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31.08.2020

[email protected] www.franklintempleton.com.hk

*

*

5 ( ) (%)

A

80

100

120

140

( ) 268

07.07.1997

65

500

*

08/15 02/16 08/16 02/17 08/17 02/18 08/18 02/19 08/19 02/20 08/20

( ) (%)

3 1 3 5 10

A 6.85 -18.15 -9.31 -6.97 7.57 78.82 210.79

15.48 9.74 21.94 50.17 96.47 310.38 493.97

( ) (%)

2019 2018 2017 2016 2015

A 21.78 -10.68 6.74 15.05 -5.1831.49 -4.38 21.83 11.96 1.38

*

Peter Langerman:

F. David Segal, CFA:

Deborah Turner, CFA:

* ( %)

MEDTRONIC PLC 3.86CHARTER COMMUNICATIONS INC 3.71MERCK & CO INC 3.39KRAFT HEINZ CO/THE 2.99THEWILLIAMS COS INC 2.83WALT DISNEY CO/THE 2.77ORACLE CORP 2.74COGNIZANT TECHNOLOGY SOLUTIONS CORP 2.71ALLEGHANY CORP 2.57COMCAST CORP 2.51

12 16.49x1.42x6.32x2.95%

(5 ) 16.28%

*

%90.745.913.36

(%) (%) (%) (%) (%) ISINA 07.07.1997 73.46 1.85 5.00 1.00 0.50 LU0070302665A 31.12.2001 61.64 1.84 5.00 1.00 0.50 LU0140362707B 01.07.1999 31.21 3.16 1.00 0.75 1.06 LU0098868267

31.08.2020

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Copyright © 2020 www.franklintempleton.com.hk

*500

%21.01 / 9.6214.86 / 13.9812.63 / 28.7112.37 / 11.1011.31 / 6.898.03 / 7.996.52 / 11.445.63 / 2.322.24 / 2.492.05 / 5.453.36 / 0.00

( ) %50.0 41.65

0.01

( )

*

: .

500 Standard & Poor's Financial Services LLC: Copyright © Morningstar, Inc. (1) Morningstar, Inc. (2) (3)

CFA® Chartered Financial Analyst® :

:

/ 100%

姿斌雌涼碍踊

布利告燐釗父曇東雌嬉銀 –

布利告燐午悴柊圓儉ゥ嬉銀

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．

雌涼娩觀

緩痢効嗣？ Franklin Templeton International Services S.à r.l.

東雌絛痢？Franklin Mutual Advisers, LLC.,柊圓〔乳楓尉濁〕

尊緩刃？J.P. Morgan Bank Luxembourg S.A.

嬉銀過弊？柊厳

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？1,000柊厳 [受治]宮500柊厳 [存悟戾治禰酵]袷筒０

繕捻絛擾政貝斯疲葎#: A (令蚕) 歔厳？1.83% A (令蚕) 柊厳？ 1.83% B (令蚕) 柊厳？3.14% N (令蚕) 柊厳？2.58% #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０捉滋玄庄．

布利告燐釗父曇東雌嬉銀 - 布利告燐午悴柊圓儉０嬉銀 1

塞悟校森？ 2020捻4倹


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．

東雌勿漂宮星錯

布利告燐午悴柊圓儉０嬉銀〔 “凡嬉銀” 〕遅倫甥宙棄詞鳥棄寞舷東雌夋０・存治衷叔尽泣畋悦．

凡嬉銀守踊〔捉凡嬉銀塞庄参噴嚢弐適淅雌姿〕東雌甥？

• 柊圓効嗣曙皃講適菰評譛喧宮夏兢柑袷幼棄夏兢柑異父栂菰袷友占菰適再無譛喧．嬉銀對東雌詞庄存淅雌姿適70%甥柊圓皃講嘗曙皃講適譛喧．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・凡嬉銀又夏東雌甥？

