FranklinTempletonInvestmentFunds TempletonGlobalBondFund …€¦ · Franklin Templeton—A Trusted, Long-Term Partner in Investment Management.....5 Templeton Global ... Module:

Franklin Templeton Investment Funds

Templeton Global Bond Fund - A (acc) USD

Templeton Global Macro

Data as of 30 June 2019

For professional investor use only. Not for distribution to retail investors.

Templeton Global Bond Fund

2


Table of Contents

Investment Capabilities Overview............................................................................................4

Franklin Templeton—A Trusted, Long-Term Partner in Investment Management.......................5

Templeton Global Macro—Assets Under Management............................................................ 6

Strategy Overview.................................................................................................................. 7

A Record of Strong Performance.............................................................................................8

Relatively Moderate to Low Correlations Historically to Other Asset Classes............................9

Discrete Performance........................................................................................................... 10

Prolonged Advances Versus Moderate Declines....................................................................11

A Solid Risk/Reward Profile...................................................................................................12

Expanding Opportunity Set....................................................................................................13

A Benchmark Worldview.......................................................................................................14

The Global Bond Fund Worldview......................................................................................... 15

Navigating Global Divergence............................................................................................... 16

On-the-Ground Research......................................................................................................17

Insight and Information Sharing Around the Globe................................................................. 18

Templeton Global Macro—A Team of Global Fixed Income Experts........................................19

Investment Philosophy..........................................................................................................20

ESG—Going Beyond Traditional Macroeconomic Indicators...................................................21

A Proprietary ESG Index—TGM-ESGI...................................................................................22

TGM—ESGI Centers Around 13 Indicators............................................................................23

Investment Process.............................................................................................................. 24

Country Research Can Help to Identify Potential Alpha Sources............................................ 25

Portfolio Construction............................................................................................................26

Portfolio Positioning.............................................................................................................. 27

Summary of Advantages.......................................................................................................28

Summary..............................................................................................................................29

What are the Key Risks?......................................................................................................30

Portfolio Characteristics........................................................................................................31

Geographic Allocation...........................................................................................................32

Currency Exposure...............................................................................................................33

Sector Allocation...................................................................................................................34

Credit Quality Allocation........................................................................................................35

Maturity Allocation................................................................................................................36

Historical Performance..........................................................................................................37

Calendar Year Returns......................................................................................................... 38

Performance Risk Statistics.................................................................................................. 39

Appendix............................................................................................................40


3

Table of Contents (continued)


Management Profiles.......................................................................................41

Templeton Global Macro Management Profiles......................................................................42

Module: Additional Resources........................................................................47

A Specialised Local Asset Management (LAM) Team............................................................ 48

Module: Performance Attribution...................................................................49

Three Sources of Potential Alpha Over Time..........................................................................50

Module: Process Implementation Examples.................................................51

Active Duration Management................................................................................................ 52

Environmental, Social & Governance............................................................53

TGM-ESG Index—Scoring Methodology................................................................................54

Developed Countries Usually Exhibit Higher ESG Scores.......................................................55

Strong Relationship between GDP per Capita and ESG Score...............................................56

TGM-ESGI—Favouring Flat or Improving ESG Scores Rather Than Current Levels................57

Franklin Templeton—ESG and Corporate Sustainability.........................................................58

Franklin Templeton—Environmental, Social and Governance (ESG) Investment

Integration

....................59

Important Disclosures...........................................................................................................60

Source: Franklin Templeton Investments (FTI), as of 30 June 2019, based on latest available data. Total combined Assets Under Management (Total AUM) combines U.S. and non-U.S. AUM of the investment management subsidiaries of the parent

company, Franklin Resources, Inc. (FRI) [NYSE: BEN], a global investment management organisation operating as FTI. Only selected business entities within FTI claim compliance with the GIPS standards as described in the table of contents if

applicable. Total and platform AUM includes discretionary and non-discretionary accounts, including pooled investment vehicles, separate accounts and other vehicles. Total and platform AUM may also include advisory accounts with or without trading

authority. In addition, assets for which certain FTI advisers provide limited asset allocation advisory services, and assets that are not allocated to FTI products are not included in the AUM figures shown. Franklin Templeton Multi-Asset Solutions may

invest in various investment platforms advised by a number of investment advisory entities within FTI. Platform AUM reported for FT Multi-Asset Solutions therefore may include certain AUM separately reported under each utilised investment platform.

Total AUM also includes assets managed by certain FTI advisers that do not form part of the selected investment platforms shown. As a result, the combined platform AUMs may not equal Total AUM and may be calculated and reported separately for

regulatory or other purposes under each investment adviser. Each local asset manager may be considered as an entity affiliated with or associated to FTI by virtue of being a direct or indirect wholly-owned subsidiary of FRI, an entity or joint venture in

which FRI owns a partial interest, which may be a minority interest, or a third party asset management company to which investment advisory services have been delegated by an FTI adviser.


4


Investment Capabilities Overview

FRANKLIN TEMPLETON

Total Combined Assets Under Management: US$715.2 Billion

2

Equity

5

Fixed Income

8

Multi-Asset Solutions

11

Alternatives

AUM

US$289.2 Billion US$269.8 Billion US$116.0 Billion US$42.2 Billion

CAPABILITIES

•

Value

•

Government

•

Multi-Asset Income

•

Commodities

•

Deep Value

•

Municipals

•

Diversified Outcome-Oriented

•

Infrastructure

•

Core Value

•

Corporate Credit

•

Risk Premia

•

Real Estate

•

Blend

•

Bank Loans

•

Smart Beta

•

Hedge Funds

•

GARP

•

Securitised

•

Balanced Allocation

•

Private Equity

•

Growth

•

Multi-Sector

•

Target Date/Risk

•

Private Debt

•

Convertibles

•

Currencies

•

Model Portfolios

•

Sector

•

Sukuk

•

Inflation Protection

•

Shariah

•

Managed Volatility

•

Smart Beta

INVESTMENT

•

Templeton Global Equity Group (1940)

•

Franklin Templeton Fixed Income Group (1970)

•

Franklin Templeton Multi-Asset Solutions (1948)

•

Franklin Real Asset Advisors (1984)

TEAMS

•

Franklin Equity Group (1947)

•

Templeton Global Macro (1986)

•

Franklin Systematic (2011)

•

Darby Overseas Investments (1994)

•

Franklin Mutual Series (1949)

•

Franklin LAM-Fixed Income (1993)

•

K2 Advisors (1994)

• Franklin Templeton Emerging Markets Equity (1987) •

Pelagos (2005)

•

Franklin LAM-Developed Markets Equity (1993)

•

Benefit Street Partners (2008)

•

Edinburgh Partners (2003)

Franklin Templeton—A Trusted, Long-Term Partner in Investment Management

Investment excellence• Diverse investment solutions across multiple asset classes• Time-tested investment disciplines plus exceptional research enables strong long-term performance

potential• Integrated, comprehensive and proven approach to investment risk management• Committed to environmental, social and governance (ESG) investment integration

Global perspective, local expertise• Pioneer in global investing, with track record of innovation • Unmatched breadth and depth of global presence• Deep experience and long-term commitment to the markets we enter

Strength and experience• Over 70 years of navigating well through all market cycles• Global business diversified by investment objective, geography and client type• Values-driven culture guides how we work

5889


5


Franklin Templeton—A Trusted, Long-Term Partner in Investment Management

6317

Source: Franklin Templeton Investments (FTI), as of 30 June 2019 unless otherwise noted, based on latest available data. Total combined Templeton Global Macro Assets Under Management (Total Templeton Global Macro AUM) combines the U.S. and non-U.S. AUM of the investment management subsidiaries of the parent company, Franklin Resources, Inc. (FRI) [NYSE: BEN], a global investment organisation operating as FTI. AUM includes discretionary and advisory accounts, including pooled investment vehicles, separate accounts and other vehicles, as well as some accounts that may not be eligible for inclusion in composites as defined by the firm’s policies. AUM may also include advisory accounts with or without trading authority. In addition, assets for which certain FTI advisers provide limited asset allocation advisory services, and assets that are not allocated to FTI products are not included in the AUM figures shown.

Templeton Global Macro—Assets Under Management

Assets Under ManagementBillions (USD) as of 30 June 2019

Templeton Global Macro has managed unconstrained strategies since 1986

Global Multi-Sector$37.3

Global Sovereign$60.6

Emerging Markets Debt$16.5

Other$0.8

Templeton Global Macro Total Assets: $115 billion

1


6


Templeton Global Macro—Assets Under Management

Strategy Summary1

• Seek to maximise total investment return consisting of a combination of interest income, currency gains and capital appreciation

• Utilise a benchmark agnostic approach to take advantage of an unconstrained worldview

• Seeks to maintain a longer term volatility profile that is commensurate with that of a traditional global governmentbond index

Investment Focus• Focus on global government and government-related debt securities, global currencies and related derivatives

• Limit below-investment grade country exposure typically to no more than 25%

• May include allocations to both developed and emerging markets

Potential Sources of Value Added• May utilise three independent sources of alpha potential:

– Yield Curve

– Currencies

– Sovereign Credit

Strategy Overview

1794

For investors who seek to:• Diversify a fixed income allocation or an overall portfolio via an unconstrained global bond strategy that has historically had

low to moderate correlations to other asset classes

• Achieve solid, long-term, risk adjusted returns in diverse market conditions by capturing potential alpha opportunities in global fixed income and currencies


7

1. There is no assurance that the strategy will achieve its investment objectives. The strategy is managed in a benchmark unconstrained manner.


