FRANKLIN TEMPLETON INVESTMENT FUNDS

AUDITED ANNUAL REPORT

FRANKLIN TEMPLETONINVESTMENT FUNDSsociété d’investissement à capital variable

June 30, 2021

R.C.S. B35177

Franklin Templeton International Services S.à r.l.8A, rue Albert Borschette, L-1246 LuxembourgGrand Duchy of Luxembourgtel: +352 (46) 66-67-1fax: +352 (46) 66-76

FTIF AR RGBR 06/21

FRANKLIN TEMPLETON INVESTMENT FUNDSsociété d’investissement à capital variable

AUDITED ANNUAL REPORTFor the year ended June 30, 2021

This report shall not constitute an offer or a solicitation of an offer to buy shares of Franklin Templeton Investment Funds (the “Company”). Subscriptions are to be made on the basis of the current Explanatory Memorandum and the relevant Product Key Facts Statement(s) accompanied by a copy of the latest available audited annual report and, if published thereafter, the latest unaudited semi-annual report.

www.franklintempleton.lu AUDITED ANNUAL REPORT 5

General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6The Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . 7Report of the Investment Managers . . . . . . . . . . . . . . . 10Audit Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . 16Statement of Operations and Changes in Net Assets 32Statistical Information . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . 72Schedule of InvestmentsFranklin Biotechnology Discovery Fund .......................... .176

................................. .179 ........................... .185

.................................. .191............. .197

................................................................. .200 ............................ .203

......................................... .204Franklin Euro Short Duration Bond Fund ........................ .208

............... .210........................ .211

.............................. .213 ................................. .216

............................ .219 ................... .222

Fund ................................................................................ .225 ................ .227

.......................................... .236 .......................... .241

........................ .246.................................... .251

........................ .253Franklin Gulf Wealth Bond Fund ..................................... .256

................................................. .258 ...................................................... .263

.......................................................... .268 ................................................. .270

........................................................ .274 .......................... .276

....................................................... .303 ...................................... .305

........................... .307 ..................................... .310 .................................... .313

...................... .316 ............................. .317

....................... .318 ...................................... .319

................................... .320 ........................... .321

....................................... .322........................... .333

Franklin Technology Fund ............................................... .343

...... .347 ...................................... .349 .................................... .360 .................................... .367 ..................................... .371

................................... .373 ........................ .375

............................................ .377 ........................................ .378

..................... .381 ..................................................... .384

..................................... .386 .................................................... .388

..................................... .391 ....................... .393

..... .396................................. .401

Fund ................................................................................ .404 .406

.......... .410 ............................................... .412

............................... .415 ........................ .418

...................... .420.................................... .423 ................................... .425

............................... .429 .......................................... .431

......................... .433............................ .435

................................................... .438 .................................. .441

....................................... .447 ................... .452

............................... .456 ............................ .459

....................................... .461 ........................................ .464

Additional Information - Unaudited . . . . . . . . . . . . . . . . 466 . . . . . . . . . . . . . . . 488

All the funds marked with "^" above are not authorised for public distribution in Hong Kong as of 30 June 2021 and are not available to Hong Kong investors.

FRANKLIN TEMPLETON INVESTMENT FUNDS

General Information As at June 30, 2021

www.franklintempleton.luAudited Annual Report6

société d’investissement à capital variable

BOARD OF DIRECTORS:Chairman Gregory E. Johnson

DirectorsMark G. HoloweskoPresident

James J. K. Hung

William C.P. Lockwood

France

Jed A. Plafker

MANAGEMENT COMPANY:

S.à r.l.

REGISTERED OFFICE:

CENTRAL ADMINISTRATIVE AGENT:

S.à r.l.

ADMINISTRATIVE AGENT:

PRINCIPAL DISTRIBUTOR:

S.à r.l.

DEPOSITARY AND LISTING AGENT:

AUDITOR:

LEGAL ADVISERS:

B.P 425


www.franklintempleton.lu Audited Annual Report 7

The Board of Directors

Fund Launches

Fund Closures

Fund Mergers

Corporate Governance

THE BOARD OF DIRECTORS




Chairman

Directors



Report of the Investment ManagersYear to June 30, 2021

THE INVESTMENT MANAGERS

The information stated in this report represents historical data and is not an indication of future results.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT : +352 494848 1, F : +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit report

To the Shareholders ofFranklin Templeton Investment Funds

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Franklin Templeton Investment Funds (the “Fund”) and of each of its sub-funds as at 30 June 2021, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

• the statement of net assets as at 30 June 2021;• the schedule of investments as at 30 June 2021;• the statement of operations and changes in net assets for the year then ended; and• the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Directors is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

12

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors for the financial statements

The Board of Directors is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Fund’s and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detectinga material misstatement resulting from fraud is higher than for one resulting from error, as fraud mayinvolve collusion, forgery, intentional omissions, misrepresentations, or the override of internalcontrol;

• obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Fund’s internal control;

• evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Board of Directors;

13

• conclude on the appropriateness of the Board of Directors’ use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty exists relatedto events or conditions that may cast significant doubt on the Fund’s or any of its sub-funds' abilityto continue as a going concern. If we conclude that a material uncertainty exists, we are required todraw attention in our audit report to the related disclosures in the financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our audit report. However, future events or conditions may cause the Fundor any of its sub-funds (except for Franklin Templeton Investment Funds - Franklin Euro Short-TermMoney Market Fund where a decision to liquidate exists) to cease to continue as a going concern;

• evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and eventsin a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers, Société coopérativeRepresented by@esig

@esigSteven Libby

Luxembourg, 8 October 2021

Fund Performance



Reference Share Class

Launch Date

6 Months

%

1 Year

%

3 Years

%

5 Years

%

10 Years

%

Since Launch

%Franklin Biotechnology Discovery Fund acc 8.9 32.4 70.0 276.5 330.7

acc 7.6 13.7 9.7 12.0 3.9acc 0.5 4.1 0.7acc 12.3 20.4 14.1 17.2 5.6

acc 1.9 11.8 15.0

acc 18 Jan 19 8.3 17.78 Jan 99 1.0 9.8 5.9 40.4 86.0

1.9 8.7 9.6 17.9 54.9 108.2Franklin Euro Short Duration Bond Fund acc 1.6 0.8 0.3 2.4

accacc 3.9 7.5 9.7 39.9 40.9acc 3.4 10.8 10.4 48.7 66.0acc 1.6 7.1 7.7 9.9 10.3acc 4.3 12.9 7.5 14.3 15.9acc 4.1 28.0 65.2 105.9 137.4

Bond Fund 23 Jan 19 4.9 16.6acc 7.0 22.2 10.0 27.7 41.4 54.4acc 18 Jun 20 6.3 19.6 18.5acc 7.7 12.1acc 8.1 15.4 7.9 6.9 23.2acc 29 Dec 05 15.0 29.7 19.8 21.6 64.3 48.5acc 10.0 79.1 23.8

Franklin Gulf Wealth Bond Fund1 acc 5.1 13.9 37.7 45.6 73.12.7 13.0 20.0 36.5 55.9 237.2

1 Jul 99 9.1 22.6 17.9 35.5 57.3 222.9acc 12.4 56.7 28.1 55.2 80.2 387.4acc 9.7 41.3 85.4acc 5.3 24.6 5.2 44.9 112.4 1.4acc 2.5 11.5 11.5 21.8 25.1acc 16 Jun 08 14.3 37.7 17.6 53.0 77.7acc 2 13.3 29.7 6.6 22.1 51.4 130.9acc 15.1 41.1 18.9 42.4 60.0 130.1acc 7 Jul 97 18.5 44.9 23.7 44.5 101.2 320.9acc 12 Jul 07 29.1 52.2

Franklin acc 4.1 21.5 24.8 41.0 52.3Franklin acc 1.9 9.6 18.6 23.7 30.9Franklin acc 5.6 27.2 28.7 50.1 63.7Franklin acc 8.3 26.8 33.2 53.8 65.0Franklin acc 6.3 21.3 28.4 44.5 54.6Franklin acc 0.4 8.8 15.8 20.9 28.0

acc 12 Jul 07 1.2 7.9 13.6 18.0 32.7 71.4 Fund acc 13 Dec 19 0.5

Franklin Technology Fund acc 16.3 50.9 132.0 299.5 491.2 349.9

Fund 1 Jun 94 2.9 4.4 3.7 65.17.2 4.5 13.1 185.5

0.5 3.9 7.2 9.1 14.8 34.93 acc 12.2 38.7 85.8 176.0 298.1 209.0

10.5 18.9acc 8.7 35.2 39.2 78.7 118.5 223.9acc 7.3 18.0acc 4.5 73.1

30 Jun 91 2.3 36.8 34.8 80.6 34.5 421.8acc 26.4 66.4 32.3 71.7 121.7 539.8acc 10.9 38.7 42.8 111.7 30.5 156.1accacc 4.3 33.3 46.0 116.5 64.2 377.9acc 25.2 36.8 29.9 53.5 2.8 237.9

5 Jul 91 0.9 2.0 4.7 695.8

Fund acc 3.8 21.4 20.7 49.8 18.9 18.27.6 41.0 41.7 89.6 42.4 430.9

Bond Fund acc 1.3


Fund Performance (continued)


Reference Share Class

Launch Date

6 Months

%

1 Year

%

3 Years

%

5 Years

%

10 Years

%

Since Launch

%

acc 23.3 60.5 30.3 63.9 72.0 56.5

Fund acc 5.2 25.2acc 8 Jan 99 7.6 15.4 26.7 78.5 136.2

1 acc 29 Jul 11 9.2 16.8 14.3 66.61 acc 29 Dec 00 8.8 19.7 1.1 48.4 43.6

1 acc 3 Dec 01 15.6 36.2 18.8 88.5 275.4acc 15.3 41.8 9.3 27.5 22.9 104.3

1 Jun 94 7.0 27.6 19.2 42.8 55.1 318.8acc 0.6 35.2

5.0 7.4 426.29.9 42.0 45.4 73.5 155.3 575.1

acc 9.7 36.9 12.5 48.5 53.5 69.96.9 31.9 10.7 41.8 59.7 419.7

acc 2.4 10.0 9.2 17.6 30.2 64.6acc 5.0 21.6 4.5 23.8 35.9 110.4

8 Jul 91 14.8 51.5 30.7 74.2 62.2 532.6acc 2.6 9.6 177.3acc 18 Jun 20acc 9.9 21.5 8.4 28.7 95.6 89.1

4 8.0 37.2 20.9 29.0 598.6

The Fund Performance disclosed in this table is the performance of the reference share class in base currency of the Fund.

Where Class A distribution “A (dis)” Shares are disclosed, the performance is calculated with all the income reinvested (total return). Information on other share classes is available on request.

1 Franklin GCC Bond Fund has been renamed Franklin Gulf Wealth Bond Fund, Franklin European Dividend Fund has been renamed Templeton European Dividend Fund, Franklin European Growth Fund has been renamed Templeton European Opportunities Fund and Franklin European Small-Mid Cap Fund renamed to Templeton European Small-Mid Cap Fund.

2 The launch date is for the Fund, however the reference share class launched at a later date.

3 Franklin Select U.S. Equity Fund closed and merged into Franklin U.S. Opportunities Fund on November 13, 2020.

4 Fund performance prior to September 1996 excluded from calculation because a different portfolio allocation strategy was in use.

Information on other share classes is available on request. This report shall not constitute an offer or a solicitation of an offer to buy shares. Subscriptions are to be made on the basis of the current prospectus, where available the relevant Key Investor Information Documents (“KIIDs”), a copy of the latest available audited annual report and, if published thereafter, the latest unaudited semi-annual report. The price of shares and income from them can go down as well as up and you may not get back the full amount

Data source: Performance – Franklin Templeton and JPMorgan

All the funds marked with "^" above are not authorised for public distribution in Hong Kong as of 30 June 2021 and are not available to Hong Kong investors.


Statement of Net AssetsAs at June 30, 2021

www.franklintempleton.luAudited Annual Report 16

Total

Franklin

Fund

Franklin

Balanced Fund

Franklin

Conservative Fund

(USD) (USD) (EUR) (EUR)ASSETS

3

4

2 56

78

910

1213

1411

TOTAL ASSETS 80,441,935,644 2,564,136,675 201,501,011 155,594,132

LIABILITIES

2 14

1617

Bank overdrafts

2 56

7

910

1213

11

TOTAL LIABILITIES 1,133,823,686 16,922,994 1,553,881 1,479,608

TOTAL NET ASSETS 79,308,111,958 2,547,213,681 199,947,130 154,114,524

THREE YEAR ASSET SUMMARY




Franklin

Franklin Emerging

Market Corporate Debt Fund

Franklin Emerging

Markets Debt Opportunities

Fund

Franklin Euro Government

Bond Fund

Franklin Euro High Yield

Fund

Franklin Euro Short Duration

Bond Fund

Franklin Euro Short-Term

Fund(EUR) (USD) (USD) (EUR) (EUR) (EUR) (EUR)

356

52 307149,945,916 25,125,246 366,115,468 114,931,749 423,777,248 97,456,234 35,580,491

145

829,880 22,255 7,482,917 150,101 6,869,828 363,189 15,743

149,116,036 25,102,991 358,632,551 114,781,648 416,907,420 97,093,045 35,564,748

–




Franklin European Corporate

Bond Fund

Franklin European

Total Return Fund

Franklin Flexible Alpha

Bond Fund

Franklin Global

Aggregate Bond Fund

(EUR) (EUR) (USD) (USD)ASSETS

3

4

2 56

78

910

1213

1411

TOTAL ASSETS 79,284,854 1,424,675,052 37,938,924 20,743,727

LIABILITIES

2 14

1617

Bank overdrafts

2 56

7

910

1213

11528

TOTAL LIABILITIES 1,417,128 9,430,309 2,368,740 188,849

TOTAL NET ASSETS 77,867,726 1,415,244,743 35,570,184 20,554,878





Franklin Global

Convertible Securities

Fund

Franklin Global

Corporate Investment

Grade Bond Fund

Franklin Global

Fundamental Strategies

Fund

Franklin Global Income

Fund

Franklin Global

Managed Income Fund*

Franklin Global Multi-

Asset Income Fund

Franklin Global Real Estate Fund

(USD) (USD) (USD) (USD) (EUR) (EUR) (USD)

116 565261 430

1,754,765,198 9,041,190 1,447,119,677 31,665,114 5,624,994 141,779,637 151,573,749

7416,209,070 121,198 14,481,266 1,638,632 22,282 1,219,034 886,284

1,748,556,128 8,919,992 1,432,638,411 30,026,482 5,602,712 140,560,603 150,687,465

–– –




Franklin Gold and Precious Metals Fund

Franklin Gulf Wealth Bond

Fund*Franklin High

Yield FundFranklin

Income Fund (USD) (USD) (USD) (USD)

ASSETS3

4

2 56

78

910

1213

1411

358TOTAL ASSETS 434,870,643 387,698,750 1,339,634,282 1,731,780,032

LIABILITIES

2 14

1617

Bank overdrafts

2 56

7

910

1213

11

TOTAL LIABILITIES 6,949,687 10,113,591 8,700,075 37,200,419

TOTAL NET ASSETS 427,920,956 377,585,159 1,330,934,207 1,694,579,613





Franklin India Fund

Franklin Innovation

Fund Fund

Alternative Strategies

FundFranklin MENA

Fund

Franklin Mutual

European Fund

Franklin Mutual Global

Fund(USD) (USD) (USD) (USD) (EUR) (USD)

50746 511

1,376,558,073 411,462,078 9,495,037,759 1,925,809,411 55,585,010 651,219,292 559,099,044

57,394,206 1,746,373 81,954,777 79,417,574 472,510 1,658,400 2,657,991

1,319,163,867 409,715,705 9,413,082,982 1,846,391,837 55,112,500 649,560,892 556,441,053




Franklin

Value Fund

Franklin Natural

Resources Fund

Franklin NextStep Balanced

Franklin NextStep

Conservative Fund

(USD) (USD) (USD) (USD)ASSETS

3

4

2 5 8376

78

910

1213

1411

926TOTAL ASSETS 382,466,812 745,764,343 45,508,960 57,730,713

LIABILITIES

2 14

1617

Bank overdrafts

2 56

7

910

1213

11

TOTAL LIABILITIES 2,224,339 12,525,875 128,058 178,872

TOTAL NET ASSETS 380,242,473 733,238,468 45,380,902 57,551,841





Franklin NextStep Franklin

NextStep

Franklin NextStep Moderate

Fund

Franklin NextStep

Fund

Franklin Strategic

Income Fund

Franklin

Premia Fund

Franklin

Fund(USD) (USD) (USD) (USD) (USD) (USD) (USD)

3

171

5,979,146 19,067,712 70,405,685 18,858,400 753,876,387 10,079,279 10,249,684,453

79,333 56,598 1,022,939 51,555 18,596,655 237,520 168,426,450

5,899,813 19,011,114 69,382,746 18,806,845 735,279,732 9,841,759 10,081,258,003




Dollar Short-

Market FundGovernment

Fund FundOpportunities

Fund (USD) (USD) (USD) (USD)

ASSETS3

4

549

2 56

78

910

1213

1411

TOTAL ASSETS 352,938,396 1,116,448,908 350,675,767 8,815,344,090

LIABILITIES

2 14

1617

Bank overdrafts

2 56

7

910

1213

11

TOTAL LIABILITIES 248,722 18,203,111 12,236,678 112,809,268

TOTAL NET ASSETS 352,689,674 1,098,245,797 338,439,089 8,702,534,822





Fund*

Franklin World Perspectives

Fund

Templeton

Total Return Fund*

Templeton Asian Bond

Fund

Templeton

Fund

Templeton Asian Smaller

Companies Fund

Templeton BRIC Fund

(GBP) (USD) (USD) (USD) (USD) (USD) (USD)

190

220309 91 230

5,730,639 325,729,477 9,511,590 229,007,568 3,413,644,904 1,080,947,854 641,738,332

7,519 784,566 70,255 4,165,541 33,257,110 12,298,994 8,959,006

5,723,120 324,944,911 9,441,335 224,842,027 3,380,387,794 1,068,648,860 632,779,326

– –– –




Templeton China

A-Shares Fund*

Templeton China Fund

Templeton Eastern

Europe Fund

Templeton Emerging

Markets Bond Fund

(USD) (USD) (EUR) (USD)ASSETS

3

4

266

2 56

78

910

1213

1411

TOTAL ASSETS 31,235,052 627,204,016 226,624,489 4,503,694,795

LIABILITIES

2 14

16 6917

Bank overdrafts

2 56

7

910

1213

11


TOTAL NET ASSETS 31,216,251 623,048,591 224,407,510 4,441,241,305





Templeton Emerging

Markets

Income Fund

Templeton Emerging

Markets Fund

Templeton Emerging

Markets Local

Bond Fund

Templeton Emerging

Markets Smaller

Companies Fund

Templeton Emerging

Markets

Fund*Templeton

Euroland Fund

Templeton European Dividend

Fund*

(USD) (USD) (USD) (USD) (USD) (EUR) (EUR)

265

60

966665

188,857,966 1,214,885,202 9,702,828 574,041,167 38,329,159 200,747,047 96,246,457

79

5

2,510,468 12,402,512 162,956 9,641,426 109,512 971,628 223,370

186,347,498 1,202,482,690 9,539,872 564,399,741 38,219,647 199,775,419 96,023,087




Templeton European

Opportunities Fund*

Templeton European

Small-Mid Cap Fund*

Templeton Frontier

Markets Fund

Templeton Global

Balanced Fund

(EUR) (EUR) (USD) (USD)ASSETS

3

4

650

2 56

78

910

1213

1411

232TOTAL ASSETS 143,131,589 100,202,300 339,445,448 592,476,272

LIABILITIES

2 14

1617

Bank overdrafts

2 5 816

7

910

1213

11


TOTAL NET ASSETS 142,702,370 98,818,392 333,085,180 587,976,883





Templeton Global Bond (Euro) Fund

Templeton Global Bond

Fund

Templeton Global Climate

Change Fund

Templeton

Income FundTempleton

Global Fund

Templeton Global High Yield Fund

Templeton Global Income

Fund(EUR) (USD) (EUR) (USD) (USD) (USD) (USD)

88079,454,760 6,241,350,222 907,294,206 78,280,503 849,477,976 112,448,358 339,106,173

14 324

21

2,161,121 136,680,370 2,627,615 294,138 2,263,473 1,251,657 4,578,691

77,293,639 6,104,669,852 904,666,591 77,986,365 847,214,503 111,196,701 334,527,482




Templeton Global Smaller

Companies Fund

Templeton Global Total Return Fund

Templeton Global Total

Return II Fund

Templeton

Fund (USD) (USD) (USD) (EUR)

ASSETS3

4

2 56

78

910

1213

1411

TOTAL ASSETS 133,154,984 5,647,588,513 10,015,130 7,136,493,662

LIABILITIES

2 14

1617

Bank overdrafts

2 56

7

910

1213

11

TOTAL LIABILITIES 446,683 155,285,081 107,139 19,022,529

TOTAL NET ASSETS 132,708,301 5,492,303,432 9,907,991 7,117,471,133


–




Templeton Latin America

Fund(USD)

820,688,147

4,229,559

816,458,588


Statement of Operations and Changes in Net AssetsFor the year ended June 30, 2021


Total

Franklin

Balanced Fund (USD) (USD) (EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 73,833,998,396 1,796,517,531 194,822,715

626,323,188 – –

INCOME

Bank interest15

TOTAL INCOME 2,191,764,134 6,216,711 2,770,150EXPENSES

1617

Directors fees 36520

Bank charges

2124

TOTAL EXPENSES 1,316,422,103 39,274,942 2,651,84323

NET EXPENSES 1,297,121,545 39,260,661 2,644,482NET PROFIT/(LOSS) FROM INVESTMENTS 894,642,589 (33,043,950) 125,668

realisedrealisedrealisedrealisedrealisedrealisedrealisedrealisedrealisedrealisedrealisedrealised

NET REALISED PROFIT/(LOSS) FOR THE YEAR 259,423,686 285,437,576 26,384,855

unrealised

Financial future contracts

Foreign exchange transactions

NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 13,910,964,754 165,033,870 26,418,294MOVEMENT OF CAPITAL

(7,605,129,283) 585,662,280 (16,872,082)

NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF MOVEMENT IN CAPITALNET ASSETS AT THE END OF THE YEAR 79,308,111,958 2,547,213,681 199,947,130

28




Franklin

Conservative Fund

Franklin

Franklin Emerging

Market Corporate Debt

Fund

Franklin Emerging

Markets Debt Opportunities

Fund

Franklin Euro Government

Bond FundFranklin Euro

High Yield Fund

Franklin Euro Short Duration

Bond Fund

Franklin Euro Short-Term

Fund(EUR) (EUR) (USD) (USD) (EUR) (EUR) (EUR) (EUR)

176,306,583 130,241,694 22,107,063 194,080,593 93,830,626 434,672,553 113,898,457 67,673,361– – – – – – – –

331

2,079,595 2,005,155 1,460,220 13,226,237 663,278 16,189,142 819,397 (256,468)

283 277 53 708 210 773 177 135

17

2,392,327 2,098,340 116,640 2,567,280 912,644 6,605,348 638,142 371,784

2,345,619 2,088,947 100,098 2,330,162 814,988 6,603,539 554,455 164,278(266,024) (83,792) 1,360,122 10,896,075 (151,710) 9,585,603 264,942 (420,746)

3010,191,834 23,243,043 1,398,029 18,274,329 3,511,742 16,961,510 841,904 (461,659)

18

7,048,383 26,172,315 2,787,785 18,198,307 631,963 35,950,903 1,084,534 (454,526)

(25,811,198) (3,825,164) 984,236 156,112,787 21,185,591 (37,140,989) (17,231,546) (31,654,087)

154,114,524 149,116,036 25,102,991 358,632,551 114,781,648 416,907,420 97,093,045 35,564,748




Franklin European Corporate Bond

FundFranklin European

Income Fund*Franklin European Total Return Fund

(EUR) (EUR) (EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 80,200,871 19,810,293 352,303,622

– – –

INCOME

Bank interest15

TOTAL INCOME 1,241,391 172,258 11,156,925EXPENSES

1617


647Bank charges 67

2124

TOTAL EXPENSES 810,639 146,502 7,584,13923

NET EXPENSES 733,999 136,405 5,934,282NET PROFIT/(LOSS) FROM INVESTMENTS 507,392 35,853 5,222,643


NET REALISED PROFIT/(LOSS) FOR THE YEAR 2,802,352 833,252 8,204,123

unrealised



NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 3,385,032 507,403 646,383MOVEMENT OF CAPITAL

(4,548,275) (20,111,805) 1,065,765,363

NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF MOVEMENT IN CAPITALNET ASSETS AT THE END OF THE YEAR 77,867,726 – 1,415,244,743

28




Franklin Flexible Alpha

Bond Fund

Franklin Global Aggregate

Bond Fund

Franklin Global Convertible

Securities Fund

Franklin Global Corporate

Investment Grade Bond

Fund

Franklin Global Fundamental

Strategies FundFranklin Global

Income Fund

Franklin Global Managed

Income Fund*

Franklin Global Multi-Asset

Income Fund(USD) (USD) (USD) (USD) (USD) (USD) (EUR) (EUR)

177,831,348 18,992,825 1,303,191,793 8,765,703 1,486,239,530 24,799,321 – 171,966,810– – – – – – – –

547 18

8762,908,747 497,190 18,472,642 254,533 33,812,378 1,106,659 87,048 5,064,300

77 38 16 61 11 261

488 214

44314

858,583 303,430 22,020,564 77,218 27,504,357 455,768 43,359 2,745,284

781,478 269,403 21,912,884 53,814 27,480,988 420,995 29,058 2,708,1982,127,269 227,787 (3,440,242) 200,719 6,331,390 685,664 57,990 2,356,102

157,394 611,185 293,600,041 426,592 95,066,913 1,833,495 90,587 5,178,330

7,581,360 771,087 439,729,127 419,089 296,940,794 5,242,707 602,712 20,820,395

(148,375,633) 1,059,437 10,828,130 – (327,059,294) 205,987 5,000,000 (45,800,583)

35,570,184 20,554,878 1,748,556,128 8,919,992 1,432,638,411 30,026,482 5,602,712 140,560,603





Franklin Global Small-Mid Cap Fund*

Franklin Gold and Precious Metals

Fund (USD) (USD) (USD)NET ASSETS AT THE BEGINNING OF THE YEAR 108,926,864 48,524,738 331,395,837

– – –

INCOME

82Bank interest 13 109

15 30

TOTAL INCOME 3,251,706 410,242 3,874,662EXPENSES

1617

Directors fees 288 78220

Bank charges

2124

TOTAL EXPENSES 2,329,088 502,424 8,191,99923

NET EXPENSES 2,329,003 502,314 8,189,848NET PROFIT/(LOSS) FROM INVESTMENTS 922,703 (92,072) (4,315,186)


NET REALISED PROFIT/(LOSS) FOR THE YEAR 5,799,755 (2,427,693) 22,115,477

unrealised



NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 33,381,420 9,670,226 30,109,285MOVEMENT OF CAPITAL

10,195,602 (58,191,363) 66,415,834

NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF MOVEMENT IN CAPITALNET ASSETS AT THE END OF THE YEAR 150,687,465 – 427,920,956

28




Franklin Gulf Wealth Bond

Fund*Franklin High

Yield FundFranklin

Income FundFranklin India

Fund

Franklin Innovation

Fund FundAlternative

Strategies FundLong Short

Credit Fund*

(USD) (USD) (USD) (USD) (USD) (USD) (USD)224,203,225 1,324,421,758 1,230,041,635 1,082,211,887 84,053,295 5,189,818,710 1,840,152,227 81,241,782

– – – – – – – –

910550 633 13

13,092,750 73,895,905 60,848,948 6,108,663 445,739 140,061,740 26,197,633 1,839,525

705 809

669

3,324,149 21,140,964 24,077,670 22,606,896 4,333,176 132,266,334 45,400,195 1,823,278

3,288,124 21,138,433 24,035,182 22,597,691 4,123,277 129,743,097 41,545,389 1,626,2629,804,626 52,757,472 36,813,766 (16,489,028) (3,677,538) 10,318,643 (15,347,756) 213,263

27,422,222 82,520,212 25,389,042 32,874,860 (5,518,337) 290,080,616 199,561,452 1,578,928

39,945,381 164,914,653 258,453,551 532,798,966 73,850,186 1,590,717,009 261,639,203 5,022,934

121,660,655 (90,019,386) 274,857,744 (295,846,909) 251,812,224 2,638,129,568 (255,381,483) (86,134,736)

377,585,159 1,330,934,207 1,694,579,613 1,319,163,867 409,715,705 9,413,082,982 1,846,391,837 –




Franklin MENA FundFranklin Mutual European Fund

Franklin Mutual

Fund (USD) (EUR) (USD)NET ASSETS AT THE BEGINNING OF THE YEAR 50,102,729 575,472,686 435,153,294

– – –

INCOME

Bank interest15

TOTAL INCOME 1,282,181 23,459,838 13,068,207EXPENSES

1617


Bank charges

2124

TOTAL EXPENSES 1,355,234 10,533,590 8,402,51523

NET EXPENSES 1,339,421 10,487,520 8,399,925NET PROFIT/(LOSS) FROM INVESTMENTS (57,240) 12,972,318 4,668,282


NET REALISED PROFIT/(LOSS) FOR THE YEAR 6,306,813 (35,759,963) 28,692,040

unrealised




903

(11,349,597) (79,566,975) (32,681,117)

NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF MOVEMENT IN CAPITALNET ASSETS AT THE END OF THE YEAR 55,112,500 649,560,892 556,441,053

28




Franklin Mutual

Franklin Natural

Resources Fund

Franklin NextStep Balanced

Franklin NextStep

Conservative Fund

Franklin NextStep Franklin

NextStep Franklin

NextStep Moderate Fund

Franklin NextStep

Fund(USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD)

263,582,471 367,770,156 72,072,870 41,715,217 10,496,145 19,031,488 53,893,504 13,042,434– – – – – – – –

226 846 703

5,683,700 11,255,377 385,210 452,577 47,054 115,672 419,912 147,659

721 85 106 11 36 130 35

5,499,110 8,880,683 873,962 820,068 155,696 369,417 1,096,578 253,765

5,497,143 8,878,610 853,175 749,524 128,631 325,438 996,746 221,646186,557 2,376,767 (467,965) (296,947) (81,577) (209,766) (576,834) (73,987)

39520,251,576 (3,271,123) 6,214,513 2,807,409 1,191,972 1,685,854 4,886,712 (1,496,035)

52 16

107,050,179 156,918,205 11,735,257 5,318,287 2,063,523 4,464,059 11,806,652 (854,552)

13,583,684 208,613,664 (37,822,266) 11,030,617 (6,593,245) (4,332,021) 4,185,353 6,774,185

380,242,473 733,238,468 45,380,902 57,551,841 5,899,813 19,011,114 69,382,746 18,806,845




*Franklin Strategic

Income Fund Premia Fund (USD) (USD) (USD)NET ASSETS AT THE BEGINNING OF THE YEAR 352,808,923 792,968,420 10,420,535

