The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of large– and mid– capitalization stocks from developed and emerging Asian countries, excluding Japan.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Australian large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Brazilian large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to that of the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.
 

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Canadian large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Chinese large- and mid-capitalization stocks, as represented by H-Shares, B-Shares and A-Shares.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively have an investment profile similar to that of the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund invests in eligible China A-Shares listed and traded on the Shanghai stock exchange through the Shanghai – Hong Kong Stock Connect program and in eligible China A-Shares listed and traded on the Shenzhen stock exchange through the Shenzhen – Hong Kong Stock Connect program.

Also, the fund may invest in China A-Shares acquired through any other means permitted by applicable law or regulation.
 

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of large- and mid-capitalization stocks from developed European countries.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of large- and mid-capitalization stocks from developed European countries.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of French large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of German large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Hong Kong large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Indian large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively have an investment profile similar to that of the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Italian large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Japanese large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities, including indirectly through the Franklin FTSE Japan ETF (Underlying Fund).

The Index is designed to measure the performance of Japanese large- and mid-capitalization stocks.

Also, the Index incorporates a hedge against fluctuations of the Japanese yen by reflecting the impact of rolling monthly currency forward contracts on the Japanese yen (the hedge impact).

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Latin American large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively have an investment profile similar to that of the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Mexican large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively have an investment profile similar to that of the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Russian large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively have an investment profile similar to that of the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Saudi Arabian large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively have an investment profile similar to that of the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of South African large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively have an investment profile similar to that of the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of South Korean large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively have an investment profile similar to that of the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Swiss large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of Taiwanese large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively have an investment profile similar to that of the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the performance of United Kingdom large- and mid-capitalization stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

In addition, the fund is a non-diversified fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund seeks a high level of current income by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in municipal securities whose interest is free from federal income taxes, including the federal alternative minimum tax.

In selecting securities for the portfolio, the research team focuses on securities that it believes will provide the best balance between risk and return.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio may have significant positions in municipal securities that finance similar types of projects.

The fund seeks to maintain a dollar-weighted average portfolio maturity of three to 10 years.

Additionally, the fund may invest in municipal securities that are issued on a when-issued or delayed delivery basis.

The fund may invest in municipal securities rated in any rating category, including below investment grade and defaulted securities.

The fund seeks a high level of current income by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in municipal securities whose interest is free from federal income taxes, including the federal alternative minimum tax.

In selecting investments for the portfolio, the research team focuses on securities that it believes will provide the best balance between risk and return.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio may have significant positions in municipal securities that finance similar types of projects.

The fund may invest in municipal securities that are issued on a when-issued or delayed delivery basis.

However, the fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories.

The fund seeks primarily a high level of current income and secondarily capital appreciation by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in high yield corporate debt securities and investments that provide exposure to high yield corporate debt securities.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team considers a variety of factors, including the issuer’s experience and managerial strength, its sensitivity to economic conditions, and its current and prospective financial condition.

The team also considers sectors when choosing investments.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest in debt securities of U.S. and foreign issuers, including those in developing or emerging markets. These securities may be U.S. dollar or non-U.S. dollar denominated.

The fund may invest up to 100% of its net assets in high yield debt securities.

Also, the fund may buy both rated and unrated debt securities.

The fund may invest in fixed or floating rate corporate loans and corporate debt securities, including covenant lite loans.

Additionally, the fund may also invest in defaulted debt securities.

The fund may invest in debt securities of any maturity or duration.

The fund seeks total return by investing in companies outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in bonds and investments that provide exposure to bonds.

The team invests predominantly in fixed and floating-rate bonds issued by governments, government agencies and governmental-related or corporate issuers located outside the U.S.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in securities or structured products that are linked to or derive their value from another security, asset or currency of any nation.

In addition, the fund’s net assets are invested in issuers located in at least three countries (excluding the U.S.).

Also, the fund may invest without limit in developing or emerging markets.

The fund is a non-diversified fund, which means it generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund may invest up to 20% of its net assets in bonds that are rated below investment grade or, if unrated, to be of comparable quality.

The fund seeks a high level of current income and preservation of capital by investing in companies in the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in investment grade corporate debt securities and investments.

The team favors financially strong companies with favorable growth potential and sustainable competitive advantages.

In selecting g investments for the portfolio, the research team focuses on changing economic, market, industry and issuer conditions.

The team employs a top-down analysis of macroeconomic trends, combined with a bottom-up fundamental analysis of market sectors, industries and issuers.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund invests primarily in U.S. dollar denominated corporate debt securities issued by U.S. and foreign companies.