Strategy Overview

8


vs. JP Morgan Global Government Bond Index

Monthly Rolling 3-Year Annualised Returns

30 April 2009 to 30 June 2019

A Record of Strong Performance

Tem

pleto

nG

lo

balB

on

dF

un

d-

A(acc)

US

D—

Net

of

Fees

Templeton Global Bond Fund - A (acc) USD outperformed the JP Morgan

Global Government Bond Index 96 out of the 123 monthly rolling 3-year

periods shown


All performance data shown is in the Fund currency stated and net of management fees. Sales charges and other commissions, taxes and other relevant costs paid by the investor are not included in the calculations.

Performance data may represent blended share class performance, e.g., hybrid created from an A (dis) share class which was converted to A (acc).

The fund offers other share classes subject to different fees and expenses, which will affect their performance. Please see the prospectus for details.

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.

Annualized rolling periods are plotted on a monthly or quarterly basis as indicated. The leading diagonal line links points of return for the index (lower axis). For every point of return along this line there is a corresponding return for the fund represented by

the blue square (left axis). Any point above the line represents outperformance relative to the index for that period. Any point below the line represents underperformance relative to the index for that period.

The value of shares in the Fund and income received from it can go down as well as up, and investors may not get back the full amount invested. Past performance is not an indicator

or a guarantee of future performance. Current performance may differ from figures shown. Currency fluctuations may affect the value of overseas investments. When investing in a fund

denominated in a foreign currency, performance may also be affected by currency fluctuations. Please visit www.franklinresources.com/countries for current performance.


Discrete Annual Performance (%)

As of 30 June 2019

06/18

06/19

06/17

06/18

06/16

06/17

06/15

06/16

06/14

06/15

Templeton Global Bond Fund - A (acc) USD—Net

of Fees

6.16 -2.17 10.03 -7.26 -2.20

JP Morgan Global Government Bond Index 5.66 1.70 -4.41 11.52 -7.46

Annualised Total Returns (%)

As of 30 June 2019

Inception

Date 3 Yrs 5 Yrs 10 Yrs

Templeton Global Bond Fund - A (acc) USD—Net

of Fees

28.4.2006 4.55 0.72 4.13

JP Morgan Global Government Bond Index 0.90 1.17 2.48

-4% 1% 6% 11% 16%

-4%

1%

6%

11%

16%

JP Morgan Global Government Bond Index

UNDERPERFORMED

OUTPERFORMED

Templeton Global Bond Fund - A (Mdis) USD5-Year Rolling CorrelationsPeriod Ending 30 June 2019

Relatively Moderate to Low Correlations Historically to Other Asset Classes

Correlation: 1 = perfect positive correlation 0 = no correlation -1 = perfect negative correlation

5 Years Ending 30/06/2019

U.S. Bonds -0.21

High Yield Bonds 0.44

Emerging Markets Sovereign Debt 0.35

U.S. Stocks 0.41

World Stocks1 0.45

FX Carry 0.41

Hedge Funds 0.37

Commodities 0.25

-0.50

-0.25

0.00

0.25

0.50

0.75

1.00

Dec-0

5

Oct-0

6

Aug-

07

May-0

8

Mar-0

9

Dec-0

9

Sep-

10

Jul-1

1

Apr-1

2

Feb-

13

Nov-1

3

Sep-

14

Jun-

15

Apr-1

6

Jan-

17

Nov-1

7

Aug-

18

Jun-

19

U.S. Bonds High Yield Bonds Emerging Markets Sovereign DebtU.S. Stocks World Stocks¹ FX CarryHedge Funds Commodities

1937

1


9

1. Source: Morgan Stanley Capital International (MSCI). All MSCI data is provided “as is.” In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the information described herein.

Copying or redistributing the MSCI data is strictly prohibited.

Sources: Bloomberg, FTSE, JP Morgan, Standard & Poor’s, Deutsche Bank, Hedge Fund Research, Inc. 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 any S&P index-based product. The above chart is for illustrative and discussion purposes only. U.S. Bonds are represented by the Bloomberg Barclays U.S. Aggregate Index; U.S. Stocks are represented by the

S&P 500 Index; Hedge Funds are represented by the HFRI Fund Weighted Composite Index; High Yield Bonds are represented by the FTSE High Yield Market Local Currency Index; World Stocks are represented by the MSCI World Index;

Commodities are represented by the S&P GSCI Official Close Index; Emerging Markets Sovereign Debt are represented by the JP Morgan Emerging Markets Bonds Index EMBI Global Composite; FX Carry are represented by the Deutsche Bank G10

Currency Future Harvest Index. The information is historical over the indicated time period and may vary significantly over other past time periods.

Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Past performance is not an indicator or a guarantee of future performance.


Relatively Moderate to Low Correlations Historically to Other Asset Classes


10

Discrete Performance

Discrete Annual Performance (%)

Inception

Date

06/18

06/19

06/17

06/18

06/16

06/17

06/15

06/16

06/14

06/15

Templeton Global Bond Fund - A (acc) USD—Net of Fees 28.4.2006 6.16 -2.17 10.03 -7.26 -2.20

JP Morgan Global Government Bond Index 5.66 1.70 -4.41 11.52 -7.46










As of 30 June 2019

The fund has been able to provide investors with competitive performance results in various market conditions over the time period below. The chart below highlights how the fund’s track record has been through various alternating periods of moderate declines,where short-term performance has lagged, and prolonged advances, where long-term gains have more than offset the short-term declines. The fund’s contrarian strategy is designed to tolerate short-term periods of lagging performance as the management team builds positions in investments that may be out of favour, but may be poised for a rebound. Periods of at least twice the standard deviation of monthly returns were chosen to isolate long-term gains, which the team seeks, and short-term periods of lagging performance from daily and weekly market volatility.

Prolonged Advances Versus Moderate Declines

Cumulative Daily Returns for Each Period—Templeton Global Bond Fund - A (Mdis) USD—Net of FeesAs of 31 March 2019

Average Advance: 20.99%; 13.7 months

Average Decline: -8.66%; 3.9 months

-20%

-10%

0%

10%

20%

30%

40%

50%

Dec-01 Jun-03 Jan-05 Aug-06 Mar-08 Oct-09 May-11 Nov-12 Jun-14 Jan-16 Aug-17 Mar-19

Performance for the Templeton Global Bond Fund - A (Mdis) USD is historical and may not reflect current or future performance. The performance information above is net of management fees and other expenses, assumes reinvestment of any dividends and is in the fund currency stated. Sales charges and other commissions, taxes and other relevant costs paid by the investor are not included in the calculations. If they were included, the returns would have been lower. The performance shown relates to the Class A (Mdis) shares and the performance of other share classes may vary depending on their respective commissions and fees. Results may differ over other historical time periods. Charts are for illustrative and discussion purposes only.Past performance is not an indicator or a guarantee of future performance.

An “advance” (“decline”) is any period of a month or longer when cumulative daily returns exceed (fall more than) twice the standard deviation of rolling monthly returns of the entire sample period. On average, periods defined as “declines” have been shorter and smaller than periods defined as “advances.”

1892

1


11


Prolonged Advances Versus Moderate Declines

• Templeton Global Bond Fund - A (Mdis) USD—Net of Fees has provided relatively strong returns with relatively lower volatility compared to many asset classes over the long term

10-Year PeriodAs of 31 March 2019

Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or a loss when you sell your shares. Please call your Franklin Templeton representative for the most recent month-end performance.

A Solid Risk/Reward Profile

Source: © 2019 Morningstar, as of 31 March 2019. Global Government Bonds are represented by the JP Morgan Global Government Bond Index; U.S. Bonds are represented by the Bloomberg Barclays U.S. Aggregate Bond Index; U.S. TIPS are represented by the Bloomberg Barclays U.S. Treasury TIPS Index; Emerging Market Bonds are represented by the JP Morgan Emerging Markets Bond Index Global; High Yield Bonds are represented by the Credit Suisse High Yield Index; Commodities are represented by the Bloomberg Commodity Index; REITs are represented by the FTSE NAREIT All REITs Index; World Stocks are represented by the MSCI World Index; Domestic Stocks are represented by the IA SBBI U.S. Large Stock Index; Hedge Funds are represented by the Credit Suisse Tremont Hedge Fund Index; Cash is represented by the FTSE (3M) Treasury Bill Index. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.All MSCI data is provided “as is.” The portfolio described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the portfolio described herein. Copying or redistributing the MSCI data is strictly prohibited.Volatility as measured by annualised standard deviation.