– – –

INCOME

813 615Bank interest 115

15

TOTAL INCOME 674,350 31,542,078 114,171EXPENSES

16 3417


768

Bank charges

2124

TOTAL EXPENSES 2,694,380 12,978,393 364,99223

NET EXPENSES 2,689,548 11,590,238 357,909NET PROFIT/(LOSS) FROM INVESTMENTS (2,015,198) 19,951,840 (243,738)


NET REALISED PROFIT/(LOSS) FOR THE YEAR 172,230,648 28,028,679 (1,042,232)

unrealised



NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 60,183,135 67,425,703 (464,013)MOVEMENT OF CAPITAL

(412,992,058) (105,314,367) 34,047

NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF MOVEMENT IN CAPITALNET ASSETS AT THE END OF THE YEAR – 735,279,732 9,841,759

28




Franklin

Fund

Dollar Short-

Market FundGovernment

Fund FundOpportunities

Fund Fund*

Franklin World Perspectives

Fund

Templeton Asia

Return Fund*

(USD) (USD) (USD) (USD) (USD) (GBP) (USD) (USD)5,299,830,619 650,914,286 1,342,647,824 414,916,872 5,252,594,912 – 306,347,237 –

– – – – – – – –

72 22322,242,987 538,464 38,716,025 7,793,913 24,428,675 150,118 1,948,838 72,391

632 628 11 604 18

417 640124 114

137,780,816 3,667,455 17,106,106 4,167,469 118,528,343 55,320 6,452,165 89,231

135,602,575 1,995,237 16,946,776 3,823,134 115,919,753 40,339 6,447,044 73,221(113,359,588) (1,456,773) 21,769,249 3,970,779 (91,491,078) 109,779 (4,498,206) (830)

705,580,538 (1,378,138) 4,046,223 4,304,054 311,514,095 257,699 80,666,884 863,476

7319

3,167,664,417 (1,376,876) (16,306,045) 16,875,006 2,326,805,790 871,819 100,035,655 1,441,335

1,613,930,505 (296,847,736) (208,939,317) (90,885,815) 1,123,229,264 4,920,586 (81,293,985) 8,000,000

10,081,258,003 352,689,674 1,098,245,797 338,439,089 8,702,534,822 5,723,120 324,944,911 9,441,335




Templeton Asian Bond Fund

Templeton Asian Templeton Asian

Smaller Companies Fund

(USD) (USD) (USD)NET ASSETS AT THE BEGINNING OF THE YEAR 280,355,641 2,670,848,150 910,504,682

– – –

INCOME

Bank interest15


1617


Bank charges

2124

TOTAL EXPENSES 3,685,556 70,198,797 17,069,02523

NET EXPENSES 3,684,380 70,192,071 16,904,455NET PROFIT/(LOSS) FROM INVESTMENTS 6,241,735 (22,309,700) 4,380,249


NET REALISED PROFIT/(LOSS) FOR THE YEAR (9,307,164) 229,793,332 120,945,152

unrealised



NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (2,604,711) 962,038,519 450,791,221MOVEMENT OF CAPITAL

(48,077,825) (250,155,315) (287,113,675)

NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF MOVEMENT IN CAPITALNET ASSETS AT THE END OF THE YEAR 224,842,027 3,380,387,794 1,068,648,860

28




Templeton BRIC Fund

Templeton China A-Shares

Fund*Templeton

China Fund

Templeton Eastern Europe

Fund

Templeton Emerging

Markets Bond Fund

Templeton Emerging

Markets

Income Fund

Templeton Emerging

Markets Fund

Templeton Emerging

Markets Local

Fund(USD) (USD) (USD) (EUR) (USD) (USD) (USD) (USD)

535,747,372 – 396,106,221 180,902,414 6,755,425,443 143,028,728 878,917,615 21,127,708– – – – – – – –

16,420,358 132,499 5,223,317 9,229,864 447,494,281 6,322,599 22,947,175 768,397

218

4359 437 353 20

864105 401

47

15,448,006 29,226 12,876,945 4,701,140 102,526,800 3,345,683 18,565,540 167,772

15,448,006 9,758 12,859,238 4,694,470 101,646,856 3,291,101 17,803,436 131,181972,352 122,741 (7,635,921) 4,535,394 345,847,425 3,031,498 5,143,739 637,216

91,904,186 (10,870) 16,689,316 14,485,601 (1,442,291,592) 4,751,908 100,457,791 (2,160,003)

197,192,870 1,119,053 128,660,236 60,837,771 76,540,759 31,368,114 342,166,269 173,772

262

(95,410,282) 30,097,198 98,368,312 (16,967,526) (1,981,974,923) 19,126,641 (12,451,948) (10,183,623)

632,779,326 31,216,251 623,048,591 224,407,510 4,441,241,305 186,347,498 1,202,482,690 9,539,872




Templeton Emerging Markets Smaller

Companies Fund

Templeton Emerging Markets

*Templeton Euroland

Fund (USD) (USD) (EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 505,409,433 – 237,340,208

– – –

INCOME

Bank interest15

510TOTAL INCOME 12,333,724 139,682 4,588,548EXPENSES

1617


462

Bank charges

2124

TOTAL EXPENSES 8,748,689 112,678 4,228,98823

NET EXPENSES 8,744,752 86,482 4,191,244NET PROFIT/(LOSS) FROM INVESTMENTS 3,588,972 53,200 397,304


NET REALISED PROFIT/(LOSS) FOR THE YEAR (258,650,873) 260,556 7,531,056

unrealised


Foreign exchange transactions 89

NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (95,010,168) 1,007,520 30,595,667MOVEMENT OF CAPITAL

157,104,066 37,212,127 (67,941,419)


28




Templeton European

Dividend Fund*

Templeton European

Opportunities Fund*

Templeton European

Small-Mid Cap Fund*

Templeton Frontier

Markets Fund

Templeton Global

Balanced Fund



Fund

Templeton Global Climate

Change Fund(EUR) (EUR) (EUR) (USD) (USD) (EUR) (USD) (EUR)

91,493,394 148,933,090 118,048,230 358,896,877 652,028,802 126,816,226 9,991,498,497 614,815,417– – – – – – – –

3,008,273 3,627,996 2,527,655 10,654,851 14,373,356 5,698,480 374,274,886 14,500,829

182 273 192 623 144

1,712,584 3,286,269 2,150,485 8,363,352 11,133,537 1,507,759 110,768,223 13,990,232

1,677,119 3,283,377 2,150,094 8,363,328 11,077,800 1,499,840 110,538,470 13,985,7251,331,154 344,619 377,561 2,291,523 3,295,556 4,198,640 263,736,416 515,104

431,989 8,743,519 (13,388,863) (8,286,982) 82,760,069 267,486 (550,026,866) 62,525,630

178

15,691,680 24,398,221 30,948,233 121,065,939 168,210,509 (2,263,294) (12,619,634) 256,646,959

(7,865,526) (30,072,402) (49,029,826) (145,794,375) (222,197,515) (40,760,631) (3,598,257,763) 34,392,095

96,023,087 142,702,370 98,818,392 333,085,180 587,976,883 77,293,639 6,104,669,852 904,666,591




Templeton Global Templeton Global Fund


(USD) (USD) (USD)NET ASSETS AT THE BEGINNING OF THE YEAR 70,369,728 688,546,360 123,058,281

– – –

INCOME

Bank interest 61215 608


1617


Bank charges

2124

TOTAL EXPENSES 1,466,931 13,773,857 2,159,83423

NET EXPENSES 1,300,780 13,642,796 2,157,127NET PROFIT/(LOSS) FROM INVESTMENTS 145,789 (3,400,818) 5,255,137


NET REALISED PROFIT/(LOSS) FOR THE YEAR 8,094,308 60,555,899 2,046,464

unrealised




693

(14,693,828) (45,989,500) (16,837,540)


28

‘ p;/




Templeton Global Income Fund

Templeton Global Smaller Companies

FundTempleton Global Total Return Fund

Templeton Global Total Return II Fund (Euro) Fund

Templeton Latin America Fund

(USD) (USD) (USD) (USD) (EUR) (USD)388,000,349 89,381,809 9,242,021,974 9,914,360 6,126,403,757 639,879,031

– – – – – –

162

97810,916,967 1,822,077 475,916,091 228,761 92,332,446 24,972,925

627 250 20

682

6,563,234 2,101,072 102,530,696 160,306 123,870,242 16,073,114

6,549,627 2,101,072 102,349,637 127,370 123,870,242 16,052,0324,367,340 (278,995) 373,566,454 101,391 (31,537,796) 8,920,893

14,879,505 12,480,586 (799,206,017) (208,936) (56,749,120) 20,955,447

72,381,477 43,809,222 34,037,069 (6,369) 1,292,532,718 226,990,603

238

(120,016,618) (481,020) (3,457,205,340) – (247,608,683) (44,669,703)

334,527,482 132,708,301 5,492,303,432 9,907,991 7,117,471,133 816,458,588


Statistical Information


Total Expense Ratio

(See note 29)

Shares Outstanding

as at 2021

Net Asset Value per share

as at

2021


as at

2020


as at

2019 - USD

18.96 17.64 14.8613.49 12.49 10.5127.87 25.55 21.2242.19 40.16 32.1443.07 39.55 32.6032.80 30.52 25.4950.01 46.20 38.3014.01 12.99 10.8127.10 24.91 20.7866.80 60.82 49.7010.2336.43 33.71 28.0020.90 19.04 15.5741.46 42.30 33.8515.84 14.48 11.87

- EUR 113.74 99.57 97.0714.76 12.98 12.8111.90 10.38 10.098.77 7.85 7.95

12.54 11.31 11.5610.46 9.26 9.2016.06 14.02 13.7312.66 10.94 10.49

447.828 9.17 8.15 8.19294.722 14.61 13.07 13.27

13.30 11.79 11.738.59 7.81 8.059.68 8.67 8.80

- EUR 101.04 96.61 96.3113.46 12.93 13.0610.65 10.15 10.078.51 8.35 8.589.83 9.56 9.61

11.98 11.87 12.239.47 9.17 9.34

14.47 13.81 13.8511.30 10.67 10.46

447.828 8.85 8.63 8.8112.93 12.71 13.0111.94 11.57 11.8010.49 10.08 10.048.30 8.30 8.639.36 9.21 9.43

- EUR 118.80 98.41 95.4415.19 12.62 12.4211.50 9.52 9.2810.82 8.97 8.8312.33 10.18 9.8713.00 11.02 11.3516.73 13.79 13.4513.19 10.78 10.29

343.506 16.77 13.82 13.4913.54 11.34 11.249.62 8.10 8.28

Franklin Emerging Market Corporate Debt Fund - USD 14.50 13.1111.42 10.2616.30 14.58




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Franklin Emerging Market Corporate Debt Fund - USD (continued)

11.30 10.26500.000 11.49 10.27500.000 11.46 10.15

10.07 10.01

- USD 11.77 10.87 10.7310.35 10.18 10.58

280.259 11.00 10.61 10.7310.90 10.60 10.7310.32 10.16 10.5811.56 10.60 10.38

Franklin Euro Government Bond Fund - EUR 11.73 11.73 11.5317.16 16.94 16.4411.59 11.52 11.3214.50 14.43 14.1210.02 9.90

Franklin Euro High Yield Fund - EUR 20.62 18.95 19.555.86 5.59 6.008.79 7.95 8.64

10.25 9.70 10.276.05 5.80 6.22

10.02 9.69 10.568.45 7.77 8.56

23.17 21.16 21.709.51 9.05 9.64

18.19 16.81 17.4613.25 12.10 12.41

Franklin Euro Short Duration Bond Fund - EUR 10.24 10.08 10.169.99 9.87 10.00

10.50 10.29 10.359.84 9.74 9.87

439.961 10.41 10.22 10.3010.15 9.99 10.0610.81 10.54 10.36

- EUR 978.86 985.43 991.79

897.330 981.64 988.02 994.40

Franklin European Corporate Bond Fund - EUR 14.09 13.56 13.6611.51 11.24 11.5114.86 14.24 14.29

387.931 11.77 11.45 11.6912.88 12.48 12.6710.98 10.80 11.1411.90 11.41 11.4510.89 10.53 10.67

Franklin European Income Fund - EUR 11.06 11.579.44 10.22

10.09 10.818.51 9.32

11.57 12.019.88 10.61

10.75 11.319.17 9.978.87 9.46

11.48 11.93




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Franklin European Income Fund - EUR (continued)

9.80 10.5311.38 11.859.71 10.46

Franklin European Total Return Fund - EUR 16.59 16.04 15.6213.61 13.05 12.5312.46 12.01 11.6810.55 10.34 10.2012.53 11.64 11.61

423.119 9.8816.52 15.90 15.4314.64 14.25 13.9811.67 11.31 10.9111.45 11.30 11.2210.1510.0212.42 11.97 11.62

423.119 9.909.89

10.32 10.02

Franklin Flexible Alpha Bond Fund - USD 10.50 10.36 10.409.86 9.30 9.70

11.03 10.30 10.479.20 8.78 9.35

10.90 10.67 10.6210.24 9.58 9.9010.74 10.00 10.2910.63 9.88 10.1710.30 9.60 9.90

492.126 11.44 10.59 10.679.81 9.37 9.94

430.291 10.50 9.99 10.3310.15 10.07 10.179.51 9.02 9.479.25 8.82 9.41

10.40 9.82 10.19500.000 11.11 10.29 10.38

10.03 10.2810.82 9.98

9.62 9.96

Franklin Global Aggregate Bond Fund - USD 13.66 13.83 13.4610.10 9.80 9.8911.59 11.11 10.9411.95 12.21 12.0710.18 9.86 9.87

286.128 14.72 14.72 14.2310.54 10.15 10.1712.49 11.89 11.6312.70 12.94 12.689.40 9.18 9.35

10.80 10.43 10.3412.85 12.91 12.49

500.000 10.42 9.92487.805 10.68 10.34 10.35500.000 10.03 9.71 9.72




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019

Franklin Global Convertible Securities Fund - USD 20.19 16.00 14.1326.92 22.20 18.9520.81 16.46 14.5223.80 18.56 16.1323.74 18.54 16.0226.14 21.57 18.4220.25 16.03 14.1515.57 12.23 10.63

457.855 13.83 11.4711.4328.82 23.56 19.9718.65 14.63 12.8325.38 19.68 16.8825.11 20.86 17.9422.12 17.41 15.1516.66 13.13 11.5316.92 13.30 11.6018.58 14.42 12.37

Franklin Global Corporate Investment Grade Bond Fund - USD 11.15 10.96 10.59

Franklin Global Fundamental Strategies Fund - USD 13.04 11.26 12.349.35 7.73 8.76

15.44 12.64 14.0111.01 9.67 10.8214.71 12.56 13.6313.12 11.42 12.61

8.07 6.73 7.6816.63 13.79 15.5711.91 9.82 10.9713.13 11.52 12.9010.43 8.92 9.6910.56 8.66 9.72

500.000 11.66 9.46 10.39476.373 9.53 8.38 9.37

Franklin Global Income Fund - USD 11.2111.85 9.9111.51 9.9110.8711.49 9.9111.35 9.9111.19 9.8811.78 9.9111.95 9.9111.81 9.9111.79 9.9111.65 9.9111.29 9.8911.95 9.91

Franklin Global Managed Income Fund - EUR* 11.21

Franklin Global Multi-Asset Income Fund - EUR 12.32 10.68 11.0211.51 9.89 9.998.19 7.38 7.978.42 7.52 8.018.66 7.73 8.178.71 7.84 8.488.99 8.12 8.83




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Franklin Global Multi-Asset Income Fund - EUR (continued)

11.00 9.51 9.658.29 7.51 8.17

13.19 11.33 11.589.14 8.07 8.45

452.156 9.27 8.28 8.8711.83 10.31 10.6911.40 9.84 9.998.41 7.53 7.997.57 6.85 7.447.81 7.08 7.749.71 8.59 9.009.05 8.10 8.738.96 7.94 8.34

Franklin Global Real Estate Fund - USD 17.56 13.68 16.0214.85 11.45 13.2110.83 8.56 10.1314.11 11.28 13.589.63 7.72 9.25

10.31 8.20 9.7612.65 10.59 11.6817.03 13.01 14.8816.14 12.69 14.9813.22 10.27 11.9412.69 9.71 11.1112.25 9.60 11.2813.56 10.40 11.94

Franklin Global Small-Mid Cap Fund - USD 24.18 31.1318.99 24.7813.91 17.7520.91 27.128.17 10.438.75 11.08

Franklin Gold and Precious Metals Fund - USD 4.91 4.57 3.168.06 7.75 5.235.88 5.46 3.767.19 6.53 4.507.05 6.65 4.417.18 6.53 4.478.07 7.75 5.237.92 7.15 4.857.42 7.18 4.886.60 6.05 4.16

Franklin Gulf Wealth Bond Fund - USD 10.6210.1117.31 15.20 14.0712.27 11.25 10.94

437.445 15.37 13.69 12.8710.3410.6712.72 11.22 10.5618.13 15.82 14.5610.99 10.0210.1110.63




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Franklin Gulf Wealth Bond Fund - USD (continued)

11.49 10.1510.6610.7511.63 10.61 10.2711.84 10.88 10.32

Franklin High Yield Fund - USD 11.75 10.97 10.8521.38 18.91 18.938.70 8.16 8.887.37 6.90 7.375.98 5.59 5.925.52 5.23 5.62

26.62 23.71 23.899.28 8.77 9.38

14.14 12.56 12.9822.95 20.17 20.069.76 9.06 9.54

11.50 10.79 10.7421.61 19.23 19.368.05 7.57 8.07

11.74 10.339.90 9.20 9.699.79 9.01 9.419.04 8.41 8.88

Franklin Income Fund - USD 423.496 11.33

12.91 10.53 11.338.85 7.74 9.228.15 7.14 8.33

10.26 8.88 10.247.97 6.92 8.01

11.42 9.91 11.34114.59 95.64 106.5110.09 8.87 10.2828.13 23.09 24.9814.18 12.38 14.249.49 8.32 9.61

457.855 10.32 8.9413.60 11.62 12.2426.20 21.20 22.638.96 7.77 8.95

10.82 8.97 9.9026.26 21.53 23.289.17 8.42 9.557.90 6.96 8.178.66 7.55 8.68

12.69 10.28 10.9710.31 8.88 10.0819.74 16.02 17.1510.64 9.19 10.46

Franklin India Fund - USD 49.72 33.75 40.9813.35 8.71 11.1122.41 14.39 17.8225.55 17.89 21.9117.83 11.88 14.1848.75 31.35 38.5273.32 49.78 60.4462.82 45.12 54.0914.99 9.98 11.8939.78 25.92 32.2744.48 28.77 35.56




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Franklin India Fund - USD (continued)

57.12 38.44 46.2856.07 35.75 43.5555.90 37.68 45.4344.38 30.35 37.1321.60 14.12 18.1943.34 28.09 34.7726.41 16.80 20.4227.97 18.82 22.6710.48 6.77 8.5829.82 21.24 25.2626.36 16.82 20.50

500.000 25.38 16.06 19.41500.000 18.84 11.95 14.54

29.08 20.78 24.7820.23 12.94 15.82

Franklin Innovation Fund - USD 182.50 130.32

18.54 13.1217.24 12.8817.69 12.5918.83 13.2014.3817.64 12.5811.9718.82 13.20

- 7.67 6.70 6.58

814.25 808.359.13 7.54 7.49

11.68 9.35 9.179.78 8.12 8.13

12.57 10.86 10.5712.36 10.12 9.966.54 5.75 5.69

11.87 9.88 9.9017.03 14.71 14.32

- USD 10.24 9.31 9.80

107.16 96.49 99.9110.86 10.27 10.3911.14 10.10 10.6111.60 10.45 10.8210.79 9.75 10.2212.37 11.10 11.4412.51 11.22 11.4813.65 12.92 13.0710.43 9.45 9.9312.51 11.21 11.4810.75 9.77 10.1910.77 9.79 10.2011.31 10.19 10.5010.25 9.34 9.8710.79 9.72 10.1611.81 10.61 11.0512.50 11.16 11.54

658.471

13.25 11.78 11.96




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019

8.86 7.13 10.0210.89 9.85 10.2110.86 9.86 10.2310.58 9.66 10.24

104.98 94.82 99.5111.12 10.10 10.5311.89 10.74 11.0810.27 9.38 9.9310.77 9.69 10.1210.93 9.80 10.1911.37 10.13 10.4511.73 10.44 10.6612.05 10.69 10.8410.72 9.66 10.1014.36 13.48 13.5310.82 9.72 10.1312.43 11.12 11.4912.64 11.24 11.4210.39 9.35 9.7913.54 11.86 11.9213.09 11.58 11.7612.25 10.99 11.3812.95 11.55 11.76

- USD 9.48 10.00

10.21 10.2110.41 10.739.91 10.369.54 9.89

10.05 10.559.60 10.079.77 10.23

10.19 10.5510.73 10.969.67 10.099.22 9.81

10.14 10.529.68 10.20

10.17 10.5410.39 10.6210.60 10.87

Franklin MENA Fund - USD 6.82 5.23 6.274.38 3.22 3.978.14 5.91 7.188.51 6.18 7.576.85 5.04 6.207.96 6.02 7.149.44 6.76 8.104.11 3.03 3.767.62 5.56 6.79

13.98 10.57 12.52500.000 15.04 10.86 13.27361.795 23.55 16.68 19.78

Franklin Mutual European Fund - EUR156.35 120.52 145.8825.91 19.98 23.85

145.72 109.01 128.3216.97 13.50 16.2530.72 22.44 27.1112.44 9.50 11.2321.38 16.51 20.01




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Franklin Mutual European Fund - EUR (continued)

18.47 15.08 18.0523.34 17.30 21.1719.47 15.21 18.39

299.981 22.73 17.63 21.1326.91 19.77 24.0225.06 19.15 22.6620.73 16.11 19.3724.44 18.00 21.9112.24 9.42 11.2114.83 11.34 13.4211.24 8.14 9.7511.05 8.37 10.1811.47 8.87 10.75

362.897 13.37 10.14 11.91408.311 11.10 8.73 10.44

16.36 12.55 14.9115.98 11.62 13.9613.26 10.08 11.86

- USD 23.47 17.56 20.8915.41 11.30 13.6323.01 16.31 19.6330.89 23.48 28.1326.69 21.46 25.3818.77 13.48 16.4420.99 14.97 18.1226.95 19.98 23.5622.72 16.51 19.7726.39 18.55 22.1320.83 15.70 18.8214.12 10.43 12.6820.45 14.60 17.7116.17 12.00 14.1510.25 7.36 8.9212.24 8.61 10.2820.37 14.37 17.21

- USD 83.99 61.21 73.4860.97 42.56 52.7915.98 11.43 13.4999.49 68.67 83.4392.27 64.75 78.8641.81 29.24 35.9927.28 18.94 23.1424.38 17.60 20.9417.66 12.24 15.0628.91 19.78 23.8239.87 29.26 35.3929.13 20.53 25.6647.29 32.89 40.2613.22 9.05 10.9124.83 17.06 20.62

Franklin Natural Resources Fund - USD 4.95 3.43 5.285.86 3.85 5.994.44 2.96 4.615.87 3.85 5.995.88 3.91 6.16




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Franklin Natural Resources Fund - USD (continued)

5.19 3.43 5.368.37 5.55 8.735.62 3.85 5.876.63 4.32 6.664.45 3.11 4.815.90 3.97 6.28

- USD 15.18 12.49 12.6212.54 10.12 10.1114.72 12.16 12.3015.23 12.54 12.5814.33 11.86 12.1013.94 11.58 11.8314.39 11.93 12.07

Franklin NextStep Conservative Fund - USD 12.68 11.64 11.4213.09 11.94 11.5912.12 11.15 10.9611.47 10.54 10.3112.49 11.49 11.2510.66 9.84 9.8611.64 10.68 10.7411.93 10.91 10.67

- USD 16.29 12.78 13.0412.83 9.89 9.9515.79 12.45 12.6916.37 12.87 13.0215.67 12.37 12.7115.09 11.96 12.3015.64 12.36 12.60

- USD 15.89 12.62 12.6316.50 13.01 12.8415.71 12.46 12.4212.73 10.10 10.0415.80 12.56 12.5013.67 10.88 10.9815.01 11.88 12.2215.33 12.06 11.91

Franklin NextStep Moderate Fund - USD 15.09 12.52 12.3815.46 12.75 12.5414.59 12.12 12.0412.33 10.24 10.1414.80 12.31 12.2012.80 10.67 10.7314.23 11.80 11.8914.25 11.75 11.58

- USD 12.75 11.70 11.5812.45 11.45 11.3312.80 11.76 11.5511.73 10.86 10.8911.45 10.63 10.6511.77 10.92 10.87

- USD 30.57 26.4221.93 19.5722.47 19.81




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019 (continued)

34.34 30.0426.05 23.0928.84 25.3724.41 20.9116.35 14.4729.55 25.6326.07 22.7114.38 12.9229.33 25.8522.01 18.8712.99 11.2713.72 11.94

Franklin Strategic Income Fund - USD 14.47 14.15 14.1311.97 11.22 11.6117.13 15.87 16.038.87 8.58 9.428.16 8.30 8.687.63 7.43 8.048.55 8.25 8.829.68 9.32 9.879.78 9.49 10.158.80 8.61 9.25

11.05 10.30 10.479.32 9.04 9.629.72 9.46

12.12 11.30 11.6318.40 16.96 17.059.22 8.89 9.43

11.18 10.53 10.9812.79 11.94 12.16

7.34 7.19 7.8610.32 10.06 10.0011.56 10.66 10.729.70 9.29 9.799.92 9.44 9.86

15.39 14.23 14.33

- USD 500.000 8.94 9.44

9.06 9.498.94 9.48

- USD 12.6138.03 26.61 19.5624.41 16.31 12.3658.79 38.90 29.1711.6924.41 16.21 12.2144.99 29.82 22.1834.07 22.88 17.2485.97 57.31 42.8820.42 13.6718.57 13.0672.66 50.35 36.6612.5764.06 42.05 30.9823.97 16.62 12.1131.31 22.07 16.34




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019

19.72 13.31 10.0937.08 24.76 18.5616.43 10.9564.06 44.39 32.3324.07 15.98 12.0254.23 35.62 26.2512.45

106.270 57.09 37.21 27.2366.13 43.56 32.20

- USD 12.06 12.08 11.949.77 9.78 9.80

10.01 10.058.88 8.98 8.989.84 9.94 9.929.86 9.97 10.00

10.42 10.53 10.5010.46 10.47 10.34

- USD 9.43 9.68 9.50

11.99 12.17 11.7811.66 11.85 11.399.24 9.60 9.578.72 9.08 8.98

16.22 16.52 15.9112.39 12.75 12.408.42 8.88 8.90

13.75 14.09 13.649.51 10.00

10.39 10.58 10.3315.13 15.27 14.57

819.26 853.35 857.279.37 9.69 9.52

14.50 14.85 14.368.57 8.99 8.95

11.35 11.47 10.959.21 9.54 9.38

500.000 11.97 12.04 11.4412.50 12.67 12.149.28 9.64 9.49

- USD 10.94 11.11 10.979.73 9.46 9.71

11.55 11.11 11.109.93 9.65 9.84

13.02 12.56 12.579.67 9.43 9.55

10.33 10.04 10.129.97 9.70 9.84

10.53 10.17 10.3814.36 13.74 13.659.94 9.66 9.86

10.91 10.45 10.3910.05 9.80 10.0210.09 9.79 10.0011.08 10.64 10.60

- USD 40.83 29.89 25.0626.42 20.10 16.3319.60 14.29 11.9742.26 30.41 25.20




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019

29.92 21.68 17.76313.30 220.87 180.2239.04 28.38 23.9837.43 27.96 22.3246.56 33.64 28.0131.29 22.56 18.5526.90 20.47 16.6322.59 18.19 14.5925.06 18.70 14.9223.68 17.30 14.4149.31 35.76 29.5722.85 16.64 13.8269.74 52.54 42.2851.19 36.96 30.6682.69 59.04 48.0751.46 39.46 32.3034.29 25.19 21.2852.59 38.58 32.3361.12 44.39 36.7716.33 12.3016.85 12.1521.81 15.56 12.6738.61 29.10 23.4322.58 16.30 13.5345.12 32.23 26.2633.99 24.10 19.4946.43 33.00 26.7626.64 18.92 15.3455.20 39.55 32.32

- GBP* 12.7911.5511.6612.5511.8912.7312.0012.7212.0012.9111.7612.6512.00

Franklin World Perspectives Fund - USD 37.28 29.11 28.2032.39 23.96 23.4941.75 32.28 30.9936.28 26.59 25.8113.55 10.66 10.4129.45 21.95 21.6829.25 23.94 22.70

500.000 12.71 9.3217.90 13.16 12.81

- USD* 11.80

Templeton Asian Bond Fund - USD 9.01 9.25 9.74

17.66 18.90 19.12




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Templeton Asian Bond Fund - USD (continued)

10.96 11.22 11.7817.31 17.56 17.976.97 7.36 7.938.05 8.99 9.447.19 7.87 8.136.70 7.09 7.599.53 10.07 10.708.68 9.31 10.049.07 9.66 10.359.59 9.81 10.27

15.90 16.92 17.0210.58 10.79 11.2818.87 19.03 19.378.66 9.61 10.046.58 6.98 7.72

15.82 17.05 17.3715.52 15.84 16.339.12 9.71 10.399.08 9.69 9.759.41 9.59 10.027.32 7.69 8.138.59 8.99 9.42

11.69 11.81 12.06

- USD 14.94 11.10 11.41

134.89 99.59 101.7841.00 31.63 31.3729.27 21.65 22.3114.57 10.63 10.76

186.09 133.69 133.8412.43 9.42 9.1816.06 11.78 11.9748.69 35.60 35.7337.31 28.79 28.5631.99 26.11 25.5744.23 32.33 32.4519.04 14.10 14.3439.94 29.36 29.6413.88 10.2513.50 9.93 10.1144.56 34.03 33.4127.54 20.16 20.5852.81 38.22 37.987.77 5.86 5.91

54.45 42.22 42.0938.73 28.80 29.80

214.36 167.52 152.3018.33 13.54 13.8664.56 47.43 47.8416.28 12.45 12.2313.22 9.68 9.8719.44 15.72 15.2417.27 12.50 12.4316.49 12.71 12.5814.46 10.54 10.5519.42 14.13 14.1114.17 10.47 10.7513.97 10.20 10.19

Templeton Asian Smaller Companies Fund - USD 73.63 46.77 57.9558.83 36.68 44.6763.98 38.50 48.28




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Templeton Asian Smaller Companies Fund - USD (continued)

62.69 37.72 47.3056.23 34.28 43.5513.98 8.50 10.7783.97 52.80 64.7373.04 43.48 53.9514.94 9.01 11.3027.45 17.52 21.8222.92 13.86 17.4714.75 8.7623.35 14.68 18.0120.18 12.02 14.9211.23 6.86 8.8613.17 7.94 9.9618.35 11.08 13.90

