# For Professional Client Use Only. Not for distribution to Retail Clients.
| Composition of Fund |  |
| --- | --- |
| Geographic (Market Value) | % of Total |  | Sector (Market Value) | % of Total |
| Latin America | 37.35 |  | Sovereign | 57.43 |
| Middle East / Africa | 24.79 |  | Corporates | 16.67 |
| Far East / Asia | 17.03 |  | Quasi-Sovereign | 13.59 |
| Eastern Europe | 11.46 |  | Residual | 9.36 |
| Residual | 9.36 |  | Supranational | 2.95 |
| Currency (Notional Exposure) U.S. Dollar | % of Total 99.98 |  | Credit Quality (Market Value) BBB | % of Total 18.27 |
| British Pound | 0.03 |  | BBB- | 7.02 |
| Euro | -0.01 |  | BB+ | 8.89 |

| Duration (Notional Exposure) | % of Total |  | BB- | 16.98 |
| --- | --- | --- | --- | --- |
| 0 to 1 Year | 13.59 |  | B+ | 10.03 |
| 1 to 2 Years | 2.19 |  | B | 11.83 |
| 2 to 3 Years | 15.51 |  | B- | 9.77 |
| 3 to 5 Years | 20.01 |  | CCC+ | 1.52 |
| 5 to 7 Years | 31.44 |  | CCC- | 0.48 |
| 7 to 10 Years | 4.83 |  | CC | 0.33 |
| 10 to 15 Years | 11.47 |  | C | 0.03 |
| 15 to 20 Years | 0.71 |  | D | 0.93 |
| 20 to 30 Years | 0.22 |  | Not Rated | 1.75 |
| N/A | 0.03 |  | Not Applicable | -0.28 |
| Duration Contribution by Sector Sovereign | Yrs 3.62 |  | Cash & Cash Equivalents Duration Contribution by Country | 9.67 Yrs |
| Quasi-Sovereign | 0.68 |  | Latin America | 2.59 |
| Corporates | 0.60 |  | Middle East / Africa | 0.93 |
| Supranational | 0.18 |  | Far East / Asia | 0.77 |
|  |  |  | Eastern Europe | 0.61 |
|  |  |  | Supranational | 0.18 |
|  |  |  | Duration Contribution by Currency U.S. Dollar | Yrs 4.50 |
|  |  |  | Euro | 0.57 |
|  |  |  | Swiss Franc | 0.01 |
|  |  |  |  |  |
| Portfolio Data Derivatives Disclosures |  |  |  |  |

BB	2.78
Market value figures reflect the trading value of the investments. Notional exposure figures are intended to estimate the portfolio’s exposure, including any hedged or increased exposure through certain derivatives held in the portfolio (or their underlying reference assets). Average Duration, Average Weighted Maturity, Yield to Maturity and Duration Contribution by Country, Sector and Currency reflect certain derivatives held in the portfolio (or their underlying reference assets). Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.
What Are the Key Risks?
The value of shares in the Fund and income received from it can go down as well as up and investors may not get back the full amount invested. Performance may also be affected by currency fluctuations. Currency fluctuations may affect the value of overseas investments. The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of fixed and floating rate debt securities and debt obligations, traded on a regulated market and issued by government and/or corporate issuers located in Emerging Market countries. These securities will be denominated in hard currencies. Such securities have historically been subject to price movements, generally due to interest rates, market factors or movements in the bond market. As a result, the performance of the Fund can fluctuate over time. Other significant risks include: counterparty risk, credit risk, foreign currency risk, derivative instruments risk, emerging markets risk, liquidity risk. For full details of all of the risks applicable to this Fund, please refer to the “Risk Considerations” section of the Fund in the current prospectus of Franklin Templeton Investment Funds.
Important Information
Issued by Franklin Templeton International Services, S.à r.l. Franklin Templeton Investment Funds (the “Fund”) is a Luxembourg registered SICAV. Source for data and information provided by Franklin Templeton, as of the date of this document, unless otherwise noted. This document does not constitute legal or tax advice nor investment advice or an offer for shares of the Fund.
Subscriptions to shares of the Fund can only be made on the basis of the current prospectus and where available, the relevant Key Information Document, accompanied by the latest available audited annual report and semi-annual report accessible on our website at www.franklintempleton.lu or which can be obtained, free of charge, from Franklin Templeton International Services, S.à
r.l. - Supervised by the Commission de Surveillance du Secteur Financier - 8A, rue Albert Borschette, L-1246 Luxembourg. The value of shares in the Fund and income received from it can go down as well as up, and investors may not get back the full amount invested. No shares of the Fund may be directly or indirectly offered or sold to residents of the United States of America. Shares of the Fund are not available for distribution in all jurisdictions and prospective investors should confirm availability with their local Franklin Templeton representative before making any plans to invest. An investment in the Fund entails risks, which are described in the Fund’s prospectus and where available, in the relevant Key Information Document. Special risks may be associated with a Fund’s investment in certain types of securities, asset classes, sectors, markets, currencies or countries and in the Fund’s possible use of derivatives. These risks are more fully described in the Fund’s prospectus and where available, in the relevant Key Information Document and should be read closely before investing. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. References to particular industries, sectors or companies are for general information and are not necessarily indicative of a fund's holding at any one time. The Fund's documents are available from www.ftidocuments.com in English, Arabic, Czech, Danish, Dutch, Estonian, Finnish, French, German, Greek, Hungarian, Icelandic, Italian, Latvian, Lithuanian, Norwegian, Polish, Portuguese, Romanian, Slovak, Slovenian, Spanish and Swedish or can be requested via FT's European Facilities Service available at https://www.eifs.lu/franklintempleton. In addition, a Summary of Investor Rights is available from www.franklintempleton.lu/summary-of-investor-rights. The summary is available in English. The sub-funds of FTIF are notified for marketing in multiple EU Member States under the UCITS Directive. FTIF can terminate such notifications for any share class and/or sub-fund at any time by using the process contained in Article 93a of the UCITS Directive.
For the avoidance of doubt, if you make a decision to invest, you will be buying units/shares in the Fund and will not be investing directly in the underlying assets of the Fund. Benchmark related data provided by FactSet, as of the date of this document, unless otherwise noted.
*Benchmark: The fund is not constrained by any benchmark. The index shown only for comparison reason represent the sub-markets to which the fund has typically exposure to (hard currency emerging market debt and emerging market corporate debt).
Fund Management: CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Ratings: © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Performance: References to indices are made for comparative purposes only and are provided to represent the investment environment existing during the time periods shown. When performance for either the portfolio or its benchmark has been converted, different foreign exchange closing rates may be used between the portfolio and its benchmark.
www.franklintempleton.lu