1891

Templeton Global Bond Fund –A (Mdis) USD—Net of Fees

Global Government Bonds

U.S. Bonds U.S. TIPS

Emerging Market BondsHigh Yield Bonds

Hedge Funds

Commodities

REITsDomestic Stocks

World Stocks

Cash

-10

-6

-2

2

6

10

14

18

22

-1 2 5 8 11 14 17 20

Retu

rn (%

)

Standard Deviation (%)

1


12


A Solid Risk/Reward Profile

Total Government Debt Outstanding: US$57.0 trillionAs of 31 December 2018

Source: FactSet. Important data provider notices and terms available at www.franklintempletondatasources.com. G3 includes U.S., Japan and Eurozone. Developed and developing countries are based on IMF lists. All nations may not be included due to data availability. Data from January 1996 through December 1999 is reported annually.Charts are for illustrative and discussion purposes only.

Expanding Opportunity Set

US$31.8 tn

US$4.7 tnUS$3.9 tn

0524

-5

5

15

25

35

45

55

65

0

10

20

30

40

50

60

'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

Num

ber o

f Cou

ntrie

s Ava

ilabl

e for

Inve

stm

ent

Debt

Out

stan

ding

(tril

lions

of U

.S. d

ollar

s)

Developing Developed ex-G3 G3 Number of Countries

US$43.3 tn

US$5.5 tn

US$8.1 tn

1


13


Expanding Opportunity Set

Historic Country Allocation of JP Morgan Global Government Bond Index30 June 2005–31 December 2018

A Benchmark Worldview

13Country ExposuresThe eurozone, Japan and the USA represented 89% of the benchmark

1804


14

For illustrative purposes only. The Fund is managed in a benchmark unconstrained manner. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The countries depicted on this slide represent those that the index had exposure to at any time during the stated time period, and are not necessarily the countries that the index had exposure to on 31 December 2018.


A Benchmark Worldview

• Since 30 June 2005, the Templeton Global Bond Fund has invested in 51 countriescompared to 13 countries for the JP Morgan Global Government Bond Index (the benchmark)

Historic Country Allocation of the Templeton Global Bond Fund30 June 2005–31 December 2018

The Global Bond Fund Worldview (DA) vs The Global Bond Plus Worldview

51Country Exposures

1895

1


15

Country allocations may change without notice and are not a complete analysis of every material fact regarding any country. The chart should not be viewed as investment recommendations, but is intended to provide insight into the portfolio’s country

holdings. Holdings are subject to change.


The Global Bond Fund Worldview

Potential Alpha Sources Can Vary from Country to Country with the Economic Cycle

Navigating Global Divergence

Hypothetical

Exposure

Duration

Currency

Sovereign Credit

REDUCE

UNHEDGED

EXTEND

Hypothetical

Exposure

Duration

Currency

Sovereign Credit

EXTEND

HEDGED

REDUCE

Strong Growth Environment

Yield Curve

Currencies

Credit Quality

Weak Growth Environment

Yield Curve

Currencies

Credit Quality

Yield Curve Seeking to position the portfolio to benefit from declining interest rates or to help mitigate the potential impact to the portfolio during periods of rising rates.

Currencies Seeking to position the portfolio in currencies we view as the most attractive and hedge currency risks.

Sovereign Credit Seeking to capture opportunities for strong growth and improving credit quality in select countries, which may occur during periods of rising inflation and growth.

1844


16

This is a hypothetical example intended solely to illustrate our investment process. It is for illustrative purposes only and is not intended to reflect any actual positioning of the portfolio and does not constitute investment advice.


Navigating Global Divergence

On-the-Ground Research

One of the World’s Largest Global Fixed Income and Equity Platforms

170 Global Fixed Income Professionals:■ Global Fixed Income Offices

♦ Fixed Income Local AssetManagement (LAM) Offices2

126 Global Equity Professionals: Global Equity Offices3

Cape Town

Fort Lauderdale

♦ Buenos Aires

■ San Mateo

■ New York

Toronto

Edinburgh

■ London Bucharest

♦ Dubai Istanbul

Vienna

♦ Mumbai

♦ São Paulo

Rio de Janeiro♦ Kuala Lumpur

Ho Chi Minh City

♦ Seoul

♦ Shanghai1 Hong Kong

♦ Melbourne

■ Singapore

Bangkok

♦ Calgary

♦ Mexico City Nassau

♦ Warsaw

♦ Hyderabad

Chennai

Frankfurt

0540


17

1. Includes individuals that are not employees of Franklin Resources, Inc. (FRI) or wholly owned subsidiaries of FRI. However, these individuals are part of our joint venture or strategic partnership relationships worldwide and are an integral component

of our overall fixed income research efforts.

2. This unit is comprised of investment professionals located in affiliates of and joint venture partners with Franklin Templeton Investments.

3. Includes the Templeton Global Equity Group and Franklin Templeton Emerging Markets Equity.

As of 30 June 2019.


On-the-Ground Research

Over 170 global fixed income and over 120 global equity investment professionals.

1. This unit is comprised of investment professionals located in affiliates of and joint venture partners with Franklin Templeton Investments. Reference to Local Asset Management is in relation to fixed income teams (excluding equity). Investment professionals include portfolio managers, analysts and traders. *Represents number of years of industry experience.As of 30 June 2019.

Insight and Information Sharing Around the Globe

Local Asset Management1

Average Experience: 15 Years*

Franklin TempletonFixed Income


Templeton Global EquityResearch Team


Franklin Templeton Emerging Markets Equity Research Team

Average Experience: 16 Years*WEEKLY MONTHLYTempleton

Global Macro San Mateo, Singapore

20 Investment Professionals


WEEKLY MONTHLY

0539


18


Insight and Information Sharing Around the Globe

Templeton Global Macro—A Team of Global Fixed Income Experts

1808

As of 30 June 2019.CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Research Portfolio Construction & Quantitative Analysis Trading Institutional Portfolio

ManagementCalvin Ho, Ph.D.SVP, Director of Research & Portfolio Manager14 Years of Experience

Christine Yuhui ZhuVP, Director of Portfolio Construction16 Years of Experience

Michael MessmerVP, Senior Trader18 Years of Experience

Elsa GoldbergVP, Institutional Portfolio Manager23 Years of Experience

Hyung C. Shin, Ph.D.VP, Senior Global Macro & Research Analyst27 Years of ExperienceDiego Valderrama, Ph.D.Senior Global Macro & Research Analyst16 Years of ExperienceAttila Korpos, Ph.D.Senior Global Macro & Research Analyst18 Years of ExperienceShlomi Kramer, Ph.D.Senior Global Macro & Research Analyst8 Years of Experience

Vivek AhujaPortfolio Manager, Research Analyst23 Years of ExperienceOwen SolisResearch Associate1 Year of ExperienceKeertana AnandrajResearch Associate<1 Year of Experience

Ryan Ferster, CFAQuantitative Research Analyst14 Years of ExperienceJaap WillemsQuantitative Research Analyst, ESG Specialist10 Years of Experience

Matthew HenrySenior Trader12 Years of ExperienceAndrew MesicSenior Trader12 Years of ExperienceMichael SheehanSenior Trader, Derivatives14 Years of ExperienceChristopher MyersTrader15 Years of ExperienceKevin NestTrader12 Years of Experience

Richard Herbert, CFAInstitutional Portfolio Manager8 Years of Experience

Additional ResourcesGerett Blouin, CFASenior Investment Risk Manager16 Years of ExperienceKai Teng, CFA, FRMSenior Investment Risk Analyst8 Years of Experience

Adam Drutel, CFASenior Investment Risk Analyst11 Years of ExperienceJin-Wen Low, CFA, FRMSenior Investment Risk Analyst7 Years of Experience

Junyi Wang, FRMInvestment Risk Analyst6 Years of Experience

Katie KlingensmithVP, Director, Product Management18 Years of ExperienceJason LaRocco, CFA, CAIAVP, Senior Product Manager16 Years of Experience

Jens Waechter, Ph.D.VP, Product Manager20 Years of Experience

Christopher KennedyVP, Product Manager20 Years of Experience g Emily LammersVP, Product Manager13 Years of Experience

Michael Hasenstab, Ph.D.Executive VP & Chief Investment Officer24 Years of Experience

Diverse Global Team• 20 investment professionals including 6 Ph.D. economists• 13 different nationalities represented across 5 continents: Australia, China, Costa Rica, France, Hong Kong,

India, Israel, Netherlands, Peru, Romania, South Korea, Turkey, U.S.• 15 different languages spoken

1


19


Templeton Global Macro—A Team of Global Fixed Income Experts

Beliefs and Guiding Principles• An unconstrained approach to global fixed income investing can lead to long-term value

potential

• Integrating global macroeconomic analysis and ESG indicators with in-depth country research can help identify long-term economic imbalances

• Actively allocating risk across three independent potential sources of alpha can deliver diversification benefits and the potential for more consistent returns in diverse markets

Investment Philosophy

1810


20


Investment Philosophy

6320

ESG—Going Beyond Traditional Macroeconomic Indicators

Key Beliefs

• ESG issues can affect sovereign bond spreads and can be material to a country’s long-term economic sustainability

