FRANKLIN INDIA FUND-A (ACC) USD - FRANKLIN TEMPLETON INVESTMENT FUNDS
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Franklin Templeton Emerging Markets Equity
Data as of May 31, 2022
FRANKLIN INDIA FUND–A (ACC) USD
FRANKLIN TEMPLETON INVESTMENT FUNDS
This is a marketing communication. Please refer to the prospectus of the UCITS and to the KIID before making any final investment decisions.
For Financial Professional Use Only. Not For Distribution to Retail Investors.Table of Contents
Investment Performance and Portfolio Characteristics 3
Summary 4
Historical Performance 5
Calendar Year Returns 6
Performance Attribution by Sector (1 Year) 7
Performance Attribution by Security (1 Year) 8
Performance Risk Statistics 9
Sector Allocation 10
Top Ten Holdings 11
Portfolio Characteristics 12
Appendix 13
Glossary 14
Important Disclosures 16
For Financial Professional Use Only. Not For Distribution to Retail Investors. 2INVESTMENT
PERFORMANCE
AND PORTFOLIO
CHARACTERISTICS
For Financial Professional Use Only. Not For Distribution to Retail Investors.Summary
Franklin India Fund–A (acc) USD
As of 05/31/2022
Summary of Investment Objective
Morningstar CategoryTM India Equity The Fund aims to achieve long-term capital appreciation by principally
Investment Style Blend investing in equity securities of companies of any size located or performing
business predominately in India.
Fund Inception Date 10/25/2005
Portfolio Manager(s)
Benchmark MSCI India Index-NR
Sukumar Rajah Singapore
Base Currency for Fund USD
Fund Indentifiers
Base Currency for Share Class USD
ISIN Code LU0231203729
Total Net Assets (USD) $1,186,615,637
SEDOL Code B0LN2Y5
Asset Allocation Equity: 100.63%
Bloomberg Code FRAINAA LX
Cash & Cash Equivalents: -0.63%
Fund Ratings (05/31/2022)
Number of Issuers 46
Overall Morningstar RatingTM ★★★
Total Expense Ratio 1.84%
Holdings of the same issuer have been combined. © Morningstar, Inc. 2022. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not
be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this
information. Percentage may not total 100% due to rounding.
Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
The fund offers other share classes subject to different fees and expenses, which will affect their performance. Please see the prospectus for details.
The charges are the fees the fund charges to investors to cover the costs of running the Fund. Additional costs, including transaction fees, will also be incurred. These costs are paid out by the Fund, which
will impact on the overall return of the Fund.
Fund charges will be incurred in multiple currencies, meaning that payments may increase or decrease as a result of currency exchange fluctuations.
Past performance is not an indicator or a guarantee of future performance.
For Financial Professional Use Only. Not For Distribution to Retail Investors. 4Historical Performance
Franklin India Fund–A (acc) USD
As of 05/31/2022
Past performance does not predict future returns.
Inception Since
Annualized Total Returns (%) Date 1 Yr 3 Yrs 5 Yrs 10 Yrs Incept
Franklin India Fund–A (acc) USD—Net of 10/25/2005 -2.48 7.48 4.63 9.32 9.85
Fees—(USD)
MSCI India Index-NR—(USD) 1.37 9.71 8.59 9.68 9.19
Excess Returns (Fund Net Vs. Index) -3.85 -2.23 -3.96 -0.36 0.66
Inception Since
Cumulative Performance (%) Date YTD 1 Mth 3 Mths 1 Yr 3 Yrs 5 Yrs 10 Yrs Incept
Franklin India Fund–A (acc) USD—Net of 10/25/2005 -12.62 -3.98 -7.61 -2.48 24.16 25.37 143.77 375.59
Fees—(USD)
MSCI India Index-NR—(USD) -9.12 -5.82 -4.02 1.37 32.05 50.99 151.89 330.43
Excess Returns (Fund Net Vs. Index) -3.50 1.84 -3.59 -3.85 -7.89 -25.62 -8.12 45.16
All performance data shown is in the Fund currency stated and net of management fees. Sales charges and other commissions, taxes and other relevant costs paid by the investor are not included in the
calculations.