• 慎宮拷塀，晴拷，生蕃，袷叔訴存太叔醍効嗣侯為嚢効嗣皃講適譛喧． • 慎宮叔訴袷坂無叔晴嚢効嗣適再無譛喧・報渇偵廟給宮樋東雌給蔑適譛喧． • 樋柊圓皃講毅洪曙皃講適譛喧． • 洫精巷虞咋尠億宮～袷湧敕緩痢東雌訴拷羊鍍．

罪禿珠適志嬢条狭仮・疇絛痢糟唇志嬢述舷蚊奴帆弗袷父勉鳥滋関適仮超袷存太埠履適梃倦・凡嬉銀夏仕滋次湧閣醍領適舷銀．

異夋嘉掛害雌凡袷畋悦袷異香偵整凡袷蕗隱・凡嬉銀夏位膚拷存東雌星錯適法鴫徘侍譛喧尺逮侯為・塞剛夏奪存雌姿淅０適50%．異綿尊

義・忍価譛喧尺逮對喰咋異凡嬉銀適募女東雌滑堂．

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０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．

• ㌣Î / パ耂二 ₂ヮ耂二プ'59e̊ 焯㌣Î /焯烬貆稉爀焯⒴ ザ翿 ▲耂二焯e̊ ₂ヮ侂 ▲㵎∆љ鸐グ侂屑㔟グ㌣Î /焯坙０耗櫛Xグ侂櫛X㔟>耗屑 ▲ 膛稉爀褏娩焯⒴ 膛24Ⅺ -グ祁'59㔟2⒰ /ﾕザセ烬貆稉

爀焯⒴ ▲耂二プe̊ 俱烬貆稉爀喿㔟∨桺騙鋿オ迪詿焯㌣Î /ケ翿㌣Î /ヴ▲軹嗓 /プ'59 Ťパす祁 ▲耂二

プe̊ 俱オљﾓ遢 Ť廐俱e̊ 膛鸙セ連遢膛焯 /▲ŀ 膛㌣Î /痀頾グ嗓 / ナパÊす廐△ねÊすﾕ〓

16耂 ŀ オ焯 06▲

• 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０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０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０偐丞

哨宮仮跋・夏膿尠東雌車湧埠履曳驚．

• 菰評蕗隱？菰評宮菰評湧闥適譛喧夏膿寿汰高絛濬，星璽，志嬢宮皃講毅洪糟闥適禿底引蘇曳驚自述舷叔醍儉殻斟堂．埠和皃講毅洪適獸禿豹舷・骸筒斟堂夏尠菰評儉０湧埠履適曳驚．今害・埠導適講曲，銀予志嬢宮譛喧偐引懈骸筒斟堂自湧埠導適超晴．凡嬉

銀儉０適骸筒琶福汰甥箪棄乳嘉撃．銀予志嬢据征〔報渇有虜袷寞在倶講髟継室敕〕又湧夏膿側整譛喧儉殻醍福琶堂．凡嬉銀夏膿

引今寿蕩埠履曳驚．

• 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．皃講毅洪適坂無眞狭適轎斟，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０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．

• 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０宮豹舷夏膿引今寿蕩埠履曳驚．

• 叔訴効嗣蕗隱？慎宮河洪叔訴袷銀予叔訴適効嗣嚢坂無眞狭栂擾糟尠閣主．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．

• 譛喧尺逮蕗隱？譛喧尺逮侯為袷偐慎宮尺逮刃夏膿矛烹宮滋歿間譛喧・位宮提横斌儉０跋詞偵甥尺述譛喧儉０適蕗隱・剝夏膿撞遅凡嬉銀招寿叔醍遜室．

• 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０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０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０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０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．

• 琉堂政蕗隱？凡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０湧埠遼適曳驚．

• 佝０蕗隱？凡嬉銀適東雌佝０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０埠牲覚・凡嬉銀適東雌車夏膿偐寿蕩埠履曳驚．


