉銀招寿叔醍遜室存太蕗隱報渇侯為尠殊～唇逮蕗隱琉堂政蕗隱佝蕗隱琶堂政蕗隱宮嬢害侯為志嬢侯為蕗隱罪埠履

適志狭仮凡嬉銀司羊洫精巷虞夏膿偐側整室敕引自例凡嬉銀木寿叔醍遜室

bull 侯為尠殊蕗隱疇嬢害侯為袷存宸曼法拷訳奪整滋〔励韮嬢害侯為洫精巷虞壊酵卿菊譛喧述尺筒〕凡嬉銀夏膿偐皃舷辞弧招

寿存侯為尠殊適匠夫膿倫宮順朱拷訳梃汗適膿倫曙幄儘適蕗隱宮夏膿尠凡嬉銀～東雌車湧埠履曳驚

bull 琶堂政蕗隱舍閣皃奪志嬢疲閣森郷志嬢適再無譛喧夏膿寿閣剛琶堂政宮閣偵琉堂政曳驚罪骸筒志嬢賠賽適譛喧適儉殻袷図招

寿琶堂骸筒譛喧適賠尿儉舍賽述儉適沙儉夏膿閣醍凡嬉銀袷偐捷遅叔醍適侯為整凡


bull 唇逮樫嚇譛喧蕗隱凡嬉銀夏東雌甥唇逮樫嚇譛喧〔励韮唇逮医訳掵棄〕忍価裕唇逮医訳掵棄適糟闥匠間再高適皃講毅洪袷唇逮

樫嚇譛喧適皃講毅洪咋述夫汗適掩遽袷剃氏夏膿尠凡嬉銀湧埠履曳驚弱唇逮樫嚇譛喧志嬢斟異琉栂政埠俗自凡嬉銀韮浴位嬉銀

絛痢禰異効柄適儉殻賽述今筒譛喧夏膿偐霜串墾二凡嬉銀夏膿寿蕩埠履曳驚

bull 叔訴効嗣蕗隱慎宮河洪叔訴袷銀予叔訴適効嗣嚢坂無194885狭栂擾糟尠閣主叔訴夏尠糟闥効嗣適曲無宮緩痢河洪側整罵墸政曳驚

剝夏膿撞遅凡嬉銀招寿叔醍遜室

bull 掵棄卿菊蕗隱罪溢販漂盾嚢『掵棄』侯為宙曼法導易午柑曙贄手嚢壊宝〔袷壊宝葎沙漁〕剝叉壊宝〔袷壊宝葎沙漁〕制徘贄

手袷斟舷冒叉帋穴底東雌袷巷虞宙曙穫手凡嬉銀嚢掵棄卿菊制庇膿整勾奪蕩存東雌勿漂詩古東雌絛痢制庇膿牲覚幼速価筒東雌

對膿疲存太東雌幄儘閣醍壊宝掵棄卿菊制樋琉堂政適弱侯為尠殊医訳袷罵姿凡嬉銀夏膿招寿叔醍遜室

bull 禰菰槲譛蕗隱禰菰槲譛閣禰菰槲譛曙樫嚇嚢譛喧校異琶堂例凡嬉銀招寿校醍蕗隱引今夏膿尠凡嬉銀湧埠履曳驚

bull 舍東雌甥虞湧遜室弓畋禿鎮適再無巷虞糟闥適蕗隱舍僖董再無巷虞糟疲虞湧遜室弓畋禿鎮適再無巷虞摸隣校醍適蕗隱幻引罪

甥今伶巷虞栂擾偐摸隣罪皃精夏膿銚述皃講毅洪昂姓煩團適幼占絵底訖皃侍倦滋〔励韮疇皃講刃折吟袷凭甥埠夏次纐嘶荏適滋

光袷皃講刃適雌凡疲葎香詞溢呼孜底睡柄滋〕費撟玄儉袷轎柑異父栂菰適蕗隱今伶訖皃侍倦鮭草淵雕叶二位幼速閉叶夏膿

撞遅今伶巷虞適儉顱丁袷繕楓仮香弱皃精訖皃侍倦晴呼雌姿伶蔑夏膿偐述舷潭罪適儉殻未掩宮琶堂虞湧遜室弓畋禿鎮適再

無巷虞又夏膿摸隣琉堂政佝宮講曲什宙蕗隱凡嬉銀夏東雌甥桐異淵雕叶虞湧剛蕗隱適懈朽夏轎柑譛喧栂擾費稾異CoCo皃

精訖皃侍倦悟CoCo夏膿偐費轎柑異皃講毅洪適菰評〔夏膿位窃讙儉轎柑〕袷湧夏膿費洩休撟玄儉詞麗CoCo適束評之絛錫

条釟底悟斯夫位宮皃講毅洪夏邂滋位忍価痢裕宮罪忍価溢談滋関乳手湘斯夫凡嬉銀又夏東雌甥剛給樋友占再無蟄禅今筒巷虞

