Templeton EM Smaller Companies A (Ydis)USD

The Fund's investment objective is long-term capital appreciation. It seeks to achieve its objective through a policy of investing primarily in equity securities as well as depository receipts of (i) smallcap companies registered in the Emerging Markets, (ii) small-cap companies which perform a substantial part of their business in Emerging Markets, and (iii) small-cap holding companies which hold a substantial part of their participations in companies referred to in (i).