• We believe in-depth macroeconomic research and ESG considerations provide a better understanding of a country’s risk and creditworthiness

– Soft factors capture the “willingness” vs. the “ability” of a country to service its obligations and deal with the challengesof the future

• ESG integration seeks to improve investment decision making and long-term risk-adjusted returns

– Allows us to identify potential upside opportunities and early transformation stories

– Deepens sovereign risk assessment

• ESG considerations align with our medium- to long-term investment horizon


21


ESG—Going Beyond Traditional Macroeconomic Indicators

6323

A Proprietary ESG Index—TGM-ESGI

Integral to our Country Macroeconomic Research Process

Templeton Global Macro ESG Index (TGM-ESGI) is an aggregate metric comparable to macroeconomic indicators

• Transparency—uses of a wide range of qualitative indicators produced by international institutions and non-governmental organisations (e.g. World Bank, United Nations, Yale)

• Comprehensive—enables comparison across a broad investment universe of developed and emerging countries

• Measurable—a systematic measurement of ESG factors score is attributable to each country and monitored by our analyst team

• Forward-looking—ESG risk projections are calculated by our team of country macro-economists

• Embedded—In-depth macroeconomic research and ESG considerations are an inseparable part of our country risk assessment


22


A Proprietary ESG Index—TGM-ESGI

6326

TGM—ESGI Centres Around 13 Indicators

Summary of index components

Environment20%

Social

40%

Governance 40%

Unsustainable Practices

Extreme Weather Risk

Resource Scarcity

EffectivenessPolicy MixCorruptionInstitutional StrengthBusiness Climate

Social Cohesion and StabilityInfrastructureHuman CapitalLabour

Demographics

13 indicators that we believe would have the most economic and valuation impact


23


TGM—ESGI Centers Around 13 Indicators

Multiple Research Lenses Can Lead to High-Conviction Opportunities

Investment Process

1812

Three Potential Sources of Alpha

Global Research Lenses

Risk Modelling• VaR Analysis• Correlation

Analysis• Scenario/Stress

Testing

Trading• Trade Structuring• Market Flows• Local Execution/

Settlement• Liquidity Analysis

PORTFOLIO

Portfolio Construction and Implementation

Identification of High-

ConvictionOpportunities

Management Team• Potential Return

vs. Expected Risk• Global Allocations

Review/Performance AttributionReview

Yield Curve

Currency Ideas

Credit Ideas

• Growth Drivers

• Monetary Policy

• Fiscal Policy

• Inflation Dynamic

• Debt Sustainability

• Balance of Payment

• Political Situation

Macroeconomic Analysis

Macro-Models Analysis

Local Asset Management Perspectives¹

Country Visits

ES

G


24

1. This unit is comprised of investment professionals located in affiliates of and joint venture partners with Franklin Templeton Investments. Reference to Local Asset Management is in relation to fixed income teams (excluding equity).

The above chart is for illustrative and discussion purposes only.


Investment Process

Goal of Isolating Desired Risks

Hypothetical Examples

Country Research Can Help to Identify Potential Alpha Sources

MEXICO SOUTH KOREA AUSTRALIA

Hypothetical Situation and Country AnalysisEconomic activity in Mexico is slowing down,which we believe will eventually force the centralbank to cut interest rates and the Mexican peso to depreciate.

Hypothetical Situation and Country AnalysisKorean sovereign credit appears to be priced at distressed levels caused by liquidity issues. However, our analysis does not reveal a solvency problem.

Hypothetical Situation and Country AnalysisAustralia is among the first countries to tighten their monetary policy. As a result, we expect the Australian economy to recover at a faster pace and the currency to strengthen.

Proposed Course of ActionTake advantage of attractive interest rates in Mexico but without exposure to the Mexican peso.

Proposed Course of ActionTake advantage of attractive yield and spread compression opportunities in Korean sovereign credits.

Proposed Course of ActionTake advantage of the appreciation of the Australian dollar.

YIELD CURVE SOVEREIGN CREDIT CURRENCY

Hypothetical Portfolio Decision• Purchase peso-denominated 20-year Mexican bond• Hedge out peso risk by purchasing forex forward

Hypothetical Portfolio Decision• Purchase Korean sovereign credit

Hypothetical Portfolio Decision• Purchase short-term government bonds

denominated in Australian dollars

1818


25

These hypothetical examples are for illustrative purposes only to demonstrate our investment process. They are not intended to reflect any past, current or future holdings of the portfolio and should not be considered as

investment advice or an investment recommendation.


Country Research Can Help to Identify Potential Alpha Sources

*The fund may use other derivatives to generate similar exposures, such as futures.The portfolio composition, characteristics and the number of exposures held by the fund will vary due to a variety of factors, such as, but not limited to, market conditions, asset size, interest rates, currency fluctuations, economic instability and political developments.

Portfolio Construction—Position Sizing

5397

Portfolio Positioning Position Sizing

• The portfolio invests across developed and emerging countries in areas where we see potential value

• There are typically a few overarching macro views that are expressed using a variety of instruments

• Individual views are expressed using currency, interest rate, or credit positions

• Position size is based on our view of attractiveness, valuation, conviction level and risk, as well as size and liquidity of the market

• Long country exposures typically range from approximately 4–8%, expressed using some combination of currency, rates and credit; extremely high conviction positions may constitute around 20%

Implementation Barbell Approach

• Views are implemented primarily via local currency bonds, currency forwards, interest rate swaps, hard currency bonds, or a combination thereof

• The makeup of a position depends on the exposure, valuation, liquidity, and correlation to the remainder of the portfolio

• The various investment positions in the portfolio seek to balance downside risk, expected return and liquidity

RatesCredit

Hard Currency

Bonds

Local Currency

Bonds

FX Forwards*

Interest Rate

Swaps*

Currency


26


Portfolio Construction

As of 30 June 2019

Portfolio Positioning

1822

1

Potential Alpha Sources Current Positioning

Defensive Stance Due to Concerns about Rising Interest Rates• We remained positioned for rising US Treasury yields by maintaining low overall portfolio duration and holding

negative duration exposure to US Treasuries • Outside of the developed markets, we held select duration exposures in specific countries that we believe have

attractive risk/return profiles, relatively higher yields, resiliencies to external shocks and favorable macro conditions for yields to remain relatively stable or shift lower

YIELD CURVE

Favourable Opportunities in Select Currencies• We favour currencies in countries that we believe have strong growth fundamentals and compelling interest-rate

differentials that should be better positioned to absorb external shocks• We maintained net-negative positions in the euro and the Australian dollar as we continue to expect monetary

accommodation from the European Central Bank and Reserve Bank of AustraliaCURRENCIES

Selectively Finding Sovereign Credit Opportunities• Continued to selectively invest in credit opportunities across emerging markets, with a particular focus on credit

exposures in economies with compelling growth indicators

SOVEREIGN CREDIT


27

The foregoing information reflects our analysis, opinions and portfolio information as of 30 June 2019. The views expressed are those of the individual portfolio managers only and may vary from the views expressed by portfolio managers representing

other investment platforms or strategies within Franklin Templeton Investments. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions.

These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or portfolio. Statements of fact are from sources

considered to be reliable, but no representation or warranty is made as to their completeness or accuracy. Because market and economic conditions are subject to rapid change, opinions provided are valid only as of the date indicated.


Portfolio Positioning

The Foundation of Our Long-Term Track Record• An Unconstrained Worldview

• A Truly Global Research Platform

• A High-Conviction Process

Summary of Advantages

1828


28


Summary of Advantages


29

Fund Identifiers

ISIN Code LU0252652382

SEDOL Code B13QQC5

Bloomberg Code FTGBFAC LX


As of 30 June 2019

Summary

Portfolio Manager(s)

Michael Hasenstab, PhD United States

Calvin Ho, PhD United States

Fund Ratings (30 June 2019)

Overall Morningstar Rating™

««««

Summary of Investment Objective

The Fund aims to maximise total investment return consisting of a combination of

interest income, capital appreciation and currency gains by investing principally in a

portfolio of fixed or floating rate debt securities and debt obligations issued by

government or government-related issuers worldwide.

Morningstar Category™ Global Bond

Investment Style Fixed Income - Governments

Fund Inception Date 28 February 1991

Share Class Inception Date 28 April 2006

Benchmark JP Morgan Global Government Bond Index

Base Currency for Fund USD

Base Currency for Share Class USD

Total Net Assets (USD) 15,245,568,825.71

Asset Allocation (Market Value) Fixed Income: 72.12%

Cash & Cash Equivalents: 27.88%

Number of Holdings 236

Total Expense Ratio 1.40%

© Morningstar, Inc. 2019. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither

Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Market value figures reflect the trading value of the investments. Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.





30

The value of shares in the Fund and income received from it can go down as well as up and investors may not get back the full amount invested.

Performance may also be affected by currency fluctuations. Currency fluctuations may affect the value of overseas investments.