371.747 19.42 11.68 14.64

Templeton BRIC Fund - USD 26.13 19.88 19.8214.78 10.77 11.1813.99 10.05 10.2325.61 18.46 18.6220.92 15.28 15.6223.36 16.94 17.1930.25 21.58 21.5624.17 18.48 18.5223.68 17.15 17.39

Templeton China A-Shares Fund - USD* 9.52

666.025 9.609.51

500.000 9.549.539.58

Templeton China Fund - USD 19.87 14.88 13.2214.52 11.29 9.6643.85 32.90 28.9935.59 28.19 24.6330.40 25.47 21.9017.70 13.46 12.0129.95 22.61 20.0415.43 11.7056.35 41.83 36.4619.77 16.38 13.9441.81 31.53 27.9222.28 17.46 15.0425.14 20.82 17.7120.21 15.01 13.0920.37 16.00 13.9721.84 16.00 13.9118.42 13.76 12.06

Templeton Eastern Europe Fund - EUR 29.04 21.23 24.3834.42 23.85 27.7028.71 21.00 24.107.14 5.01 5.89

4.45 5.1822.62 16.35 18.5525.98 19.09 22.03




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Templeton Eastern Europe Fund - EUR (continued)

14.08 10.19 11.5812.62 9.02 10.13

Templeton Emerging Markets Bond Fund - USD 10.12 10.15 11.879.18 9.19 10.72

10.98 10.93 12.6810.08 10.07 11.7912.46 12.35 14.0185.24 92.014.83 5.21 6.615.13 5.50 6.884.53 4.87 6.115.63 6.05 7.51

71.96 73.96 89.278.28 9.36 11.586.11 7.31 8.939.76 10.45 13.084.51 4.96 6.485.19 5.66 7.118.16 8.85 11.23

25.22 25.14 28.695.81 6.31 7.91

457.855 7.62 8.709.74 9.68 11.20

11.35 11.26 13.008.92 8.81 10.23

25.19 24.71 27.765.05 5.36 6.827.70 8.56 10.614.74 5.19 6.71

30.70 30.58 34.875.03 5.44 6.785.45 5.90 7.55

500.000 10.70 10.48 11.778.88 8.81 10.19

10.17 9.98 11.226.09 6.83 8.365.75 6.81 8.245.23 5.56 7.064.96 5.26 6.536.31 6.87 8.88

500.000 9.01 8.77 9.786.60 6.94 8.46

13.01 12.81 14.445.06 5.41 6.67

- USD14.76 12.85 13.2510.34 8.62 9.2011.82 9.74 10.179.14 7.91 8.899.45 8.09 9.129.25 8.01 8.93

10.7410.738.33 7.13 7.97

10.75 9.75 10.817.44 6.47 7.43

11.19 9.26 9.7410.87 9.5311.62 9.7516.12 13.90 14.2110.65 8.80 9.32




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019

9.85 8.26 8.8611.30 9.36 9.8114.12 11.46 11.7612.26 10.05 10.44

Templeton Emerging Markets Fund - USD 906.588 11.81

12.43 8.92 9.3516.47 11.66 12.0111.91 8.75 8.6856.93 40.38 41.2354.37 38.57 39.3824.89 17.89 18.5146.46 33.14 34.0412.88 9.7013.67 9.72 10.0839.85 28.03 28.3824.97 18.79 19.0529.58 21.08 21.6417.33 12.20 12.3710.98 7.96 8.3613.52 9.6216.12 11.38 11.56

- USD 8.82 8.71 9.616.09 6.54 7.987.28 8.20 10.018.65 8.59 9.539.45 9.76 10.558.41 8.32 9.329.54 9.36 10.458.52 8.39 9.349.08 8.89 9.726.88 7.19 8.597.50 8.38 10.136.64 7.10 8.938.67 8.60 9.546.05 6.48 8.078.39 8.30 9.318.59 8.46 9.469.07 8.88 9.726.77 7.18 8.586.33 6.69 8.216.50 6.81 8.358.68 8.49 9.44

436.300 8.83 9.72

Templeton Emerging Markets Smaller Companies Fund - USD 18.87 12.43 14.7511.62 7.34 9.1815.65 9.77 11.7322.14 15.42 18.0714.98 9.35 11.2316.08 10.09 12.1921.87 14.25 16.7318.13 11.19 13.3014.63 9.17 11.0712.88 8.40 9.8726.73 18.44 21.3919.35 11.95 14.21




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Templeton Emerging Markets Smaller Companies Fund - USD (continued)

10.78 6.78 8.4114.74 9.33 11.18

819.86 980.36

- USD* 12.3712.4012.5212.3712.5112.4512.4912.6012.4512.6012.3212.4712.3212.4412.4412.4811.7412.5212.5912.4412.59

Templeton Euroland Fund - EUR 23.47 20.34 22.439.77 8.31 9.019.93 8.15 9.10

10.52 9.03 9.7319.06 16.52 18.499.79 8.03 9.10

10.28 8.58 9.718.29 7.28 8.14

10.20 8.82 9.5622.91 19.66 21.4713.27 11.59 12.8810.17 8.79 9.54

446.061 11.32 9.7010.42 8.94 9.7711.32 9.21 10.1911.05 9.40 10.04

Templeton European Dividend Fund - EUR 16.66 14.27 16.909.48 8.43 10.427.87 6.68 8.379.19 8.14 9.96

11.33 10.06 12.3818.22 15.44 18.11

438.481 9.68 8.57 10.5515.47 13.35 15.9211.97 10.28 12.169.64 8.56 10.53

441.840 8.49 7.47 9.09

Templeton European Opportunities Fund - EUR 14.33 12.00 15.3510.04 8.40 10.8512.83 10.68 13.4810.82 8.59 11.1211.29 9.36 11.6815.60 13.88 17.58




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Templeton European Opportunities Fund - EUR (continued)

29.47 24.46 31.0112.25 10.34 13.3210.18 8.13 10.6010.97 9.11 11.56

Templeton European Small-Mid Cap Fund - EUR 37.44 27.56 36.5744.42 30.97 41.599.79 7.12 9.179.62 7.04 9.12

46.69 34.06 44.82757.655 54.85 37.95 50.57

12.69 9.15 11.6833.49 24.83 33.209.56 7.01 9.11

16.48 12.03 15.84388.991 14.08 10.18 13.29435.983 9.44 6.98 9.36

Templeton Frontier Markets Fund - USD 23.51 17.51 22.0510.88 7.78 10.1518.79 13.74 17.0120.43 14.41 18.3723.10 18.19 22.8418.25 12.88 16.5717.95 12.74 16.3326.93 19.87 24.7523.44 16.35 20.6223.54 18.50 23.2122.06 16.52 20.9116.08 11.54 15.1312.70 9.07 11.7613.59 10.02 12.5017.01 13.27 16.3415.69 10.96 13.83

500.000 16.32 11.25 14.0016.44 12.86 15.919.96 7.09 9.32

Templeton Global Balanced Fund - USD 30.39 25.13 26.4721.78 17.27 18.8013.78 11.18 11.5736.02 28.22 30.0824.96 19.98 22.1213.10 10.62 10.9821.12 16.77 18.1114.17 11.41 12.7011.79 9.5314.54 11.69 12.8020.85 17.33 18.3411.04 8.79 9.6211.71 9.62 10.0512.00 9.40 10.1813.77 10.70 11.3211.48 9.17 9.9912.74 9.93 10.53

Templeton Global Bond (Euro) Fund - EUR 13.52 13.80 15.209.09 8.79 9.79




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Templeton Global Bond (Euro) Fund - EUR (continued)

7.23 7.78 9.0214.29 14.49 15.8511.94 12.27 13.606.99 7.51 8.719.49 9.62 10.53

476.431 8.92 8.98 9.76

Templeton Global Bond Fund - USD 10.95 11.29 12.4099.38 101.51 109.7123.75 25.52 26.9518.32 18.84 20.6212.48 12.69 13.6612.73 12.99 14.0511.54 11.82 12.9128.16 28.67 30.648.17 8.75 9.997.35 7.85 8.91

12.01 13.54 15.048.25 8.89 10.25

10.31 12.29 13.496.93 7.41 8.497.72 8.23 9.34

86.03 89.55 100.168.29 9.17 10.018.63 9.21 10.44

14.23 15.20 17.096.71 7.29 8.62

12.50 14.15 16.076.72 7.28 8.59

21.01 21.44 22.9513.52 14.65 16.739.07 9.30 10.02

10.41 11.20 12.707.15 7.71 8.76

10.96 11.24 12.2920.22 21.62 22.7015.88 16.23 17.6810.00 10.15 10.9124.13 24.44 25.9710.39 11.64 12.879.91 11.79 12.877.87 8.37 9.54

986.36685.68 731.99 837.99

11.33 12.75 14.397.01 7.55 8.87

22.21 24.04 25.5617.18 17.77 19.63

148.49 162.06 157.1613.02 13.40 14.5526.33 27.00 29.059.21 10.00 11.627.30 7.85 8.896.48 7.06 8.409.06 9.24

422.244 7.13 7.96 8.778.86 9.09 9.96

11.28 12.06 12.6710.34 10.57 11.5111.52 11.67 12.408.04 9.02 9.978.69 10.31 11.267.44 7.91 9.01




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Templeton Global Bond Fund - USD (continued)

6.87 7.30 8.177.79 8.38 9.858.34 9.39 10.616.34 6.82 8.02

379.158 12.49 13.26 13.8210.09 10.26 11.1010.42 10.50 11.0910.51 11.56 11.76

500.000 8.63 9.09 10.0913.77 14.76 15.5312.66 12.86 13.717.37 7.87 8.987.34 7.81 8.766.85 7.42 8.73

Templeton Global Climate Change Fund - EUR 108.15

31.66 22.29 21.9715.67 10.92 10.6127.96 19.72 19.63

10.64 10.7532.37 22.60 22.0725.01 17.74 17.61

2.61 10.7820.21 14.12 13.80

352.286 10.2218.25 12.79 12.54

- USD 18.03 13.90 15.8016.99 12.41 14.27

111.66 81.86 98.066.47 5.02 5.87

10.08 7.53 9.0510.23 7.92 9.268.95 6.80 8.338.98 6.77 8.22

500.000 13.86 9.97 11.29

Templeton Global Fund - USD 19.23 14.56 16.1811.95 9.39 10.0547.29 35.86 39.5441.15 31.50 35.0912.35 9.70 10.3726.04 20.01 22.3526.10 19.91 22.0828.67 21.53 23.5129.25 22.35 24.8213.16 10.08 11.2211.49 8.80 9.8112.90 9.72 10.65

Templeton Global High Yield Fund - USD 13.88 13.33 14.0616.45 14.96 15.985.90 6.03 6.856.99 6.76 7.789.35 9.14

15.44 14.70 15.3912.93 12.47 13.23




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019

Templeton Global Income Fund - USD 22.32 19.37 21.5810.31 8.56 9.8421.04 17.30 19.508.47 7.17 8.497.89 6.74 8.18

10.74 9.06 10.8312.42 10.50 12.4611.40 9.76 11.7310.54 8.72 9.8911.94 10.15 12.1110.90 8.97 10.2723.60 19.25 21.529.69 8.10 9.38

19.42 16.05 18.187.66 6.57 8.01

500.000 12.18 9.91 11.07792.326 9.99 8.59 9.50

11.16 9.10 10.1817.22 14.06 15.75

Templeton Global Smaller Companies Fund - USD 58.51 38.61 41.6855.23 36.45 39.3414.25 9.53 10.4227.87 18.24 19.5337.17 24.71 26.88

Templeton Global Total Return Fund - USD 12.00 12.29 13.9623.37 24.96 27.2617.88 18.27 20.7213.32 13.46 14.999.54 9.67 10.86

79.94 81.31 90.8210.89 11.09 12.5327.73 28.06 31.017.22 7.81 9.409.07 10.33 12.066.21 6.76 8.187.78 9.37 10.805.02 5.42 6.537.03 7.57 9.01

76.05 79.89 93.887.33 8.19 9.406.88 7.42 8.85

10.72 11.57 13.676.00 6.57 8.219.53 10.89 13.066.15 6.73 8.39

21.28 21.86 24.539.74 10.67 12.808.71 8.88 9.899.10 9.89 11.788.33 9.06

11.00 11.22 12.7022.91 24.33 26.4316.94 17.21 19.429.70 9.79 10.90

27.14 27.31 30.016.69 6.10 9.389.19 10.40 12.089.36 11.21 12.857.34 7.90 9.46

588.119 878.87 917.43




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019Templeton Global Total Return Fund - USD (continued)

582.42 629.42 756.238.56 9.187.12 7.59 9.019.84 11.19 13.356.38 6.95 8.62

20.62 22.18 24.3915.74 16.19 18.45

155.46 168.58 169.1024.48 24.94 27.767.04 7.72 9.425.40 5.87 6.985.91 6.50 8.188.87 9.00 10.128.69 9.20 9.969.26 9.39 10.53

10.31 10.33 11.327.61 8.58 9.93

393.051 5.30 8.87 10.147.89 8.46 10.118.05 8.63 10.116.40 6.87 8.268.56 8.73 9.87

11.39 12.10 13.1510.38 10.56 11.899.32 9.41 10.56

88.83 89.84 99.7711.59 11.67 12.847.02 7.95 9.247.68 9.20 10.555.66 6.08 7.285.97 6.40 7.537.08 7.73 9.587.28 8.27 9.877.02 7.62 9.44

9.39 10.277.26 7.77 9.327.66 8.15 9.50

13.50 13.62 15.006.47 6.97 8.366.55 7.04 8.306.23 6.80 8.46

Templeton Global Total Return II Fund - USD 9.88 9.919.86 9.919.82 9.91

892.698 9.31 9.889.76 9.919.83 9.919.88 9.919.86 9.91

- EUR 18.91 15.56 16.6722.45 17.49 18.9718.67 15.50 16.7722.10 17.37 19.0212.18 10.14 11.0222.38 18.25 19.3917.62 14.63 15.8521.06 16.56 18.14




Total Expense Ratio

(See note 29)

Shares Outstanding

as at


as at

2021


as at

2020


as at

2019

16.09 13.33 14.39906.142 10.98 8.96 9.53

12.29 9.50 10.2210.37 8.62 9.33

Templeton Latin America Fund - USD 8.68 6.67 9.097.26 5.48 7.33

66.16 48.20 66.4348.09 37.30 51.3941.40 33.97 46.2156.96 41.86 58.3611.16 8.24 11.5012.42 9.10 12.6222.29 16.08 21.939.17 7.55 8.247.57 5.61 8.00

33.19 24.31 33.6610.74 8.65 11.528.36 6.16 8.58

500.000 11.18 7.99 10.7810.41 8.42 11.26

year


Notes to Financial StatementsFor the year ended June 30, 2021


Fund launches

Fund name changes

Fund closures

invested at closure.

Fund merger

•

•

•

FRANKLIN TEMPLETON INVESTMENT FUNDSNOTES TO FINANCIAL STATEMENTS


•

•

•

•

•

•

•

•

•

•

•

•

Funds’ changes:

(a) General

(b) Investment in securities

(continued)



(d) Financial future contracts

(b) Investment in securities



(j) Option contracts

(k) Foreign exchange transactions

1.3337 0.8433 8.6095 1.2398 GBP 0.7229 3.8126 0.9253 7.7644 SEK 8.5575 6.4680 296.3000 SGD 1.344821.5085 111.0850 14.2872



(l) Mortgage dollar rolls

(m) Income

(n) Securities lending

(o) Formation expenses



Fund.

Franklin Euro Short Duration Bond Fund



Franklin Gulf Wealth Bond Fund



Note 3 - Cross Funds Investments

Investment in securities at market value as per

Statement of Net Assets

Market value of Cross Funds

investment

Investment in securities at market value after

deduction of Cross Funds investments

Franklin Franklin Franklin Franklin Franklin Franklin

Note 4 - Time deposits ("TDs")

Fund Value of TDs in Fund

Purchases Sales Date

Unrealised

USD

22-Jul-2122-Jul-2122-Jul-2122-Jul-21 60922-Jul-2122-Jul-21

(1,239,074)



Unrealised

USD

Barclays

(1,239,074)


Unrealised

EUR

TWD 21-Jul-21

GBP

0

22-Jul-21SGD 22-Jul-21 329

22-Jul-21 667

(486,109)

Barclays

2457537445366

752

(486,109)


Unrealised

EUR

TWD 21-Jul-21

GBP

0

22-Jul-21

(continued)



Purchases

Sales Date

Unrealised

EURSGD 22-Jul-21 321

22-Jul-21

(523,592)

409Barclays

27

619

252

630(523,592)


Unrealised

EUR

TWD 21-Jul-21

GBP

0

22-Jul-21SEK 22-Jul-21 4

22-Jul-21SEK 22-Jul-21SGD 22-Jul-21

22-Jul-21

(233,817)

Barclays

(233,817)

Franklin Emerging Market Corporate Debt Fund


Unrealised

USD

GBP0

(continued)



Franklin Emerging Market Corporate Debt Fund (continued)

Purchases

Sales Date

Unrealised

USD

22-Jul-21GBP 22-Jul-21

2,373

Barclays

2,373


Unrealised

USD

0

22-Jul-21

(6,759,322)

Barclays

(6,759,322)

Franklin Euro High Yield Fund


Unrealised

EUR

GBP 12-Jul-2112-Jul-21


0

(continued)



Franklin Euro High Yield Fund (continued)

Purchases

Sales Date

Unrealised

EUR

22-Jul-21

125,265

Barclays

Deutsche Bank

428125,265



Unrealised

EUR

DKK 12-Jul-21GBP 12-Jul-21

0

22-Jul-21

147,622

573

147,622

Franklin European Total Return Fund


Unrealised

EUR

12-Jul-21DKK 12-Jul-21GBP 12-Jul-21SEK 12-Jul-21

12-Jul-210

22-Jul-21SEK 22-Jul-21

22-Jul-2122-Jul-21

SEK 22-Jul-21

(1,529,264)

(continued)



Franklin European Total Return Fund (continued)

Unrealised

EUR

Barclays

Deutsche Bank

(1,529,264)

Franklin Flexible Alpha Bond Fund


Unrealised

USD

12-Jul-2112-Jul-2119-Jul-2119-Jul-2126-Jul-21 63627-Jul-2127-Jul-21

0


22-Jul-21SEK 22-Jul-21SGD 22-Jul-21

(499,224)

Barclays

(499,224)

Franklin Global Aggregate Bond Fund


Unrealised

USD

26-Jul-2126-Jul-21

(continued)



Franklin Global Aggregate Bond Fund (continued)

Purchases

Sales Date

Unrealised

USD26-Jul-2126-Jul-21

GBP 26-Jul-2126-Jul-2126-Jul-2126-Jul-2126-Jul-2126-Jul-2126-Jul-21 404

0

22-Jul-2122-Jul-21 181

(67,473)

Barclays

Deutsche Bank

(67,473)

Franklin Global Convertible Securities Fund


Unrealised

USD

22-Jul-2122-Jul-21

(3,575,627)

Barclays

Deutsche Bank

(3,575,627)

(continued)



Franklin Global Fundamental Strategies Fund


Unrealised

USD

01-Jul-2101-Jul-2102-Jul-2102-Jul-2106-Jul-2106-Jul-2108-Jul-2108-Jul-2113-Jul-2113-Jul-2113-Jul-2113-Jul-2114-Jul-2115-Jul-2115-Jul-2116-Jul-2123-Jul-2126-Jul-2127-Jul-2128-Jul-2129-Jul-21

313

SEKSEK

790

(continued)



Franklin Global Fundamental Strategies Fund (continued)

Purchases

Sales Date

Unrealised

USDSEK

13-Dec-21SEK 13-Dec-21

15-Dec-21SEK 16-Dec-21

20-Dec-2121-Dec-2123-Dec-21

SEK 15-Jun-2220-Jun-22

0

22-Jul-2122-Jul-2122-Jul-21 897

(2,133,185)

Barclays

Deutsche Bank

(2,133,185)

Franklin Global Income Fund


Unrealised

USD

22-Jul-21SGD 22-Jul-21

(188,930)

(continued)



Franklin Global Income Fund (continued)

Unrealised

USD

Barclays

(188,930)

Franklin Global Managed Income Fund


Unrealised

EUR

(17,986)

Barclays

(17,986)

Franklin Global Multi-Asset Income Fund


Unrealised

EUR

GBP

0

22-Jul-21SGD 22-Jul-21 401

22-Jul-21

(79,270)

(continued)



Franklin Global Multi-Asset Income Fund (continued)

Unrealised

EUR

Barclays

179

Deutsche Bank

(79,270)



Unrealised

USD

22-Jul-2122-Jul-21

(130,898)

Barclays

Deutsche Bank

(130,898)



Unrealised

USD

22-Jul-2122-Jul-2122-Jul-21 79522-Jul-21

(239,205)

(continued)



Franklin Gold and Precious Metals Fund (continued)

Unrealised

USD

Barclays

Deutsche Bank

(239,205)



Unrealised

USD

26-Jun-230

22-Jul-2122-Jul-2122-Jul-21

(1,598,766)

Barclays

(1,598,766)

Franklin High Yield Fund


Unrealised

USD

22-Jul-2122-Jul-21

SGD 22-Jul-21(342,414)

(continued)



Franklin High Yield Fund (continued)

Unrealised

USD

Barclays

(342,414)

Franklin Income Fund


Unrealised

USD

22-Jul-2122-Jul-21

SGD 22-Jul-2122-Jul-21 38122-Jul-2122-Jul-21

(746,339)

Barclays

(746,339)

Franklin India Fund


Unrealised

USD

22-Jul-2122-Jul-2122-Jul-2122-Jul-21

(1,190,993)

(continued)



Franklin India Fund (continued)

Unrealised

USD

Barclays

(1,190,993)

Franklin Innovation Fund


Unrealised

USD

02-Jul-2102-Jul-2122-Jul-2122-Jul-21

(52,730)

Barclays

(52,730)


Unrealised

26-Jul-2126-Jul-21

1,036,437

(continued)



Unrealised

Barclays

Deutsche Bank

1,036,437


Unrealised

USD

TWD 08-Jul-2116-Jul-2116-Jul-21

GBP 16-Jul-2116-Jul-21 7623-Jul-2123-Jul-2126-Jul-2130-Jul-2130-Jul-21

GBP 30-Jul-21 995

216

SEKTWD

TWD

342SGD

GBP

(continued)



Purchases

Sales Date

Unrealised

USD

466

SGD

GBP

SGDTWD

GBP

SEK 359

DKK

GBP

GBP21

TWDTWD

0

02-Jul-2102-Jul-2115-Jul-2115-Jul-2115-Jul-2115-Jul-21

GBP 15-Jul-2115-Jul-2115-Jul-2115-Jul-2115-Jul-21

SEK 15-Jul-21SGD 15-Jul-21

(continued)



Purchases

Sales Date

Unrealised

USD15-Jul-21 18215-Jul-2115-Jul-21 68415-Jul-21

GBP 15-Jul-2115-Jul-2115-Jul-21 943

103 SGD 138 15-Jul-21

(31,841,243)

Barclays Bank 466

Deutsche Bank

State Street

(31,841,243)

Franklin MENA Fund


Unrealised

USD

22-Jul-2122-Jul-21

(178,178)

Barclays

(178,178)

(continued)



Franklin Mutual European Fund


Unrealised

EUR

22-Jul-21 48922-Jul-2122-Jul-2122-Jul-21

103,991

Barclays

Deutsche Bank

103,991


Unrealised

USD


GBP 22-Jul-21 424(364,582)

Barclays

(364,582)


Unrealised

USD

22-Jul-2122-Jul-21

(174,106)

(continued)



Unrealised

USD

Barclays

(174,106)

Franklin Natural Resources Fund


Unrealised

USD

22-Jul-2122-Jul-2122-Jul-21 83722-Jul-21

(114,773)

Barclays

Deutsche Bank

(114,773)

Franklin NextStep


Unrealised

USD


(35,143)

(35,143)

(continued)



Franklin NextStep Conservative Fund


Unrealised

USD


22-Jul-21(92,249)

(92,249)

Franklin NextStep


Unrealised

USD


SGD 22-Jul-21 3(14,727)

(14,727)

Franklin NextStep


Unrealised

USD


22-Jul-21(21,833)

(21,833)

Franklin NextStep Moderate Fund


Unrealised

USD


22-Jul-21(888,685)

(continued)



Franklin NextStep Moderate Fund (continued)

Unrealised

USD

(888,685)

Franklin NextStep


Unrealised

USD

SGD 22-Jul-21(15,449)

(15,449)

Franklin Strategic Income Fund


Unrealised

USD

19-Jul-2119-Jul-21

0

22-Jul-2122-Jul-2122-Jul-21

SGD 22-Jul-2122-Jul-21

(652,284)

Barclays

(652,284)

(continued)



Premia Fund


Unrealised

USD

GBP

SEK

691

21,101

21,101


Unrealised

USD

22-Jul-2122-Jul-2122-Jul-2122-Jul-21


(5,163,959)

Barclays

Deutsche Bank

(5,163,959)


Unrealised

USD

22-Jul-2122-Jul-21

(continued)



Purchases

Sales Date

Unrealised

USD26-Jul-21

(2,566,031)

Barclays

(2,566,031)


Unrealised

USD


SGD 28-Jul-21

14-Dec-2116-Dec-21

0

22-Jul-21

(1,370,968)

Barclays

(1,370,968)


Unrealised

USD

22-Jul-2122-Jul-21

(continued)



Purchases

Sales Date

Unrealised

USD22-Jul-2122-Jul-2122-Jul-21


22-Jul-2122-Jul-2122-Jul-21 84

(4,714,691)

Barclays

Deutsche Bank

(4,714,691)



Unrealised

USD

14-Jul-2114-Jul-2121-Jul-2122-Jul-21

SGD 22-Jul-2126-Jul-2126-Jul-2126-Jul-2128-Jul-2128-Jul-21

SGD

SGDSGD0

22-Jul-2122-Jul-2122-Jul-21

SGD 22-Jul-21

(continued)



Templeton Asian Bond Fund (continued)

Purchases

Sales Date

Unrealised

USD22-Jul-21

(2,247,211)

Barclays

Deutsche Bank

(2,247,211)


Unrealised

USD

22-Jul-2122-Jul-2122-Jul-2122-Jul-2122-Jul-2122-Jul-2122-Jul-2122-Jul-21

TWD 22-Jul-2122-Jul-2122-Jul-2122-Jul-21 89022-Jul-21

SGD 22-Jul-21TWD 22-Jul-21 900

22-Jul-2122-Jul-21 4522-Jul-21 88422-Jul-21

SGD 22-Jul-21 24(3,810,523)

(continued)



Unrealised

USD

Barclays

Deutsche Bank

(3,810,523)

Templeton Asian Smaller Companies Fund


Unrealised

USD

22-Jul-21(35,421)

Barclays

(35,421)

Templeton BRIC Fund


Unrealised

USD

22-Jul-21(315,660)

(continued)



Templeton BRIC Fund (continued)

Unrealised

USD

Barclays

(315,660)

Templeton Emerging Markets Bond Fund


Unrealised

USD

01-Jul-2101-Jul-2102-Jul-2102-Jul-2106-Jul-2106-Jul-2112-Jul-2113-Jul-2113-Jul-2113-Jul-2114-Jul-2115-Jul-2115-Jul-2119-Jul-21

(continued)



Templeton Emerging Markets Bond Fund (continued)

Purchases

Sales Date

Unrealised

USD

06-Dec-2107-Dec-2110-Dec-2113-Dec-2115-Dec-2115-Dec-2123-Dec-2127-Jan-22

0

22-Jul-2122-Jul-2122-Jul-2122-Jul-21

GBP 22-Jul-2122-Jul-2122-Jul-21


22-Jul-2122-Jul-21 38222-Jul-2122-Jul-2122-Jul-21 4422-Jul-21 703

SEK 22-Jul-2122-Jul-2122-Jul-21

(23,083,150)

(continued)




Unrealised

USD

Barclays

Deutsche Bank

(23,083,150)


Unrealised

USD

01-Jul-2101-Jul-2102-Jul-2102-Jul-2102-Jul-2102-Jul-2106-Jul-2106-Jul-2108-Jul-2108-Jul-2112-Jul-2112-Jul-21 20613-Jul-2113-Jul-2114-Jul-2114-Jul-2115-Jul-2119-Jul-2127-Jul-21

23

(continued)



Purchases

Sales Date

Unrealised

USD

359

58

06-Dec-2106-Dec-21 54507-Dec-2110-Dec-2115-Dec-2123-Dec-21 84

13-Jun-220


22-Jul-21

(686,141)

Barclays

Deutsche Bank

(686,141)

Templeton Emerging Markets Fund


Unrealised

USD

22-Jul-2122-Jul-21

(440,040)

(continued)



Templeton Emerging Markets Fund (continued)

Unrealised

USD

Barclays

(440,040)


Unrealised

USD

01-Jul-2101-Jul-2102-Jul-2102-Jul-2106-Jul-2106-Jul-2108-Jul-2108-Jul-2112-Jul-21 40514-Jul-2115-Jul-21

3

470

174

748

944

48

8

297

06-Dec-21 11607-Dec-21

(continued)



Purchases

Sales Date

Unrealised

USD10-Dec-2113-Dec-2115-Dec-2115-Dec-21 62923-Dec-21 1127-Jan-22 575

13-Jun-220


22-Jul-21SEK 22-Jul-21

22-Jul-21 32GBP 22-Jul-21 12SEK 22-Jul-21 2

(106,534)

Barclays

Deutsche Bank

751

(106,534)

Templeton Emerging Markets Smaller Companies Fund


Unrealised

USD

22-Jul-21(14,832)

Barclays

(14,832)

(continued)




Unrealised

USD

22-Jul-2122-Jul-21

GBP 22-Jul-2122-Jul-21 2322-Jul-21 23

GBP 22-Jul-21 14(4,755)

Barclays

(4,755)

Templeton Euroland Fund


Unrealised

EUR

22-Jul-2122-Jul-21

11,317

Barclays 368324

128

953556559

11,317

Templeton European Dividend Fund


Unrealised

EUR

22-Jul-2122-Jul-21 622-Jul-21


SGD 22-Jul-21 597

(continued)



Templeton European Dividend Fund (continued)

Purchases

Sales Date

Unrealised

EUR22-Jul-21

(48,569)

Barclays

Deutsche Bank

(48,569)

Templeton European Opportunities Fund


Unrealised

EUR

22-Jul-2122-Jul-21


158,764

Barclays

471

158,764

Templeton European Small-Mid Cap Fund


Unrealised

EUR

22-Jul-2122-Jul-21

25,374

(continued)



Templeton European Small-Mid Cap Fund (continued)

Unrealised

EUR

Barclays 793457

149

566460

25,374

Templeton Frontier Markets Fund


Unrealised

USD

22-Jul-2122-Jul-2122-Jul-21

(1,286,244)

Barclays

(1,286,244)

Templeton Global Balanced Fund


Unrealised

USD

08-Jul-2108-Jul-21

0


22-Jul-21GBP 22-Jul-21 528

(1,118,238)

(continued)



Templeton Global Balanced Fund (continued)

Unrealised

USD

Barclays

Deutsche Bank

(1,118,238)



Unrealised

EUR


(1,301,072)

Deutsche Bank

(1,301,072)