溢販友占甥治給再無辰罪皃精訖皃侍倦滋夏膿偐費撟玄儉閉叶對埠哉乢甥皃講毅洪適再槲刃筒給煩團剝夏膿偐撞遅帋東雌

凡銀適繕楓遜室

bull 夏柑菰譛喧蕗隱凡嬉銀夏東雌甥夏柑菰譛喧湧闥譛喧制溢高紺拷再無宮菰評適東雌揚鋸次湧刃甥巳儘適孜底入棄覇譛喧轎柑

異皃講毅洪適菰伋夏柑菰譛喧図招寿菰評斟堂蕗隱自叶琶福剛甥僖董再喧東雌東雌甥夏柑菰譛喧図招寿舍糟弱僖董再喧東雌

糟導適履葎蕗隱唇逮蕗隱琉堂政蕗隱宮幼夫汗高蕗隱凡嬉銀適儉宮豹舷夏膿引今寿蕩埠履曳驚

bull 破束星錯蕗隱凡嬉銀嚢破束星錯咽鋸裕雌凡宙斯手菰束袷寞在丞裕雌凡宙斯手菰束僲弱韮今講侍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〕夏撞遅戾菰雌姿淅捉滋玄庄

bull 尠億菰伋伶蔑蕗隱冒溢尠億菰伋伶蔑適尠億錯流袷巳膿韮幼棄販皃旗咋羊例骸菰伋伶蔑適東雌車招寿過弊蕗隱今害尠億菰

伋伶蔑適東雌車夏膿偐招寿帆栄羊咋尠億適銀予巷虞適遜悦宮糟闥侯為整凡適戾菰淅雌姿丞適琶堂夏膿尠骸筒東雌車湧埠履

曳驚


凡嬉銀蚊押適曲責豹舷韮価゛

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東雌星錯帋甥2015捻校晦

bull 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

bull 嬉銀曲責豹舷位鍊捻迄適雌姿淅咋異疲閣嬉租菰束偐滲尊哉咋東雌

bull 丞峻斃擅顱耳A〔戾捻破束〕歔厳伶菰伋綯罪湧闥鍊捻乳適哨跋福奴A〔戾捻破束〕歔厳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歔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

bull 嬉銀皃講入 2000捻4倹17入

bull A (戾捻破束) 歔厳伶菰伋皃講入 2000捻4倹17入

凡嬉銀湧庇汀僑鋪譛゛

凡嬉銀閉埠汀僑忍価鋪譛革仮巳筆膿手壊東雌凡銀


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

A 伶菰伋

禰酵非 (袷受治禰酵非羊) 塞剛異禰酵銀掛適 500

轎柑非 (袷轎柑非羊) 轎柑菰伋適儉

赭壊非 (袷赭壊非羊) 埠溺羊

凡嬉銀次纐纑夫適非羊

位仮畋非對徘凡嬉銀綯宙扠償革仮適東雌壊宝對偐引自玄庄

捻葎 (凡嬉銀雌姿淅適俵噴斃)

A 伶菰伋

緩痢非 (袷東雌緩痢非)