The Fund invests mainly in debt securities issued by government or government-related entities in any country and in derivatives. Such securities and derivatives have

historically been subject to price movements, generally due to interest rates, foreign exchange rates or movements in the bond market. As a result, the performance of

the Fund can fluctuate over time.

The Fund may distribute income gross of expenses. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital.

Other significant risks include: credit risk, currency risk, derivatives risk, liquidity risk, emerging markets risk.

For full details of all of the risks applicable to this Fund, please refer to the “Risk Considerations” section of the Fund in the current prospectus of Franklin Templeton

Investment Funds.

What are the Key Risks?



31

Portfolio Characteristics



As of 30 June 2019

Portfolio Index

Average Credit Quality A AA

Average Duration -2.13 Yrs 8.30 Yrs

Average Weighted Maturity 1.18 Yrs 10.19 Yrs

Yield to Maturity 6.72% 0.98%

Yield to Worst 6.72% 0.99%

Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.

Average Duration, Average Weighted Maturity, Yield to Maturity and Yield to Worst figures reflect certain derivatives held in the portfolio (or their underlying reference assets).

The average credit quality (ACQ) rating may change over time. The portfolio itself has not been rated by an independent rating agency. The letter rating, which may be based on bond ratings from different agencies (or internal ratings for unrated bonds,

cash and equivalents), is provided to indicate the average credit rating of the portfolio's underlying investments and generally ranges from AAA (highest) to D (lowest). For unrated bonds, cash and equivalents, ratings may be assigned based on the

ratings of the issuer, the ratings of the underlying holdings of a pooled investment vehicle, or other relevant factors. The ACQ is determined by assigning a sequential integer to all credit ratings AAA to D, taking a simple, asset-weighted average of

investments by market value and rounding to the nearest rating. The risk of default increases as a bond's rating decreases, so the ACQ provided is not a statistical measurement of the portfolio’s default risk because a simple, weighted average does not

measure the increasing level of risk from lower-rated bonds. The ACQ may be lower if cash and equivalents are excluded from the calculation. The ACQ is provided for informational purposes only. Derivative positions are not reflected in the ACQ.

Yield figures quoted should not be used as an indication of the income that has or will be received. Yield figures are based on the portfolio's underlying holdings and do not represent a payout of the portfolio.


Geographic Allocation


32



As of 30 June 2019 — Market Value

CASH & CASH EQUIVALENTS

SUPRANATIONAL

NON-EMU EUROPE

EMU EUROPE

EUROPE

Ghana

MIDDLE EAST / AFRICA

JAPAN

Indonesia

India

South Korea

ASIA EX-JAPAN

ASIA

USA

Colombia

Argentina

Brazil

Mexico

NON-US AMERICAS

AMERICAS

-2% 6% 14% 22% 30% 38%

27.88

0.64

0.00

0.00

0.00

1.58

1.58

0.00

7.80

8.78

16.98

33.58

33.58

-1.64

1.53

3.82

14.87

17.70

37.91

36.27


Weightings as percent of total. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.


Regions Sub-Regions Countries

Portfolio %

Index % Over/Under %

AMERICAS 36.27 43.11 -6.84

NON-US AMERICAS 37.91 1.33 36.58

Mexico 17.70 0.00 17.70

Brazil 14.87 0.00 14.87

Argentina 3.82 0.00 3.82

Colombia 1.53 0.00 1.53

Canada 0.00 1.33 -1.33

USA -1.64 41.78 -43.42

ASIA 33.58 21.88 11.70

ASIA EX-JAPAN 33.58 1.57 32.01

South Korea 16.98 0.00 16.98

India 8.78 0.00 8.78

Indonesia 7.80 0.00 7.80

Philippines 0.01 0.00 0.01

Australia 0.00 1.57 -1.57

JAPAN 0.00 20.30 -20.30

MIDDLE EAST /

AFRICA

1.58 0.00 1.58

Ghana 1.58 0.00 1.58

EUROPE 0.00 35.01 -35.01

EMU EUROPE 0.00 27.78 -27.78

France 0.00 7.83 -7.83

Italy 0.00 6.86 -6.86

Germany 0.00 5.09 -5.09

Spain 0.00 4.52 -4.52

Belgium 0.00 1.98 -1.98

Netherlands 0.00 1.49 -1.49

NON-EMU EUROPE 0.00 7.24 -7.24

United Kingdom 0.00 6.52 -6.52

Denmark 0.00 0.43 -0.43

Sweden 0.00 0.29 -0.29

SUPRANATIONAL 0.64 0.00 0.64

OTHER 0.05 0.00 0.05

Portfolio %

Index % Over/Under %

CASH & CASH

EQUIVALENTS

27.88 0.00 27.88


33

Currency Exposure

Notional exposure figures are intended to estimate the portfolio’s exposure, including any hedged or increased exposure through certain derivatives held in the portfolio (or their underlying reference assets). Portfolio breakdown percentages may not total

100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.





As of 30 June 2019 — Notional Exposure

EURO

NON-EURO

EUROPE

Ghanaian Cedi

MIDEAST/AFRICA

Australian Dollar

Philippine Peso

Indian Rupee

South Korean Won

Indonesian Rupiah

ASIA EX-JAPAN

JAPANESE YEN

ASIA

Colombian Peso

Argentine Peso

Mexican Peso

Brazilian Real

NON-US DOLLAR

U.S. DOLLAR

AMERICAS

-41% -7% 27% 61% 95% 129%

-40.19

0.00

-40.19

1.58

1.58

-14.95

0.01

0.24

0.26

7.80

-6.63

20.26

13.63

1.53

3.62

14.47

14.87

34.48

90.50

124.98

Regions Sub-Regions Currencies

Portfolio % Index % Over/Under %

AMERICAS 124.98 43.11 81.87

U.S. DOLLAR 90.50 41.78 48.72

NON-US DOLLAR 34.48 1.33 33.15

Brazilian Real 14.87 0.00 14.87

Mexican Peso 14.47 0.00 14.47

Argentine Peso 3.62 0.00 3.62

Colombian Peso 1.53 0.00 1.53

Canadian Dollar 0.00 1.33 -1.33

ASIA 13.63 21.88 -8.25

JAPANESE YEN 20.26 20.30 -0.04

ASIA EX-JAPAN -6.63 1.57 -8.21

Indonesian Rupiah 7.80 0.00 7.80

South Korean Won 0.26 0.00 0.26

Indian Rupee 0.24 0.00 0.24

Philippine Peso 0.01 0.00 0.01

Australian Dollar -14.95 1.57 -16.53

MIDEAST/AFRICA 1.58 0.00 1.58

Ghanaian Cedi 1.58 0.00 1.58

EUROPE -40.19 35.01 -75.20

NON-EURO 0.00 7.24 -7.24

British Pound 0.00 6.52 -6.52

Danish Krone 0.00 0.43 -0.43

Swedish Krona 0.00 0.29 -0.29

EURO -40.19 27.78 -67.97

Cash & Cash Equivalents

Supranational

Derivatives

Non-Investment Grade

Non-Local Curr. Sovereign Bonds

US Treasuries/Agencies


Investment Grade

Local Curr. Govt/Agency Bonds

-4% 12% 28% 44% 60% 76%

27.88

0.64

-3.79

0.20

0.20

2.20

20.07

52.81

72.87


34

Sector Allocation








Local Curr. Govt/Agency Bonds 72.87 58.22 14.65

Investment Grade 52.81 58.22 -5.41

Non-Investment Grade 20.07 0.00 20.07

US Treasuries/Agencies 2.20 41.78 -39.58

Non-Local Curr. Sovereign Bonds 0.20 0.00 0.20

Non-Investment Grade 0.20 0.00 0.20

Derivatives -3.79 0.00 -3.79

Supranational 0.64 0.00 0.64

Cash & Cash Equivalents 27.88 0.00 27.88

Cash

N/A

NR

B

BB-

BBB-

BBB

A-

A+

AA-

AA

AA+

AAA

-4% 16% 36% 56% 76%




35




Credit Quality Allocation


AAA 2.84 65.74 -62.90

AA+ 0.00 1.98 -1.98

AA 16.98 0.00 16.98

AA- 0.00 20.30 -20.30

A+ 0.00 6.86 -6.86

A- 17.70 0.87 16.83

BBB 9.34 0.00 9.34

BBB- 8.78 0.00 8.78

BB- 14.87 0.00 14.87

B 5.40 0.00 5.40

NR 0.00 4.24 -4.24

N/A -3.79 0.00 -3.79

Cash 27.88 0.00 27.88

Investment Grade

55.64 95.76 -40.11


20.26 4.24 16.02

N/A

-3.79

0.00 -3.79

Cash

27.88 0.00 27.88



Ratings shown are assigned by one or more Nationally Recognised Statistical Rating Organisations (‘NRSRO’), such as Standard & Poor’s, Moody’s and Fitch. The ratings are an indication of an issuer’s creditworthiness and typically range from AAA or

Aaa (highest) to D (lowest). When ratings from all three agencies are available, the middle rating is used; when two are available, the lowest rating is used; and when only one is available, that rating is used. Foreign government bonds without a specific

rating are assigned the country rating provided by an NRSRO, if available. The NR category consists of rateable securities that have not been rated by an NRSRO. The N/A category consists of nonrateable securities (e.g., equities). Cash includes

equivalents, which may be rated.


