Franklin Euro High Yield Fund (the “Fund”) aims to earn high income and, secondarily, to increase the value of its investments over the medium to long term. The Fund invests mainly in: lower-quality debt securities issued by governments and corporations located in any country, especially those denominated in euros The Fund can invest to a lesser extent in: other types of euro-denominated securities, including equity securities and higher-quality debt securities derivatives for hedging, efficient portfolio management and/or investment purposes securities in default (limited to 10% of assets) The Fund will seek to remove currency risk by hedging non-euro investments to the euro. The investment team manages corporate debt securities’ risk through the detailed examination of individual companies and specific industries to assess their credit worthiness. The Fund may distribute income gross of expenses. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital. You may request the sale of your shares on any Luxembourg business day. For the distribution share class shown in this document, dividend income is distributed to shareholders. For further information on the Objectives and Investment Policy of the Fund, please refer to the section “Fund Information, Objectives and Investment Policies” of the current prospectus of Franklin Templeton Investment Funds. The benchmark of the Fund is the BofA Merrill Lynch Euro High Yield Constrained Index. The benchmark is indicated for information purposes only, and the Fund manager does not intend to track it. The Fund can deviate from this benchmark. Terms to Understand Debt securities: Securities representing the issuer’s obligation to repay a loan at a specified date and to pay interest. Derivatives: Financial instruments whose characteristics and value depend on the performance of one or more underlying assets, typically securities, indexes, currencies or interest rates. Equity securities: Securities that represent an ownership stake in a company. Hedging: A strategy for totally or partially offsetting particular risks such as those arising from fluctuations in share prices, currencies or interest rates. Securities in default: Debt securities whose issuer condition has become uncertain and whose issuer is failing to make principal or interest payments when due.