尊緩非

曲責豹舷非埠溺羊

講星非埠溺羊

胃次非

腹無非埠溺羊

賭起宮蚊顧効嗣顧脊宮講星大痢非 +

拡呼伶蔑睡柄嚢菰伋次湧刃顧后嚢孤底銀掛非羊

戾捻塞剛30柊厳

陶蚊喉菰伋次湧刃皃述溢呼倹適侍占栂弛舷滋適畋非睡柄夏汀剛詞凡嬉銀嚢訴整丙倦曙咽鋸適塞剛睡柄

戾捻緩痢非韮嬉銀絕迷藷曙底誼報渇緩痢非〔東雌緩痢非〕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

bull 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

bull 凡嬉銀罪戾溢嘶曲入警蚕嚢雌姿淅宮効怖菰伋儉殻夏陶蚊位仮蒙竝 wwwfranklintempletoncomhk 穫手


bull 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

wwwfranklintempletoncomhk 穫手

bull 東雌車夏甥鴻甲大豹嚢蒙竝 wwwfranklintempletoncomhk手涜存太喉鴻甲東雌車錏啅適菰伋伶蔑嚢蚊押曲責雌涼

bull 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wwwfranklintempletoncomhk手涜宙解刃適雌涼

bull 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

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

Franklin Euro High Yield Fund 31012021


copy 2021 Franklin Templeton All rights reserved wwwfranklintempletoncomhk

Composition of FundFranklin Euro High Yield Fund ICE BofA Euro High Yield Constrained Index

Geographic (Notional Exposure) of TotalUnited States 2000 1348France 1182 1337Italy 1153 1698Germany 1015 1241Spain 780 911United Kingdom 702 496Netherlands 649 496Luxembourg 500 468Portugal 276 102Others 1341 1903Cash amp Cash Equivalents 403 000

Sector (Notional Exposure) of TotalFinance 2018 1842Health Care 1157 464Wireless 712 643Automotive 558 1165Packaging 486 339Media Non Cable 469 264Chemicals 385 325Transportation 378 479Industrial 364 608Others 3070 3871Cash amp Cash Equivalents 403 000

Currency (Notional Exposure) of TotalEuro 10033 10000US Dollar -009 000British Pound -024 000

Portfolio Data Derivatives Disclosures

Market value figures reflect the trading value of the investments Notional exposure figures are intended to estimate the portfolio s exposure including any hedged or increased exposure throughcertain derivatives held in the portfolio (or their underlying reference assets) Average Duration Average Weighted Maturity and Yield to Maturity reflect certain derivatives held in the portfolio (ortheir underlying 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 TempletonCopyright copy 2021 Franklin Templeton All rights reservedFranklin Templeton Investments (Asia) Limited and Legg Mason Asset Management Hong Kong Limited are the issuers of this document This document is for information only and nothingcontained herein constitutes investment advice All charts data opinions estimates and other information are provided as of the date of this document and may be subject to change withoutnotice This document is neither an offer nor solicitation to purchase shares of the fund Investments involves risks fund value may go up as well as down and past performance is notan indicator or a guarantee of future performance The investment returns are calculated on NAV to NAV basis taking into account of reinvestments and capital gain or loss The investmentreturns are denominated in stated currency which may be a foreign currency other than USD and HKD ( other foreign currency ) USHK dollar-based investors are therefore exposed tofluctuations in the USHK dollarother foreign currency exchange rate Please refer to the offering documents for further details including the risk factorsAny share class with H1 in its name will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class although there can be no guarantee thatit will be successful in doing so In some cases investors may be subject to additional risksDistribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the making of any offer or solicitation by anyone inany 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 such an offer or solicitation Any person coming intopossession of this document should seek advice for details of and observe such restrictions (if any) This document has not been reviewed by the Securities and Futures Commission of HongKongLegg Mason Asset Management Hong Kong Limited is an indirect wholly owned subsidiary of Franklin Resources Inc