The fund offers other share classes subject to different fees and expenses, which will affect their performance. Please see the prospectus for details.
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.
The fund's returns may increase or decrease as a result of changes to foreign exchange rates.The value of shares in the Fund and income recieved from it can go down as well as up, and investors
may not get back the full amount invested.
Net Returns (NR) include income net of tax withholding when dividends are paid.
For Financial Professional Use Only. Not For Distribution to Retail Investors. 5Calendar Year Returns
Franklin India Fund–A (acc) USD
As of 05/31/2022
Past performance does not predict future returns.
50.0%
41.41
40.0% 38.08 38.76
30.0% 25.55 26.23 25.97
23.87 22.60
20.0% 15.55
12.92
10.0% 7.44 7.58
1.93
0.0%
-1.43
-5.51 -6.12 -4.95 -3.83
-10.0% -9.12
-7.30
-12.62
-15.47
-20.0%
YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
■ Franklin India Fund–A (acc) USD—Net of Fees—(USD) ■ MSCI India Index-NR—(USD)
All performance data shown is in the Fund currency stated and net of management fees. Sales charges and other commissions, taxes and other relevant costs paid by the investor are not included in the
calculations. The fund offers other share classes subject to different fees and expenses, which will affect their performance. Please see the prospectus for details. 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.
The fund's returns may increase or decrease as a result of changes to foreign exchange rates.The value of shares in the Fund and income recieved from it can go down as well as up, and investors
may not get back the full amount invested.
Net Returns (NR) include income net of tax withholding when dividends are paid.
For Financial Professional Use Only. Not For Distribution to Retail Investors. 6Performance Attribution by Sector (1 Year)
Franklin India Fund
vs. MSCI India Index-NR
06/01/2021–05/31/2022
Past performance does not predict future returns.
Portfolio (%) Index (%) Attribution Effects (%)
Consumer Staples
Average Average Allocation Selection
Weight Total Return Weight Total Return Effect Effect Total Effect
Real Estate
Consumer Staples 10.69 6.94 8.82 1.82 0.16 0.50 0.66
Health Care Real Estate 3.75 13.13 0.47 -1.38 0.09 0.47 0.56
Health Care 4.96 -8.11 5.09 -12.17 0.02 0.20 0.23
Materials Materials 8.04 -11.42 9.98 -7.73 0.27 -0.23 0.04
Consumer Discretionary 14.63 0.78 8.11 5.22 0.42 -0.39 0.03
Consumer Discretionary Industrials 6.54 10.56 4.56 11.35 0.18 -0.17 0.01
Communication Services 2.40 -6.45 3.19 12.76 0.12 -0.20 -0.08
Industrials Information Technology 12.27 0.36 17.94 1.01 0.07 -0.15 -0.08
Financials 32.45 -7.37 24.99 -6.02 -0.50 -0.40 -0.90
Communication Services Energy 2.24 14.20 12.05 11.94 -0.97 0.05 -0.92
Utilities 0.75 16.25 4.79 29.65 -0.96 -0.22 -1.19
Information Technology
Cash & Cash Equivalents 1.27 – – – 0.04 – 0.04
Financials
Energy
Utilities
Cash & Cash
Equivalents
-2.0% -1.0% 0.0% 1.0% 2.0%
Total Effect
Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Source: FactSet. Important data provider notices and terms available at
www.franklintempletondatasources.com. Allocation Effect is the portion of excess return attributed to sector allocation decisions. Selection Effect is the portion of excess return attributed to security
selection decisions within the sector and the product of the difference between the sector portfolio and index weight times the difference between sector portfolio and index return. Total Effect is the sum of
the Allocation and Selection Effects and represents the excess return by sector. Performance attribution is calculated in the base currency of the portfolio.
Net Returns (NR) include income net of tax withholding when dividends are paid.
For Financial Professional Use Only. Not For Distribution to Retail Investors. 7Performance Attribution by Security (1 Year)
Franklin India Fund
vs. MSCI India Index-NR
06/01/2021–05/31/2022
Past performance does not predict future returns.