Also, the fund may invest in debt securities of any maturity or duration.

The fund may also invest a portion of its net assets in convertible securities, preferred securities (including preferred stock) and U.S. Treasury securities.

Additionally, the fund may invest up to 40% of its net assets in foreign securities, including those in developing markets, and up to 15% of its net assets in non-U.S. dollar denominated securities.

The fund may invest up to 15% of its net assets in collateralized debt obligations, including collateralized loan obligations.

The fund seeks primarily a high level of current income and secondarily preservation of capital by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in senior loans and investments that provide exposure to senior loans.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund invests predominantly in income-producing senior floating interest rate corporate loans made to or issued by U.S. companies, non-U.S. entities and U.S. subsidiaries of non-U.S. entities.

Also, the fund may invest in covenant lite loans.

In addition, the fund may invest up to 20% of its net assets in certain other types of debt obligations and equity or debt securities.

The fund may invest in structured fixed income securities, including collateralized loan obligations.

Additionally, the fund may also invest a portion of its net assets in cash or cash equivalents.

The fund seeks a high level of current income and preservation of capital by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund generally invests between 50% and 80% of its net assets in mortgage securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities.

Additionally, the fund also invests in direct obligations of the U.S. government (such as Treasury bonds, bills and notes) and in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.

The fund may invest in mortgage dollar rolls.

The fund invests in investment grade securities and investments or in unrated securities and investments of comparable quality.

In addition, the fund may invest in U.S. inflation-indexed securities issued by the U.S. government.

The fund may invest in certain interest rate-related derivative transactions, principally U.S. Treasury futures contracts and options on interest rate/bond futures.

The fund seeks capital appreciation by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in equity securities (principally common stocks) of U.S. companies.

The research process is driven by fundamental analysis of one stock at a time.

In selecting securities for the portfolio, the research team creates a starting universe that is derived from the holdings of a number of actively managed Franklin Templeton equity funds.

The team then screens that universe on a quarterly basis to identify those securities with the lowest realized volatility relative to their corresponding sectors.

Also, the team incorporates fundamental views of individual stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest a portion of its assets in mid-capitalization companies, as well as American Depository Receipts.
 

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the equity market performance of emerging markets.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively have an investment profile similar to that of the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

As part of its strategy, the fund employs a passive or indexing investment approach.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the component securities of the Global Dividend Underlying Index and in depositary receipts representing such securities.

The Global Dividend Underlying Index includes stocks from developed and emerging market countries with high and persistent dividend income that have favorable exposure to a quality investment style factor.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Additionally, the fund employs a representative sampling strategy to select securities that collectively have an investment profile similar to that of the Global Dividend Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Global Dividend Underlying Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

As part of its strategy, the fund employs a passive or indexing investment approach.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the component securities of the Global Equity Underlying Index and in depositary receipts representing such securities.

The Global Equity Underlying Index includes stocks from developed and emerging market countries that have favorable exposure to multiple investment style factors.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Additionally, the fund employs a representative sampling strategy to select securities that collectively have an investment profile similar to that of the Global Equity Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Global Equity Underlying Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the performance of the Index.

Next, the research team invests significantly in the component securities of the Index and in depositary receipts representing such securities.

The Index is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Or, the fund employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid-and large-size companies in the United States.

The fund employs a passive or indexing investment approach that is designed to track the performance of the Index.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the component securities of the Underlying Index.

The Underlying Index generally includes companies that have favorable exposure to four investment style factors, such as quality, value, momentum and low volatility.

Additionally, the research team employs a representative sampling strategy to select securities that collectively have an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Also, the fund will concentrate its investments (i.e., hold 25% or more of its net assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid-size companies in the United States.

The fund employs a passive or indexing investment approach that is designed to track the performance of the Index.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the component securities of the Underlying Index.

The Underlying Index generally includes companies that have favorable exposure to four investment style factors, such as quality, value, momentum and low volatility.

Additionally, the research team employs a representative sampling strategy to select securities that collectively have an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Also, the fund will concentrate its investments (i.e., hold 25% or more of its net assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in small-size companies in the United States.

The fund employs a passive or indexing investment approach that is designed to track the performance of the Index.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the component securities of the Underlying Index.

The Underlying Index generally includes companies that have favorable exposure to four investment style factors, such as quality, value, momentum and low volatility.

Additionally, the research team employs a representative sampling strategy to select securities that collectively have an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Also, the fund will concentrate its investments (i.e., hold 25% or more of its net assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.