Templeton Global Total Return Fund (the “Fund”) aims to maximise total investment return by achieving an increase in the value of its investments, earning income and realising currency gains over the medium to long term. The Fund invests mainly in: debt securities of any quality (including lower quality debt such as non-investment grade securities) issued by governments, government-related or corporate entities in any developed or emerging markets The Fund can invest to a lesser extent in: mortgage- and asset-backed securities debt securities of supranational entities, such as the European Investment Bank securities in default (limited to 10% of assets) The Fund can use derivatives for hedging, efficient portfolio management and/or investment purposes which are used as an active investment management instrument to gain exposure to markets.The flexible and opportunistic nature of the strategy allows the investment team to take advantage of different market environments. By using in-depth economic, country and security research including detailed risk analysis, Franklin Templeton’s large team of fixed income specialists seek to take advantage of these differences by identifying and investing in fixed income securities with the strongest potential for income, capital growth and currency gain around the world. In making investment decisions, the investment team uses in-depth research about various factors that may affect bond prices and currency values. 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 Bloomberg Barclays Multiverse 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 Asset-backed securities: Debt securities whose value and income payments are derived from a pool of underlying assets. Hedging: A strategy for totally or partially offsetting particular risks such as those arising from fluctuations in share prices, currencies or interest rates. Emerging markets: Countries whose economy, stock market, political situation and regulatory framework are not fully developed. Derivatives: Financial instruments whose characteristics and value depend on the performance of one or more underlying assets, typically securities, indexes, currencies or interest rates.