Portfolio (%) Index (%)
HOUSING DEVELOPMENT
FINANCE CORP LTD Average Average Total Effect
Weight Total Return Weight Total Return (%)
OBEROI REALTY LTD 5 Largest Contributors
HOUSING DEVELOPMENT FINANCE 1.06 -14.82 6.32 -14.64 0.90
UNITED SPIRITS LTD CORP LTD
OBEROI REALTY LTD 2.54 23.65 – – 0.57
INDIAN HOTELS CO LTD/THE UNITED SPIRITS LTD 3.00 23.10 0.34 23.62 0.56
INDIAN HOTELS CO LTD/THE 0.86 62.31 – – 0.49
TATA MOTORS LTD TATA MOTORS LTD 3.31 30.57 0.97 30.17 0.44
PB FINTECH LTD
ZOMATO LTD 5 Largest Detractors
PB FINTECH LTD 0.45 -35.29 – – -0.57
ZYDUS LIFESCIENCES LTD ZOMATO LTD 1.18 -6.13 0.10 -52.63 -0.65
ZYDUS LIFESCIENCES LTD 0.98 -43.68 – – -0.86
RELIANCE INDUSTRIES LTD RELIANCE INDUSTRIES LTD 2.24 13.33 9.83 14.27 -0.93
HDFC BANK LTD 6.98 -13.54 – – -1.09
HDFC BANK LTD
-2.0% 0.0% 2.0%
Total Effect
Holdings of the same issuer have been combined. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Source: FactSet.
Important data provider notices and terms available at www.franklintempletondatasources.com. Total Effect reflects the excess return by security as compared to the index. The information provided is not a
recommendation to purchase, sell, or hold any particular security. The securities identified do not represent the fund’s entire holdings and in the aggregate may represent only a small percentage of such
holdings. There is no assurance that securities purchased will remain in the fund or that securities sold will not be purchased. In addition, it should not be assumed that any securities transactions discussed
were or will prove to be profitable. The portfolio manager reserves the right to withhold release of information with respect to holdings that would otherwise be included. Performance attribution is calculated
in the base currency of the portfolio.
Net Returns (NR) include income net of tax withholding when dividends are paid.
For Financial Professional Use Only. Not For Distribution to Retail Investors. 8Performance Risk Statistics
Franklin India Fund–A (acc) USD
As of 05/31/2022
Performance Risk Statistics 1 Yr 3 Yrs* 5 Yrs* 10 Yrs* 15 Yrs*
Beta^^ 0.72 0.98 0.96 0.99 0.89
Standard Deviation (%)
Franklin India Fund–A (acc) USD 11.74 23.55 21.22 20.32 25.05
MSCI India Index-NR 14.58 23.49 21.31 20.08 27.70
Sharpe Ratio
Franklin India Fund–A (acc) USD -0.23 0.29 0.17 0.43 0.21
MSCI India Index-NR 0.08 0.39 0.35 0.45 0.16
Tracking Error (%)^^ 6.63 6.42 6.06 5.60 6.44
Information Ratio^^ -0.57 -0.34 -0.66 -0.06 0.16
Upside Capture Ratio (%)^^ 67.18 89.32 87.31 105.13 103.93
Downside Capture Ratio (%)^^ 132.66 112.59 122.72 133.77 119.78
Batting Average (%)^^ 50.00 55.56 48.33 53.33 52.22
The base currency of a fund determines the risk-free rate index used in calculating certain risk statistics on this page. A fund that is based in USD uses the US T-Bill Index as the risk free rate return, a EUR-
based fund uses the Euro 3-Month T-Bill Index, a GBP-based fund uses the UK Treasury Bills 3 Month Index, a JPY-based fund uses the Japan Financing Bill 3 Month Index, and an AUD-based fund uses
the Australia T-Note 3 Month Index.
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.
^^Measured against the MSCI India Index-NR.
*Annualized.
Net Returns (NR) include income net of tax withholding when dividends are paid.
Past performance is not an indicator or a guarantee of future performance.