36


Maturity Allocation

30+ Years

20 to 30 Years

15 to 20 Years

10 to 15 Years

7 to 10 Years

5 to 7 Years

3 to 5 Years

2 to 3 Years

1 to 2 Years

0 to 1 Year

-4% 12% 28% 44% 60%







0 to 1 Year 53.35 0.00 53.35

1 to 2 Years 12.65 12.41 0.24

2 to 3 Years 12.60 11.45 1.15

3 to 5 Years 11.44 18.48 -7.04

5 to 7 Years 4.76 11.72 -6.96

7 to 10 Years 8.18 13.21 -5.03

10 to 15 Years 0.73 6.81 -6.07

15 to 20 Years 0.00 6.81 -6.81

20 to 30 Years -3.72 16.34 -20.06

30+ Years 0.00 2.77 -2.77




Annualised Total Returns (%)

Inception

Date 1 Yr 3 Yrs 5 Yrs 10 Yrs

Since

Incept

Templeton Global Bond Fund - A (acc) USD—Net of Fees 28.4.2006 6.16 4.55 0.72 4.13 5.52

JP Morgan Global Government Bond Index 5.66 0.90 1.17 2.48 3.72


Historical Performance


As of 30 June 2019









37

Cumulative Performance (%)

Inception

Date 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs

Since

Incept

Templeton Global Bond Fund - A (acc) USD—Net of Fees 28.4.2006 1.32 1.25 3.06 6.16 14.28 3.66 49.90 103.06

JP Morgan Global Government Bond Index 2.14 3.49 5.37 5.66 2.71 6.00 27.74 61.82


38









Calendar Year Returns


As of 30 June 2019

YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

-7%

0%

7%

14%

21%

3.06

5.37

1.53

-0.66

2.20

6.83

4.33

1.57

-5.40 -2.61

1.15

0.67

1.24

-4.50

16.33

1.30

-3.14

7.22

11.67

6.42

18.83

1.90

JP Morgan Global Government Bond IndexTempleton Global Bond Fund - A (acc) USD—Net of Fees


39

The base currency of a fund determines the risk-free rate index used in calculating certain risk statistics on this page. A fund that is based in USD uses the US T-Bill Index as the risk free rate return, a EUR-based fund uses the Euro 3-Month T-Bill

Index, a GBP-based fund uses the UK Treasury Bills 3 Month Index, a JPY-based fund uses the Japan Financing Bill 3 Month Index, and an AUD-based fund uses the Australia T-Note 3 Month Index.


^^Measured against the JP Morgan Global Government Bond Index.

*Annualised.



As of 30 June 2019

Performance Risk Statistics

1 Yr 3 Yrs* 5 Yrs* 10 Yrs*

Standard Deviation (%):

Templeton Global Bond Fund - A (acc) USD 6.66 5.88 6.32 7.51

JP Morgan Global Government Bond Index 4.36 5.02 5.11 5.40

Tracking Error (%)^^ 9.22 8.97 9.08 8.87

Information Ratio^^ 0.06 0.41 -0.05 0.19

Sharpe Ratio 0.59 0.54 -0.02 0.49


Performance Risk Statistics

40

Appendix



41

Management Profiles



Templeton Global Macro Management Profiles

1834

MICHAEL HASENSTAB, Ph.D.Executive Vice President, Portfolio Manager, Chief Investment OfficerTempleton Global Macro

San Mateo, California, United States

Dr. Hasenstab is a member of the Fixed Income Policy Committee and is a portfolio manager for a number of FranklinTempleton fixed income and hybrid funds and strategies.

Dr. Hasenstab holds a Ph.D. in economics from the Asia Pacific School of Economics and Management at Australian National University, a master’s degree in economics of development from the Australian National University and a B.A. in internationalrelations/political economy from Carleton College in the United States.

CALVIN HO, Ph.D.Senior Vice President, Director of ResearchTempleton Global Macro


Dr. Ho is responsible for shaping the research agenda of Templeton Global Macro and specialises in macroeconomic analysis and exchange rate modelling. Dr. Ho is a portfolio manager for a number of Franklin Templeton fixed income funds and acts as a key resource for the firm’s Fixed Income Policy Committee.

Dr. Ho earned both a B.A. and a Ph.D. in economics from the University of California, Berkeley. His prior research analysedinternational monetary arrangements. He is also fluent in Mandarin and Cantonese.

HYUNG C. SHIN, Ph.D.Vice President, Senior Global Macro& Research AnalystTempleton Global Macro


Dr. Shin joined Franklin Templeton in 2005 as a research analyst and moved to senior global macro & research analyst forTempleton Global Macro. In this position, he analyses global macroeconomic trends and up-to-date developments in emergingmarket economies. Dr. Shin is an expert of Asian economies, with a focus on Southeast Asia and Japan. He also specialises in monetary and global macroeconomic analysis with a focus on world real-interest-rate modelling.

Dr. Shin holds a Ph.D. in economics from the University of California, Davis and a B.A. in business administration from SeoulNational University in South Korea. Dr. Shin’s prior research analysed optimal choice of monetary policy regimes. He is also fluent in Korean.

DIEGO VALDERRAMA, Ph.D.Senior Global Macro & Research AnalystTempleton Global Macro


Dr. Valderrama joined Franklin Templeton in 2009 as research analyst and moved to senior global macro& research analyst in Templeton Global Macro. In this position, Dr. Valderrama specialises in global macroeconomics. In addition, he has a regional focus on Latin America and Africa.

Dr. Valderrama holds a Ph.D. and an M.A. in economics from Duke University and a B.A. in economics from Cornell University. He is also fluent in Spanish.

1


42


Templeton Global Macro Management Profiles

Templeton Global Macro Management Profiles (continued)

1834

2

SHLOMI KRAMER, Ph.D.Senior Global Macro & Research AnalystTempleton Global Macro


Shlomi Kramer joined Franklin Templeton in 2016 and is a senior analyst for the Templeton Global Macro team. In this position, he analyses global macroeconomic trends and covers economic developments in China and several developed economies.

Prior to joining Franklin Templeton, Dr. Kramer was a senior economist at GE Corporate, where he ran the economics team’s forecasting model, which forms the basis for GE’s planning and strategy, and served as the team’s lead economist on emerging markets.

Dr. Kramer received his Ph.D. in economics from Princeton University in May 2011 and holds a B.S. in mathematics and economics from Tel Aviv University.

ATTILA KORPOS, Ph.D.Senior Global Macro & Research AnalystTempleton Global Macro


Dr. Korpos joined Franklin Templeton in 2011 as a research analyst in Templeton Global Macro. He is an international fixed income research analyst with a regional focus on Central and Eastern European countries.

Dr. Korpos received a Ph.D. in economics from Tilburg University in the Netherlands, where he investigated monetary regimes in open economies. He holds a B.A. in finance and banking from Babes-Bolyai University in Romania, and an M.A. in economics from the Central European University in Hungary.

VIVEK AHUJAPortfolio Manager, Research Analyst Templeton Global Macro

Singapore, Singapore

Vivek Ahuja is a portfolio manager and research analyst for Templeton Global Macro. He is responsible for the analysis of macroeconomic trends and developments in Asian emerging market economies and financial systems. Prior to joining Franklin Templeton, Mr. Ahuja worked in various financial institutions in India in the areas of fixed income investments and macro research.

Mr. Ahuja earned his bachelor of commerce and master’s degree in finance from Mumbai University.

CHRISTINE YUHUI ZHUVP, Director of Portfolio Construction and Quantitative AnalysisTempleton Global Macro


Christine Yuhui Zhu is a vice president, portfolio manager and director of portfolio construction and quantitative analysis for Templeton Global Macro. She focuses on portfolio construction, derivatives/quantitative strategies in global market, performanceattribution and risk management. Ms. Zhu joined Franklin Templeton in 2007.

Ms. Zhu received an M.B.A. with investment focus from the University of California, Berkeley, and earned her M.S. in computerscience and engineering from the University of Notre Dame. She is fluent in Mandarin.


43



1834

3

RYAN FERSTER, CFAQuantitative Research AnalystTempleton Global Macro


Ryan Ferster is a quantitative research analyst for Templeton Global Macro. Mr. Ferster manages the internal portfolio administration systems, performs quantitative research including portfolio construction, fixed income security pricing, and portfolio risk management and performance attribution, and researches performance dispersion. He also supports the portfolio managers and traders’ day to day workflow.

Mr. Ferster holds a B.S. in computer engineering, and an M.S. in computer science, from Columbia University. He is a Chartered Financial Analyst (CFA) charterholder.

JAAP WILLEMSQuantitative Research AnalystTempleton Global Macro

Singapore, Singapore

Jaap Willems is a quantitative research analyst for Templeton Global Macro. In his role he supports the rebalancing efforts of separate accounts and provides quantitative analytic support around performance and risk attributes of funds as well as separate accounts to portfolio managers, traders and research analysts.