Explanatory Notes

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 lossWhen performance for either the portfolio or its benchmark has been converted different foreign exchange closing rates may be used between the portfolio and its benchmarkThe index data referenced herein is the property of Intercontinental Exchange ( ICE ) andor its licensors and has been licensed for use by Franklin Templeton ICE and its licensors accept noliability in connection with this use See wwwfranklintempletondatasourcescom for a full copy of the DisclaimerMorningstar Category Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor 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 performanceDistribution 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 (nrp) 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 distributionFund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA InstituteRatings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributedand (3) is provided for reference purposes only Past performance is not an indicator or a guarantee of future performanceFund 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 (or internal ratings for unrated bonds cash and equivalents) is provided to indicate the average credit rating of the portfolios underlying investments andgenerally ranges from AAA (highest) to D (lowest) For unrated bonds cash and equivalents ratings may be assigned based on the ratings of the issuer the ratings of the underlying holdings ofa pooled investment vehicle or other relevant factors The ACQ is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average ofinvestments by market value and rounding to the nearest rating The risk of default increases as a bonds rating decreases so the ACQ provided is not a statistical measurement of the portfolio sdefault risk because a simple weighted average does not measure the increasing level of risk from lower-rated bonds The ACQ may be lower if cash and equivalents are excluded from thecalculation The ACQ is provided for informational purposes only Derivative positions are not reflected in the ACQYield figures quoted should not be used as an indication of the income that has or will be received Yield figures are based on the portfolios underlying holdings and do not represent a payout ofthe portfolioAsset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100

Product Key Facts







Quick facts


Services Sagrave rl




delegation)


Base currency EUR
























share


















































































affected








impacted


















substantial loss


























per share





















Class A







Class A



Performance fee NA



Servicing charge NA




level

Up to 02175






Other fees

















Important



31012021


5 ( ) ()

A

80

100

120

140

( ) 427

17042000

182

A 393

0116 0716 0117 0717 0118 0718 0119 0719 0120 0720 0121

( ) ()

3 1 3 5 10

A 456 034 131 562 2009 5385 10506

565 042 293 1017 3029 8243 17851

( ) ()

2020 2019 2018 2017 2016

A 114 840 -399 515 658273 1124 -360 672 910


Piero del Monte

Rod MacPhee CFA

Emmanuel Teissier

BB-277323331

(5 ) 711

- A

Morningstar

9597403

()31122020 () () () () ISIN

A 17042000 596 156 500 080 040 08072020 02340 LU0109395268

A 12072007 586 156 500 080 040 18012021 00190 LU0300744835

A- 1

09012015 1024 152 500 080 040 18012021 00340 LU1162221839

31012021


2000 13481182 13371153 16981015 1241780 911702 496649 496500 468276 102

1341 1903403 000

2018 18421157 464712 643558 1165486 339469 264385 325378 479364 608

3070 3871403 000

10033 10000-009 000-024 000

100


H1




(nrp) x 100 (r) (p) (n) n = 12 n = 4n = 1


ACQAAA D

ACQ AAA DACQ

ACQ ACQ ACQ

100

姿斌雌涼碍踊







雌涼娩觀





嬉銀過弊歔厳











































































































曳驚
















A 伶菰伋







A 伶菰伋


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講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳



Product Key Facts







Quick facts


Services Sagrave rl




delegation)


Base currency EUR
























share


















































































affected








impacted


















substantial loss


























per share





















Class A







Class A



Performance fee NA



Servicing charge NA




level

Up to 02175






Other fees

















Important



31012021


5 ( ) ()

A

80

100

120

140

( ) 427

17042000

182

A 393

0116 0716 0117 0717 0118 0718 0119 0719 0120 0720 0121

( ) ()

3 1 3 5 10

A 456 034 131 562 2009 5385 10506

565 042 293 1017 3029 8243 17851

( ) ()