For Financial Professional Use Only. Not For Distribution to Retail Investors. 9Sector Allocation
Franklin India Fund
vs. MSCI India Index-NR
As of 05/31/2022
Portfolio % Index % Over/Under %
Financials Financials 35.97 23.99 11.98
Banks 31.09 16.92 14.18
Consumer Discretionary Insurance 3.11 2.25 0.86
Diversified Financials 1.76 4.82 -3.06
Information Technology
Consumer Discretionary 13.91 8.69 5.23
Consumer Staples Automobiles & Components 5.27 6.39 -1.12
Consumer Durables & Apparel 3.16 1.51 1.64
Industrials Information Technology 12.19 16.53 -4.34
Software & Services 12.19 16.53 -4.34
Materials
Consumer Staples 12.08 8.94 3.15
Real Estate Food, Beverage & Tobacco 7.92 4.02 3.90
Household & Personal Products 4.17 3.98 0.19
Health Care Industrials 7.57 4.92 2.65
Capital Goods 7.57 3.64 3.93
Energy Materials 6.44 9.43 -2.99
Real Estate 3.70 0.57 3.13
Utilities
Health Care 3.40 4.62 -1.21
Communication Services Pharmaceuticals, Biotechnology & Life 1.73 4.04 -2.31
Sciences
Cash & Cash Equivalents Energy 2.80 13.13 -10.32
Utilities 1.46 6.01 -4.55
-5% 0% 5% 10% 15% 20% 25% 30% 35% 40% Communication Services 1.11 3.19 -2.08
Franklin India Fund Cash & Cash Equivalents -0.63 0.00 -0.63
MSCI India Index-NR
The industry or sub-sector percentages may not total 100% and may not sum to the weight of the sector they roll up under as only industries or sub-sectors with a value above 3.00% are shown. Weightings
as % of Total. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
For Financial Professional Use Only. Not For Distribution to Retail Investors. 10Top Ten Holdings Franklin India Fund As of 05/31/2022 Name of Issuer Industry % of Total ICICI BANK LTD Banks 10.03 KOTAK MAHINDRA BANK LTD Banks 8.45 HDFC BANK LTD Banks 7.98 INFOSYS LTD Software & Services 7.24 LARSEN & TOUBRO LTD Capital Goods 4.97 AXIS BANK LTD Banks 4.63 HINDUSTAN UNILEVER LTD Household & Personal Products 4.17 TATA CONSULTANCY SERVICES LTD Software & Services 3.44 UNITED SPIRITS LTD Food, Beverage & Tobacco 3.08 ULTRATECH CEMENT LTD Materials 2.90 Total 56.88 Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. The information provided is not a recommendation to purchase, sell or hold any particular security. The securities or issuers listed do not represent the entire holdings and in the aggregate may represent only a small percentage of such holdings. There is no assurance that securities purchased will remain in the portfolio, or that securities sold will not be repurchased. In addition, it should not be assumed that any securities or issuers listed were or will prove to be profitable. Holdings of the same issuers have been combined. The portfolio manager reserves the right to withhold release of information with respect to holdings that would otherwise be included. For Financial Professional Use Only. Not For Distribution to Retail Investors. 11
Portfolio Characteristics Franklin India Fund vs. MSCI India Index-NR As of 05/31/2022 Quality Portfolio Index Return on Assets 7.63% 9.79% Return on Equity 14.49% 17.92% Return on Invested Capital (ROIC) 14.07% 14.66% Operating Margin 16.81% 18.96% Net Margin 11.83% 13.03% Net Debt to Equity (ex Banks) 14.83% 74.69% Growth Historical 3 Years Sales Growth 8.76% 9.88% Historical EPS Growth (3 Yr) 23.54% 15.48% Estimated 3-5 Year EPS Growth 20.17% 19.25% Valuation Price to Earnings (12-Month Trailing) 24.25x 22.07x Price to Cash Flow 15.51x 16.85x Price to Book 3.91x 3.61x Dividend Yield 0.64% 1.24% Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. The portfolio characteristics listed are based on the fund’s underlying holdings, and do not necessarily reflect the fund’s characteristics. Due to data limitations all equity holdings are assumed to be the primary equity issue (usually the ordinary or common shares) of each security’s issuing company. This methodology may cause small differences between the portfolio’s reported characteristics and the portfolio’s actual characteristics. In practice, Franklin Templeton’s portfolio managers invest in the class or type of security which they believe is most appropriate at the time of purchase. The dividend yield quoted here is the yield on securities within the portfolio and should not be used as an indication of the income received from this portfolio. Source: FactSet. Refinitiv. There can be no assurance that the Estimated 3-5 Year EPS Growth figure, based on Institutional Brokers Estimate System (IBES) consensus estimates, will be realised. Past performance is not an indicator or a guarantee of future performance. For Financial Professional Use Only. Not For Distribution to Retail Investors. 12
APPENDIX For Financial Professional Use Only. Not For Distribution to Retail Investors.