• 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０蕗隱，琶堂政蕗隱宮嬢害侯為志嬢侯為蕗隱．凡嬉銀

又夏陶蚊司羊洫精巷虞次湧湧拜鋪泅壮．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．

• 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．

• 侯為尠殊蕗隱？凡嬉銀夏膿招寿存侯為尠殊曙幄儘適唇逮～医訳蕗隱・宮夏膿尠凡嬉銀～東雌車湧埠履曳驚． • 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．

• 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０捉滋玄庄．


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2012捻宮2016捻校晦．

• 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〔令蚕〕柊厳伶菰伋綯０罪湧闥鍊捻乳適哨跋福奴．A〔令蚕〕柊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: 1997捻7倹7入 • A (令蚕) 柊厳伶菰伋皃講入: 1997捻7倹7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 B 伶菰伋 N 伶菰伋

禰酵非 (袷受治禰酵非羊) 塞剛異禰酵銀掛適

埠溺羊塞剛異禰酵銀掛適

轎柑非 (袷轎柑非羊)* 轎柑菰伋適儉０適

埠溺羊埠溺羊

赭壊非 (袷赭壊非羊) 埠溺羊埠溺羊

凡嬉銀次纐纑夫適非羊

位仮畋非對徘凡嬉銀綯０宙扠償・革仮適東雌壊宝對偐引自玄庄．

捻葎 (凡嬉銀雌姿淅０適俵噴斃)

A 伶菰伋** B 伶菰伋*** N 伶菰伋**

緩痢非 (袷東雌緩痢非)*

尊緩非塞剛

曲責豹舷非埠溺羊埠溺羊埠溺羊

講星非埠溺羊埠溺羊埠溺羊

胃次非*

腹無非埠溺羊埠溺羊

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．

***戾捻緩痢非・韮嬉銀絕迷藷曙底誼・報渇緩痢非〔東雌緩痢非〕，胃次非宮腹無非．

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．

• 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．

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 Templeton Investment Funds

Franklin Mutual U.S. Value FundU.S. Equity31.08.2020

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 Mutual U.S. Value Fund invests principally in equity securities and debt securities of U.S. issuers.The Fund is subject to market risk, equity risk, interest rate securities risk, credit risk, convertible securities risk, foreign

currency risk, liquidity risk, valuation risk, derivative instruments risk, counterparty risk, volatility risk and securities lending risk.Security lending may involve the risk that the borrower may fail to return the securities lent out in a timely manner and the

value of the collateral may fall below the value of the securities lent out, which may result in a substantial loss to the Fund..The 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 capital.Payment 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 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 Mutual U.S. Value Fund A (acc) USD

80

100

120

140

Fund Overview

Base Currency for Fund USD

Total Net Assets (USD) 268 million

Fund Inception Date 07.07.1997

Number of Issuers 65

Benchmark S&P 500 Index

Morningstar Category * US Large-Cap ValueEquity

08/15 02/16 08/16 02/17 08/17 02/18 08/18 02/19 08/19 02/20 08/20

Performance in Share Class Currency (%)

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

A (acc) USD 6.85 -18.15 -9.31 -6.97 7.57 78.82 210.79

Benchmark in USD 15.48 9.74 21.94 50.17 96.47 310.38 493.97

Summary of Investment Objective

The Fund aims to achieve long-term capital appreciationby investing principally in US equity and convertible debtsecurities. The Fund may also seek to invest in thesecurities of companies involved in mergers,consolidations, liquidations and reorganisations.

Calendar Year Performance in Share Class Currency (%)

2019 2018 2017 2016 2015

A (acc) USD 21.78 -10.68 6.74 15.05 -5.18Benchmark in USD 31.49 -4.38 21.83 11.96 1.38

Fund Management*

Peter Langerman: United States

F. David Segal, CFA: United States

Deborah Turner, CFA: United States

Top Ten Holdings* (% of Total) Issuer NameMEDTRONIC PLC 3.86CHARTER COMMUNICATIONS INC 3.71MERCK & CO INC 3.39KRAFT HEINZ CO/THE 2.99THEWILLIAMS COS INC 2.83WALT DISNEY CO/THE 2.77ORACLE CORP 2.74COGNIZANT TECHNOLOGY SOLUTIONS CORP 2.71ALLEGHANY CORP 2.57COMCAST CORP 2.51