2020 2019 2018 2017 2016

A 114 840 -399 515 658273 1124 -360 672 910


Piero del Monte

Rod MacPhee CFA

Emmanuel Teissier

BB-277323331

(5 ) 711

- A

Morningstar

9597403

()31122020 () () () () ISIN

A 17042000 596 156 500 080 040 08072020 02340 LU0109395268

A 12072007 586 156 500 080 040 18012021 00190 LU0300744835

A- 1

09012015 1024 152 500 080 040 18012021 00340 LU1162221839

31012021


2000 13481182 13371153 16981015 1241780 911702 496649 496500 468276 102

1341 1903403 000

2018 18421157 464712 643558 1165486 339469 264385 325378 479364 608

3070 3871403 000

10033 10000-009 000-024 000

100


H1




(nrp) x 100 (r) (p) (n) n = 12 n = 4n = 1


ACQAAA D

ACQ AAA DACQ

ACQ ACQ ACQ

100

姿斌雌涼碍踊







雌涼娩觀





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曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


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腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳









































































affected








impacted


















substantial loss


























per share





















Class A







Class A



Performance fee NA



Servicing charge NA




level

Up to 02175






Other fees

















Important



31012021


5 ( ) ()

A

80

100

120

140

( ) 427

17042000

182

A 393

0116 0716 0117 0717 0118 0718 0119 0719 0120 0720 0121

( ) ()

3 1 3 5 10

A 456 034 131 562 2009 5385 10506

565 042 293 1017 3029 8243 17851

( ) ()

2020 2019 2018 2017 2016

A 114 840 -399 515 658273 1124 -360 672 910


Piero del Monte

Rod MacPhee CFA

Emmanuel Teissier

BB-277323331

(5 ) 711

- A

Morningstar

9597403

()31122020 () () () () ISIN

A 17042000 596 156 500 080 040 08072020 02340 LU0109395268

A 12072007 586 156 500 080 040 18012021 00190 LU0300744835

A- 1

09012015 1024 152 500 080 040 18012021 00340 LU1162221839

31012021


2000 13481182 13371153 16981015 1241780 911702 496649 496500 468276 102

1341 1903403 000

2018 18421157 464712 643558 1165486 339469 264385 325378 479364 608

3070 3871403 000

10033 10000-009 000-024 000

100


H1




(nrp) x 100 (r) (p) (n) n = 12 n = 4n = 1


ACQAAA D

ACQ AAA DACQ

ACQ ACQ ACQ

100

姿斌雌涼碍踊







雌涼娩觀





嬉銀過弊歔厳











































































































曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳






























affected








impacted


















substantial loss


























per share





















Class A







Class A



Performance fee NA



Servicing charge NA




level

Up to 02175






Other fees

















Important



31012021


5 ( ) ()

A

80

100

120

140

( ) 427

17042000

182

A 393

0116 0716 0117 0717 0118 0718 0119 0719 0120 0720 0121

( ) ()

3 1 3 5 10

A 456 034 131 562 2009 5385 10506

565 042 293 1017 3029 8243 17851

( ) ()

2020 2019 2018 2017 2016

A 114 840 -399 515 658273 1124 -360 672 910


Piero del Monte

Rod MacPhee CFA

Emmanuel Teissier

BB-277323331

(5 ) 711

- A

Morningstar

9597403

()31122020 () () () () ISIN

A 17042000 596 156 500 080 040 08072020 02340 LU0109395268

A 12072007 586 156 500 080 040 18012021 00190 LU0300744835

A- 1

09012015 1024 152 500 080 040 18012021 00340 LU1162221839

31012021


2000 13481182 13371153 16981015 1241780 911702 496649 496500 468276 102

1341 1903403 000

2018 18421157 464712 643558 1165486 339469 264385 325378 479364 608

3070 3871403 000

10033 10000-009 000-024 000

100


H1




(nrp) x 100 (r) (p) (n) n = 12 n = 4n = 1


ACQAAA D

ACQ AAA DACQ

ACQ ACQ ACQ

100

姿斌雌涼碍踊







雌涼娩觀





嬉銀過弊歔厳











































































































曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳












substantial loss


























per share





















Class A







Class A



Performance fee NA



Servicing charge NA




level

Up to 02175






Other fees

















Important



31012021


5 ( ) ()