Jaap joined Franklin Templeton in 2015 after working for 7 years in various investment risk, actuarial/asset liability management companies, most recently at ING Group and Schroders.

Jaap holds a B.S. in international economics and an M.S. in business administration (risk and portfolio management) from the University of Groningen in the Netherlands.

MICHAEL MESSMERVice President, Senior TraderTempleton Global Macro


Michael Messmer is the lead trader for Templeton Global Macro. Mr. Messmer is responsible for trading investment grade and sub-investment grade global government treasuries, currencies and sovereign bonds. Mr. Messmer also provides relative value, yield curve and technical analysis. He joined Franklin Templeton in 2001 and participated in the Futures Associate Program.

Mr. Messmer earned his B.S. in economics with an emphasis in finance from Southern Methodist University.

MATTHEW HENRYSenior TraderTempleton Global Macro


Matthew Henry is a senior trader for Templeton Global Macro. Mr. Henry trades investment grade and sub-investment grade global bonds and currencies. Mr. Henry joined Franklin Templeton in 2006 and participated in the Futures Associate Program.

Mr. Henry holds a B.S. in management science and engineering from Stanford University.


44



1834

4

ANDREW MESICSenior TraderTempleton Global Macro


Andrew Mesic is a senior trader for Templeton Global Macro, supporting foreign exchange and investment grade global bond traders.

Mr. Mesic joined Franklin Templeton in 2007 and participated in the Futures Associate Program.

Mr. Mesic holds a B.A. in economics and international relations from the University of California, San Diego.

MICHAEL SHEEHANSenior Trader—DerivativesTempleton Global Macro


Michael Sheehan is a senior trader for Templeton Global Macro, responsible for derivatives trading and strategy across globalasset markets.

Mr. Sheehan joined Franklin Templeton in 2018, previously having traded at BlackRock and Bank of America/Merrill Lynch.

He holds a B.S. in computer science from the University of Notre Dame.

CHRIS MYERSTraderTempleton Global Macro


Chris Myers is a trader for Templeton Global Macro. Mr. Myers joined Franklin Templeton in 2011 and previously worked for Bank of New York Mellon.

Mr. Myers holds a B.S. in economics from the University of Central Florida.

KEVIN NESTTraderTempleton Global Macro


Kevin Nest is a trader for Templeton Global Macro. Mr. Nest joined Franklin Templeton in 2014 and previously worked for Standard Chartered Bank.

Mr. Nest holds a B.S. in finance and economics from Fordham University.


45



1834

The Templeton Global Macro Group also includes 2 experienced research associates.

5

ELSA GOLDBERGVice President, Institutional Portfolio ManagerTempleton Global Macro


Elsa Goldberg is a vice president and institutional portfolio manager for Templeton Global Macro. As an integrated member of the Templeton Global Macro team, Ms. Goldberg is the principal conduit to provide perspective and understanding regarding theteam’s investment strategies to a broad range of clients globally. Previously, she was director of the Global Fixed Income Product Management team at Franklin Templeton.

Ms. Goldberg holds a bachelor’s degree in econometrics from the University of Paris Pantheon-Sorbonne and a master’s degree in money, banks and finance from the University of Paris Pantheon-Assas. Ms. Goldberg is a certified European Financial Analyst.

RICHARD HERBERTInstitutional Portfolio ManagerTempleton Global Macro


Richard Herbert is an institutional portfolio manager responsible for the Templeton Global Macro strategies at Franklin Templeton.

As an integrated member of the investment team, Mr. Herbert represents the Global Macro strategies by communicating the team's investment philosophy, process, positioning and macro outlook to domestic and international clients, as well as to external gatekeepers and decision makers. Previously, Mr. Herbert was a senior product manager with the Templeton Global Macro Product Management team at Franklin Templeton.

Mr. Herbert joined Franklin Templeton in 2011 and earned a bachelor's degree in business finance, economics and statistics from California Polytechnic State University. He is also a Chartered Financial Analyst (CFA) charterholder.


46


47

Module: Additional Resources



On the Ground Worldwide

Local Asset Management is comprised of investment professionals located in affiliates of and joint venture partners with Franklin Templeton Investments. Reference to Local Asset Management is in relation to fixed income teams (excluding equity).1. Individual is not an employee of Franklin Resources, Inc. (FRI). However, this individual is part of our joint venture acquisitions worldwide and is an integral component of our overall fixed income research efforts.CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.As of 30 June 2019.

A Specialised Local Asset Management (LAM) Team

Name TitleYears Experience

Sonal Desai, Ph.D. Chief Investment Officer, Fixed Income 25

Renato S. Pascon Portfolio Manager, Brazil 16

Mohieddine Kronfol Portfolio Manager, Middle East/North Africa 23

Sharif Eid Portfolio Manager, Middle East/North Africa 12

Franck Nowak Research Analyst, Middle East/North Africa 14

Santosh Kamath Portfolio Manager, India 26

Sachin Desai Portfolio Manager, India 19

Umesh Sharma, CFA Portfolio Manager, India 19

Kunal Agrawal Portfolio Manager, India 13

Pallab Roy Research Analyst, India 18

Amit Jain Research Analyst, India 11

Sang Hoon Matthew Baek Portfolio Manager, Research Analyst, South Korea

19

Min Geun Joo, CFA, FRM Research Analyst, South Korea 13

Chee Young Jeon Jr Trader, South Korea 2

Tracy Liu, CFA1 Portfolio Manager, China 16

Hanifah Hashim Portfolio Manager, Malaysia 25

Name TitleYears Experience

Ivy Choo Research Analyst, Malaysia 14

Daniel Koh Research Analyst, Malaysia 11

Andrew Canobi, CFA Portfolio Manager, Australia 25

Chris Siniakov Portfolio Manager, Australia 25

Jennifer Wee, CFA Research Analyst, Australia 13

Joshua Rout Research Analyst/Trader, Australia 8

Timothy Heyman, CBE CIO LAM Mexico, Mexico 41

Ramse Gutierrez, CFA Head of Investment Operations, Mexico 17

Luis Gonzali Saucedo, CFA Portfolio Manager, Mexico 13

Jorge Marmolejo Hernandez, CFA Portfolio Manager, Mexico 12

Nadia Montes de Oca Vargas Investment Analyst, Mexico 7

Michal Oleszkiewicz, CFA Portfolio Manager, Poland 19

Thomas O’Gorman, CFA Portfolio Manager, Canada 29

Darcy Briggs, CFA, FRM Portfolio Manager, Canada 25

Adrienne Marvi Young, CFA VP, Director of Research, Canada 24

Brian Calder Trader, Canada 20

Sevrika Galipeau, CFA Trader, Canada 12

1785


48


A Specialised Local Asset Management (LAM) Team

49

Module: Performance Attribution



Diverse Return Sources in Diverse MarketsPerformance Attribution Summary (Calendar Year)Templeton Global Bond Fund vs. Cash (2009–2018)1

The information is historical and may not reflect current or future portfolio characteristics.1. Performance attribution may change depending on factors such as market and economic conditions.2. Currencies can be overstated because they can be used to hedge out certain market risks, such as interest rate risk, due to the negative correlation between the exchange rate and the factor that the team is attempting to hedge.A particular factor might also affect positions that are attributed to one or both of the other categories. Therefore, decomposing the attribution into these three categories, without regard to hedging, could lead currencies to be overstated.Past performance is not an indicator or a guarantee of future performance.

Three Sources of Potential Alpha Over Time

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Interest Rates (Duration) 3 1 1 2 1 1 2 2 1 3

Currencies2 1 2 3 1 3 3 3 1 3 1

Sovereign Credit 2 3 2 3 2 2 1 3 2 2

Greatest Contribution to Performance Ranked by Contribution to Alpha Second Greatest Contribution to Performance Least Contribution to Performance

1907


50


Three Sources of Potential Alpha Over Time

51

Module: Process Implementation Examples



Managing Duration While Still Seeking Attractive YieldsTempleton Global Bond FundSeptember 2007–June 2019

The information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.Yield to Maturity and Average Duration figures reflect certain derivatives held in the portfolio (or their underlying reference assets).

Active Duration Management

-4

-2

0

2

4

6

8

-2

0

2

4

6

8

10

Sep-

07De

c-07

Mar-0

8Ju

n-08

Sep-

08De

c-08

Mar-0

9Ju

n-09

Sep-

09De

c-09

Mar-1

0Ju

n-10

Sep-

10De

c-10

Mar-1

1Ju

n-11

Sep-

11De

c-11

Mar-1

2Ju

n-12

Sep-

12De

c-12

Mar-1

3Ju

n-13

Sep-

13De

c-13

Mar-1

4Ju

n-14

Sep-

14De

c-14

Mar-1

5Ju

n-15

Sep-

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c-15

Mar-1

6Ju

n-16

Sep-

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7Ju

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Sep-

17De

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8Ju

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Sep-

18De

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Mar-1

9Ju

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Aver

age D

urat

ion

(Yea

rs)

Yield

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atur

ity (%

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Templeton Global Bond Fund—Yield to Maturity Templeton Global Bond Fund—Average Duration

This text has to be here and be this long in order for the chart to stay in the landscape position, otherwise it rotates to vertical.