Fund MeasuresPrice to Earnings (12-moTrailing)

16.49x

Price to Book 1.42xPrice to Cash Flow 6.32xDividend Yield 2.95%Standard Deviation (5 Yrs) 16.28%

Asset Allocation*

%Equity 90.74Fixed Income 5.91Cash & Cash Equivalents 3.36

Offering Documents

Share Class Information

Fees Dividends Fund Identifiers

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

Mgmt.Fee (%)

Max. Maint.Charge (%)

Max. Serv.Charge (%)

Last PaidDate

Last PaidAmount ISIN

A (acc) USD 07.07.1997 USD 73.46 1.85 5.00 1.00 0.50 N/A N/A N/A LU0070302665A (acc) EUR 31.12.2001 EUR 61.64 1.84 5.00 1.00 0.50 N/A N/A N/A LU0140362707B (acc) USD 01.07.1999 USD 31.21 3.16 N/A 1.00 0.75 1.06 N/A N/A LU0098868267

Franklin Mutual U.S. Value Fund 31.08.2020

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*Franklin Mutual U.S. Value Fund S&P 500 Index

Sector % of TotalFinancials 21.01 / 9.62Health Care 14.86 / 13.98Information Technology 12.63 / 28.71Communication Services 12.37 / 11.10Consumer Staples 11.31 / 6.89Industrials 8.03 / 7.99Consumer Discretionary 6.52 / 11.44Energy 5.63 / 2.32Materials 2.24 / 2.49Others 2.05 / 5.45Cash & Cash Equivalents 3.36 / 0.00

Market Capitalisation Breakdown in USD % of Equity50.0 Billion 41.65N/A 0.01

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

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.STANDARD & POOR S®, S&P® and S&P 500® are registered trademarks of Standard & Poor s Financial Services LLC. Standard & Poor s does not sponsor, endorse, sell or promote anyS&P index-based product.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.Fund Management: In the case of portfolio managers who are CFA Charterholders, CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.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.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.Dividend Yield: Reported as a weighted average to reflect the proportion of the portfolio each stock holding represents. This is the ratio of a stock s dividend per share to the month end marketprice.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.Asset Allocation/Composition of Fund: Due to rounding, the sum of portfolio may not equal 100%.

Product Key Facts

Franklin Templeton Investment Funds –

Franklin Mutual U.S. Value Fund

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.

Quick facts

Management company: Franklin Templeton International

Services S.à r.l.

Investment manager(s): Franklin Mutual Advisers, LLC., United

States of America (internal delegation)

Depositary: J.P. Morgan Bank Luxembourg S.A.

Base currency: USD

Financial year end of this Fund: 30 June

Dealing frequency: Every Hong Kong Business Day

Minimum Investment: USD 1,000 [initial] and USD 500

[subsequent purchases] or equivalent

Ongoing charges over a year#:

Class A (acc) EUR: 1.83%

Class A (acc) USD: 1.83%

Class B (acc) USD: 3.14%

Class N (acc) USD: 2.58%

#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 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.

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 Mutual U.S. Value Fund (“the Fund”) aims to increase the value of its investments and, secondarily, to earn income over the

medium to long term.

The Fund invests principally (that is, at least two-thirds of the Fund’s net assets) in:

• equity securities and debt securities convertible or expected to be convertible into common or preferred stock issued bycompanies located in the U.S.

Franklin Templeton Investment Funds - Franklin Mutual U.S. Value Fund 1


At least 70% of the Fund’s net assets will be invested in securities of U.S. issuers. In exceptional market circumstances (such as

extreme volatility) and on a temporary basis only, 100% of the Fund’s net assets may be invested in liquid assets, with due regard to

the principle of risk spreading.