A

80

100

120

140

( ) 427

17042000

182

A 393

0116 0716 0117 0717 0118 0718 0119 0719 0120 0720 0121

( ) ()

3 1 3 5 10

A 456 034 131 562 2009 5385 10506

565 042 293 1017 3029 8243 17851

( ) ()

2020 2019 2018 2017 2016

A 114 840 -399 515 658273 1124 -360 672 910


Piero del Monte

Rod MacPhee CFA

Emmanuel Teissier

BB-277323331

(5 ) 711

- A

Morningstar

9597403

()31122020 () () () () ISIN

A 17042000 596 156 500 080 040 08072020 02340 LU0109395268

A 12072007 586 156 500 080 040 18012021 00190 LU0300744835

A- 1

09012015 1024 152 500 080 040 18012021 00340 LU1162221839

31012021


2000 13481182 13371153 16981015 1241780 911702 496649 496500 468276 102

1341 1903403 000

2018 18421157 464712 643558 1165486 339469 264385 325378 479364 608

3070 3871403 000

10033 10000-009 000-024 000

100


H1




(nrp) x 100 (r) (p) (n) n = 12 n = 4n = 1


ACQAAA D

ACQ AAA DACQ

ACQ ACQ ACQ

100

姿斌雌涼碍踊







雌涼娩觀





嬉銀過弊歔厳











































































































曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳



















Class A







Class A



Performance fee NA



Servicing charge NA




level

Up to 02175






Other fees

















Important



31012021


5 ( ) ()

A

80

100

120

140

( ) 427

17042000

182

A 393

0116 0716 0117 0717 0118 0718 0119 0719 0120 0720 0121

( ) ()

3 1 3 5 10

A 456 034 131 562 2009 5385 10506

565 042 293 1017 3029 8243 17851

( ) ()

2020 2019 2018 2017 2016

A 114 840 -399 515 658273 1124 -360 672 910


Piero del Monte

Rod MacPhee CFA

Emmanuel Teissier

BB-277323331

(5 ) 711

- A

Morningstar

9597403

()31122020 () () () () ISIN

A 17042000 596 156 500 080 040 08072020 02340 LU0109395268

A 12072007 586 156 500 080 040 18012021 00190 LU0300744835

A- 1

09012015 1024 152 500 080 040 18012021 00340 LU1162221839

31012021


2000 13481182 13371153 16981015 1241780 911702 496649 496500 468276 102

1341 1903403 000

2018 18421157 464712 643558 1165486 339469 264385 325378 479364 608

3070 3871403 000

10033 10000-009 000-024 000

100


H1




(nrp) x 100 (r) (p) (n) n = 12 n = 4n = 1


ACQAAA D

ACQ AAA DACQ

ACQ ACQ ACQ

100

姿斌雌涼碍踊







雌涼娩觀





嬉銀過弊歔厳











































































































曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳







Class A







Class A



Performance fee NA



Servicing charge NA




level

Up to 02175






Other fees

















Important



31012021


5 ( ) ()

A

80

100

120

140

( ) 427

17042000

182

A 393

0116 0716 0117 0717 0118 0718 0119 0719 0120 0720 0121

( ) ()

3 1 3 5 10

A 456 034 131 562 2009 5385 10506

565 042 293 1017 3029 8243 17851

( ) ()

2020 2019 2018 2017 2016

A 114 840 -399 515 658273 1124 -360 672 910


Piero del Monte

Rod MacPhee CFA

Emmanuel Teissier

BB-277323331

(5 ) 711

- A

Morningstar

9597403

()31122020 () () () () ISIN

A 17042000 596 156 500 080 040 08072020 02340 LU0109395268

A 12072007 586 156 500 080 040 18012021 00190 LU0300744835

A- 1

09012015 1024 152 500 080 040 18012021 00340 LU1162221839

31012021


2000 13481182 13371153 16981015 1241780 911702 496649 496500 468276 102

1341 1903403 000

2018 18421157 464712 643558 1165486 339469 264385 325378 479364 608

3070 3871403 000

10033 10000-009 000-024 000

100


H1




(nrp) x 100 (r) (p) (n) n = 12 n = 4n = 1


ACQAAA D

ACQ AAA DACQ

ACQ ACQ ACQ

100

姿斌雌涼碍踊







雌涼娩觀





嬉銀過弊歔厳











































































































曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳









Important



31012021


5 ( ) ()