Templeton Global Bond Fund


Unrealised

USD

01-Jul-2101-Jul-2102-Jul-2102-Jul-2106-Jul-2106-Jul-2106-Jul-21

(continued)



Templeton Global Bond Fund (continued)

Purchases

Sales Date

Unrealised

USD06-Jul-2108-Jul-2109-Jul-2112-Jul-2112-Jul-2112-Jul-2113-Jul-2113-Jul-2114-Jul-2115-Jul-2115-Jul-2116-Jul-2123-Jul-2123-Jul-2127-Jul-2129-Jul-2130-Jul-21

(continued)




Purchases

Sales Date

Unrealised

USD

06-Dec-2110-Dec-2113-Dec-2115-Dec-21

SEK 17-Dec-2120-Dec-2121-Dec-2123-Dec-2123-Dec-2127-Jan-22

0


GBP 22-Jul-2122-Jul-2122-Jul-21


22-Jul-2122-Jul-21 22222-Jul-2122-Jul-2122-Jul-21

GBP 22-Jul-2122-Jul-2122-Jul-21


26-Jul-2126-Jul-21

(22,489,759)

(continued)




Unrealised

USD

Barclays

Deutsche Bank

(22,489,759)

Templeton Global Climate Change Fund


Unrealised

EUR

22-Jul-2122-Jul-2122-Jul-21

99,090

Barclays 103437

57799,090


Unrealised

USD

22-Jul-2122-Jul-21

(324)

(continued)



Unrealised

USD

Barclays

(324)



Unrealised

USD

01-Jul-2101-Jul-2102-Jul-2102-Jul-2106-Jul-2106-Jul-2108-Jul-2108-Jul-2112-Jul-2112-Jul-2113-Jul-2113-Jul-2114-Jul-2115-Jul-2127-Jul-2128-Jul-21

16

802

408

(continued)



Templeton Global High Yield Fund (continued)

Purchases

Sales Date

Unrealised

USD

245

635

06-Dec-21 54507-Dec-2110-Dec-2115-Dec-2123-Dec-21 5829-Dec-2127-Jan-22

13-Jun-22(448,054)

Deutsche Bank

(448,054)



Unrealised

USD

01-Jul-2101-Jul-2102-Jul-2102-Jul-2106-Jul-2106-Jul-2108-Jul-2108-Jul-2112-Jul-21

SEK 12-Jul-2114-Jul-2115-Jul-2115-Jul-21

SEK 15-Jul-2119-Jul-21

254

(continued)



Templeton Global Income Fund (continued)

Purchases

Sales Date

Unrealised

USD

SEK

SEK 601

641

SEK

SEK

28

06-Dec-21 47407-Dec-2110-Dec-2113-Dec-2115-Dec-2115-Dec-21

SEK 16-Dec-2120-Dec-2121-Dec-2123-Dec-21 944

(continued)




Purchases

Sales Date

Unrealised

USD23-Dec-2127-Jan-22

16-Jun-220


22-Jul-21

(1,723,552)

Barclays

Deutsche Bank

(1,723,552)



Unrealised

USD

01-Jul-2101-Jul-2102-Jul-2102-Jul-2106-Jul-2106-Jul-2108-Jul-2108-Jul-2112-Jul-2113-Jul-2114-Jul-2115-Jul-21

SEK 15-Jul-2115-Jul-21

SEK 15-Jul-2116-Jul-2119-Jul-2121-Jul-2121-Jul-2122-Jul-2123-Jul-2126-Jul-2126-Jul-2128-Jul-2129-Jul-2130-Jul-21

(continued)



Templeton Global Total Return Fund (continued)

Purchases

Sales Date

Unrealised

USD

SEK

SEK

SEK

SEK

06-Dec-2107-Dec-2110-Dec-2113-Dec-21

SEK 13-Dec-21

(continued)




Purchases

Sales Date

Unrealised

USD15-Dec-2115-Dec-21

SEK 16-Dec-21SEK 17-Dec-21

20-Dec-2121-Dec-2123-Dec-2123-Dec-2127-Jan-22

SEK 15-Jun-220


GBP 22-Jul-2122-Jul-2122-Jul-21


22-Jul-2122-Jul-2122-Jul-2122-Jul-21


SEK 22-Jul-21 241SGD 22-Jul-21 945

26-Jul-21

(26,068,117)

Barclays

Deutsche Bank

(26,068,117)

Templeton Global Total Return II Fund


Unrealised

USD

01-Jul-21

(continued)



Templeton Global Total Return II Fund (continued)

Purchases

Sales Date

Unrealised

USD01-Jul-2102-Jul-2102-Jul-2106-Jul-2106-Jul-2112-Jul-21 66014-Jul-2115-Jul-2115-Jul-2119-Jul-2121-Jul-2121-Jul-2122-Jul-2122-Jul-2126-Jul-2127-Jul-2127-Jul-21

22

283

292

874

SEK 500

343

55

485

06-Dec-21 4607-Dec-2113-Dec-2115-Dec-2115-Dec-21 583

SEK 16-Dec-21

(continued)




Purchases

Sales Date

Unrealised

USD20-Dec-2123-Dec-21 8127-Jan-22 937

SEK 15-Jun-2221-Jun-22

0

22-Jul-2122-Jul-21

GBP 22-Jul-2122-Jul-21 22

GBP 22-Jul-21 30

41,892

Deutsche Bank

41,892



Unrealised

USD

22-Jul-2122-Jul-2122-Jul-2122-Jul-2122-Jul-21 5022-Jul-2122-Jul-2122-Jul-21

(872,201)

Barclays

(872,201)

(continued)



Number of contracts

purchased/(sold)

Description Trading Commitment EUR

Unrealised

EUR

19 125

(4,004)

Number of contracts

purchased/(sold)


Unrealised

EUR

14 114

(4,119)

Number of contracts

purchased/(sold)


Unrealised

EUR

71(3,792)

Franklin Euro Government Bond Fund

Number of contracts

purchased/(sold)


Unrealised

EURBond Future

Euro-

(17,477)


Number of contracts

purchased/(sold)


Unrealised

EURBond Future

(47,210)

Franklin European Corporate Bond Fund

Number of contracts

purchased/(sold)


Unrealised

EURBond Future

(34,546)




Number of contracts

purchased/(sold)


Unrealised

EURBond Future

(1,250,118)


Number of contracts

purchased/(sold)

Description Trading Commitment USD

Unrealised

USDBond Future

17 13

(137,480)


Number of contracts

purchased/(sold)


Unrealised

USDBond Future

(17,669)


Number of contracts

purchased/(sold)


Unrealised

EUR

26

(12,565)

Number of contracts

purchased/(sold)


Unrealised

USDBond Future

106 56 GBP 1 Euro- GBP 107

(continued)



Number of contracts

purchased/(sold)


Unrealised

USD

32 7 7 21 32 19 6 5 39 19 18 GBP 31 7 15 26 20 201

(426,806)


Number of contracts

purchased/(sold)


Unrealised

USDBond Future

91 83

(750,273)

Premia Fund

Number of contracts

purchased/(sold)


Unrealised

USD

4 7 GBP 11 85 5 SEK 2 2 858

(continued)



Number of contracts

purchased/(sold)


Unrealised

USD

Bond Future 2 11 7 2 GBP

2,710

Number of contracts

purchased/(sold)


Unrealised

USDBond Future

352

(137,717)

Number of contracts

purchased/(sold)


Unrealised

USD

(18,359)


Number of contracts

purchased/(sold)


Unrealised

USD

(13,338)


Nominal amount

Description date Trading c

Unrealised /(loss)

USD 07-Jun-31

(27,871)

(continued)



Nominal amount


Unrealised /(loss)

USD 02-Jan-23

02-Jan-23

02-Jan-25

02-Jan-25

16-Jun-26

(46,104)


Nominal amount


Unrealised /(loss)

USD

08-Jun-23

11-Jun-25

(335,055)

Nominal amount


Unrealised /(loss)

USD

(continued)



Nominal amount

Description Trading Unrealised

USD

(5)


Nominal amount


Unrealised /(loss)

USD

(21)


Nominal amount Description date

Trading Unrealised

USD

Net Unrealised 2,877



Trading Unrealised

USD 15-Jan-29



Trading Unrealised

USD 15-Jan-27


Nominal amount

Description date

Trading Unrealised

USD

(continued)



Nominal amount

Description date

Trading Unrealised

USD

29-Jun-22(901,748)

Trading Nominal amount

Fund receives date

Market Value / Unrealised

EUR

Societe Generale (123,059)


Fund receives date


EUR



Fund receives date


EUR




Fund receives date


USD

iBoxx 20-Dec-21

5,430



Fund receives date


EUR


(continued)




Fund receives date


USD

Dynatrace05-Jan-22

GoDaddyGoDaddy

598

(continued)



Trading Nominal

amountFund receives

dateMarket Value /

Unrealised

USD

140

436

ZscalerTencent

24-Jan-22

1,735,231



Fund receives date


USD

iBoxx

iBoxx 20-Dec-21

466,867

(continued)



Premia Fund


Fund receives date


USD

16-Jul-21(100,830)


Fund receives date


USD

iBoxx

iBoxx 20-Dec-21

125,063

Note 11 - Open positions on contract for differences


Fund receives date

Global exposure

USD

Unrealised

USD 26-Jun-23

22-Dec-21

Deutsche Bank

Deutsche Bank

Deutsche Bank

20-Jan-23

DKK

Barclays 12-Jul-22

(continued)



Trading Nominal

amountFund receives

dateGlobal

exposure USD

Unrealised

USD

Deutsche Bank

Deutsche Bank

Deutsche Bank 22-Dec-21

Barclays

Deutsche Bank 22-Dec-21

Barclays 23-Jun-22

Barclays

Barclays

Barclays

Barclays 12-Jul-22

Barclays 21-Jul-22

Barclays 14-Jul-22

186 Barclays 28-Jun-22 921

Barclays 05-Jul-22 726

301

186

Barclays 28-Jun-22

Barclays 23-Jun-22

Barclays

Note 11 - Open positions on contract for differences (continued)



Trading Nominal

amountFund receives

dateGlobal

exposure USD

Unrealised

USD Barclays

218

GBP

GBP

GBP

GBP

GBP

07-Jun-22

GBP

Barclays 22-Jun-22

GBP

Barclays 15-Jun-22

GBP

Barclays 16-Jun-22

GBP

Barclays 23-Jun-22

GBP

Barclays 26-Jul-22

GBP

Barclays 21-Jul-22

GBP

Barclays

GBP

SEK

02-Jun-23




Trading Nominal

amountFund receives

dateGlobal

exposure USD

Unrealised

USDSEK

SGD

SGD 32

SGD 378

Deutsche Bank

08-Jan-22

13-Jul-22

20-Jul-22

07-Jul-22

Deutsche Bank

Barclays

Barclays 10-Jun-22

Deutsche Bank




Trading Nominal

amountFund receives

dateGlobal

exposure USD

Unrealised

USD Barclays 16-Jun-22

Barclays

Barclays

Barclays

Barclays 13-Jan-22

Deutsche Bank

Barclays

Barclays

Barclays

Barclays 17-Jun-22

Barclays 23-Jun-22

Barclays 19-Jan-22

Deutsche Bank

Barclays 766

Barclays 654

Barclays 649

Barclays 543

Barclays 22-Jun-22 294


Barclays 05-Jul-22 28




Trading Nominal

amountFund receives

dateGlobal

exposure USD

Unrealised

USD


Barclays 17-Jun-22

Barclays

877

Barclays

Barclays 09-Jun-22

Barclays

Barclays

Barclays 30-Jun-22

Barclays

Barclays 16-Jun-22

Barclays

Barclays

31-Dec-25

101

Barclays 23-Jun-22

Deutsche Bank




Trading Nominal

amountFund receives

dateGlobal

exposure USD

Unrealised

USD

Barclays

Barclays

Deutsche Bank

Barclays 02-Dec-21

Barclays

Barclays 21-Dec-21

Deutsche Bank

Barclays 15-Dec-21

Deutsche Bank

8,456,625




Geographic distribution based on economic exposure:Global % of Basket

Exposure GlobalUSD Exposure

Grenada

Finland

0.033.103.673.97

Jersey 4.634.684.865.00

21.0424.4554.68

France 63.55100.00


Nominal Description Interest paid/received

%

Protection

date

Trading Market Value USD

Unrealised /(loss)

USD

2025 Sell 20-Dec-25

Sell 20-Dec-22

Sell 20-Dec-22 144 144

Dec. 2023 Sell 20-Dec-23

2021

Sell 20-Dec-21

Sell 20-Dec-25

Buy

Sell 20-Jun-26 477

Buy

Sell 20-Dec-30

Sell 20-Dec-23 162




Franklin Flexible Alpha Bond Fund (continued)


%Protection

date


Unrealised

USDBuy 20-Dec-21 882

Sell 20-Jun-26

Sell 20-Dec-25

Sell 20-Dec-25

Buy

(115,685) 22,453



%

Protection


Unrealised /(loss)

USD

2025

Sell 20-Dec-25

3,902,497 208,666



%

Protection

date


Unrealised /(loss)

USDSell

Sell

Sell

Sell

13,883,207 7,033,039


%

Protection

date


Unrealised /(loss)

USDBuy 20-Jun-22

Buy 20-Dec-21

Buy 20-Dec-21

Buy 20-Dec-21

Buy 20-Dec-21

Barclays Buy 20-Dec-21

Buy 20-Dec-21

(continued)



Nominal Description Interest

paid/received %

Protection

dateTrading Market Value

USDUnrealised

USD


Buy 20-Dec-25 392

Buy 20-Dec-25 234

Buy 20-Dec-25 234

Barclays Buy 20-Jun-26


Buy 20-Jun-26

2025 Buy 20-Dec-25

Buy 20-Dec-25Buy 20-Dec-25Buy 20-Dec-25Buy 20-Dec-25


Buy 20-Jun-25

Buy 20-Jun-25

Buy 20-Dec-25

Buy 20-Dec-25

Buy 20-Jun-24

Buy 20-Jun-24

Buy 20-Dec-25

Buy 20-Dec-25

Buy 20-Dec-24

Buy 20-Jun-26

Buy 20-Dec-24

Buy 20-Dec-24

Buy 20-Jun-22

Buy 20-Jun-22


Buy 20-Dec-25

Buy 20-Dec-25


(continued)




paid/received %

Protection


USDUnrealised

USD

Stena Buy 20-Jun-26 376

Stena Buy 20-Jun-24


Buy 20-Jun-25

(1,406,854) (1,364,526)



%

Protection

date


Unrealised /(loss)

USD

2025 Sell 20-Jun-25

Sell 20-Dec-22

Sell 20-Dec-22

Sell 20-Dec-21

Dec. 2023 Sell 20-Dec-23

2021

Sell 20-Dec-21

Sell 20-Jun-26

Sell 20-Jun-26

Sell 20-Dec-25

Sell 20-Jun-22

Sell 20-Dec-21

Sell 20-Dec-25

Sell 20-Dec-25

Sell 20-Jun-26

Sell 20-Jun-26

Barclays Sell 20-Dec-25

Sell 20-Dec-25

(482,240) 556,006


%

Protection

date


Unrealised /(loss)

USD

2025 Sell 20-Jun-25

(continued)




paid/received %

Protection


USDUnrealised

USD

Sell 20-Dec-22

Sell 20-Dec-22 367 367

Sell 20-Dec-21

Sell 20-Jun-26

2021

Sell 20-Dec-21

2021

Sell 20-Dec-21

Sell 20-Jun-26

Sell 20-Jun-26

Sell 20-Dec-25

Sell 20-Jun-22

Sell 20-Dec-21

Buy

Sell 20-Dec-25

Sell 20-Dec-25

Sell 20-Dec-23

Buy 20-Dec-21

Sell 20-Jun-26

Sell 20-Jun-26

Barclays Sell 20-Dec-25

Sell 20-Dec-25

344,812 162,569

Note 13 - Open positions on option contracts

Purchase/ Sale position

Description Trading Number of contracts

purchased/ (sold)

Commitment EUR

Market value EUR

Unrealised

EUR

Purchase

2021

(continued)





purchased/ (sold)

Commitment EUR

Market value EUR

Unrealised

EUR

Purchase239

Sale

Sale

PurchaseGBP 10

SaleGBP

Purchase24

Sale

Purchase11

Sale

122,030 329,231



purchased/ (sold)

Commitment EUR

Market value EUR

Unrealised

EUR

Purchase

2021

Purchase139

Sale

Sale

PurchaseGBP 20

SaleGBP

Purchase14

Sale

Purchase8

Sale

101,515 149,484

Note 13 - Open positions on option contracts (continued)





purchased/ (sold)

Commitment EUR

Market value EUR

Unrealised

EUR

Purchase

2021

Purchase270

Sale

Sale

PurchaseGBP 11

SaleGBP

Purchase28

Sale

Purchase13

Sale

151,573 345,216




purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

PurchaseStanley

PurchaseBarclays 317

PurchaseBarclays

PurchaseStanley 396

PurchaseBarclays

Purchase

Sale

Purchase

Purchase882

22,824 (42,750)







purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

Sale

Sale

Purchase

Sale

Purchase

Purchase

Sale

Purchase

Sale

Purchase216

Purchase

Sale

Purchase

Sale

Purchase

PurchaseStanley

Purchase

PurchaseStanley

Sale

Purchase

Sale

Purchase

PurchaseStanley

Purchase

Purchase

Sale

SaleStanley

Purchase

Sale

PurchaseStanley







purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

SaleStanley

SaleStanley 372

SaleStanley

Purchase

SaleStanley

Sale

Purchase

Sale

Sale

PurchaseStanley

Purchase

PurchaseStanley

Purchase

Purchase

Sale

SaleStanley

Sale

SaleStanley

Sale

Sale

SaleStanley

PurchaseStanley

Purchase

SaleStanley

SaleStanley

Sale

PurchaseStanley

PurchaseStanley

Purchase994

Sale

47,385 (664,147)







purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

Sale

Sale

Sale

(4,588) 3,188




purchased/ (sold)

Commitment EUR

Market value EUR

Unrealised

EUR

Purchase

2021

Sale

Sale

Sale

Sale

Sale

Sale

Sale

Sale

Sale

Sale

Sale

Sale610

Sale

Sale

Sale Truist

Purchase37

Sale







purchased/ (sold)

Commitment EUR

Market value EUR

Unrealised

EUR

Purchase15

Sale

Purchase11

Sale

34,406 160,627



purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

SaleStanley

SaleStanley

PurchaseStanley

SaleStanley 41

Purchase Bank of

Purchase322

PurchaseStanley 236

SaleStanley

SaleStanley

PurchaseStanley 14 952

PurchaseStanley 50

Purchase214

SaleStanley

SaleStanley

SaleStanley

SaleStanley

SaleStanley


SaleStanley

PurchaseSachs


SaleStanley






purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

SaleStanley

SaleStanley

SaleStanley

PurchaseStanley 147

PurchaseStanley 143


SaleStanley 126

PurchaseStanley 97

SaleStanley

Purchase Guichard Perrachon64

Sale Guichard Perrachon302

SaleStanley 184

PurchaseStanley 93

SaleStanley 239

SaleStanley 3

Sale

SaleStanley 129

SaleStanley 129

SaleStanley

Sale

2021 Barclays Sale

2021 Barclays 30Sale

Stanley 246Sale

Stanley Purchase

15Purchase

32Purchase

29 290Purchase

Sachs Purchase Gol

2021 Stanley 82 820Purchase

145






purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

SaleStanley 590

PurchaseStanley 59

SaleStanley

SaleStanley

SaleBarclays


SaleStanley 3

PurchaseStanley 47

SaleStanley 397

SaleStanley

SaleStanley

SaleStanley 54

PurchaseStanley 97

PurchaseStanley 47

PurchaseStanley 143

SaleStanley

SaleStanley

SaleStanley

SaleStanley

SaleStanley 213

SaleStanley

SaleStanley 83

SaleStanley


Purchase

Stanley 147 735Sale

Stanley Sale

Stanley Purchase

Stanley 147 147






purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

Sale

Stanley Sale

Stanley Sale

Stanley 12Sale

Stanley Sale

Stanley Purchase

Stanley GBP 316Sale

Stanley GBPSale

Stanley GBPPurchase

Stanley 35Purchase

Stanley 12Sale

Stanley 166Sale

Stanley Sale

Stanley Sale

Stanley Sale

Stanley

Purchase152

Purchase327

Purchase141

Purchase295

Purchase134

Purchase130

Purchase304

Purchase622

Purchase261

Purchase

Purchase

Purchase

Purchase

Purchase






purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

Purchase

SaleStanley

PurchaseStanley 49

PurchaseStanley 36

PurchaseStanley 56

SaleStanley

SaleStanley

PurchaseStanley 10

PurchaseStanley 64

1,693,476 (442,591)




purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

Sale

Sale

Purchase

Sale

Purchase

Purchase

Sale

Purchase574

Sale

Purchase120

Purchase

Sale

Purchase

Sale

Purchase

16,070 (49,764)







purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

Sale

Sale

Purchase

Sale

Purchase7

Purchase

Sale

Purchase

Sale

Purchase

Purchase

Sale

Purchase

Sale

Purchase

PurchaseStanley

Purchase

PurchaseStanley

Sale

Purchase

Sale

Purchase

PurchaseStanley

Purchase

Purchase

Sale

SaleStanley

Purchase

Sale

PurchaseStanley







purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

SaleStanley

SaleStanley

SaleStanley

Purchase

SaleStanley

Sale

Purchase

Sale

Sale

PurchaseStanley

Purchase

PurchaseStanley

Purchase

Purchase

Sale

SaleStanley

Sale

SaleStanley

Sale

Sale

SaleStanley

PurchaseStanley

Purchase

SaleStanley

SaleStanley

Sale

PurchaseStanley

PurchaseStanley

Purchase

Sale

999,471 (16,118,503)







purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

Sale

Sale

Purchase

Sale

Purchase

Purchase

Sale

Purchase492

Sale

Purchase103

Purchase

Sale

Purchase

Sale

Purchase

PurchaseStanley

Purchase

PurchaseStanley

Purchase

Sale

Purchase540

PurchaseStanley

Purchase

Sale

SaleStanley

Purchase

Sale

PurchaseStanley

SaleStanley

SaleStanley 273







purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

SaleStanley

Purchase

SaleStanley

Sale

Purchase

Sale

Sale

PurchaseStanley

Purchase

PurchaseStanley

Purchase467

Purchase

Sale

SaleStanley

Sale

SaleStanley

Sale

Sale

SaleStanley

PurchaseStanley

Purchase

SaleStanley

SaleStanley

Sale

PurchaseStanley

PurchaseStanley

Purchase731

Sale

13,427 (430,248)







purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

Sale

Sale

Purchase

Sale

Purchase8

Purchase

Sale

Purchase

Sale

Purchase

Purchase

Sale

Purchase

Sale

Purchase

Sale

Purchase

PurchaseStanley

Purchase

Purchase

PurchaseStanley

SaleStanley

SaleStanley

Sale

Purchase

Sale

Purchase

SaleStanley

SaleStanley

Sale







purchased/ (sold)

Commitment USD

Market value USD

Unrealised

USD

PurchaseStanley

PurchaseStanley

Purchase

Sale

(5,774,581) (31,034,959)

Note 14 - Mortgage dollar rolls


Nominal Description

codeTrading

Market value USD

Unrealised

USD

1,155,516 4,211


Nominal Description

codeTrading

Market value USD

Unrealised

USD

10,495,909 6,677

Nominal Description

codeTrading

Market value USD

Unrealised

USD

8,960,675 (19,511)

Note 15 - Securities lending

lending agents.




Fund Lending Agent

Market value of securities on loan in Fund

Market value of sovereign bonds

received as collateral in

Franklin Biotechnology Discovery FundFranklin Biotechnology Discovery Fund

9 12

Franklin Technology Fund BarclaysFranklin Technology Fund

Barclays

Deutsche Bank

Deutsche Bank

Deutsche Bank

Deutsche Bank

FundFund Lending

Agent

Gross earnings

in Fund

Direct and indirect

operational costs and

fees in Fund Net earnings

in Fund

Franklin Biotechnology Discovery Fund175

359 28 331287




FundFund Lending

Agent

Gross earnings

in Fund

Direct and indirect

operational costs and

fees in Fund Net earnings

in Fund

411356

30 - 30

-Franklin Technology Fund

143

307

60988

126111

635 27 608

559

Note 16 - Investment management fees

Class A PF Class I Class I PF Class S Class W

Other Classes except Class X

and Class YFranklin Biotechnology Discovery Fund






and Class YFranklin Euro Short Duration Bond Fund

Fund

Bond Fund

Fund


Fund


*

FundFranklin Technology Fund

Fund

Fund

Bond Fund

Fund






and Class Y

*

Note 17 - Performance fees

Performance fees Target benchmark

acc

acc

Fundacc

acc

This Fund was closed during the year

Note 18 - Soft commission




condition.

Note 20 - Taxation

Note 21 - Share classes

Note 18 - Soft commission



Bdis

acc

Dollar Short-

Market Fund

Templeton Asian Bond

Fund

Templeton

Fund

Templeton Asian Smaller

Companies Fund

(USD) (USD) (USD) (USD)

105Grand total


Fund(USD)

Grand total




Note 23 - Expenses reimbursement

Note 24 - Other Charges

Templeton China A-Shares

Fund

Templeton European

Opportunities Fund

Templeton European

Small-Mid Cap Fund

(USD) (EUR) (EUR)

213

Paying agent fees195

Tax fees 46Grand total

Note 25 - Statement of changes in the investment portfolio

Note 26 - Transaction costs



Fund Name AmountFranklin Biotechnology Discovery Fund

601

Franklin Euro Short Duration Bond Fund 284

136

59

Franklin Gulf Wealth Bond Fund3


FundFranklin Technology Fund

GBP




Fund Name Amount

32

14

Note 27 - Equalisation

Note 28 - Portfolio Turnover Ratio

Note 29 - Total Expense Ratio

Note 30 - Audited annual reports and unaudited semi-annual reports




Note 32 - AbbreviationsCountries

ParaguayEcuador Kenya

KGZESPEST Estonia South Korea

KWT SenegalFinland SGPFrance El Salvador

Benin SPBurkina Faso

BGD Bangladesh GeorgiaBahrain Ghana Slovakia

Greece SloveniaBosnia and

Grenada SWEBelarus Thailand

TunisiaTurkey

Pakistan

PeruJerseyJordan Poland

Portugal

Currencies

PesoKWD

EGP KZT TengeEuro

BDT Bangladeshi Taka GBP British Pound SterlingSEKSGD

Thai Baht

TWD

KES Kenyan ShillingDKK Danish Krone South Korean Won Polish Zloty



Note 33 - Other Information

Note 35 - Subsequent events


Schedule of Investments, June 30, 2021Franklin Biotechnology Discovery Fund

www.franklintempleton.lu176 Audited Annual Report

USD)

Number of shares or face value Description

code

Trading Market value

% of net assets

SHARES

6.245.075.033.583.523.123.122.57

2.47Seagen 2.27

2.211.921.851.681.621.491.381.371.261.241.161.151.071.070.98

Sutro 0.820.780.760.760.690.640.590.570.560.470.440.42

Taysha 0.420.41

Keros 0.410.400.390.390.370.350.34

Karuna 0.320.310.310.300.290.280.260.240.23

0.220.200.200.180.180.170.160.16

FRANKLIN TEMPLETON INVESTMENT FUNDSSCHEDULE OF INVESTMENTS

Franklin Biotechnology Discovery Fund (continued)

www.franklintempleton.lu 177 Audited Annual Report


code


% of net assets

Teknova 0.150.130.120.120.11

Kinnate 0.110.110.100.100.090.080.08

Protara 0.080.080.070.060.06

Bolt 0.0575.13

Capital Markets0.230.160.12

Jiya 0.110.100.090.090.90

Life Sciences Tools & Services4.661.030.340.116.14

Pharmaceuticals2.581.991.40

Zogenix 1.290.540.52

EyePoint 0.410.340.280.19

0.180.170.160.15

10.20TOTAL SHARES 92.37WARRANTSPharmaceuticals

0.020.02

TOTAL WARRANTS 0.02TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN

92.39

BONDSGovernment and Municipal Bonds

3.14


Franklin Biotechnology Discovery Fund (continued)



code


% of net assets

1.100.444.68

TOTAL BONDS 4.68TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER

4.68

SHARES

GBP 0.210.210.10

0.52Capital Markets

0.230.120.35

Health Care Providers & Services 0.12

0.12TOTAL SHARES 0.99TOTAL TRANSFERABLE SECURITIES NOT ADMITTED TO AN

0.99

TOTAL INVESTMENTS 2,497,711,660 ** These securities are submitted to a Fair Valuation^ These securities are classed as Private Investments in Public Equities (“PIPEs”)