The Fund may also invest on an ancillary basis in:

• securities issued by companies involved in mergers, consolidations, liquidations, reorganizations or other major corporate transactions

• debt securities of companies involved in reorganization or financial restructuring, including low-rated and non-investment grade securities

• securities issued by non-U.S. issuers • derivatives for hedging and/or efficient portfolio management purposes

In exceptional market circumstances, the Fund may temporary hold a greater amount of cash in times where the manager believes

that the markets are experiencing excessive volatility, a prolonged general decline or other adverse conditions.

For the purpose of generating additional capital or income or for reducing costs or risks, the Fund may engage in securities lending

transactions for up to 50% of its net assets, in a manner that is consistent with its investment policy. For the avoidance of doubt, any

securities lending will be an ancillary activity of the Fund only.

Use of derivatives / investment in derivatives

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

• Debt securities risk: The Fund is exposed to the credit/default 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 and/or 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.

• 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 Fund’s value may go down as well as up and investors may be adversely affected.

• Equity risk: Equity and equity-linked securities are subject to significant price movements due to various economic, political, market and issuer-specific factors. Such changes may adversely affect the value of equities regardless of issuer-specific

performance. Additionally, different industries, financial markets and securities can react differently to these changes. Such

fluctuations of the Fund’s value are often exacerbated in the short-term. Financial markets trends (including feared or actual

failures in the banking system) may also cause large fluctuations in the prices of such securities. As a result, the Fund may be

adversely affected.

• Credit risk: The Fund is exposed to the credit/default 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 issuer’s 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 and/or result in a substantial loss to the Fund.

• 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.

• 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.

• Securities lending risk: Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely manner and the value of the collateral may fall below the value of the securities lent out, which may result in

a substantial loss to the Fund.

• 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 “alternative

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

between the Fund’s base currency and the alternative currency.

• 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.

• Valuation risk: Valuation of the Fund’s 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.

• 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 counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The Fund may

also hold covered short positions through the use of derivative instruments. In adverse situations, the Fund’s use of derivative

instruments may become ineffective and the Fund may suffer significant losses.

• Swap agreements risk: In a standard “swap” 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 Fund's 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.

• Counterparty risk: The Fund may be exposed to the credit/default risks of its counterparties and the Fund/investors may be adversely impacted.


• 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.

• Dividend policy risk: The Fund’s 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 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 policy was changed in 2012 and 2016.

• 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 (acc) USD increased or decreased in value during the calendar year being shown.

Class A (acc) USD 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: 7 July 1997 • Class A (acc) USD launch date: 7 July 1997

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 Class B Class N

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

subscription

amount

N/A Up to 3.00% of the

subscription

amount

Switching fee (Switching charge)* 1.00% of the

value of the

shares being

switched

N/A N/A

Redemption fee (Redemption charge) N/A Up to 4.00% N/A

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 Fund’s net asset value)

Class A** Class B*** Class N**

Management fee (Investment management fee)* 1.00% 1.00% 1.00%

Depositary fee Up to 0.140% Up to 0.140% Up to 0.140%

Performance fee N/A N/A N/A

Administration fee N/A N/A N/A

Maintenance charge* 0.50% 0.75% 1.25%

Servicing charge N/A 1.06% N/A

Registrar and Transfer, Corporate, Domiciliary and

Administrative Agent fee +

Additional fixed amount per Shareholder account at each Class

level

Up to 0.2175%

Up to USD 30 per

annum

Up to 0.2175%

Up to USD 30 per

annum

Up to 0.2175%

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

month’s 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.

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

Management Fee), the Maintenance Charge and the Servicing 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 is 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.

• 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 the Securities and Futures Commission (“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.

57: 658_ZFact Sheet Pg1 HK1: Fact Sheet Pg1 Contacts Flow Rev 22: Fact Sheet Pg2 Two Column Overflow

10: 658_ZFact Sheet Pg1 HK1: Fact Sheet Pg1 Contacts Flow Rev 22: Fact Sheet Pg2 Two Column Overflow

[Ì-Kg'fn b ÇW Ñ W ¡yh -KgNWPP

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