Glossary Batting Average: A measure of the number of months in which the portfolio return exceeded or matched the index divided by the total number of monthly return periods. For example, portfolio which exceeds or matches the index half of the time would have a batting average of 50%. Beta: A measure of the magnitude of a portfolio's past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). The market (or index) is assigned a beta of 1.00, so a portfolio with a beta of 1.20 would have seen its share price rise or fall by 12% when the overall market rose or fell by 10%. Dividend Yield: The annual dividend received on an equity security as a percentage of the price. For a portfolio, the value represents a weighted average of the stocks it holds. It should not be used as an indication of the income received from this portfolio. Downside Capture Ratio: Explains how well a portfolio performed in time periods where the benchmark’s returns were less than zero. A downside capture ratio of less than 100 indicates that a fund lost less than its benchmark during periods of losses for the benchmark. Estimated 3-5 Yr EPS Growth: An estimated measure of the growth of earnings per share over a forward-looking period. For a portfolio, the value represents a weighted average of the stocks it holds. Historical 3 Yr EPS Growth: A measure of the growth of earnings per share over a trailing 3 year period. For a portfolio, the value represents a weighted average of the stocks it holds. Historical 3 Yr Sales Growth: The rate at which sales have increased for the fund's underlying holdings over the last three years. Information Ratio: In investing terminology, the ratio of expected return to risk. Usually, this statistical technique is used to measure a manager's performance against a benchmark. This measure explicitly relates the degree by which an investment has beaten the benchmark to the consistency by which the investment has beaten the benchmark. Net Debt to Equity (ex Banks): A financial leverage ratio calculated by dividing a company's total liabilities by its shareholder equity. Net Margin: The ratio of net profits to revenues for a company or business segment that shows how much of each dollar earned by the company is translated into profits. Price to Book: The price per share of a stock divided by its book value (i.e., net worth) per share. For a portfolio, the value represents a weighted average of the stocks it holds. Price to Cash Flow: Supplements price/earnings ratio as a measure of relative value for a stock. For a portfolio, the value represents a weighted average of the stocks it holds. Price to Earnings (12-month Trailing): The share price of a stock, divided by its per-share earnings over the past year. For a portfolio, the value represents a weighted average of the stocks it holds. For Financial Professional Use Only. Not For Distribution to Retail Investors. 14
Glossary (continued) Return on Assets: The return on assets (ROA) shows the percentage of how profitable a company is relative to its total assets. The higher the ROA number, the better, because the company is earning more money on less investment. Return on Equity: A measure of a corporation's profitability that reveals how much profit a company generates with the money shareholders have invested. For a portfolio, the value represents a weighted average of the stocks it holds. Return on Invested Capital (ROIC): A profitability ratio that measures the return that an investment generated for those who have provided capital, such as bondholders and stockholders. ROIC indicates how well company has turned capital into profits. For a portfolio, the value represents a weighted average of the individual holdings. Sharpe Ratio: To calculate a Sharpe ratio, an asset's excess returns (its return in excess of the return generated by risk-free assets such as Treasury bills) are divided by the asset's standard deviation. Standard Deviation: A measure of the degree to which a fund's return varies from the average of its previous returns. The larger the standard deviation, the greater the likelihood (and risk) that a fund's performance will fluctuate from the average return. Tracking Error: Measure of the deviation of the return of a fund compared to the return of a benchmark over a fixed period of time. Expressed as a percentage. The more passively the investment fund is managed, the smaller the tracking error. Upside Capture Ratio: Explains how well a fund performed in time periods where the benchmark’s returns were greater than zero. An upside capture ratio over 100 indicates that a fund generally outperformed the benchmark during periods of positive returns for the benchmark. For Financial Professional Use Only. Not For Distribution to Retail Investors. 15