A

80

100

120

140

( ) 427

17042000

182

A 393

0116 0716 0117 0717 0118 0718 0119 0719 0120 0720 0121

( ) ()

3 1 3 5 10

A 456 034 131 562 2009 5385 10506

565 042 293 1017 3029 8243 17851

( ) ()

2020 2019 2018 2017 2016

A 114 840 -399 515 658273 1124 -360 672 910


Piero del Monte

Rod MacPhee CFA

Emmanuel Teissier

BB-277323331

(5 ) 711

- A

Morningstar

9597403

()31122020 () () () () ISIN

A 17042000 596 156 500 080 040 08072020 02340 LU0109395268

A 12072007 586 156 500 080 040 18012021 00190 LU0300744835

A- 1

09012015 1024 152 500 080 040 18012021 00340 LU1162221839

31012021


2000 13481182 13371153 16981015 1241780 911702 496649 496500 468276 102

1341 1903403 000

2018 18421157 464712 643558 1165486 339469 264385 325378 479364 608

3070 3871403 000

10033 10000-009 000-024 000

100


H1




(nrp) x 100 (r) (p) (n) n = 12 n = 4n = 1


ACQAAA D

ACQ AAA DACQ

ACQ ACQ ACQ

100

姿斌雌涼碍踊







雌涼娩觀





嬉銀過弊歔厳











































































































曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳



31012021


5 ( ) ()

A

80

100

120

140

( ) 427

17042000

182

A 393

0116 0716 0117 0717 0118 0718 0119 0719 0120 0720 0121

( ) ()

3 1 3 5 10

A 456 034 131 562 2009 5385 10506

565 042 293 1017 3029 8243 17851

( ) ()

2020 2019 2018 2017 2016

A 114 840 -399 515 658273 1124 -360 672 910


Piero del Monte

Rod MacPhee CFA

Emmanuel Teissier

BB-277323331

(5 ) 711

- A

Morningstar

9597403

()31122020 () () () () ISIN

A 17042000 596 156 500 080 040 08072020 02340 LU0109395268

A 12072007 586 156 500 080 040 18012021 00190 LU0300744835

A- 1

09012015 1024 152 500 080 040 18012021 00340 LU1162221839

31012021


2000 13481182 13371153 16981015 1241780 911702 496649 496500 468276 102

1341 1903403 000

2018 18421157 464712 643558 1165486 339469 264385 325378 479364 608

3070 3871403 000

10033 10000-009 000-024 000

100


H1




(nrp) x 100 (r) (p) (n) n = 12 n = 4n = 1


ACQAAA D

ACQ AAA DACQ

ACQ ACQ ACQ

100

姿斌雌涼碍踊







雌涼娩觀





嬉銀過弊歔厳











































































































曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳



31012021


2000 13481182 13371153 16981015 1241780 911702 496649 496500 468276 102

1341 1903403 000

2018 18421157 464712 643558 1165486 339469 264385 325378 479364 608

3070 3871403 000

10033 10000-009 000-024 000

100


H1




(nrp) x 100 (r) (p) (n) n = 12 n = 4n = 1


ACQAAA D

ACQ AAA DACQ

ACQ ACQ ACQ

100

姿斌雌涼碍踊







雌涼娩觀





嬉銀過弊歔厳











































































































曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳



姿斌雌涼碍踊







雌涼娩觀





嬉銀過弊歔厳











































































































曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳

























































































曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳




























































曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳






























曳驚
















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳


















A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳







A 伶菰伋







A 伶菰伋


尊緩非


講星非埠溺羊

胃次非

腹無非埠溺羊






存太非羊


存太雌迅










叔踊汀耳









叔踊汀耳