Schedule of Investments, June 30, 2021


EUR)


code


% of net assets

SHARESAerospace & Defense

0.520.52

Air Freight & Logistics0.280.28

Automobiles0.440.370.81

Banks1.000.670.53

ESP 0.520.310.290.260.233.81

Beverages0.380.370.281.03

0.680.220.90

Capital Markets0.700.540.111.35

Chemicals0.310.200.51

Communications Equipment0.250.25

0.260.26

Electric UtilitiesESP 0.43

0.350.220.130.111.24

Electrical Equipment0.380.38

Electronic Equipment, Instruments & Components0.290.29


(continued)



code


% of net assets

Entertainment0.370.290.160.82

0.360.250.61

Food & Staples Retailing0.520.52

Food Products0.570.350.92

Health Care Equipment & Supplies0.390.120.51

Health Care Providers & Services0.680.371.05

Hotels, Restaurants & Leisure0.240.24

Household Durables0.430.43

Household Products0.610.61

Industrial Conglomerates0.470.360.341.17

Insurance0.570.370.350.330.211.83

Interactive Media & Services1.090.610.410.212.32

Internet & Direct Marketing Retail719 1.04

0.380.251.67

IT Services0.470.420.41


(continued)



code


% of net assets

0.401.70

0.49SWE SEK 0.33

0.331.15

Marine303 DKK 0.37

0.37Media

0.280.28

Metals & MiningGBP 0.53GBP 0.42

0.230.190.151.52

Multiline Retail0.410.170.58

Multi-Utilities0.310.150.46

Oil, Gas & Consumable Fuels0.50

TotalEnergies SE 0.440.430.271.64

Personal Products0.240.24

PharmaceuticalsGBP 0.46GBP 0.44

0.40DKK 0.38

0.360.350.310.240.153.09

Real Estate Management & Development0.100.10

Road & Rail0.470.180.65

Semiconductors & Semiconductor EquipmentTWD 0.73

0.720.480.480.39


(continued)



code


% of net assets

0.38910 0.31

0.27TWD 0.22

3.98

1.170.460.410.340.292.67

0.490.460.380.350.342.02

0.840.311.15

0.570.57

Trading Companies & Distributors0.410.41

Wireless Telecommunication Services0.29

GBP 0.260.55

TOTAL SHARES 47.46BONDSCorporate Bonds

GBP 0.390.360.36

GBP 0.320.31

0.310.300.30

GBP 0.290.29

GBP 0.29GBP 0.29

0.280.280.280.280.270.26

GBP 0.26ESP 0.26SWE 0.25

0.250.250.250.24

GBP 0.24


(continued)



code


% of net assets

GBP 0.23GBP 0.22

0.220.220.220.210.210.210.210.210.210.210.21

ESP 0.200.190.180.150.150.150.150.15

11.57Government and Municipal Bonds

0.860.850.840.840.840.840.840.840.840.830.810.750.700.67

ESP 0.64ESP 0.57

0.550.550.53

ESP 0.530.510.490.450.44

ESP 0.430.340.13

91517.51

TOTAL BONDS 29.08TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN

76.54

BONDSAsset-Backed Securities

1.371.37

Corporate Bonds0.280.26


(continued)



code


% of net assets

0.260.250.230.230.230.230.220.220.160.132.70


4.07

SHARESAutomobiles

0.020.02

TOTAL SHARES 0.02TOTAL TRANSFERABLE SECURITIES NOT ADMITTED TO AN

0.02

COLLECTIVE INVESTMENT SCHEMES - UCITS

2.052.05

TOTAL COLLECTIVE INVESTMENT SCHEMES - UCITS 2.05EXCHANGE TRADED FUNDS

2.552.01

Franklin FTSE Korea Fund 0.440.440.300.230.180.170.166.48

TOTAL EXCHANGE TRADED FUNDS 6.48TOTAL UNITS OF AUTHORISED UCITS OR OTHER COLLECTIVE

8.53

TOTAL INVESTMENTS 178,273,425a

** These securities are submitted to a Fair Valuation




EUR)


code


% of net assets


0.160.16

Air Freight & Logistics681 0.08

0.08Automobiles

0.130.110.24

Banks0.300.200.16

ESP 0.150.100.090.080.071.15

Beverages0.120.11

500 0.060.29

0.21647 0.07

0.28Capital Markets

0.21680 0.15

0.040.40

Chemicals0.10

300 0.050.15


0.080.08


0.100.070.04

Enel 0.030.37




(continued)



code


% of net assets

Entertainment300 0.09

0.090.050.23

673 0.100.080.18



Health Care Equipment & Supplies800 0.12500 0.03

0.15Health Care Providers & Services

800 0.18500 0.10

0.28Hotels, Restaurants & Leisure

500 0.060.06




Insurance0.18

815 0.110.110.100.060.56

Interactive Media & Services238 0.32

0.19Tencent 0.13

500 0.060.70

Internet & Direct Marketing Retail244 0.46800 0.10

0.080.64



(continued)



code


% of net assets

500 0.100.49

700 0.14SWE SEK 0.10

800 0.090.33

Marine71 DKK 0.11

0.11Media

0.080.08


0.070.060.050.46




TotalEnergies SE 0.13Eni 0.13

0.080.49



584 0.12DKK 0.12

0.110.100.100.07

300 0.040.93

Real Estate Management & Development505 0.03

0.03Road & Rail

0.13935 0.06

0.19Semiconductors & Semiconductor Equipment

TWD 0.220.21

665 0.160.150.12


(continued)



code


% of net assets

400 0.10229 0.10

Phison TWD 0.07200 0.07

1.20

0.35426 0.14440 0.12

0.11454 0.07

0.79

0.140.12

656 0.110.11

307 0.100.58

0.260.090.35

0.180.18



GBP 0.080.17


GBP 0.79Teva

0.750.750.730.72

GBP 0.710.700.66

ESP 0.66GBP 0.64

0.59GBP 0.59GBP 0.57GBP 0.56

0.560.560.54

Societe Generale 0.540.530.47

ESP 0.460.43

GBP 0.430.430.43

GBP 0.42


(continued)



code


% of net assets

0.420.420.420.420.420.410.410.400.40

TotalEnergies 0.39SWE 0.39

0.390.390.380.38

GBP 0.370.290.280.280.20


Buoni Poliennali 1.721.721.72

ESP 1.72ESP 1.72

1.721.721.72

Buoni Poliennali 1.721.711.711.721.711.581.281.18

Buoni Poliennali 1.161.111.091.05

ESP 0.850.820.81

GBP 0.75Portugal do Tesouro

0.67Buoni Poliennali 0.64Buoni Poliennali 0.63

Petroleos 0.3536.30


73.26


1.731.73



(continued)



code


% of net assets

Tencent 0.440.440.430.43

Gro 0.430.420.410.370.360.335.13


6.86

SHARESAutomobiles

TOTAL SHARESTOTAL TRANSFERABLE SECURITIES NOT ADMITTED TO AN


2.902.90


3.28iShares 1.04

0.83Franklin FTSE Korea Fund 0.13

0.130.090.07

iShares 0.060.05

iShares 0.055.73


8.63

TOTAL INVESTMENTS 136,780,610a** These securities are submitted to a Fair Valuation




EUR)


code


% of net assets


0.780.78



Banks1.491.000.80

ESP 0.790.470.440.400.355.74

Beverages0.580.570.411.56

1.030.331.36




0.390.39


0.530.330.200.171.87




(continued)



code


% of net assets

Entertainment0.580.440.241.26

0.540.370.91









Insurance0.870.560.530.500.312.77



0.570.382.52



(continued)



code


% of net assets

0.592.56

0.74SWE SEK 0.50

0.501.74

Marine341 DKK 0.56

0.56Media

0.420.42


0.340.290.232.29




TotalEnergies SE 0.670.650.412.46



0.60DKK 0.58

0.540.530.470.360.224.65


Road & Rail0.710.270.98


1.080.730.720.58


(continued)



code


% of net assets

0.570.520.40

TWD 0.336.02

1.740.680.620.520.433.99

0.750.690.560.540.533.07

1.270.461.73

0.860.86



GBP 0.390.83


GBP 0.170.14

0.140.150.150.140.140.140.14

SWE 0.130.13

GBP 0.110.110.110.11

GBP 0.110.10

GBP 0.090.09

GBP 0.090.080.08

GBP 0.080.08

GBP 0.080.08


(continued)



code


% of net assets

0.080.08

ESP GBP 0.08GBP 0.08GBP 0.08

0.070.070.070.070.07

SWE 0.070.07

ESP 0.070.070.070.07

ESP 0.070.070.070.070.060.050.054.58

Government and Municipal Bonds0.330.320.320.310.310.310.310.310.310.310.310.310.290.27

ESP 0.240.24

ESP 0.220.22

ESP 0.220.200.170.160.150.150.110.090.066.55


82.57


1.171.17

Corporate Bonds0.11


(continued)



code


% of net assets

0.110.120.110.080.080.070.060.060.060.060.060.041.02


2.19

SHARESAutomobiles

0.030.03


0.03


0.240.24


3.071.71

Franklin FTSE Korea Fund 0.660.660.450.340.280.260.257.68


7.92




Schedule of Investments, June 30, 2021Franklin Emerging Market Corporate Debt Fund


USD)


code


% of net assets

SHARESMetals & Mining

GBP 0.480.48


2.06

1.781.751.741.661.66

Turkiye Bankasi 1.64Banco

1.591.58

Energo 1.411.341.311.291.27

1.27Pegasus 1.26

1.26

1.261.241.201.120.920.89

Silknet 0.880.870.870.870.85

Banco Financiero 0.850.850.850.840.840.84

Eurotorg 0.830.810.80

Banco BTG Pactual 0.78Sukuk 0.42

Sri § 0.1645.71

Government and Municipal Bonds0.660.451.11

Quasi-Sovereign Bonds Persero 1.84

1.781.68

Provincia 1.521.321.26





code


% of net assets

1.23Provincia de 1.12

Zholy 1.101.041.010.980.96

KZT 0.94Bank Persero 0.89

de de 0.86

0.84

0.82

0.800.80

Ziraat Bankasi 0.790.77

0.73

0.62Provincia 0.39

0.1026.19

Supranational de SP 1.30

1.30TOTAL BONDS 74.31TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN

74.79

BONDSCorporate Bonds

1.741.601.591.581.321.25

Sagicor 1.24 Energy 1.21

1.061.01

St 0.920.860.840.79


0.400.40

Quasi-Sovereign Bonds1.151.141.110.650.61





code


% of net assets

0.294.95


22.36

SHARESMultiline Retail

TOTAL SHARESBONDSCorporate Bonds

TOTAL BONDSTOTAL TRANSFERABLE SECURITIES NOT ADMITTED TO AN

TOTAL INVESTMENTS 24,388,451ds§ These Bonds are currently in default



Schedule of Investments, June 30, 2021Franklin Emerging Markets Debt Opportunities Hard Currency Fund


USD)


code


% of net assets


GBP 0.020.02


1.08Pegasus 1.06

1.05 1.04

1.011.010.970.970.720.680.650.570.540.460.420.410.34

Eurotorg 0.290.20

Energo 0.16Sri § 0.12

0.080.060.02


3.973.163.153.042.832.582.071.941.821.761.731.731.711.611.60

Tunisie1.591.581.571.551.541.511.421.391.371.241.171.081.041.000.90


Franklin Emerging Markets Debt Opportunities Hard Currency Fund (continued)



code


% of net assets

0.890.870.830.830.790.770.720.710.660.650.630.600.600.550.53

Tunisie0.520.440.340.300.290.270.25

§ 0.19

§ 0.140.110.050.03

68.21Quasi-Sovereign Bonds

1.34 Zholy 1.32

0.82 Persero 0.68

Ziraat Bankasi 0.620.380.33

de de 0.320.13

Provincia 0.09Provincia de 0.05

0.03Provincia 0.03

6.14Supranational

de SP 1.05SP 0.55

de SP 0.061.66


89.94


0.96

0.740.47


Franklin Emerging Markets Debt Opportunities Hard Currency Fund (continued)



code


% of net assets

0.230.20

Sociedad y 0.062.66


Quasi-Sovereign Bonds1.160.091.25


4.88

TOTAL INVESTMENTS 340,047,332as§ These Bonds are currently in default


Schedule of Investments, June 30, 2021Franklin Euro Government Bond Fund


EUR)


code


% of net assets


12.997.07

ESP 6.23ESP 5.57

5.314.444.36

Buoni Poliennali 4.144.073.72

EST 3.502.75

Buoni Poliennali 2.45ESP 2.38

2.312.252.101.961.841.801.761.701.550.94

Buoni Poliennali 0.590.45

88.23Supranational

SP 3.25SP 1.22


92.70

TOTAL INVESTMENTS 106,408,172


Schedule of Investments, June 30, 2021Franklin Euro High Yield Fund


EUR)


code


% of net assets


1.521.481.411.35

ESP 1.321.321.261.201.191.181.131.111.05

ESP 1.041.020.99

ESP 0.990.990.960.960.96

ESP 0.940.930.92

GBP 0.900.890.880.880.880.85

ESP 0.83ESP 0.83

0.820.810.790.78

SWE 0.770.77

SWE 0.770.770.760.760.760.750.740.740.720.710.710.700.700.690.690.680.680.670.670.670.66

GBP 0.660.66





code


% of net assets

0.640.640.620.620.610.610.610.60

SWE 0.600.590.58

GBP 0.570.570.56

GBP 0.56

0.560.560.540.540.530.520.510.510.51

ESP 0.490.49

SWE 0.490.490.49

0.490.490.490.490.490.480.48

ESP 0.48ESP 0.48

0.470.470.460.460.45

ESP 0.450.410.410.410.39

ESP 0.380.370.370.370.370.370.370.36

ESP 0.360.360.350.350.35

ESP 0.350.35





code


% of net assets

0.320.31

ESP 0.310.300.290.280.27

0.270.260.260.260.260.250.25

ESP 0.250.250.240.240.240.230.230.230.220.220.21

GBP 0.200.200.190.180.17

ESP 0.0193.01


0.101.64


94.65


1.101.10


1.10


TOTAL SHARES





code


% of net assets





Schedule of Investments, June 30, 2021Franklin Euro Short Duration Bond Fund


EUR)


code


% of net assets


DKK 3.033.03

Convertible Bonds1.061.06


SWE 1.501.401.28

GBP 1.271.251.24

GBP 1.211.181.171.151.111.081.081.081.071.061.061.06

SWE 1.051.05

ESP 1.05

ESP 1.051.051.041.041.041.04

SWE 1.031.031.031.031.010.930.850.840.800.65

ESP 0.640.630.580.54

SWE 0.530.53

ESP 0.53

SWE 0.520.520.510.420.410.410.31

GBP 0.24


Franklin Euro Short Duration Bond Fund (continued)



code


% of net assets

0.22EST 0.21

0.1150.83


3.042.251.351.160.870.670.31

27.17Supranational

SP 1.031.03


83.12


1.021.02


1.02

EXCHANGE TRADED FUNDS

5.685.68


5.68



Schedule of Investments, June 30, 2021Franklin Euro Short-Term Money Market Fund


EUR)


code


% of net assets


5.635.635.35

Bank 5.354.790.64

27.39Government and Municipal BondsKreditanstalt fuer 5.63

5.355.075.074.784.784.784.78

40.24Supranational

SP 5.34SP 5.10SP 4.22


82.29


4.754.739.48

TOTAL COLLECTIVE INVESTMENT SCHEMES - UCITS 9.48TOTAL UNITS OF AUTHORISED UCITS OR OTHER COLLECTIVE

9.48



Schedule of Investments, June 30, 2021Franklin European Corporate Bond Fund


EUR)


code


% of net assets


1.57ESP 1.56

1.561.561.551.551.551.551.541.541.541.541.541.531.531.521.521.511.501.491.481.481.481.47

1.47SWE 1.46

1.451.441.441.44

1.441.431.421.42

1.41

1.401.391.391.381.371.371.351.341.33

ESP 1.331.331.321.321.30

ESP 1.291.281.26

ESP 1.241.191.131.080.870.730.68


Franklin European Corporate Bond Fund (continued)



code


% of net assets

0.61SWE 0.56

0.56

0.550.550.540.540.540.540.53

ESP 0.530.53

ESP 0.530.530.530.520.520.52

ESP 0.520.51

SWE 0.510.510.510.510.51

ESP 0.5195.97

Government and Municipal Bonds1.261.26


97.23


0.640.64


0.64



Schedule of Investments, June 30, 2021Franklin European Total Return Fund


EUR)


code


% of net assets


DKK 3.58DKK 3.50DKK 1.04

8.12Corporate Bonds

0.810.790.780.760.750.75

ESP 0.710.710.71

ESP 0.710.710.710.710.700.700.700.700.700.660.610.59

0.580.570.560.550.520.520.510.490.480.48

GBP 0.470.450.450.450.44

GBP 0.44ESP 0.44

0.430.40

GBP 0.380.370.38

GBP 0.370.360.330.310.31

SWE 0.310.310.310.31

SWE 0.300.300.290.29





code


% of net assets

ESP 0.29SWE 0.29ESP 0.29

0.290.29

ESP 0.290.280.28

SWE 0.290.280.280.28

ESP 0.28ESP 0.24

0.240.240.24

0.230.230.220.220.220.210.210.210.170.150.15

0.140.140.140.100.100.08


8.00ESP 6.50

3.54

3.202.58

SWE SEK 2.522.031.961.951.94

EST 1.911.121.00

ESP 0.820.800.750.740.490.39

0.2642.50

SupranationalSP 3.38





code


% of net assets

SP 1.124.50


92.14


1.150.371.52


1.52

TOTAL INVESTMENTS 1,325,575,411


Schedule of Investments, June 30, 2021Franklin Flexible Alpha Bond Fund


USD)


code


% of net assets


1.971.751.68

1.611.331.120.97

SGP 0.870.610.600.580.570.570.560.560.560.550.55

ESP 0.390.380.380.360.350.350.350.350.350.340.340.330.33

SWE 0.330.330.320.310.310.300.300.290.290.280.230.160.14


4.251.741.691.641.261.220.960.710.640.640.610.610.58

0.560.54





code


% of net assets

0.1017.75


42.95


4.17

1.93

1.290.960.80

0.71

0.700.70

0.690.67

0.670.660.60

0.540.52

0.500.420.26

0.220.170.12

0.040.01

17.35Corporate Bonds

2.820.78

0.760.70

0.700.70

0.70

0.70

0.70

0.700.670.590.570.570.56





code


% of net assets

0.560.560.560.560.440.410.300.300.300.290.290.290.290.290.290.280.160.15


5.623.653.651.15

14.07TOTAL BONDS 49.96TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER

49.96



Schedule of Investments, June 30, 2021Franklin Global Aggregate Bond Fund


USD)


code


% of net assets


1.321.30

SWE 1.171.071.020.840.690.680.670.610.580.560.56

DKK 0.550.540.540.540.530.520.500.490.48

DKK 0.480.440.300.300.290.280.280.270.270.260.260.260.260.260.260.260.250.240.13


7.284.484.423.363.032.762.422.382.162.161.941.94

GBP 1.821.721.461.181.171.151.141.10





code


% of net assets

1.051.031.031.020.890.630.620.60

EST 0.58

0.540.47


1.341.012.35



81.32


1.340.950.690.690.610.520.420.250.255.72

Corporate Bonds1.400.550.500.480.390.310.300.290.290.280.280.280.270.260.260.250.240.240.240.240.240.230.140.130.130.13





code


% of net assets

0.130.130.130.130.120.120.120.120.120.120.119.70


15.42



Schedule of Investments, June 30, 2021Franklin Global Convertible Securities Fund


USD)


code


% of net assets

SHARESAuto Components

1.741.74

Capital Markets2.012.01

Chemicals0.720.72

Electric Utilities1.120.900.860.770.283.93


1.041.04

Life Sciences Tools & Services1.761.76

Multi-Utilities0.780.670.572.02

Semiconductors & Semiconductor Equipment1.491.49

Water Utilities1.111.11

TOTAL SHARES 17.63BONDSConvertible Bonds

2.21Zalando 2.17

ESP 2.011.97

adidas 1.94TotalEnergies 1.42

1.411.291.201.191.040.86


36.34


Franklin Global Convertible Securities Fund (continued)



code


% of net assets

SHARESFood Products

0.810.81

Wireless Telecommunication Services1.441.44


1.91Pinduoduo 1.89

1.841.77

Zendesk 1.671.661.611.591.531.461.441.421.411.38

Fortive 1.381.371.361.301.291.271.261.241.111.05

Envestnet 1.031.011.010.950.940.930.930.930.880.860.810.810.800.780.770.750.650.650.63

0.600.600.590.580.530.510.44

Workiva 0.440.36


Franklin Global Convertible Securities Fund (continued)



code


% of net assets

Envestnet 0.340.340.330.280.250.200.170.150.13


0.400.40


60.82



Schedule of Investments, June 30, 2021Franklin Global Corporate Investment Grade Bond Fund


USD)


code


% of net assets


2.362.262.252.132.121.881.86

GBP 1.781.76

GBP 1.67GBP 1.61

1.531.521.511.481.471.471.451.421.401.40

SWE 1.371.361.351.351.33

JDE 1.321.301.301.241.231.211.161.151.131.101.101.071.050.990.970.960.910.790.740.730.590.480.410.29


1.98Electricite 1.18


0.600.60


70.07


Franklin Global Corporate Investment Grade Bond Fund (continued)



code


% of net assets


2.331.821.691.331.331.121.111.050.940.890.880.870.720.680.680.600.600.600.600.510.490.470.460.460.460.440.410.400.39


24.33



Schedule of Investments, June 30, 2021Franklin Global Fundamental Strategies Fund


USD)


code


% of net assets


GBP 0.31GBP 0.25

0.09611 0.03

0.68Air Freight & Logistics

0.280.28

Airlines0.32

GBP 0.280.140.74

Auto Components0.330.310.310.95

Automobiles0.500.360.191.05

Banks0.060.06

Beverages0.620.370.101.09

0.140.110.040.03

4000.32


Chemicals0.520.460.320.021.32

Commercial Services & Supplies

Consumer Finance0.50

4880.50





code


% of net assets

0.110.11

0.380.38

Electric Utilities0.370.180.55


Electronic Equipment, Instruments & Components0.290.110.100.04

994 0.040.58

Entertainment0.810.670.280.190.110.100.092.25

0.150.110.070.33


Food Products0.22

0.22Health Care Equipment & Supplies

0.550.550.480.470.240.200.150.140.120.090.050.023.06

Health Care Providers & Services0.420.430.330.090.04





code


% of net assets

0.011.32

0.370.170.020.010.57

Hotels, Restaurants & LeisureGBP 0.42GBP 0.39

0.360.32

GBP 0.240.190.160.022.10

Household Durables0.450.380.261.09


Insurance0.570.57

Interactive Media & Services0.860.750.450.230.200.190.190.110.02

GBP 0.013.01

Internet & Direct Marketing Retail2.060.660.560.290.190.110.070.05

GBP 0.030.01

681 0.0136

4.04IT Services

0.870.840.810.590.47





code


% of net assets

0.470.470.450.440.360.170.110.100.060.060.060.050.030.026.43

Life Sciences Tools & Services0.390.330.210.190.180.130.090.06

Evotec SE 0.030.03

SWE1.64

0.450.410.280.191.33

Media0.360.150.120.63

Metals & Mining0.290.290.260.84

Multiline Retail0.460.46


Oil, Gas & Consumable Fuels0.530.41

GBP 0.311.25


Pharmaceuticals0.630.42





code


% of net assets

0.190.11

GBP 0.071.42

Professional Services0.200.20

Road & Rail0.100.010.11

Semiconductors & Semiconductor Equipment0.940.440.430.390.330.220.190.120.110.110.090.05

GBP 0.02938 0.01910 0.01

3.46

0.980.660.510.480.470.420.320.300.290.220.200.190.190.180.170.150.110.110.090.090.080.060.050.040.030.030.030.020.020.020.020.010.010.01

2066.56





code


% of net assets

0.500.450.210.011.17

0.720.260.98

0.39GBP 0.31

0.70Wireless Telecommunication Services

0.360.36


0.470.310.300.200.200.20

0.200.200.200.180.170.170.160.160.160.160.160.150.150.150.140.130.130.120.120.110.100.100.100.100.090.090.080.070.060.060.060.050.040.045.84

Government and Municipal Bonds1.44





code


% of net assets

0.920.880.880.860.660.640.560.450.360.310.310.310.310.310.300.280.240.210.200.200.190.170.160.160.150.120.110.110.100.090.090.080.070.070.070.070.070.070.060.060.050.050.050.050.040.040.030.030.030.020.010.010.010.010.01


77.13





code


% of net assets


0.87

0.580.49

0.33

0.27

0.19

0.14

0.140.13

0.09

0.09

0.083.40

Convertible Bonds0.440.200.050.69

Corporate Bonds0.310.280.260.240.230.230.200.200.200.190.190.190.190.190.190.160.160.160.160.150.140.140.130.130.130.130.120.120.110.110.110.10





code


% of net assets

0.100.100.100.100.100.100.090.080.080.080.080.070.070.070.070.060.060.060.060.050.050.050.047.27


EGP 0.680.630.62

SGP SGD 0.33SGP SGD 0.32

0.30SGP SGD 0.30

0.200.18

SGP SGD 0.050.036.49


17.85

SHARESOil, Gas & Consumable Fuels





Schedule of Investments, June 30, 2021Franklin Global Income Fund


USD)


code


% of net assets


500 0.630.411.04

Auto Components0.440.44

Automobiles0.760.76

Banks1.611.030.980.830.610.450.085.59

Beverages0.960.741.70

0.980.98


SGP SGD 0.182.58

Chemicals900 0.87

0.87Communications Equipment

0.530.53

1.250.540.510.47

SGP SGD 0.112.88

Electric Utilities1.110.760.580.462.91

0.650.65

Food Products0.910.91





code


% of net assets

Health Care Equipment & Supplies115 0.56


600 0.460.46



Industrial Conglomerates0.860.321.18

Insurance0.660.62

355 0.47800 0.40

GBP 0.370.232.75

Internet & Direct Marketing Retail1.061.06

IT Services0.68

600 0.371.05

290 0.950.95

Metals & Mining0.720.580.361.66

Multi-Utilities0.740.71

GBP 0.670.432.55

Oil, Gas & Consumable FuelsTotalEnergies SE 0.85

0.550.451.85

Personal ProductsGBP 0.65

0.65Pharmaceuticals

GBP 1.161.150.93

523 0.660.620.50





code


% of net assets

0.480.410.286.19


Semiconductors & Semiconductor Equipment2.80

230 1.16300 0.43

0.39425 0.27

5.05

1.030.221.25

Tobacco0.190.19

Trading Companies & Distributors0.510.370.88

Wireless Telecommunication ServicesGBP 0.83

0.62364 0.35

1.80TOTAL SHARES 53.76BONDSCorporate Bonds

0.740.730.720.700.700.700.690.660.670.610.560.500.450.430.40

ESP 0.400.370.180.18


1.000.850.750.700.690.67





code


% of net assets

0.405.06


69.21

Aerospace & Defense1.001.00

Health Care Providers & Services0.790.79


0.92Media

1.241.082.32



Semiconductors & Semiconductor Equipment0.890.891.78

1.851.85

1.401.40

11.97SHARESCapital Markets

66 0.830.83


0.730.720.720.720.700.70

0.700.660.600.520.510.490.470.47





code


% of net assets

0.460.460.450.430.430.360.260.180.180.170.170.170.170.17


0.760.76


26.33



Schedule of Investments, June 30, 2021Franklin Global Managed Income Fund


EUR)


code


% of net assets


600 0.77GBP 0.28

1.05Auto Components

600 0.410.41

Automobiles500 0.66

0.66Banks

768 1.801.20

622 0.70400 0.61539 Truist 0.45

0.395.15

Beverages926 0.75220 0.49

1.24

646 1.101.10


SGP SGD 0.272.04

Chemicals195 0.52100 0.43


782 0.620.62

1.120.93

700 0.522.57

Electric Utilities0.95

647 0.50605 0.45

ESP 0.44803 Electrica ESP 0.22

2.56Electrical Equipment

127 Schneider Electric SE 0.300.30

Electronic Equipment, Instruments & Components268 0.28

0.28

279 0.820.82


Franklin Global Managed Income Fund (continued)



code


% of net assets

Food Products521 0.98


23 0.510.51

Health Care Providers & Services523 0.66


136 0.470.47


Household Products740 1.50

1.50Industrial Conglomerates

358 1.18700 0.60195 0.47

2.25Insurance

195 0.73787 0.71136 0.31

0.292.04


800 Tencent 0.91117 0.61

2.62Internet & Direct Marketing Retail

28 1.45201 0.69

2.14IT Services

300 0.85244 0.5498 0.35

1.74

48 Fortive 0.710.71

Media743 0.64

0.64Metals & Mining

0.68455 0.65

0.341.67

Multiline Retail145 0.53

0.53Multi-Utilities

590 0.86





code


% of net assets

998 0.741.60


345 0.541.47


0.91Pharmaceuticals

432 1.070.79

134 0.76805 0.74639 0.64330 GBP 0.60493 0.58324 0.51800 0.40


TWD 2.26508 1.4748 1.10

374 0.97Phison TWD 0.26

6.06

430 1.75515 0.60

2.35

1.25530 1.09

2.34Tobacco

0.370.37

Trading Companies & Distributors600 0.26600 0.25


74 0.32GBP 0.22


0.490.480.470.460.46

Teva 0.450.450.450.44

Truist 0.440.440.430.43





code


% of net assets

0.390.360.36

GBP 0.310.310.300.300.240.238.69

Government and Municipal BondsBuoni Poliennali 0.99

Petroleos 0.800.66

Buoni Poliennali 0.57ESP 0.57

0.560.560.560.55

ESP 0.550.540.540.507.95


77.49


1.481.48

Corporate Bonds0.710.470.470.470.470.450.450.440.430.430.430.430.320.310.300.30

Gro 0.300.250.250.240.240.240.240.230.230.220.22





code


% of net assets

0.229.76


11.24


iShares 6.20iShares 1.80

8.00TOTAL EXCHANGE TRADED FUNDS 8.00TOTAL UNITS OF AUTHORISED UCITS OR OTHER COLLECTIVE

8.00



Schedule of Investments, June 30, 2021Franklin Global Multi-Asset Income Fund


EUR)


code


% of net assets


1.110.781.89


Auto Components0.550.320.87

Automobiles0.960.96

Banks1.401.270.980.640.610.600.560.510.45

407.02


1.611.61



0.660.66

1.040.510.500.490.460.44

SGP SGD 0.390.370.294.49

Electric Utilities0.660.59

ESP 0.460.38





code


% of net assets

0.310.26

ESP 0.212.87

Electrical EquipmentSchneider Electric SE 0.53

0.53Electronic Equipment, Instruments & Components

1.31SGP SGD 0.53

1.84Food Products

0.670.67



Household DurablesGBP 0.37

0.37Household Products

0.710.651.36


Insurance0.800.80

Interactive Media & Services1.821.82


0.661.85

IT Services1.271.27

872 0.51SWE SEK 0.31

0.82Media

1.091.09

Metals & Mining0.870.821.69






code


% of net assets



0.440.410.261.89



GBP 0.580.360.350.323.89

Real Estate Management & Development0.500.300.160.96


TWD 1.471.050.60

TWD 0.456.75

1.690.241.93

1.390.361.75

TWD 0.430.43



0.790.770.76

ESP 0.73GBP 0.58GBP 0.56

0.560.540.54





code


% of net assets

0.51GBP 0.50

0.490.480.47

GBP 0.47

0.460.400.380.35

SWE 0.34GBP 0.32

0.32GBP 0.31

0.310.300.300.300.300.290.29

ESP 0.290.280.250.24

SWE 0.240.230.210.21


0.820.360.360.360.360.360.360.360.360.360.350.360.350.33

0.27ESP 0.25

0.240.240.230.220.220.21

ESP 0.200.21

ESP 0.200.140.138.21


89.03





code


% of net assets


0.410.310.310.310.300.300.300.220.210.200.193.06


3.06


2.122.12


2.062.06


4.18



Schedule of Investments, June 30, 2021Franklin Global Real Estate Fund


USD)


code


% of net assets

SHARES

ESP 0.830.83

6.553.002.962.752.702.592.53

GBP 2.382.332.272.242.061.961.941.861.701.651.601.601.531.33

Dexus 1.241.171.16

GBP 1.151.141.131.09

948 1.09GBP 1.02

218 1.021.00

SGP SGD 0.99730 0.93

0.900.90

SGP SGD 0.85ESP 0.85

0.850.840.83

840 0.82735 0.82

0.810.780.770.750.69

946 0.560.500.470.450.400.40

GBP 0.320.310.280.22

79.03


Franklin Global Real Estate Fund (continued)



code


% of net assets

Real Estate Management & Development3.272.351.701.59

SGP SGD 1.21SWE SEK 1.19

GBP 1.191.080.95

SWE SEK 0.880.870.770.630.600.56

18.84TOTAL SHARES 98.70TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN

98.70



Schedule of Investments, June 30, 2021Franklin Gold and Precious Metals Fund


USD)


code


% of net assets


5.175.084.263.623.563.223.152.882.682.64

KGZ 2.062.041.991.93

GoGold 1.881.721.691.621.571.561.44

Torex 1.441.42

GBP 1.421.361.291.231.211.111.071.010.990.920.890.880.860.79

Bafokeng 0.78Galiano 0.77

0.770.750.73

SolGold GBP 0.730.680.660.630.620.620.610.600.590.55

GBP 0.550.510.490.490.480.48

Pantoro 0.470.440.420.420.39





code


% of net assets

Wiluna 0.380.370.360.360.330.320.32

Talisker 0.310.300.290.280.28

Tulla 0.270.270.270.260.260.250.230.230.220.210.210.200.180.180.16

Westhaven 0.140.140.130.130.120.110.110.100.070.050.030.020.01

97.34TOTAL SHARES 97.34WARRANTSMetals & Mining

0.10Westhaven 0.04

0.14TOTAL WARRANTS 0.14TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN

97.48


0.320.230.210.030.79

TOTAL SHARES 0.79





code


% of net assets


0.310.31


1.10

SHARESCommercial Services & Supplies

Metals & Mining0.310.300.170.14

0.92TOTAL SHARES 0.92WARRANTSMetals & Mining

0.10Kanadario 0.05

0.040.040.020.010.010.010.010.010.01

Talisker0.31

TOTAL WARRANTS 0.31TOTAL TRANSFERABLE SECURITIES NOT ADMITTED TO AN

1.23



Schedule of Investments, June 30, 2021Franklin Gulf Wealth Bond Fund


USD)


code


% of net assets

BONDSConvertible Bonds

1.23§ 0.78

2.01Corporate Bonds

3.15

2.67KWT 2.48

2.462.232.011.97

KWT 1.721.451.321.241.241.201.091.081.08

KWT 1.071.061.020.950.920.910.84

KWT 0.810.800.790.78

KWT 0.770.740.710.700.690.670.660.560.540.54

KWT 0.520.470.400.380.340.330.310.280.28

0.270.210.200.160.06

KWT 0.060.06


3.19


Franklin Gulf Wealth Bond Fund (continued)



code


% of net assets

2.372.272.142.112.041.771.691.641.331.071.050.980.970.970.930.910.830.660.43


80.61


0.810.81

Corporate Bonds

2.451.410.950.305.11

Government and Municipal BondsEGP 2.89


8.81

TOTAL INVESTMENTS 337,633,147a§ These Bonds are currently in default


Schedule of Investments, June 30, 2021Franklin High Yield Fund


USD)


code


% of net assets


0.65

0.65

0.070.07

TOTAL SHARES 0.72WARRANTSPaper & Forest Products

TOTAL WARRANTSBONDSCorporate Bonds

0.970.960.840.800.780.740.730.680.640.610.600.510.470.450.400.390.390.380.350.320.280.270.260.250.240.230.07