Important Disclosures This document is intended to be of general interest only and does not constitute legal or tax advice nor is it an offer for shares or invitation to apply for shares of the Luxembourg-domiciled SICAV Franklin Templeton Investment Funds (FTIF). Nothing in this document should be construed as investment advice. Opinions expressed are the author’s at publication date and they are subject to change without prior notice. Subscriptions to shares of FTIF can only be made on the basis of the current prospectus and where available, the relevant Key Investor Information Document, accompanied by the latest available audited annual report and the latest semi-annual report if published thereafter. The value of shares in FTIF and income received from it can go down as well as up, and investors may not get back the full amount invested. Past performance is not an indicator or a guarantee of future performance. Currency fluctuations may affect the value of overseas investments. When investing in a fund denominated in a foreign currency, your performance may also be affected by currency fluctuations. An investment in FTIF entails risks which are described in FTIF’s prospectus and where available, in the relevant Key Investor Information Document. No shares of FTIF may be directly or indirectly offered or sold to residents of the United States of America. Shares of FTIF are not available for distribution in all jurisdictions and prospective investors should confirm availability with their local Franklin Templeton representative before making any plans to invest. Any research and analysis contained in this document has been procured by Franklin Templeton for its own purposes and is provided to you only incidentally. References to particular industries, sectors or companies are for general information and are not necessarily indicative of a fund’s holding at any one time. Please consult your financial professional before deciding to invest. A copy of the latest prospectus and where available, the relevant Key Investor Information Document, the annual report and semi-annual report, if published thereafter can be found, on our website www.ftidocuments.com or can be obtained, free of charge, from Franklin Templeton International Services, S.à r.l. - Supervised by the Commission de Surveillance du Secteur Financier - 8A, rue Albert Borschette, L-1246 Luxembourg - Tel: +352-46 66 67-1 - Fax: +352-46 66 76. For Financial Professional Use Only. Not For Distribution to Retail Investors. 16
Important Disclosures (continued) The Fund's documents are available in English, Arabic, Czech, Danish, Dutch, Estonian, Finnish, French, German, Greek, Hungarian, Icelandic, Italian, Latvian, Lithuanian, Norwegian, Polish, Portuguese, Romanian, Slovak, Slovenian, Spanish and Swedish. In addition, a Summary of Investor Rights is available from www.franklintempleton.lu/summary-of-investor-rights. The summary is available in English. The sub-funds of FTIF are notified for marketing in multiple EU Member States under the UCITS Directive. FTIF can terminate such notifications for any share class and/or sub-fund at any time by using the process contained in Article 93a of the UCITS Directive. For the avoidance of doubt, if you make a decision to invest, you will be buying units/shares in the Fund and will not be investing directly in the underlying assets of the Fund. In the U.S., this publication is made available to you for informational purposes only by Franklin Distributors LLC, member FINRA/SIPC, Inc. 100 Fountain Parkway, St. Petersburg, Florida 33716. Tel: (800) 239- 3894 (USA Toll-Free), (877) 389-0076 (Canada Toll-Free), and Fax: (727) 299-8736. Investments are not FDIC insured; may lose value; and are not bank guaranteed. Distribution outside the U.S. may be made by Franklin Templeton International Services, S.a.R.L. (FTIS), or other sub-distributors, intermediaries, dealers or professional investors that have been engaged by FTIS to distribute shares of Franklin Templeton funds in certain jurisdictions. This is not an offer to sell or a solicitation of an offer to purchase securities in any jurisdiction where it would be illegal to do so. © 2022 Franklin Templeton. All rights reserved. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. Source: FactSet. MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. In emerging markets, the risks can be greater than in developed markets. Investments in derivative instruments entail specific risks that may increase the risk profile of the fund and are more fully described in the Fund's prospectus and where available, in the relevant Key Investor Information Document. For Financial Professional Use Only. Not For Distribution to Retail Investors. 17
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