1906

1


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Active Duration Management

53

Environmental, Social & Governance



6329

TGM-ESG Index—Scoring Methodology

TGM-ESGI Proprietary Methodology• Select 13 indicators that we believe would have the most significant economic and valuation impact

• Assign each country a current and projected score on the 13 indicators classified into one of the three dimensions: Environmental, Social and Governance

• Rate countries on a scale from 0 to 10, with 10 being the highest

• Calculate an average score on each of the three dimensions: Environmental, Social and Governance

• A final composite ESG score is calculated for each country with a weighting of 40% for governance, 40% for social and 20% for environment

– Environmental receives a lower weighting as impact on the economy often occurs over significantly longer time horizons than governance and social factors

Benefits to our approach• TGM-ESG Index ranks not only levels but also trends

– Favours countries with flat or improving scores rather than current level

– Prevents disproportionate allocation to wealthier countries


54


TGM-ESG Index—Scoring Methodology

6332

Source: Franklin Templeton Investments (FTI), as of March 31, 2018, based on latest available data. Total combined Assets Under Management (Total AUM) combines U.S. and non-U.S. AUM of the investment management subsidiaries of the parent company, Franklin Resources, Inc. (FRI) [NYSE: BEN], a global investment management organization operating as FTI. Only selected business entities within FTI claim compliance with the GIPS standards as described in the table of contents if applicable. Total and platform AUM includes discretionary and non-discretionary accounts, including pooled investment vehicles, separate accounts and other vehicles. Total and platform AUM may Source: TGM-ESGI.For illustrative and discussion purposes only.

Developed Countries Usually Exhibit Higher ESG Scores

TGM-ESGI Scores by CountryCurrent Level As of 31 December 2018

0

10

20

30

40

50

60

70

80

90

100

Vene

zuela

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riaTa

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ilippin

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ones

iaSr

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anda

India

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azil

Russ

iaTu

rkey

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lombia

Gree

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xico

South

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genti

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and

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ile Italy

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Slov

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Spain

Portu

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ael

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pan

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any

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alia

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ter


55


Developed Countries Usually Exhibit Higher ESG Scores

6335

Source: TGM-ESGI; IMF World Economic Outlook.For illustrative and discussion purposes only. TGM-ESGI scores as of 31 December 2018. GDP per Capita values as of 31 December 2018.

Strong Relationship between GDP per Capita and ESG Score

Wealthier countries have greater potential to divert financial resources toward education, health, infrastructure and an improved standard of livingTGM-ESGI Scores vs. GDP per Capita

Developed Markets Emerging Markets

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

0 1 2 3 4 5 6 7 8 9 10

GDP

Per C

apita

(USD

)

TGM-ESGI Score


56


Strong Relationship between GDP per Capita and ESG Score

Source: TGM-ESGI; IMF World Economic OutlookFor illustrative and discussion purposes only. Medium–term projections are for the next 3 years.Source: TGM-ESGI; IMF World Economic Outlook.For illustrative and discussion purposes only. Medium-term projections are for the next 3 years.Source: TGM-ESGI; IMF World Economic OutlookFor illustrative and discussion purposes only. Medium–term projections are for the next 3 years.Source: TGM-ESGI; IMF World Economic Outlook.For illustrative and discussion purposes only. Medium-term projections are for the next 3 years.Source: TGM-ESGI; IMF World Economic OutlookFor illustrative and discussion purposes only. Medium–term projections are for the next 3 years.Source: TGM-ESGI; IMF World Economic Outlook.For illustrative and discussion purposes only. Medium-term projections are for the next 3 years.

6338

TGM-ESGI—Favouring Flat or Improving ESG Scores Rather Than Current Levels

TGM-ESGI Scores Main Changes by CountryCurrent vs. Projected As of 31 December 2018

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

7

8

9

Polan

dIta

ly USVe

nezu

elaTu

rkey

Hung

ary

Czec

h Rep

ublic

Sing

apor

eGe

rman

ySp

ainSo

uth A

frica

China UK

Nethe

rland

sJa

pan

Sri L

anka

Ugan

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iaRu

ssia

Israe

lSw

eden

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riaFr

ance

Kore

aUk

raine

Portu

gal

Irelan

dPh

ilippin

esCa

nada

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alia

New

Zeala

ndMe

xico

Urug

uay

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ayDe

nmar

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itzer

land

Slov

akia

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ania

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mbia

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ceVi

etnam

Thail

and

Colom

biaCh

ileEg

ypt

Ghan

aPe

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esia

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Braz

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TGM-

ESGI

Sco

re C

hang

es (C

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nt vs

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Score Improvement

Score Deterioration


57


TGM-ESGI—Favouring Flat or Improving ESG Scores Rather Than Current Levels

Guides How We Work• Our primary objective is to deliver exceptional investment management through an active fundamental

approach…while always acting in the best interests of our clients and shareholders • As a fiduciary, we recognise that ESG considerations are a driver of long-term investment performance and

thus affect our business and the companies we invest in• Our approach to ESG is one of the many strengths of our organisation

ESG considerations at the corporate level that impact our business:

Environmental ImpactEnergy usage

Greenhouse gases

Waste/recycling

Water consumption

Social FactorsDiversity and inclusion

Talent management(attracting, retaining top talent)

Charitable giving

Customer privacy and data security

Employee volunteering

GovernanceAnti-money laundering

Code of ethics/conduct

Compliance

Executive compensation

Enterprise risk management

ESG investment integration

5888


58


Franklin Templeton—ESG and Corporate Sustainability

ESG considerations are a driver of long-term investment performance • We embed ESG best practices and analytics in our investment processes, enhancing our traditional financial analysis to open new

investment opportunities, help mitigate risk and seek to enhance long-term returns

Our dedicated specialist ESG team collaborates with the investment teams to:

Franklin Templeton—Environmental, Social and Governance (ESG) Investment Integration

Independent Risk ManagementIntegrate ESG analytics into fund reviews and risk reports

Dedicated ESG TeamTrack trends and share

industry best practices with investment teams Portfolio Construction &

Management

Investment Portfolios

Investment Research & Analysis

ESG considerations embedded in security evaluation processes

Educate and engage to understand the impact and scope of ESG considerations and consult on

emerging ESG issues

Evaluate ESG-related research practices and identify opportunities

to refine and deepen insights

Enhance analysis by incorporating independent, unbiased ESG

research and analytics

6312


59


Franklin Templeton—Environmental, Social and Governance (ESG) Investment

Integration

Important Disclosures



60

This document is intended to be of general interest only and does not constitute legal or tax advice nor is it an offer for shares or invitation to apply for shares of the Luxembourg-domiciled

SICAV Franklin Templeton Investment Funds (the “Fund”). Nothing in this document should be construed as investment advice.

Subscriptions to shares of the Fund can only be made on the basis of the current prospectus of the Fund, accompanied by the latest available audited annual report and the latest semi-annual

report if published thereafter. An investment in the Fund entails risks which are described in the Fund's prospectus.

The value of shares in the Fund and income received from it can go down as well as up, and investors may not get back the full amount invested. Past performance is not an indicator or a

guarantee of future performance. Currency fluctuations may affect the value of overseas investments. When investing in a fund denominated in a foreign currency, your performance may also be

affected by currency fluctuations.

In emerging markets, the risks can be greater than in developed markets. Investments in derivative instruments entail specific risks that may increase the risk profile of the fund and are more

fully described in the Fund’s prospectus. If the fund invests in a specific sector or geographical area, the returns may be more volatile than a more diversified fund.

No shares of the Fund may be directly or indirectly offered or sold to residents of the United States of America. Shares of the Fund are not available for distribution in all jurisdictions and

prospective investors should confirm availability with their local Franklin Templeton Investments representative before making any plans to invest.

Opinions expressed are the author’s at publication date and they are subject to change without prior notice. Any research and analysis contained in this document has been procured by Franklin

Templeton Investments for its own purposes and is provided to you only incidentally.

A copy of the latest prospectus, the annual report and semi-annual report, if published thereafter can be found, on our website: www.franklintempletongem.com or can be obtained, free of

charge, from the address below.

Issued by Franklin Templeton Investments (ME) Limited, authorized and regulated by the Dubai Financial Services Authority.

Dubai office: Franklin Templeton Investments, The Gate, East Wing, Level 2, Dubai International Financial Centre, P.O. Box 506613, Dubai, U.A.E., Tel.: +9714-4284100 Fax:+9714-4284140.

References to indices are made for comparative purposes only and are provided to represent the investment environment existing during the time periods shown. An index is unmanaged and

one cannot invest directly in an index. The performance of the index does not include the deduction of expenses and does not represent the performance of any Franklin Templeton fund.

© 2019 Franklin Templeton Investments. All rights reserved.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

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