Bondco 0.0113.62


14.34


1.381.361.351.301.211.201.141.131.08





code


% of net assets

1.041.021.000.980.890.850.830.830.820.800.800.800.800.790.780.750.720.690.690.69

0.670.640.64

Sensata 0.610.610.600.590.590.590.580.570.560.560.550.540.540.540.530.530.510.510.510.500.490.490.480.480.480.470.470.460.450.450.440.440.430.430.420.420.410.410.410.410.400.400.39





code


% of net assets

0.390.390.380.380.37

Teva0.370.370.370.370.370.370.360.360.350.350.340.340.34

Forestar 0.330.330.330.320.320.320.310.310.310.310.31

Endo Dac 0.300.300.300.290.290.280.280.280.280.280.280.270.270.270.270.270.270.270.270.260.260.260.26

Endo Dac 0.260.250.250.250.250.240.240.240.24

ESP 0.240.240.240.230.23





code


% of net assets

0.230.230.23

0.230.230.220.210.210.210.210.210.200.200.200.190.190.190.190.190.190.190.180.180.180.180.180.180.170.170.170.160.160.160.160.150.150.150.150.150.150.140.140.140.130.120.120.120.110.110.110.110.11

0.100.090.090.090.080.080.080.070.070.070.040.040.04





code


% of net assets

0.02§


0.520.52


81.17


TOTAL SHARESWARRANTSOil, Gas & Consumable Fuels


0.490.49

TOTAL BONDS 0.49TOTAL TRANSFERABLE SECURITIES NOT ADMITTED TO AN

0.49

TOTAL INVESTMENTS 1,277,747,341a§ These Bonds are currently in default** These securities are submitted to a Fair Valuation


Schedule of Investments, June 30, 2021Franklin Income Fund


USD)


code


% of net assets


1.120.501.62


Banks1.641.420.750.570.57

GBP 0.535.48


1.990.432.42




2.150.850.503.50

Electric Utilities1.171.070.970.900.580.580.520.520.500.360.077.24




Franklin Income Fund (continued)



code


% of net assets


Industrial Conglomerates1.301.30

Insurance1.380.380.372.13

IT Services0.830.83

Media0.400.40

Metals & Mining0.890.89

Multi-Utilities1.170.940.540.490.480.360.354.33


TotalEnergies SE 0.560.240.240.235.26


0.69Pharmaceuticals

2.301.971.170.920.470.430.067.32

Road & Rail0.540.54

Semiconductors & Semiconductor Equipment1.120.840.340.330.312.94





code


% of net assets

0.190.19

Tobacco0.800.170.97



1.230.590.400.340.340.340.330.330.320.300.300.190.180.140.090.070.040.025.55

Government and Municipal Bonds2.352.060.595.00


67.32

Automobiles0.650.65

0.680.68

Capital Markets0.590.520.480.381.97

Chemicals0.580.58






code


% of net assets

0.480.48





Road & Rail0.320.32

Semiconductors & Semiconductor Equipment0.710.650.642.00

0.370.37

0.400.40

11.68SHARESCapital Markets

0.660.66

TOTAL SHARES 0.66BONDSAsset-Backed Securities

0.570.220.050.84

Convertible Bonds0.180.18

Corporate Bonds1.860.970.650.620.620.590.560.540.530.490.480.410.380.380.38





code


% of net assets

0.360.340.320.310.310.300.300.300.290.290.290.280.260.260.240.200.180.180.170.170.150.150.120.03


0.710.71


29.33


0.530.53


0.53



Schedule of Investments, June 30, 2021Franklin India Fund


USD)


code


% of net assets


1.221.22


Banks8.326.505.784.52

25.12Beverages

2.991.024.01

Capital Markets 2.16

0.462.62

Chemicals2.032.03

Construction & Engineering4.734.73

Construction Materials4.540.810.645.99



Hotels, Restaurants & Leisure1.19

Westlife 0.310.300.260.112.17



Insurance0.570.520.511.60


Franklin India Fund (continued)



code


% of net assets


IT Services9.704.59

14.29

1.181.18



Oil, Gas & Consumable Fuels1.770.322.09

Pharmaceuticals1.77

Dr 1.623.39

Real Estate Management & Development2.471.073.54

2.170.662.83

Thrifts & Mortgage Finance1.561.56


TOTAL SHARES 102.22TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN

102.22



Schedule of Investments, June 30, 2021Franklin Innovation Fund


USD)


code


% of net assets


0.33513 0.08

0.41Automobiles

1.601.60

Banks0.210.21

0.42 SE 0.34

0.170.10

331 0.02400 0.02

1.07Capital Markets

1.010.730.342.08

Chemicals0.050.05

Commercial Services & Supplies800 0.01

0.01Consumer Finance

452 0.010.01

0.370.37


Electronic Equipment, Instruments & Components0.370.310.25

Keysight 0.111.04

Entertainment2.590.680.360.320.304.25

0.490.360.221.07


Franklin Innovation Fund (continued)



code


% of net assets

Food Products800

Health Care Equipment & Supplies1.541.510.860.650.490.470.390.290.160.066.42


1.170.540.031.74




Tencent 1.420.740.640.630.600.390.07

GBP 0.039.69

Internet & Direct Marketing Retail6.521.760.910.60

768 0.410.35

Zalando 0.220.15

GBP 0.06690 DoorDash 0.03

0.0211.03

IT Services2.762.751.851.491.47





code


% of net assets

1.381.150.670.540.340.320.210.200.200.180.100.05

15.66Life Sciences Tools & Services

1.331.030.670.620.600.440.32

Bio-Techne 0.25 0.13

Evotec SE 0.08900 SWE 0.01

5.48Media

0.480.400.88



Road & Rail0.300.040.34

Semiconductors & Semiconductor Equipment3.031.431.230.700.650.380.37

Entegris 0.370.290.150.05

GBP 0.040.03

691 0.038.75

3.062.071.761.581.54





code


% of net assets

1.321.040.970.920.730.660.620.610.600.590.49

Datadog 0.390.39

Zendesk 0.310.280.240.170.170.150.130.100.090.080.070.070.06

Procore 0.05713 0.04

0.040.03

125 0.0121.43

0.680.020.70

0.820.82


98.45


0.260.26


0.26



Schedule of Investments, June 30, 2021Franklin Japan Fund


)


code


% of net assets


2.652.65

Automobiles3.003.00

Banks2.852.772.698.31

Building Products2.402.40

Chemicals2.512.51

Construction & Engineering2.522.472.382.281.56

11.21Consumer Finance

2.582.58

Electronic Equipment, Instruments & Components2.872.562.287.71

2.822.265.08

Food & Staples RetailingTsuruha 1.80Sundrug 1.77

3.57Food Products

2.242.24


2.562.56

Household Durables2.641.804.44



Franklin Japan Fund (continued)



code


% of net assets

2.952.722.352.21

10.23Media

2.252.25





Road & Rail2.952.445.39



98.28



Schedule of Investments, June 30, 2021Franklin K2 Alternative Strategies Fund


USD)


code


% of net assets


0.190.080.27

Air Freight & Logistics0.330.010.01

3900.35

Airlines0.040.04


BanksGBP 0.07

263 0.02252 0.02507

Truist

4420.11

BeveragesDavide 0.27

0.180.020.47

0.180.18

Zai 0.140.130.110.100.100.100.080.060.060.060.050.050.05

Genetron 0.050.040.040.040.040.040.03

Dicerna 0.020.020.020.020.020.02


Franklin K2 Alternative Strategies Fund (continued)



code


% of net assets

0.020.010.010.010.010.010.01

70 3811.93

Building Products0.160.090.040.030.32


468 0.110.100.060.040.040.040.03

FinTech 0.030.030.030.030.030.030.030.030.030.020.020.020.020.020.020.020.020.020.020.020.02

0.020.02

Dragoneer 0.020.020.020.020.020.010.010.010.010.010.010.010.010.010.010.01





code


% of net assets

0.010.010.010.010.010.010.010.010.010.010.010.01

Sarissa 0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01

Broadscale 0.010.010.010.010.01





code


% of net assets

0.010.010.010.010.010.01

Dragoneer 0.01931

782

Peridot

SGP

Dragoneer





code


% of net assets

Glenfarne

217

906798805750749613412 Waldencast20417216515 1498 802 211 11

2.37Chemicals

0.630.130.03

7490.79

Commercial Services & Supplies0.030.03


Construction & Engineering0.170.160.100.43


Consumer Finance

Containers & Packaging0.700.70

Distributors0.250.25

0.010.01

0.030.03





code


% of net assets

0.20

0.20Electric Utilities

0.320.220.100.090.010.01


0.100.090.19


Entertainment0.03

791854133

0.03

0.040.040.020.02

313 0.01

0.13Food & Staples Retailing

0.020.01

1880.03

Food Products0.33

9820.33

Gas Utilities0.030.03

Health Care Equipment & Supplies0.510.160.140.120.110.110.080.050.04





code


% of net assets

0.040.040.030.030.03

Treace 0.010.01

4441.51

Health Care Providers & Services0.370.320.180.100.080.06

agilon 0.030.030.020.01

2071.20

Teladoc 0.07Phreesia 0.06


0.450.16

GBP 0.060.060.010.010.01

847 0.01

0.77Household Durables

0.040.04


0.530.250.17

Sunnova 0.160.080.051.24

Industrial Conglomerates0.06

GBP 0.040.10

Insurance0.490.030.02

603





code


% of net assets

0.54Interactive Media & ServicesTencent 0.39

0.310.280.18

647 0.090.02

Tencent 0.01330


0.380.380.310.20

457 0.05Deliveroo GBP 0.04

151 0.011.37

IT Services0.580.300.240.210.170.11

GoDaddy 0.090.040.020.01

529 0.01274506

1.78Leisure Products

591

Life Sciences Tools & Services0.490.210.14

Sartorius Biotech 0.120.100.100.090.080.070.050.030.02

480 0.020.010.01

SWE1.54

0.130.100.030.01

365323





code


% of net assets

2410.27

Media0.23

Stroeer 0.100.06

GBP 0.050.020.01

227290

0.47Metals & Mining

0.070.03

1940.10



Oil, Gas & Consumable Fuels0.060.010.010.01

732

2190.09

Personal Products0.19

568 0.010.20

Pharmaceuticals0.370.270.070.040.040.020.020.02

Zhaoke 0.01

0.86Professional Services

0.270.220.10





code


% of net assets

286 0.050.030.010.68

Road & Rail0.510.470.150.06

287983451


0.330.180.100.070.070.020.020.01

300 0.010.01

578 0.01156 0.01122 0.01382

0.85

0.590.500.47

Talend 0.430.260.210.200.180.160.160.12

Dynatrace 0.080.080.080.080.070.020.020.02

ironSource 0.010.01

385 0.01493 Zscaler 0.01294986

3.77

0.460.15

GBP 0.120.100.07

654 0.010.01





code


% of net assets

3900.92

0.02

0.02

0.420.200.140.02

244 0.01

0.79Tobacco

0.01740

0.01Trading Companies & DistributorsBrenntag SE 0.36

0.030.39

Transportation Infrastructure 0.08

0.08Water Utilities

0.130.13

Wireless Telecommunication Services0.080.030.11

TOTAL SHARES 33.62WARRANTS

Building Products


Dragoneer 0.010.010.010.010.010.010.010.01

468 0.010.01

Broadstone

Foley





code


% of net assets





code


% of net assets

Broadscale

EdTech977

587683 888721 779384 445321 440190 270161 225119 211114 146


Proterra

Metals & Mining

0.01

356 Playstudios 6590.01

TOTAL WARRANTS 0.16BONDSConvertible Bonds

0.10SGP 0.09

0.09





code


% of net assets

0.09Deutsche Wohnen 0.07

0.070.060.060.060.05

Teladoc 0.030.02

Tricon 0.010.80

Corporate Bonds 0.19

0.140.13

Evergrande 0.12eG GBP 0.11

0.100.10

Teva 0.100.090.090.08

Kaisa 0.080.080.070.070.070.070.06

0.060.060.050.05

Evergrande 0.05Kaisa 0.05

0.050.040.040.040.04

§ 0.040.040.040.040.04

Tongyang 0.04Kaisa 0.03

0.030.030.030.030.03

GBP 0.030.03

0.030.030.030.030.030.030.030.030.03





code


% of net assets

0.03Teva 0.03

0.03SGP 0.03

0.03

0.030.030.030.030.030.03

Teva 0.03eG 0.03

0.030.020.020.02

GBP 0.02GBP 0.02

Sukuk 0.02

0.020.02

0.020.020.02

Teva 0.02Bidco 0.02 § 0.02

0.020.020.020.020.02

0.020.020.020.020.02

0.020.020.020.02

0.020.02

Dua 0.020.020.01

Garfunkelux 0.010.010.01

Guichard Perrachon 0.010.010.010.010.010.010.010.010.010.010.01





code


% of net assets

0.010.010.01

Greenko 0.010.010.010.010.010.010.010.010.01

ESP 0.010.01

0.01Energean 0.01

0.010.010.01

Deuce Finco 0.010.010.010.01

Baoxin 0.010.010.010.010.010.01

Energean 0.010.010.010.010.010.010.010.01

Banco


0.400.310.270.18

Petroleos 0.160.150.15





code


% of net assets

0.130.130.13

Petroleos 0.120.110.110.100.090.090.08

Petroleos 0.070.060.060.060.060.06

Wakala Sukuk 0.060.05


Persero 0.040.040.030.03

Bonos 0.03 do Tesouro 0.03

0.030.030.020.02

§ 0.02Persero 0.02

0.020.01

Sukuk0.01

Provincia 0.01Provincia 0.01

0.010.013.76



42.96

SHARESFood Products

0.030.03

Thrifts & Mortgage Finance

Wireless Telecommunication Services250 0.02

0.02TOTAL SHARES 0.05





code


% of net assets


0.180.18

0.170.15

0.15

0.15

0.140.13

0.12

GBP 0.11

0.110.10

0.100.100.100.10

0.10

0.100.08

0.08

0.08

0.080.08

0.08

0.080.07

0.07

0.070.070.070.07

0.070.07

0.06

0.060.06

0.060.06

0.06

0.06





code


% of net assets

0.06

0.05

0.05

0.050.050.05

0.050.050.05

0.040.040.04

0.04

0.04

0.04

0.040.040.04

0.03

0.030.03

0.03

0.030.030.020.020.02

0.020.02

0.02

0.02

0.020.02

0.02

0.020.02

0.020.020.02

0.02

0.02

0.02





code


% of net assets

0.020.02

0.02SoFi

0.02

0.020.02

0.020.020.010.01

0.01

0.01

0.01

0.010.01

0.01

0.01SoFi

0.01

0.01

0.01

0.01

0.010.01

0.01

0.010.01

GBP 0.01

0.01

0.01

0.01

0.01

0.010.010.010.01

0.010.01

0.01

0.01

0.01





code


% of net assets

0.01

0.01

0.01

0.01

0.01

0.010.01

0.010.01

0.01SoFi

0.01

0.01

0.010.01

0.01

0.01

0.01

0.01

0.01

0.01

0.01

0.01

0.01

0.01





code


% of net assets

SoFi

5.91Convertible Bonds

0.160.150.130.130.130.120.110.11

Fortive 0.100.100.090.090.090.090.090.090.090.090.090.080.080.08

Sunnova 0.080.080.080.08

DraftKings 0.080.08

TechTarget 0.080.07





code


% of net assets

0.070.070.070.070.070.07

Fastly 0.070.060.060.060.060.060.060.060.050.050.050.050.050.050.05

Zogenix 0.050.050.050.050.040.040.040.040.040.040.040.040.040.040.040.030.030.030.030.030.030.020.020.020.020.02

Dynavax 0.02Kaleyra 0.02

0.020.020.020.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01





code


% of net assets

0.01

5.36Corporate Bonds

§ 0.210.160.130.100.10

0.100.100.090.090.090.090.070.070.070.070.07

0.06§ 0.06

0.06Seguros 0.05

0.05§ 0.05

0.050.05

Talos 0.050.050.04

§ 0.04§ 0.04

0.040.040.040.040.040.040.04

Societe Generale 0.030.030.030.030.030.030.030.03

Svenska SWE 0.030.03





code


% of net assets

0.030.030.030.030.030.03

Tencent 0.030.030.030.030.030.03

SWE 0.030.030.030.030.030.030.020.020.020.02

§ 0.020.020.020.02

ESP 0.020.020.020.020.020.02

§ 0.020.020.020.020.020.020.02

Tencent 0.020.02

eG 0.020.020.020.020.020.020.020.020.020.020.020.010.010.010.010.010.010.010.010.010.01

eG 0.010.010.010.010.01





code


% of net assets

Bidco 0.010.010.010.010.010.010.010.01

0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01


0.410.340.20

EGP 0.190.180.170.14





code


% of net assets

0.13Petroleos 0.13

0.120.110.090.080.070.060.060.060.060.050.050.03



18.62

SHARES

TOTAL SHARESBONDSCorporate Bonds



Franklin K2 4.944.94


4.94

TOTAL INVESTMENTS 1,228,216,631as§ These Bonds are currently in default** These securities are submitted to a Fair Valuation


Schedule of Investments, June 30, 2021Franklin MENA Fund


USD)


code


% of net assets

SHARESAir Freight & Logistics

3.353.35

Airlines0.990.99

Banks Bank 6.44

6.255.84

EGP 4.973.963.342.87

KWT KWD 2.592.07

Bank 1.0439.37

Capital MarketsEGP 1.01

1.01Chemicals

2.31EGP 1.59

0.984.88

Construction Materials1.001.00

EGP 2.61KWT KWD 2.56

5.17

1.071.07

1.50EGP 1.01


1.281.28


Health Care Providers & ServicesEGP 4.40EGP 2.03


1.801.80



Franklin MENA Fund (continued)



code


% of net assets


IT ServicesEGP 1.78

1.78Metals & Mining

1.391.39


PharmaceuticalsGBP 1.61

1.61Real Estate Management & Development

4.63KWT KWD 2.55

1.038.21

Road & Rail1.581.58

3.44Jarir 2.28

1.91 1.22


100.46

SHARESIT Services

GBP




Schedule of Investments, June 30, 2021Franklin Mutual European Fund


EUR)


code


% of net assets


GBP 1.871.493.36


Banks3.112.97

ESP 1.707.78





3.623.407.02



Household DurablesGBP 1.00GBP 0.93GBP 0.86


GBP 1.811.81


Insurance3.07

GBP 2.562.46

GBP 1.009.09

IT Services3.043.04


Franklin Mutual European Fund (continued)



code


% of net assets

2.692.69

Oil, Gas & Consumable FuelsGBP 2.43GBP 2.21GBP 1.80

1.097.53


3.437.71

GBP 2.162.114.27

3.362.686.04

TobaccoGBP 2.42

2.42Trading Companies & Distributors

3.771.595.36


1.23TOTAL SHARES 96.92WARRANTS

0.040.04


0.070.07


97.03


0.050.05


0.05



Schedule of Investments, June 30, 2021Franklin Mutual Global Discovery Fund


USD)


code


% of net assets


GBP 1.651.032.68

Auto Components Generale des 1.76

1.76Automobiles

1.280.982.26

Banks2.752.692.041.559.03

Beverages1.511.51


Capital Markets1.40

Guotai Junan 0.341.74



Consumer Finance1.441.44

1.981.98

2.911.003.91

Entertainment1.911.91


Health Care Equipment & Supplies1.851.85



Franklin Mutual Global Discovery Fund (continued)



code


% of net assets



Insurance2.361.791.391.240.817.59

IT Services2.08

SE 1.453.53

Media2.892.89

Oil, Gas & Consumable FuelsGBP 2.73

2.362.111.501.169.86


2.772.202.080.690.10


GBP 0.010.01

Road & Rail0.310.31


2.041.99

13 3504.03

1.671.59

TWD 0.744.00

Financiere 1.411.41

TobaccoGBP 2.35


Franklin Mutual Global Discovery Fund (continued)



code


% of net assets

1.213.56


0.010.01

Financiere 0.020.02


0.070.07


95.37


0.750.510.440.160.041.90



1.99



TOTAL INVESTMENTS 541,743,615AAS

aa



Schedule of Investments, June 30, 2021Franklin Mutual U.S. Value Fund


USD)


code


% of net assets


1.931.93

Automobiles1.601.60

Banks2.462.132.071.980.519.15


Chemicals1.291.29




1.761.76

1.001.00

Electric UtilitiesEvergy 1.23

1.162.39

Electrical EquipmentSensata 2.78

2.78Entertainment

2.272.27

1.921.92



Health Care Providers & Services3.46


Franklin Mutual U.S. Value Fund (continued)



code


% of net assets

2.766.22




Insurance2.152.021.811.751.589.31


Media3.872.306.17

Oil, Gas & Consumable Fuels3.131.294.42

Pharmaceuticals3.292.300.886.47


Road & Rail1.111.11

2.492.37

13 3504.86

2.242.24

1.771.77

Tobacco1.721.72


Franklin Mutual U.S. Value Fund (continued)



code


% of net assets



0.020.02


95.20


0.140.14

Corporate Bonds0.790.660.450.410.150.140.032.63



2.85


0.020.02

Oil, Gas & Consumable Fuels


0.02

TOTAL INVESTMENTS 372,889,454A

a



Schedule of Investments, June 30, 2021Franklin Natural Resources Fund


USD)


code


% of net assets

SHARESAgricultural Products

0.430.360.79

0.120.10

Peridot 0.090.31


Copper2.141.240.86

GBP 0.790.710.125.86

0.750.75

1.79GBP 1.49

0.850.57

GBP 0.555.25

Environmental & Facilities Services0.400.40

Fertilizers & Agricultural Chemicals0.710.681.39

Food Retail0.590.59

Gold2.792.130.830.760.750.480.127.86

0.550.521.07

Industrial Gases1.341.302.64


Franklin Natural Resources Fund (continued)



code


% of net assets

Proterra 0.410.41

Integrated Oil & Gas3.983.453.192.21

TotalEnergies 2.161.33

16.32Oil & Gas Drilling

0.510.460.97

Oil & Gas Equipment & Services1.641.321.110.780.750.470.440.430.430.400.400.350.240.230.149.13

Oil & Gas Exploration & Production4.243.683.182.882.502.311.640.880.88

GBP 0.4322.62

2.181.971.760.276.18

Oil & Gas Storage & Transportation2.162.021.021.000.626.82

Paper Packaging0.490.360.361.21


Franklin Natural Resources Fund (continued)



code


% of net assets

Semiconductor EquipmentSolarEdge 0.37

0.37Steel

1.421.42


TOTAL SHARES 94.20WARRANTSIntegrated Oil & Gas

0.070.07


94.27


0.340.34



1.12

SHARES

0.850.350.191.39

0.450.45

0.510.51

0.080.08


2.43

TOTAL INVESTMENTS 717,218,251a** These securities are submitted to a Fair Valuation^ These securities are classed as Private Investments in Public Equities (“PIPEs”)


Schedule of Investments, June 30, 2021Franklin NextStep Balanced Growth Fund


USD)


code


% of net assets


8.786.746.625.845.533.31

141 3.272.712.612.472.011.61

51.50TOTAL COLLECTIVE INVESTMENT SCHEMES - UCITS 51.50EXCHANGE TRADED FUNDS

8.417.926.115.683.933.633.542.702.50

GBP 2.4646.88


98.38



Schedule of Investments, June 30, 2021Franklin NextStep Conservative Fund


(C USD)


code


% of net assets


acc 17.056.874.083.202.79

138 2.512.181.27

acc1.25


iShares 18.55iShares Fund 10.10

9.35iShares 7.09Franklin 3.03iShares 2.36

GBP 2.11iShares 2.06iShares 0.69iShares 0.68


97.22



Schedule of Investments, June 30, 2021Franklin NextStep Dynamic Growth Fund


USD)


code


% of net assets


12.54acc 9.32

acc 7.83acc 4.44

23 4.023.973.182.831.70

252 1.421.201.05


iShares 8.948.69

iShares 7.45Franklin 4.18iShares 3.20iShares 2.94

GBP 2.89iShares 2.78

675 iShares Fund 2.422.24


99.23



Schedule of Investments, June 30, 2021Franklin NextStep Growth Fund


USD)


code


% of net assets


7.85129 7.13

6.13acc 4.36

3.59acc

3.571.831.501.09

608 1.0738.12


iShares 19.66Franklin 8.47iShares 6.51

GBP 5.89iShares 5.83iShares 4.87iShares Fund 2.68

2.48iShares 1.93iShares 1.91


98.35



Schedule of Investments, June 30, 2021Franklin NextStep Moderate Fund


USD)


code


% of net assets


acc 8.116.36

393 5.945.123.342.90

acc2.871.951.531.51


iShares 15.95iShares 9.26Franklin 6.91iShares 5.31iShares Fund 4.91

GBP 4.80iShares 4.79

4.55iShares 1.57iShares 1.56


99.24



Schedule of Investments, June 30, 2021Franklin NextStep Stable Growth Fund


USD)


code


% of net assets


acc 14.458.825.774.463.793.43

acc 3.41acc 2.85

2.311.19

21 1.170.93


iShares 15.40iShares Fund 8.40

7.774.20

iShares 2.89iShares 2.88Franklin 1.29iShares 0.99iShares 0.94

GBP 0.8945.65


98.23



Schedule of Investments, June 30, 2021Franklin Strategic Income Fund


USD)


code


% of net assets

SHARES

0.06347

0.06Media

0.050.010.06


0.18

0.030.03

TOTAL SHARES 0.33WARRANTSPaper & Forest Products

452


0.53Tencent 0.43

0.410.400.380.380.370.350.340.32

0.320.310.300.300.300.300.290.280.280.270.270.270.250.250.25

Teva0.250.240.240.240.230.220.220.220.210.210.21


Franklin Strategic Income Fund (continued)



code


% of net assets

0.210.200.200.200.190.180.160.160.160.150.150.140.140.140.130.130.120.120.120.120.110.110.100.100.10

ESP 0.090.090.070.070.070.070.070.070.060.060.060.060.050.050.050.040.040.030.03

Bondco 0.020.020.020.01


2.451.440.89

Electricite 0.78Tunisie

0.770.710.680.620.600.600.540.520.500.50





code


% of net assets

0.470.430.430.410.400.340.340.340.330.300.300.300.280.270.260.210.210.210.200.190.190.190.180.170.150.120.090.090.080.070.060.060.050.030.020.020.020.010.010.010.010.01


Zholy 0.54 Persero 0.41

0.400.241.59


de SP 0.440.99


37.85


0.200.030.23

TOTAL SHARES 0.23





code


% of net assets


0.63

0.61

0.600.59

0.57

0.560.51

0.44

0.41

0.390.390.380.360.34

0.340.330.33

0.32

0.31

0.310.290.290.29

0.280.280.25

0.250.250.23

0.22

0.22

0.220.220.210.20

Eur0.19

0.180.18

0.180.180.17

0.160.160.15





code


% of net assets

0.150.14

0.14

0.140.14

0.13

0.13

0.11

0.110.09

0.07

0.06

0.06

0.050.050.04

0.04

0.030.030.030.03

0.020.020.020.02

0.020.010.010.010.01

0.010.010.010.010.010.010.010.010.010.010.010.010.010.01





code


% of net assets

865

914 953794 895672 780701 717655 683493 556421 439334 348305 30994 98

16.02





code


% of net assets

Convertible BondsDigicel 0.01

0.01Corporate Bonds

0.470.460.430.430.420.410.410.400.400.380.380.370.370.360.350.350.350.350.340.340.340.340.340.340.340.340.340.330.330.330.330.330.330.330.320.320.310.310.310.310.300.300.300.300.300.300.290.290.290.290.290.290.290.280.280.280.280.280.270.270.270.27





code


% of net assets

0.270.270.270.270.260.260.26

0.260.260.260.260.250.250.25

0.250.250.250.250.240.240.240.23

Sensata 0.230.230.230.230.220.220.220.220.220.220.220.220.21

Societe Generale 0.210.200.200.200.190.19

Endo Dac 0.190.180.180.170.170.160.160.160.160.160.160.150.150.150.150.150.140.140.140.14

Forestar 0.140.14

0.140.14





code


% of net assets

0.130.130.130.130.130.130.130.12

Endo Dac 0.120.120.120.110.110.110.110.110.110.110.110.100.100.10

0.100.100.100.100.100.100.090.090.090.090.090.090.090.080.080.080.080.080.080.080.08

