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MSCI World Index . An index, weighted
by market size, that approximates the performance
of the worlds' stock markets. This index is unmanaged
and is used as the benchmark for a number of the
funds because it represents the universe of securities
from which our analysts can choose. It should
be stressed that Franklin Templeton Investments
picks stocks based on value and not index weightings,
thus the composition of our funds may not mirror
that of the MSCI World Index.
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