Fund Description

The fund was incepted in September 1991 and is managed by Templeton Global Advisors Limited. The fund seeks long-term capital growth. The fund invests at least 80% of its net assets in investments of smaller companies located outside the U.S., including emerging markets. In some emerging markets, the fund invests in companies that qualify as smaller companies but that still are among the largest in the market. The fund distributes dividends semi-annually. Capital gains, if any, are distributed annually.