0.080.080.070.070.070.070.070.070.070.070.070.070.060.060.060.060.060.060.06

0.06





code


% of net assets

0.050.050.050.050.050.050.040.040.040.040.04

ESP 0.04

0.040.040.040.030.030.030.030.030.030.01

Digicel§


0.550.220.21

Petroleos 0.170.17

0.160.110.090.090.060.060.060.060.022.03

Quasi-Sovereign Bonds0.040.04


59.01

SHARESMedia

59

Multiline Retail





code


% of net assets

Oil, Gas & Consumable Fuels

TOTAL SHARESWARRANTS

22

Oil, Gas & Consumable Fuels630442263



TOTAL INVESTMENTS 712,188,419a§ These Bonds are currently in default** These securities are submitted to a Fair Valuation


Schedule of Investments, June 30, 2021Franklin Systematic Style Premia Fund


USD)


code


% of net assets


196 0.1435 0.07

SGP SGD 0.040.25

Air Freight & Logistics857 0.59148 0.19117 0.11300 0.09

0.98Airlines

806 0.030.03

Auto Components600 0.09100 0.04

0.13Automobiles

925 0.1949 0.04

0.23Banks

GBP 0.31700 0.14

0.12500 0.03

0.020.62

Beverages345 0.32317 0.11177 0.1199 0.10

173 GBP 0.060.05

100 0.040.79

1.180.76

91 0.52229 0.47127 0.45192 0.3656 DKK 0.23

200 0.1982 0.0825 0.0421 0.03

4.31Building Products

442 0.30100 0.14222 0.13120 0.1230 0.1192 0.09

118 0.09200 0.09


Franklin Systematic Style Premia Fund (continued)



code


% of net assets

0.08200 0.05

1.20Capital Markets

273 1.06592 0.59

0.50196 0.3969 0.37

691 0.3620 0.31

109 0.14841 GBP 0.14196 0.1394 0.1133 0.11

342 0.09100 0.07

GBP 0.070.07

308 GBP 0.07106 0.07138 0.07700 SGP SGD 0.06109 GBP 0.05200 0.05117 0.0552 0.05

100 0.045.02

Chemicals467 0.36235 0.25

0.12167 0.11186 0.10

0.09100 0.08166 GBP 0.07200 0.07

0.0753 0.07

181 0.066 0.06

72 0.05200 0.0461 0.03

100 0.0228 893 0.01

1.66Commercial Services & Supplies

193 0.07100 0.05200 0.04200 0.03


49 0.1853 0.10

278 0.080.36

Construction & Engineering400 0.05

0.05





code


% of net assets

Construction Materials385 0.24131 0.11

0.35Containers & Packaging

134 0.08100 0.06

0.14Distributors

125 0.16251 0.13

0.29

SWE SEK 0.3613 0.0694 SWE SEK 0.04

0.46

0.27GBP 0.20

0.040.04

84 0.030.03

130 0.03910 0.02


0.150.14

385 0.11216 0.0998 0.08

600 0.07374 ESP 0.07278 ESP 0.07

0.06393 0.05400 0.03500 0.0327 0.03

0.031.01

Electrical Equipment521 0.50200 0.27

0.24118 0.13135 0.08206 0.08100 0.05

1.35Electronic Equipment, Instruments & Components

208 0.17200 0.08

64 0.07200 0.03200 SGP SGD 0.03

0.38

417 0.050.05





code


% of net assets

Entertainment144 0.13169 0.08100 0.06

0.27

659 0.220.220.18

GBP 0.16375 0.1230 0.09

0.08934 Dexus 0.08205 0.08

Stockland 0.074 0.07

0.06SGP SGD 0.06

1 0.062 0.06

100 0.050.04

SGP SGD 0.03100 0.02


627 0.89898 0.27630 0.25200 0.13530 0.11200 0.10

GBP 0.07GBP 0.06

218 0.04100 0.03100 0.0347 0.03

2.01Food Products

128 0.22259 0.19426 0.1694 0.12

121 0.100.08

100 0.06200 0.06100 0.06100 0.04100 0.04

1.13Gas Utilities

0.14183 0.0870 0.07

252 ESP 0.07300 0.06300 0.06


537 0.5874 0.47





code


% of net assets

63 0.23100 0.2143 0.17

101 DKK 0.17226 0.15230 0.14159 0.1339 0.12

110 DKK 0.1035 0.07

136 0.07103 0.07

92 DKK 0.052.73

Health Care Providers & Services243 0.58131 0.25

85 0.24116 0.16253 0.1549 0.1368 0.1011 0.04

200 0.041.69

118 0.38268 0.21


262 0.310.16

493 0.1633 0.16

0.090.08

82 0.05100 0.04200 0.03

SGP SGD 0.030.020.021.15

Household Durables500 0.10300 0.05100 0.03


155 0.1790 0.08

0.25

584 0.16384 0.07

80 0.030.26

Industrial Conglomerates800 0.47

0.20200 0.1386 GBP 0.07

0.87





code


% of net assets

Insurance265 0.34570 0.31243 0.11117 0.08200 0.06100 0.06409 0.06150 0.03

1.05Interactive Media & Services

484 1.7266 1.6853 1.31

829 GBP 0.0746 0.06

100 0.034.87

Internet & Direct Marketing Retail584 0.43133 0.16125 0.12100 0.03

0.74IT Services

397 1.20200 0.39459 0.32138 0.2748 0.2588 0.20

200 0.1866 0.11

137 0.11200 0.10600 0.10459 0.06

87 0.05200 0.05

23 0.043.43

Leisure Products114 0.11


264 0.3920 0.2854 0.19

448 0.1698 0.1536 0.1420 0.1323 0.11

199 0.101.65

357 0.29125 0.18900 0.18

0.18869 0.15

47 0.11200 0.10300 0.08





code


% of net assets

200 0.07100 0.0762 0.07

135 0.0618 0.05

100 0.05100 0.04

4 0.04200 0.03200 0.02

1.77Marine

5 DKK 0.153 DKK 0.08

0.23Media

186 0.16192 0.12344 0.11288 0.11213 0.09323 0.08200 0.07132 0.05200 0.03100 0.03

0.85Metals & Mining

657 GBP 0.550.27

256 0.25620 0.19180 0.11423 0.07102 0.04900 0.04443 GBP 0.04800 0.03

1.59Mortgage Real Estate Investment Trusts (REITs)

470 0.080.08

Multiline Retail434 1.07758 0.34203 0.21100 0.16112 GBP 0.12

1.90Multi-Utilities

445 0.26482 0.12558 0.07100 0.04100 0.03

0.52Oil, Gas & Consumable Fuels

412 0.35499 0.31900 0.22387 0.22

0.11125 0.07





code


% of net assets

900 0.07172 SWE SEK 0.06200 0.05200 0.05

0.05100 0.0359 0.03

1.62Paper & Forest Products

423 GBP 0.12100 0.07700 0.04

0.23Personal Products

216 0.9787 0.11

100 0.031.11

Pharmaceuticals100 0.17300 0.13

27 0.11200 0.11300 0.0942 0.06

200 0.05200 0.0489 0.0432 0.03


224 0.235 0.16

117 0.12120 0.10136 0.0999 0.09

104 0.08200 0.04


500 0.160.16

100 0.110.10

62 0.09865 0.07

0.060.050.050.050.050.05

500 0.030.030.03

100 0.03200 0.02

1.14Road & Rail

88 0.2475 0.12

0.08100 0.08





code


% of net assets

139 0.069 0.05

0.050.68

Semiconductors & Semiconductor Equipment603 1.18

1.02958 0.83141 0.27229 0.2597 0.19

314 0.123.86

2.79234 1.17

1.08130 0.36239 0.33116 0.2874 0.1835 0.16

201 0.1595 0.1425 0.13

200 0.1057 0.09

960 GBP 0.09273 0.0868 0.08

100 0.0599 GBP 0.0549 0.04

126 0.037.38

62 0.3620 0.30

203 0.24100 0.19208 0.1557 0.12

GBP 0.09445 GBP 0.06

0.04200 0.04600 0.03

1.62

0.320.17

200 0.04200 0.04

0.57

148 1.19358 0.4487 DKK 0.12

166 0.11351 GBP 0.10200 0.0745 0.03

2.06





code


% of net assets

Tobacco819 GBP 0.18


0.28195 GBP 0.28135 Brenntag SE 0.13

0.12200 0.10

11 0.050.96

Transportation Infrastructure65 ESP 0.11

429 0.08382 Getlink SE 0.0625 0.03

0.28Water Utilities

203 0.090.09


76.18


1.831.83


1.83


5.044.539.57


9.57



Schedule of Investments, June 30, 2021Franklin Technology Fund


USD)


code


% of net assets

SHARESAutomobiles

0.830.83

Capital Markets0.15

Dragoneer 0.140.040.33


Entertainment1.600.980.850.363.79

1.341.34


1.290.011.30


Household DurablesSonos 0.38

0.38Interactive Media & Services

2.38Tencent 1.91

1.410.295.99


IT Services2.852.612.261.861.071.050.950.770.700.530.160.06

14.87


Franklin Technology Fund (continued)



code


% of net assets


Semiconductors & Semiconductor Equipment3.052.061.991.711.681.671.631.531.201.120.58

GBP 0.1518.37

4.482.442.122.021.981.891.701.681.641.481.481.341.04

Zendesk 0.780.660.630.600.59

Datadog 0.530.410.180.180.130.02

Procore 0.0230.02

3.893.89



92.55


0.490.48





code


% of net assets

0.191.16


1.16


0.060.03

Tula eTechnology0.09


Commercial Services & SuppliesZenPayroll 0.26ZenPayroll 0.10ZenPayroll 0.05ZenPayroll 0.02

0.43

0.430.43

286 0.110.11



IT Services0.610.43

Workrise 0.280.081.40

Proterra 0.310.120.43

Media0.150.15

Talkdesk 0.380.250.200.180.150.13

Snyk 0.10 SE** 0.10

0.060.050.05





code


% of net assets

0.05Talkdesk 0.04

0.041.78

0.020.02


6.21

TOTAL INVESTMENTS 10,073,625,174a** These securities are submitted to a Fair Valuation^ These securities are classed as Private Investments in Public Equities (“PIPEs”)


Schedule of Investments, June 30, 2021Franklin U.S. Dollar Short-Term Money Market Fund


USD)


code


% of net assets

COMMERCIAL PAPERSAir Freight & Logistics

2.831.424.25

Banks2.832.000.850.840.570.300.280.230.170.160.140.078.44

2.092.061.591.421.421.421.421.421.160.850.710.40

15.96Food Products

1.420.111.53


TOTAL COMMERCIAL PAPERS 30.75BONDSGovernment and Municipal Bonds

6.235.793.522.832.832.832.832.842.842.832.551.701.511.421.421.421.421.421.42


Franklin U.S. Dollar Short-Term Money Market Fund (continued)



code


% of net assets

1.421.421.421.421.421.421.421.421.421.421.421.420.960.850.710.030.03


100.02



Schedule of Investments, June 30, 2021Franklin U.S. Government Fund


USD)


code


% of net assets


10.029.124.994.853.503.433.433.123.022.752.752.702.261.951.841.591.541.511.451.381.371.371.331.271.251.121.080.920.910.860.840.660.630.610.600.580.480.440.440.440.430.420.390.390.360.340.330.330.330.320.310.310.300.290.290.270.240.220.220.200.200.190.17


Franklin U.S. Government Fund (continued)



code


% of net assets

0.170.170.170.170.160.150.150.150.150.140.140.130.130.130.120.120.120.110.110.110.100.100.100.090.090.090.090.090.090.080.080.080.080.070.070.070.070.070.060.060.060.060.060.060.060.060.060.060.050.050.050.050.050.050.050.050.050.050.050.040.040.040.040.040.040.040.04





code


% of net assets

0.040.040.040.040.040.040.030.030.030.030.030.030.030.030.030.030.030.030.030.030.030.030.030.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01





code


% of net assets

0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01





code


% of net assets





code


% of net assets

989959

877971 983868 966943 956950 954936 941828 933920 933857 929891 923914 918866 893789 886860 869856 866862 865855 863844 862853 856765 849841 844827 831811 814802 806786 789744 789781 784714 782694 774753 756729 737730 733630 730701 720608 720695 707606 689681 688584 668660 668651 653652 653639 641635 638621 623607 614610 612546 601563 588574 577562 564561 563557 559552 559556 558536 558542 544519 532521 526478 522511 513464 508444 504





code


% of net assets

446 501485 497444 489482 488460 478452 457452 454450 452442 444442 443434 438434 436412 434414 431412 426420 421415 417415 416412 413402 404398 403363 402400 401397 398382 383361 372354 367322 366345 348346 346340 344343 344339 341337 339308 337303 334328 331268 315313 314312 314306 308297 298274 275265 269261 264259 260255 259251 253249 250214 216197 215210 211207 208202 203199 202196 197194 195179 189175 184180 182173 179171 172172 172164 165162 163153 158134 143





code


% of net assets

125 129128 128127 127115 117112 116114 114109 11399 107

106 107106 10791 105

103 10498 10196 9793 9381 8178 7971 7772 7260 6160 6060 6060 6051 5144 4443 4341 4138 3831 3532 3332 3230 3124 2421 2118 1817 1714 1412 1211 118 86 65 55 54 43 3


0.380.38


99.46



Schedule of Investments, June 30, 2021Franklin U.S. Low Duration Fund


USD)


code


% of net assets

SHARES

0.030.03


0.73Dexia 0.67

0.64Tencent 0.61

0.500.490.480.480.480.450.440.420.420.410.350.350.35

ESP 0.340.330.330.330.330.320.300.280.270.26

Shinhan 0.240.220.200.200.190.150.130.130.130.120.090.090.090.060.060.060.040.040.03


4.854.564.333.743.503.002.922.712.35


Franklin U.S. Low Duration Fund (continued)



code


% of net assets

1.521.511.211.010.300.250.250.240.240.240.240.200.190.190.190.180.180.17

Tunisie0.170.160.140.140.130.070.070.070.06

Petroleos 0.040.030.030.030.030.030.03

41.50Supranational

de SP 0.490.49


55.65


2.12GoldentTree

1.791.78

1.06

0.98

0.95

0.79

0.70

0.61

0.59





code


% of net assets

0.59

0.590.57

0.570.560.500.47

0.400.40

Eur0.350.35

0.35

0.34

0.32

0.310.300.30

0.30

0.29

0.29

0.290.290.270.27

0.260.260.22

0.210.21

0.190.19

0.18

0.17

0.16

0.150.14

0.110.100.08

0.080.07

0.07

0.06





code


% of net assets

0.05

0.050.040.040.04

0.030.030.030.030.030.030.020.020.02

0.02

0.02

0.020.020.020.020.020.020.020.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01

0.010.010.010.010.010.010.010.010.010.010.01





code


% of net assets

0.010.010.01





code


% of net assets

935 961879 933817 817383 383

24.60Corporate Bonds

0.710.710.490.490.480.460.330.320.310.310.300.280.250.240.210.210.200.190.170.170.160.16

Societe Generale 0.15 0.15

0.150.130.120.120.120.120.100.100.090.090.090.060.060.060.040.040.030.030.030.020.02

§ 0.01

356 5009.08


0.670.440.27

0.200.15





code


% of net assets

0.140.110.090.054.31


37.99



728 206911 145

86437

TOTAL WARRANTS 437BONDSAsset-Backed Securities

SGP 0.120.12

Corporate Bonds

TOTAL BONDS 0.12TOTAL TRANSFERABLE SECURITIES NOT ADMITTED TO AN

0.12

TOTAL INVESTMENTS 317,334,585B

§ These Bonds are currently in default** These securities are submitted to a Fair Valuation


Schedule of Investments, June 30, 2021Franklin U.S. Opportunities Fund


USD)


code


% of net assets


0.660.66

Automobiles0.790.79


0.690.470.28

0.111.55


Dragoneer 0.160.114.75



Consumer FinanceSoFi 0.43


0.390.39

Entertainment0.610.491.10

1.970.372.34

Food Products0.610.460.291.36

Health Care Equipment & Supplies1.821.371.100.940.790.77


Franklin U.S. Opportunities Fund (continued)



code


% of net assets

0.497.28


1.871.87

Hotels, Restaurants & Leisure1.170.240.051.46




IT Services3.893.232.091.821.200.520.460.330.10

Dlocal 0.080.06


0.880.73

0.081.69

Media0.520.52

Pharmaceuticals0.600.570.340.011.52

Professional Services1.850.500.462.81





code


% of net assets

Road & Rail0.850.85


GBP 0.054.37

3.882.501.991.721.110.950.730.650.640.53

Zendesk 0.480.450.440.340.320.280.090.09

Procore 0.0317.22

0.210.21

3.543.54

1.001.00



91.67


0.340.280.100.72


0.72





code


% of net assets

SHARESCapital Markets

0.33Dragoneer 0.07


0.690.150.84

Food & Staples Retailing0.170.020.19



Internet & Direct Marketing Retail0.350.060.41

IT Services0.420.360.260.111.15

Proterra 0.600.130.73

Talkdesk 0.390.380.360.170.140.100.080.070.07

SE** 0.031.79


7.28

TOTAL INVESTMENTS 8,673,733,720B

** These securities are submitted to a Fair Valuation^ These securities are classed as Private Investments in Public Equities (“PIPEs”)


Schedule of Investments, June 30, 2021Franklin UK Equity Income Fund


GBP)


code


% of net assets


GBP 1.511.51

BanksGBP 1.59GBP 1.28

2.87Beverages

GBP 2.75GBP 1.67

4.42Capital Markets

GBP 1.67GBP 1.48GBP 1.46GBP 1.41GBP 1.40

7.42Chemicals

GBP 1.331.33

GBP 1.671.67

Electric UtilitiesGBP 2.03

2.03

GBP 1.35GBP 1.35


GBP 1.951.95

Food ProductsGBP 1.44


GBP 1.621.62

Hotels, Restaurants & LeisureGBP 1.34


GBP 2.442.44

Household ProductsGBP 2.31


GBP 1.70GBP 1.19

2.89Insurance

GBP 2.44GBP 2.32


Franklin UK Equity Income Fund (continued)



code


% of net assets

GBP 1.556.31

GBP 1.58GBP 1.26

2.84Media

GBP 1.96GBP 1.28

3.24Metals & Mining

GBP 3.62GBP 2.18

5.80Multiline Retail

GBP 1.621.62

Multi-UtilitiesGBP 2.56


GBP 4.59GBP 3.66


GBP 4.434.43



GBP 2.73GBP 1.40

4.13

GBP 1.331.33

TobaccoGBP 3.40GBP 2.46


GBP 1.93GBP 1.59


GBP 1.661.66


97.84



Schedule of Investments, June 30, 2021Franklin World Perspectives Fund


USD)


code


% of net assets


3.133.13

Air Freight & LogisticsDKK 2.95

2.95Auto Components

3.393.39

Banks3.422.926.34

2.432.434.86


Chemicals2.932.93

2.221.633.85



2.352.35

Health Care Equipment & Supplies3.082.832.648.55




IT Services2.592.472.297.35


Franklin World Perspectives Fund (continued)



code


% of net assets


Professional Services2.582.552.337.46

3.142.782.592.482.46

13.45

2.342.344.68


97.19





Schedule of Investments, June 30, 2021Templeton Asia Equity Total Return Fund


USD)


code


% of net assets

SHARESBanksShinhan 4.08

SGP SGD 3.442.90

10.42Chemicals

Tinci 1.401.40


Construction Materials1.87

Tunggal Prakarsa . PT 0.682.55

2.831.133.96

Electronic Equipment, Instruments & ComponentsTWD 3.40

450 2.946.34





Interactive Media & ServicesTencent 5.26

800 3.138.39


IT Services2.362.36

Leisure ProductsTWD 3.56


3.493.49

Weichai 3.063.06


Templeton Asia Equity Total Return Fund (continued)



code


% of net assets

Multiline RetailPoya TWD 2.47


3.193.19

Semiconductors & Semiconductor EquipmentTWD 4.74TWD 4.55

2.922.24

14.45

2.752.75

4.014.01


98.35



Schedule of Investments, June 30, 2021Templeton Asian Bond Fund


USD)


code


% of net assets


9.496.475.955.875.715.565.555.37

SGP SGD 4.023.732.832.782.772.672.492.221.770.680.520.380.310.190.120.070.060.05


77.63


7.575.223.810.80


17.40



Schedule of Investments, June 30, 2021Templeton Asian Growth Fund


USD)


code


% of net assets

SHARESBanks

2.952.581.661.39

. PT 1.30SGP SGD 0.99

10.87Beverages

2.570.820.393.78

Chemicals1.93

Tinci 0.492.42



Construction MaterialsPersero . PT 1.15

0.890.870.70

Tunggal Prakarsa . PT 0.480.414.50

0.960.330.081.37

Entertainment1.21

Tencent 0.221.43



Health Care Providers & ServicesBangkok Dusit 0.33

0.190.52

0.430.43

Hotels, Restaurants & Leisure1.110.201.31


Templeton Asian Growth Fund (continued)



code


% of net assets





2.490.56


7.651.981.910.730.66

12.93IT Services

2.020.502.52

1.35Weichai 0.48

1.83Metals & Mining

0.900.90



1.000.94

14.28

9.529.52

TOTAL SHARES 96.20WARRANTSHotels, Restaurants & Leisure

0.01

0.01TOTAL WARRANTS 0.01TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN

96.21


Templeton Asian Growth Fund (continued)



code


% of net assets

SHARESAutomobiles

0.270.27

Real Estate Management & Development


0.27


acc 0.920.92


0.92

TOTAL INVESTMENTS 3,292,417,766a** These securities are submitted to a Fair Valuation


Schedule of Investments, June 30, 2021Templeton Asian Smaller Companies Fund


USD)


code


% of net assets


0.970.97


Banks2.23

Tisco 1.003.23

1.42TWD 0.61


0.700.70


Chemicals0.860.86

Construction & Engineering Buildcon 1.70

1.70Construction Materials

2.651.561.090.936.23


1.971.97

4.234.23

Electronic Equipment, Instruments & ComponentsSynnex TWD 2.41

2.034.44




FRANKLIN TEMPLETON INVESTMENT FUNDS SCHEDULE OF INVESTMENTS

Templeton Asian Smaller Companies Fund (continued)



code


% of net assets

0.9340 194

5.62Health Care Equipment & Suppliesi 1.09

1.07Sri Trang 0.48


1.091.09


Household DurablesZinus 2.34

0.873.21


Internet & Direct Marketing RetailTWD 3.69

2.346.03

IT Services1.76

TravelSky 0.402.16

Leisure ProductsTWD 3.55

3.55

Shin Zu Shing TWD 1.741.74

Media0.780.351.13




1.201.20




2.702.651.78


Templeton Asian Smaller Companies Fund (continued)



code


% of net assets

Kinsus TWD 1.381.36

14.28

0.950.881.83

0.710.71

TWD 1.051.05

3.820.670.284.77

Trading Companies & Distributors . PT 0.51

0.51Transportation Infrastructure

2.542.54


95.87



Schedule of Investments, June 30, 2021Templeton BRIC Fund


USD)


code


% of net assets

SHARESAutomobiles

0.650.65

Banks4.464.242.96

Banco Bradesco 2.61 2.12

2.071.25

19.71

0.490.49

Capital MarketsBrasil Bolsa Balcao 2.34

2.34Chemicals

Tinci 1.641.64



0.340.330.67

1.521.52


0.73Entertainment

1.39Tencent 0.63

2.02Food Products

1.130.952.08


Insurance0.910.91


1.32


Templeton BRIC Fund (continued)



code


% of net assets

0.1910.62


Prosus 0.7467 TWD 263

13.56IT Services

2.061.190.804.05

Metals & Mining2.94

Baoshan 2.014.95

Multiline Retail 1.48


5.670.265.93



Road & Rail0.690.69


1.30TWD 0.82

11.91

0.540.130.67


95.58

SHARESAutomobiles

1.851.85


1.85




Schedule of Investments, June 30, 2021Templeton China A-Shares Fund


USD)


code


% of net assets


2.832.83

Banks3.853.85

Beverages4.291.890.816.99

1.631.573.20





Electrical Equipment3.373.251.648.26







Household Durables3.33


Templeton China A-Shares Fund (continued)



code


% of net assets

2.201.661.551.139.87

Insurance1.761.76


3.670.884.55



2.432.43

5.385.38

0.880.88

Transportation Infrastructure1.161.16


95.76



Schedule of Investments, June 30, 2021Templeton China Fund


USD)


code


% of net assets


0.440.44


Automobiles2.452.45

Banks3.643.64

Beverages 1.98

1.283.26

1.91BeiGene 1.43

1.100.995.43


ChemicalsTinci 0.86


2.452.45

1.710.221.93

Electrical Equipment1.351.182.53







Templeton China Fund (continued)



code


% of net assets


Insurance2.562.56


1.83Kuaishou 0.98


7.655.313.601.061.030.16

18.81IT Services

1.891.89

Life Sciences Tools & Services4.77

1.916.68

Weichai 1.39Jiangsu 0.54

1.93Metals & Mining

0.830.83

PharmaceuticalsJiangsu 0.93


1.000.670.291.96


0.870.87

1.531.53

3.333.33


92.91


Templeton China Fund (continued)



code


% of net assets


acc 4.474.47


4.47



Schedule of Investments, June 30, 2021Templeton Eastern Europe Fund


EUR)


code


% of net assets

SHARESBanks

9.494.32

GBP 3.513.303.061.601.560.730.59

28.16Beverages

2.860.933.79







Insurance1.521.52



IT Services1.281.28

Metals & Mining4.493.202.242.051.791.181.150.48


8.508.43


Templeton Eastern Europe Fund (continued)



code


% of net assets

4.834.320.990.92

27.99Paper & Forest Products

1.011.01

4.410.374.78

1.481.330.923.73


99.07

SHARES


TOTAL INVESTMENTS 222,330,119B



Schedule of Investments, June 30, 2021Templeton Emerging Markets Bond Fund


USD)


code


% of net assets


do Tesouro 5.69Bonos de la Tesoreria de la en 5.46

4.724.574.35

Bonos de la Tesoreria de la en4.203.433.182.382.342.222.212.141.981.971.931.761.701.661.411.401.361.141.081.000.96

do Tesouro 0.910.890.870.800.790.690.68

do Tesouro 0.670.570.540.520.500.47

do Tesouro 0.460.450.430.430.370.360.350.350.320.320.320.310.310.30

do Tesouro 0.29 do Tesouro 0.29

0.280.270.250.250.240.210.16





code


% of net assets

0.150.140.120.110.110.110.110.100.100.080.080.070.070.060.040.040.030.030.030.020.020.010.010.01

0.0184.12



84.44

BONDSConvertible BondsDigicel 0.06

0.06Corporate BondsDigicel 0.05


2.261.94

EGP 1.080.790.66

EGP 0.460.41

EGP 0.33EGP 0.31EGP 0.28EGP 0.18EGP 0.17EGP 0.13EGP 0.09


9.20





code


% of net assets

SHARESHousehold Durables

Multiline Retail

TOTAL SHARESWARRANTSHousehold Durables





Schedule of Investments, June 30, 2021Templeton Emerging Markets Dynamic Income Fund


USD)


code


% of net assets


0.10Weifu 0.05

0.040.19

Automobiles. PT 0.30

0.100.40

Banks2.011.09

0.94Banco Bradesco 0.94

0.80

Financiero Santander 0.760.450.380.250.16

Kiatnakin Phatra 0.147.92

BeveragesSGD 0.08

0.08Capital Markets

Brasil Bolsa Balcao 0.470.300.77

ChemicalsTinci 0.46

0.430.89

Construction Materials0.480.100.58

0.190.160.35

0.460.46


809 TWD 0.050.72

EntertainmentTencent 0.36

0.340.70


Food Products0.29


Templeton Emerging Markets Dynamic Income Fund (continued)



code


% of net assets

0.29Branco 0.04


0.200.20


Insurance0.780.350.061.19


2.351.040.360.098.22


TWD 0.076.30



MediaKT Skylife 0.08

0.08Metals & Mining

0.910.651.56

Multiline Retail 0.37


1.19. PT 0.16

0.141.49


0.73Pharmaceuticals

Gedeon . 0.380.38







code


% of net assets

TWD 1.520.578.52

0.160.16

5.855.85

0.500.50


TOTAL SHARES 52.28BONDSGovernment and Municipal BondsBonos de la Tesoreria de la en 2.15

2.111.961.831.63

Bonos de la Tesoreria de la en1.481.391.381.311.30

do Tesouro 1.291.060.970.930.910.90

do Tesouro 0.860.820.790.760.670.630.560.540.530.500.49

do Tesouro 0.460.430.390.360.340.320.300.280.250.250.230.21

do Tesouro 0.210.200.16

do Tesouro 0.160.150.13





code


% of net assets

0.120.11

do Tesouro 0.110.110.100.090.080.07


0.070.070.060.060.050.050.040.030.030.020.020.020.020.010.010.010.010.010.01


88.39

BONDSConvertible BondsDigicel 0.03

0.03Corporate BondsDigicel 0.02


1.450.70

EGP 0.36EGP 0.28EGP 0.20EGP 0.12EGP 0.09EGP 0.07EGP 0.05EGP 0.04EGP 0.02


3.43





code


% of net assets

SHARESAutomobiles

0.670.67

Household Durables

Multiline Retail

TOTAL SHARES 0.67WARRANTSHousehold Durables



0.67


1.811.353.16


3.16




Schedule of Investments, June 30, 2021Templeton Emerging Markets Fund


USD)


code


% of net assets


0.150.140.100.39


Banks3.581.921.421.39

Financiero Santander 1.281.150.650.640.560.490.350.290.240.150.06

14.17Beverages

SGD 0.200.20



Construction Materials1.030.181.21

0.330.290.62

0.780.78

Electronic Equipment, Instruments & ComponentsTWD 1.16TWD 0.10

1.26Entertainment

0.790.431.22






code


% of net assets




Insurance1.900.610.112.62



8.442.90

TWD 0.260.23

11.83IT Services

1.720.592.31


Media0.210.21



Oil, Gas & Consumable Fuels1.560.640.232.43


1.35Pharmaceuticals

0.700.70






code


% of net assets


1.0514.34

0.280.090.37

9.839.83

1.011.01



94.49

SHARESAutomobiles

1.231.23

Real Estate Management & Development


1.23



Schedule of Investments, June 30, 2021Templeton Emerging Markets Local Currency Bond Fund


USD)


code


% of net assets


7.235.535.395.235.194.61

4.273.723.402.962.752.732.732.522.071.571.531.371.271.221.121.010.940.880.710.600.600.560.540.460.410.380.370.370.350.310.260.250.190.190.170.080.070.020.020.010.01


78.17


2.061.83

EGP 1.701.61

EGP 1.12EGP 0.73


Templeton Emerging Markets Local Currency Bond Fund (continued)



code


% of net assets

EGP 0.65EGP 0.46EGP 0.43EGP 0.27EGP 0.18EGP 0.13


11.17



Schedule of Investments, June 30, 2021Templeton Emerging Markets Smaller Companies Fund


USD)


code


% of net assets


1.861.86


Banks1.691.170.66

Tisco 0.430.374.32

BeveragesGBP 0.81

0.48 0.19

1.48

TWD 1.630.802.43


Capital MarketsBolsa 0.92

0.72GBP 0.65

2.29Chemicals

0.360.36

Construction & Engineering Buildcon 0.92


1.510.850.550.483.39


1.50Ser Educacional 0.70

2.20

3.073.07


Synnex TWD 1.394.30


Templeton Emerging Markets Smaller Companies Fund (continued)



code


% of net assets




Branco 0.660.535.97

Health Care Equipment & Supplies1.00

i 0.871.87



Household DurablesZinus 2.41

0.332.74

Industrial ConglomeratesTurkiye Sise ve 0.65

0.240.89


Internet & Direct Marketing RetailTWD 2.34

1.46TWD 1.25

5.05IT Services

2.36TravelSky 0.19


TWD 3.133.13

Shin Zu Shing TWD 1.761.76

Media0.480.48






code


% of net assets


1.17Paper & Forest ProductsDuratex 1.73


0.310.31

PharmaceuticalsGedeon . 1.85

1.803.65

Real Estate Management & Development1.00

0.591.59

Semiconductors & Semiconductor Equipment4.20

TWD 3.131.921.61

TWD 1.43Kinsus TWD 0.95

0.790.59

14.62

0.970.581.55

1.080.081.16

TWD 1.021.02

2.711.00

e 0.91Eclat TWD 0.87Grendene 0.62

0.436.54

Trading Companies & Distributors . PT 0.35


1.970.242.21

Water Utilities 0.34


98.07





code


% of net assets


0.540.54


0.54

SHARESSemiconductors & Semiconductor Equipment

0.020.02


0.02



Schedule of Investments, June 30, 2021Templeton Emerging Markets Sustainability Fund


USD)


code


% of net assets


1.151.15

Banks4.012.702.681.841.611.461.42


1.411.41


Chemicals1.981.98


1.041.04


2.75Food Products

1.991.653.64


1.251.25


Insurance1.841.84

Interactive Media & Services7.953.681.861.58


6.65


Templeton Emerging Markets Sustainability Fund (continued)



code


% of net assets

1.588.23

IT Services2.932.93



Road & Rail1.941.94


1.661.01

13.81

1.841.84

7.837.83

Wireless Telecommunication ServicesKES 1.54


98.95



Schedule of Investments, June 30, 2021Templeton Euroland Fund


EUR)


code


% of net assets


1.751.052.80

Airlines1.831.83


0.846.22

Automobiles0.660.66

Banks2.632.63

Beverages2.072.07



Deutsche Boerse 1.741.197.56

Chemicals1.971.741.144.85

Commercial Services & Supplies2.191.623.81

Construction & EngineeringEiffage 2.40


2.292.29


2.522.52

Electric Utilities 1.11

Electrica ESP 0.541.65


Templeton Euroland Fund (continued)



code


% of net assets


Soltec ESP 0.500.444.60

2.742.74


Food Products2.06

JDE 1.753.81


Internet & Direct Marketing Retail1.59

Prosus 0.982.57

IT ServicesESP 2.15


0.680.68

1.29Duerr 1.30

2.59Metals & Mining

1.491.49



TotalEnergies SE 3.126.27



1.050.671.72


Fnac Darty 1.871.87


Templeton Euroland Fund (continued)



code


% of net assets

1.02Kering 0.85


ESP 1.901.90


93.59



Schedule of Investments, June 30, 2021Templeton European Dividend Fund


EUR)


code


% of net assets


2.80GBP 2.06GBP 2.00

6.86Airlines

GBP 1.341.34


Banks2.242.24

Beverages1.781.78



Deutsche Boerse 2.191.951.14

10.64Chemicals

2.182.18

Commercial Services & Supplies1.89

SWE SEK 0.982.87

Construction & EngineeringEiffage 2.77


GBP 2.232.23


1.151.15

Electric Utilities 0.97


1.361.36

2.381.183.56





code


% of net assets

GBP 2.512.51


Food ProductsJDE 3.31

2.215.52


GBP 2.044.29

Hotels, Restaurants & LeisureGBP 1.60GBP 1.46


GBP 1.391.39


InsuranceGBP 2.02

2.02Media

GBP 2.342.34


Oil, Gas & Consumable FuelsGBP 3.30

TotalEnergies SE 2.84GBP 1.53


GBP 0.980.98


2.13

GBP 2.802.80

GBP 0.970.97

TobaccoGBP 2.98

2.98





code


% of net assets

Transportation InfrastructureESP 2.52


97.49



Schedule of Investments, June 30, 2021Templeton European Opportunities Fund


EUR)


code


% of net assets

SHARESAerospace & DefenseDassault 6.27

GBP 1.467.73


Capital MarketsGBP 3.02

2.575.59

Commercial Services & SuppliesGBP 3.19


GBP 2.182.18


Electric UtilitiesElectrica ESP 1.65

1.082.73


4.724.72

GBP 3.203.20



GBP 2.958.42

Health Care Providers & ServicesFagron 2.97

2.97IT ServicesPayPoint GBP 2.78


2.682.68

MediaGBP 1.74

1.74Multi-Utilities

3.423.42


Templeton European Opportunities Fund (continued)



code


% of net assets


3.11Pharmaceuticals

GBP 3.373.37

Professional ServicesESP 3.46

3.46

GBP 4.204.20

GBP 2.902.90

GBP 5.845.84

TobaccoGBP 5.10


89.66



Schedule of Investments, June 30, 2021Templeton European Small-Mid Cap Fund


EUR)


code


% of net assets


GBP 2.041.665.79

AirlinesGBP 1.37

1.37Auto Components

1.99 1.91

1.155.05

BeveragesGBP 0.67

0.67Capital Markets

3.033.03

ChemicalsSWE SEK 2.75


GBP 3.87SWE SEK 3.15

3.041.97

Prosegur ESP 1.7813.81

Containers & PackagingGBP 2.07

2.07Distributors

GBP 2.332.33

Electric UtilitiesElectrica ESP 1.18


2.131.910.664.70

1.46Tecnicas ESP 1.38

2.84Entertainment

2.372.37

GBP 1.001.00






code


% of net assets

Food ProductsDevro GBP 1.78

SWE SEK 0.932.71


Health Care Providers & ServicesFagron 2.06


GBP 2.37GBP 0.99


1.241.24

Internet & Direct Marketing RetailSWE SEK 1.58


0.500.50

MarineGBP 2.97


Energia 1.531.53

PharmaceuticalsGedeon . 1.00


GBP 2.35ESP 2.05

0.775.17

Real Estate Management & DevelopmentGBP 4.27

Shurgard 3.307.57

GBP 2.88BasWare 1.02

3.90

Fnac Darty 2.562.21

GBP 2.186.95

GBP 2.042.04





code


% of net assets



97.17



Schedule of Investments, June 30, 2021Templeton Frontier Markets Fund


USD)


code


% of net assets


1.781.78

Banks5.184.703.632.922.902.181.911.88

EGP 1.73GBP 1.60

1.60KWD 1.55

BGD BDT 1.321.301.29

KES 1.181.140.920.800.06


1.971.97


KWT KWD 2.65EGP 1.43

4.08

2.012.01

Food & Staples Retailing3.221.751.610.937.51


Health Care Providers & ServicesEGP 2.50

1.954.45


IT Services4.68

EGP 2.74


Templeton Frontier Markets Fund (continued)



code


% of net assets

1.558.97

1.971.97


PharmaceuticalsBGD BDT 0.89


2.111.403.51

2.411.293.70


Wireless Telecommunication ServicesKES 3.86


101.80



Schedule of Investments, June 30, 2021Templeton Global Balanced Fund


USD)


code


% of net assets


0.96Auto Components

1.131.13

Automobiles1.881.88

Banks1.49

GBP 1.091.010.764.35



Communications Equipment1.241.152.39


0.650.65

0.970.97



Food & Staples RetailingSundrug 0.87

0.87Food Products

0.510.51


GBP 0.762.55






code


% of net assets

0.993.64



InsuranceGBP 1.00

0.851.85


IT ServicesTravelSky 1.10


0.730.73

1.331.032.36

Media1.261.26

Metals & Mining2.031.950.650.405.03




GBP 1.37GBP 0.95

4.18Pharmaceuticals

0.95GBP 0.85GBP 0.75


1.171.17


1.26





code


% of net assets

1.060.995.10

0.710.71

2.70

2.70

Skechers 1.171.17


TOTAL SHARES 67.64BONDSGovernment and Municipal Bonds

2.952.36

Bonos 1.261.181.040.96

Bonos 0.890.810.700.610.600.510.480.480.44

Bonos 0.390.370.340.310.30

Bonos 0.260.230.190.180.170.140.130.130.12

do Tesouro 0.110.090.09

Bonos 0.090.070.070.070.070.060.060.060.060.050.050.050.05





code


% of net assets

0.040.04

do Tesouro 0.030.030.030.020.03

do Tesouro 0.030.020.020.020.02

do Tesouro 0.020.01

do Tesouro 0.010.01

do Tesouro 0.010.010.01

20.04Supranational

SP 0.800.80


88.48


0.860.760.75

SGP SGD 0.40SGP SGD 0.38

0.360.330.26

EGP 0.18EGP 0.08EGP 0.05EGP 0.05EGP 0.03EGP 0.02EGP 0.02


4.53



Schedule of Investments, June 30, 2021Templeton Global Bond (Euro) Fund


EUR)


code


% of net assets


16.128.346.744.364.344.303.453.40

Bonos 3.232.311.94

do Tesouro 1.911.631.58

Bonos 1.491.471.41

Bonos 1.191.201.111.101.081.030.830.71

do Tesouro 0.570.440.430.43

do Tesouro 0.420.370.350.340.300.29

do Tesouro 0.300.220.21


0.160.140.140.140.130.130.110.100.090.080.050.010.010.010.01

0.0182.62


Templeton Global Bond (Euro) Fund (continued)



code


% of net assets



88.52


6.126.12


6.12



Schedule of Investments, June 30, 2021Templeton Global Bond Fund


USD)


code


% of net assets


6.58Bonos 5.94

SWE SEK 4.894.724.114.082.862.54

do Tesouro 1.891.90

SWE SEK 1.801.80

Bonos 1.611.511.401.351.321.261.231.211.131.051.020.83

Bonos 0.790.780.780.670.600.580.57

do Tesouro 0.570.560.560.530.45

Bonos 0.450.43

do Tesouro 0.420.41

Bonos 0.410.360.310.300.29

do Tesouro 0.290.270.250.230.230.220.22


0.170.170.160.160.140.130.110.100.07





code


% of net assets

0.060.030.020.010.010.01

72.27Supranational

SP 1.521.52


73.79


5.012.371.85

SGP SGD 1.80SGP SGD 1.71SGP SGD 1.61

1.451.231.131.02

SGP SGD 0.2619.44


19.44



Schedule of Investments, June 30, 2021Templeton Global Climate Change Fund


EUR)


code


% of net assets


1.191.19

Auto ComponentsFaurecia SE 1.45

1.122.57

Automobiles2.092.09

Banks1.921.92

Building Products2.291.353.64

Chemicals3.203.101.951.540.78

TWD 0.5711.14

Commercial Services & SuppliesESP 2.22

1.163.38

Construction & Engineering1.740.682.42


SWE SEK 2.16GBP 1.16

8.75

2.172.17

Electric UtilitiesDKK 1.63


3.323.32

DKK 1.941.75

ESP 1.63ESP 1.52

Schneider Electric SE 1.5114.99



Templeton Global Climate Change Fund (continued)



code


% of net assets


2.201.743.94


0.750.75




1.741.315.12

Semiconductors & Semiconductor Equipment2.922.662.520.999.09

1.631.63


94.45



Schedule of Investments, June 30, 2021Templeton Global Equity Income Fund


USD)


code


% of net assets


821 Dassault 1.241.24


Automobiles2.992.99

Banks1.911.88

GBP 1.541.421.017.76



Communications Equipment2.001.143.14


0.650.65

0.820.82


0.710.71


Food & Staples RetailingSundrug 1.31

1.31Food Products

1.061.06


GBP 1.104.07


Templeton Global Equity Income Fund (continued)



code


% of net assets

Health Care Providers & Services1.341.211.073.62



InsuranceGBP 1.21

1.122.33

Internet & Direct Marketing Retail1.64

520 1.461.344.44

IT ServicesTravelSky 1.51


1.001.00

1.951.243.19

Media1.941.94

Metals & Mining2.301.040.560.093.99




GBP 1.52GBP 1.44

4.96Pharmaceuticals

GBP 1.741.71

GBP 1.014.46



Templeton Global Equity Income Fund (continued)



code


% of net assets


1.721.361.027.55

0.660.66

4.174.17

Skechers 1.501.50

TobaccoGBP 1.16


1.941.94


96.26


TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER 2.12



Schedule of Investments, June 30, 2021Templeton Global Fund


USD)


code


% of net assets


GBP 1.401.13

GBP 1.033.56


AirlinesGBP 1.01

0.781.79



Beverages1.221.22

1.501.50


Chemicals1.721.72



1.081.08

1.680.952.63





Templeton Global Fund (continued)



code


% of net assets




Hotels, Restaurants & Leisure1.24

GBP 1.20GBP 0.60


2.370.803.17


Insurance1.35

GBP 1.282.63


IT Services1.471.24

ESP 0.993.70

1.551.082.63

Media3.061.24

GBP 0.900.836.03

Metals & Mining1.961.171.120.895.14



Templeton Global Fund (continued)



code


% of net assets





1.75TWD 1.40

3.15

1.171.17

2.772.77




95.70



Schedule of Investments, June 30, 2021Templeton Global High Yield Fund


USD)


code


% of net assets

SHARES

0.060.06

Metals & MiningGBP 0.15


0.380.21

28 844175 709

0.59

0.050.05

TOTAL SHARES 0.85WARRANTSOil, Gas & Consumable Fuels

64 491491

Paper & Forest Products204 557

557TOTAL WARRANTSBONDSCorporate Bonds

0.960.730.560.520.510.490.470.470.460.450.440.430.390.380.310.300.290.280.280.280.270.260.200.190.190.190.190.110.110.11


3.923.03





code


% of net assets

2.902.432.421.63

1.461.020.970.900.780.730.680.640.560.540.540.510.490.470.450.440.420.390.340.330.300.300.250.250.250.250.180.170.170.160.150.130.130.120.110.110.110.110.100.090.080.070.070.070.070.060.060.060.050.040.030.030.020.020.010.010.010.010.010.010.010.01





code


% of net assets

0.01


44.92


0.190.030.22


0.010.01

Corporate Bonds0.760.710.700.670.660.650.650.640.600.590.590.590.570.570.560.560.550.540.540.490.480.480.480.480.480.470.470.470.470.460.450.450.420.420.400.400.390.390.380.380.380.380.380.38





code


% of net assets

0.380.370.370.370.370.370.370.370.360.360.36

0.360.320.300.30

0.300.290.290.290.290.290.290.280.280.280.280.280.280.280.280.28

0.270.270.270.270.270.260.260.260.220.220.210.200.200.200.200.190.190.190.190.190.190.190.190.190.190.190.190.190.190.190.190.190.19





code


% of net assets

0.190.190.190.190.190.190.190.180.180.18

ESP 0.180.180.180.180.180.180.180.180.180.180.180.170.140.130.130.100.100.100.090.090.090.090.090.090.090.090.090.090.090.090.090.090.090.090.090.090.090.090.090.080.060.060.050.03

§

§ 24046.31


EGP 0.47EGP 0.20EGP 0.17EGP 0.14EGP 0.12





code


% of net assets

EGP 0.10EGP 0.08EGP 0.06EGP 0.04


50.45



364 103455 73585 43

219TOTAL WARRANTS 219BONDSCorporate Bonds


219

TOTAL INVESTMENTS 106,051,698a§ These Bonds are currently in default** These securities are submitted to a Fair Valuation


Schedule of Investments, June 30, 2021Templeton Global Income Fund


USD)


code


% of net assets


0.68Dassault 0.64


1.111.11

Airlines0.650.601.25


Automobiles1.091.09

BeveragesGBP 1.89

Keurig Dr 0.612.50

0.280.28

Capital MarketsDeutsche Boerse 0.69

0.481.17



0.930.181.11

1.921.92









code


% of net assets


0.581.26

Household DurablesGBP 0.67


1.740.662.40

Insurance1.63

GBP 0.940.663.23

Interactive Media & Services2.80

Tencent 0.93891 0.65

Kuaishou 0.234.61



ESP 0.653.82

1.031.03

Media1.72

GBP 0.622.34


Multiline RetailSeria 1.12

1.12Multi-Utilities

0.630.63



0.601.41






code


% of net assets

1.143.09

Zendesk 1.581.58

1.731.73


TobaccoGBP 0.59


GBP 0.770.77


TOTAL SHARES 61.56BONDSGovernment and Municipal Bonds

2.131.991.751.571.49

Bonos 1.391.14

do Tesouro 1.080.880.850.750.750.690.530.530.510.480.440.440.380.380.350.300.300.270.260.26

do Tesouro 0.250.240.230.210.210.200.19

do Tesouro 0.180.18

Bonos 0.170.160.160.16





code


% of net assets

0.130.13

do Tesouro 0.120.120.110.110.11

Bonos 0.090.090.090.08


0.070.070.050.05

Bonos 0.050.050.040.040.040.040.040.030.030.020.020.020.010.01


88.01


1.41SGP SGD 0.73SGP SGD 0.53SGP SGD 0.50

0.48EGP 0.17EGP 0.13

0.110.09

SGP SGD 0.07EGP 0.07EGP 0.05EGP 0.04EGP 0.03EGP 0.03EGP 0.02EGP 0.02





code


% of net assets

EGP 0.014.49


4.49


SGP 0.670.67

Multiline Retail



0.67

TOTAL INVESTMENTS 311,675,913a** These securities are submitted to a Fair Valuation^ These securities are classed as Private Investments in Public Equities (“PIPEs”)


Schedule of Investments, June 30, 2021Templeton Global Smaller Companies Fund


USD)


code


% of net assets


SWE SEK 1.930.920.830.830.60

0.435.54

Automobiles0.510.51

Banks1.560.900.760.730.684.63

Beverages1.701.70



GBP 1.270.715.58


Commercial Services & Supplies0.960.700.422.08



Containers & Packaging1.761.451.15

BillerudKorsnas SWE SEK 0.464.82

0.960.96

0.810.81


Templeton Global Smaller Companies Fund (continued)



code


% of net assets


Electronic Equipment, Instruments & Components1.32

TWD 1.030.960.780.63

GBP 0.600.475.79



Branco 0.43SWE SEK 0.39


1.230.920.092.24

Health Care Providers & Services0.94

Fagron 0.921.86

Household DurablesSonos 1.51

TWD 0.850.352.71

IT Services1.33

Solutions 30 SE 0.071.40

Leisure Products1.79

SWE SEK 1.50TWD 1.37TWD 1.35


1.471.412.88

1.991.841.701.651.461.411.090.610.52

12.27





code


% of net assets

Pharmaceuticals1.51

Gedeon . 0.692.20


TechnoPro 0.58en 0.51


1.231.23


1.39

0.72DKK 0.54

1.26

1.731.16

TWD 1.14TWD 0.50

4.53

1.791.771.64

Skechers 1.37Brunello 1.07

0.670.568.87



92.81


SGP 0.870.87

Oil, Gas & Consumable FuelsSakari SGD 0.43

0.43TOTAL SHARES 1.30TOTAL TRANSFERABLE SECURITIES NOT ADMITTED TO AN

1.30





code


% of net assets


1.721.72


1.72


** These securities are submitted to a Fair Valuation^ These securities are classed as Private Investments in Public Equities (“PIPEs”)


Schedule of Investments, June 30, 2021Templeton Global Total Return Fund


USD)


code


% of net assets


7.015.56

Bonos 4.873.002.97

do Tesouro 2.872.362.232.222.101.821.821.811.771.761.72

Bonos 1.661.66

Bonos 1.621.621.431.341.251.221.071.020.960.92

do Tesouro 0.860.720.65

do Tesouro 0.630.600.530.520.520.500.500.500.48

do Tesouro 0.440.380.350.330.310.29


0.250.230.200.180.170.160.160.150.150.150.140.120.110.110.11





code


% of net assets

0.070.070.060.060.060.030.030.030.030.020.020.020.020.010.010.01

74.25Supranational

SP 0.460.46


74.71


5.69SGP SGD 1.83

1.81SGP SGD 1.74SGP SGD 1.64

1.260.980.720.69

EGP 0.59SGP SGD 0.26

EGP 0.25EGP 0.18EGP 0.15EGP 0.13EGP 0.10EGP 0.07EGP 0.07EGP 0.05EGP 0.04


18.25


TOTAL SHARES





code


% of net assets





Schedule of Investments, June 30, 2021Templeton Global Total Return II Fund


USD)


code


% of net assets


5.725.054.183.953.87

SWE SEK 3.533.473.463.332.852.75

SWE SEK 2.732.602.181.711.661.601.291.251.250.970.830.790.790.710.640.630.590.580.490.430.400.400.360.280.260.260.260.210.200.190.170.140.120.120.05

982 0.0169.31


69.31


4.814.363.552.18

SGP SGD 1.73SGP SGD 1.65SGP SGD 1.57





code


% of net assets

1.01EGP 0.37

SGP SGD 0.30EGP 0.25EGP 0.19EGP 0.19EGP 0.13EGP 0.12EGP 0.06EGP 0.06EGP 0.06


22.59



Schedule of Investments, June 30, 2021Templeton Growth (Euro) Fund


EUR)


code


% of net assets


GBP 1.04GBP 0.86


0.970.97

Airlines1.15

GBP 0.720.492.36

Auto Components1.221.060.873.15


Beverages2.121.020.690.624.45

Chemicals1.811.721.144.67


1.801.80








Templeton Growth (Euro) Fund (continued)



code


% of net assets


Health Care Providers & Services1.521.151.063.73


1.29GBP 1.15

0.82GBP 0.81

0.690.546.66

Household Durables1.581.310.903.79


Insurance1.851.85


IT Services1.601.551.410.525.08

1.441.390.860.604.29

Media1.371.37

Metals & Mining1.060.990.872.92




Templeton Growth (Euro) Fund (continued)



code


% of net assets


GBP 1.044.14



GBP 0.264.36

Road & Rail0.300.30


1.701.633.33

3.043.04

GBP 1.130.912.04



95.01



Schedule of Investments, June 30, 2021Templeton Latin America Fund


USD)


code


% of net assets

SHARESBanks

4.424.224.093.232.651.34

19.95Beverages

3.092.400.986.47


10.62Chemicals

0.530.53

0.790.79







16.18Multiline Retail

2.812.81


Paper & Forest Products2.002.00


Templeton Latin America Fund (continued)



code


% of net assets



Road & Rail2.982.765.74

4.544.54

1.001.00

Transportation Infrastructure1.201.162.36

Water Utilities0.640.64


98.73



Additional Information - Unaudited


Investment Managers

FRANKLIN TEMPLETON INVESTMENT FUNDSADDITIONAL INFORMATION - UNAUDITED


300 S.E. 2nd Street



Investment Managers

•

•

•

•

•



Investment Managers

With effect 11 June 2021



Investment Managers

Franklin Emerging Market Corporate Debt Fund

Franklin Euro Government Bond Fund

Franklin Euro High Yield Fund


Franklin European Corporate Bond Fund

Franklin European Income Fund (Closed on 13 November 2020)




Franklin Global Convertible Securities Fund

Franklin Global Corporate Investment Grade Bond Fund



Franklin Global Managed Income Fund






Franklin Gulf Wealth Bond Fund ( Franklin GCC Bond Fund)

Franklin High Yield Fund

Franklin Income Fund

Franklin India Fund

Franklin Innovation Fund

Franklin MENA Fund

Franklin Mutual European Fund

Franklin Natural Resources Fund

Franklin NextStep

Franklin NextStep Conservative Fund

Franklin NextStep

Franklin NextStep

Franklin NextStep Moderate Fund

Franklin NextStep


Premia Fund



Franklin World Perspectives Fund


Templeton Asian Smaller Companies Fund

Templeton BRIC Fund

Templeton China A-Shares Fund

Templeton China Fund

Templeton Eastern Europe Fund


Templeton Emerging Markets Fund

Templeton Emerging Markets Smaller Companies Fund

Templeton Euroland Fund

Dividend Fund)

Small-Mid Cap Fund)

Templeton Frontier Markets Fund

Templeton Global Balanced Fund



Templeton Global Climate Change Fund

Templeton Global Fund



Templeton Global Smaller Companies Fund




Templeton Global Total Return II Fund




Calculation Method of the Risk Exposure

Global exposure using the VaR approach

VaR limit utilisation

Fund Market risk Limit Highest Average Reference

portfolio

periodHolding period

Observation period Leverage*

Franklin

Balanced Fund

99th Percentile

20-Day 01 July 2020 to 30 June

2021

Franklin

Fund

99th Percentile


2021

Franklin

Fund

99th Percentile


2021

Franklin

Fund

99th Percentile


2021

Franklin

Bond Fund

99th Percentile


2021

Franklin 99th Percentile

20-Day2020 to 30

June 2021**

Franklin 99th Percentile


2021

Franklin K2

Strategies Fund

99th Percentile


2021

Franklin K2 99th Percentile

20-Day 01 July 2020

2021**

Franklin Strategic

Treasury ex-

99th Percentile


2021



Global exposure using the VaR approach (continued)

utilisation Fund Market

risk Limit Highest Average Reference portfolio

period

Holding period


Franklin

Style Fund

99th Percentile


2021

Franklin

Duration Fund

99th Percentile


2021

Fund

99th Percentile


2021

Bond Fund

99th Percentile


2021

Bond Fund

99th Percentile


2021

Fund

99th Percentile


2021

99th Percentile


2021



Global exposure using the VaR approach (continued)

utilisation Fund Market

risk Limit Highest Average Reference portfolio

period

Holding period


Barclays

99th Percentile


2021

Barclays

99th Percentile


2021

Fund

Barclays

99th Percentile


2021



Global exposure using the commitment approach

Franklin Biotechnology Discovery Fund


Franklin Gulf Wealth Bond Fund1

Franklin Technology Fund

2

2

2

2

1

1

1

1

2



Global data

Securities lending

Fund

Market value of

securities on loan

in % of lendable

securities market value

Gross Volume of TRS1

Total securities

Lending and TRS in

% of net assets

Franklin Biotechnology Discovery Fund 0.20 0.200.060.090.050.02

0.51 0.550.63 0.63

0.380.83 0.810.34 0.33

0.06 Fund 1.02

Franklin Technology Fund 0.06 0.060.04

0.76 0.760.01 0.011.48 1.420.32 0.321.05 1.020.31 0.30

0.80 0.780.51 0.472.01 1.960.28 0.270.21 0.192.92 2.720.50 0.480.38 0.37

Concentration Data

Securities lending, ten largest collateral issuers

FundFund

IssuerCollateral value

Franklin Biotechnology Discovery Fund

224



Securities lending, ten largest collateral issuers (continued)

FundFund


87

Franklin Technology FundFranklin Technology FundFranklin Technology Fund

222

235

230

10



Securities lending, ten largest collateral issuers (continued)

FundFund


998

98

81138

, ten largest collateral issuers

FundFund


Securities Lending, ten largest counterparties

Gross Volume ofTRS1

Fund CounterpartiesSociete Generale Societe Generale Societe Generale

Societe Generale

Fund



Gross Volume of TRS1

Fund Counterparties

Aggregate Transaction Data

FundFund

collateralCollateral

Collateral Value in

Franklin Biotechnology Discovery Fund SovereignSovereignSovereignSovereign GBPSovereignSovereign 298SovereignSovereignSovereignSovereignSovereignSovereign GBPSovereign 470SovereignSovereignSovereignSovereign

Franklin Technology Fund SovereignFranklin Technology Fund Sovereign

SovereignSovereign GBPSovereign SGDSovereignSovereignSovereign 425Sovereign 222SovereignSovereign GBPSovereignSovereignSovereign GBP 10SovereignSovereignSovereignSovereignSovereignSovereign GBPSovereign 443SovereignSovereignSovereignSovereignSovereign GBPSovereignSovereignSovereignSovereignSovereign GBPSovereign



FundFund


Collateral Value in

SovereignSovereign 230SovereignSovereignSovereignSovereignSovereignSovereignSovereignSovereign GBPSovereignSovereignSovereignSovereignSovereign GBP 998Sovereign GBP 27Sovereign GBPSovereignSovereignSovereignSovereignSovereignSovereignSovereignSovereign GBP 65SovereignSovereign GBPSovereignSovereignSovereign 138SovereignSovereignSovereignSovereignSovereignSovereignSovereign GBP

Fund

incorporationGross Volume of

Securities lendingFundFranklin Biotechnology Discovery FundFranklin Biotechnology Discovery Fund

Franklin Technology FundFranklin Technology Fund



Fund

FundFund


Collateral Value in

Sovereign

Fund

incorporationGross Volume of

TRS1

FundFranceFranceFrance

France

Fund

Data on reuse of collateral

Safekeeping of collateral



Data on return



Collateral

FundCollateral Cash held as

collateral

Sovereign Bonds held

as collateral

FundDeutsche Bank


Deutsche Bank

Deutsche Bank

Deutsche Bank

Deutsche Bank



Distressed securities

Fund Exposure in % of

Net Assets




Remuneration

*** €*** €

485 *** €

*** €

*The total amount of compensation paid by FTIS has been allocated to UCITS based on its pro rata share of the average month end total net assets of the funds under management of FTIS for the year ended March 31, 2021.

**The total amount of compensation paid by the FTIS delegates has been allocated to UCITS based on its pro rata share of the average month end total net assets of the fund under management of the FTIS delegates for the year ended March 31, 2021.

***Delegates are Investment Management entities which are subject to regulatory requirements that are equally as effective as those under Article 69(3)(a) of the UCITS Directive.



EUROPEBelgium

France

Franklin Templeton International Services GmbH Niederlassung Deutschland

Postfach 11 18 03

Italian branch

Luxembourg

The Netherlands

Nederlands bijkantoor

Poland

Romania

Bucharest Branch

Spain and PortugalFranklin Templeton Investment Management LimitedSucursal en España

Franklin Templeton Investment Management Limited

Stockerstrasse 38

FRANKLIN TEMPLETON INVESTMENT FUNDSFRANKLIN TEMPLETON OFFICE DIRECTORY




MIDDLE EAST AND AFRICASouth Africa

United Arab EmiratesFranklin Templeton Investments (ME) Limited

ASIA

Franklin Templeton Investment (Asia) Limited

SingaporeTempleton Asset Management Ltd

Franklin Templeton Securities Investment Consulting

*Master agent appointed in Taiwan for FTIF to be offered and sold to the public in Taiwan.

NORTH AMERICAUSAFranklin Templeton Investments

SOUTH AMERICAArgentinaTempleton Asset Management Ltd

Please note that the websites mentioned above are directed at residents within the country stated on these websites. (Please refer to the website disclaimers).

AUDITED ANNUAL REPORT

FRANKLIN TEMPLETONINVESTMENT FUNDSsociété d’investissement à capital variable

June 30, 2021

R.C.S. B35177

Franklin Templeton International Services S.à r.l.8A, rue Albert Borschette, L-1246 LuxembourgGrand Duchy of Luxembourgtel: +352 (46) 66-67-1fax: +352 (46) 66-76

FTIF AR RGBR 06/21

FRANKLIN TEMPLETON INVESTMENT FUNDS

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