Translation (ENFR, 2023-01-31):
# Réservé aux clients professionnels. Non destiné aux clients particuliers.
Caractéristiques du compartiment		Performance	
Devise de référence du compartiment
USD

## La performance passée ne permet pas de prédire les rendements futurs.
Performance sur 3 ans en devise de la part (%)
Actif net total (USD)	208 millions
Date de création	18.01.2019
*Indice de référence	JP Morgan EMBI Global Diversified B-/B3 and
higher Index
Catégorie Morningstar™		Obligations Marchés émergents internationaux
Résumé des objectifs d'investissement	
Ce fonds vise à générer des revenus et une appréciation du capital à long terme, en investissant principalement dans des titres de créance à taux fixe ou variable et des emprunts d'État, d'émetteurs publics, d'entités supranationales ou de sociétés privées implantées dans les
Franklin Emerging Markets Debt Opportunities Hard Currency Fund I (acc) USD
120
100
80
JP Morgan EMBI Global Diversified B-/B3 and higher Index
pays émergents et/ou menant une part significative de leurs activités économiques dans les pays émergents ou en développement. Au moment de l'acquisition, les investissements seront notés B– ou plus, ou non notés mais de qualité comparable. Tous les titres seront libellés en devises du G7. Des produits dérivés seront utilisés
60 01/20	07/20	01/21	07/21	01/22	07/22	01/23
Performances annuelles glissantes en devise de la part (%)	
01/22	01/21	01/20	01/19	01/18	01/17	01/16	01/15	01/14	01/13
	01/23	01/22	01/21	01/20	01/19	01/18	01/17	01/16	01/15	01/14
I (acc) USD	-11,20	-4,34	4,16	12,23	N/A	N/A	N/A	N/A	N/A	N/A
principalement pour couvrir des positions de change, et occasionnellement pour se prémunir contre le risque de
*Indice de référence
en USD
-12,44	-3,81	2,91	13,27	N/A	N/A	N/A	N/A	N/A	N/A
taux d'intérêt.
Équipe de gestion	
Nicholas Hardingham, CFA: Royaume-Uni
Performance en devise de la part (%)	
Cumulée
Depuis
|  | I (acc) USD | 3,10 | 11,74 | 3,10 | -11,20 | -11,51 | -0,10 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Notations - I (acc) USD	 | *Indice de référence en USD | 2,67 | 10,19 | 2,67 | -12,44 | -13,33 | -0,31 |
| Notation Morningstar:	 Performance par année civile en devise de la part (%)	 |
| Allocation d’actifs (valeur de marché)	 | I (acc) USD | 2022 -15,88 | 2021 -2,37 | 2020 6,50 |
|  | *Indice de référence en USD | -17,25 | -2,04 | 6,09 |
| Le rendement du fonds peut augmenter ou baisser sous l’effet des fluctuations de taux de change. Le cours des actions du compartiment, ainsi que les revenus afférents, peuvent fluctuer à la hausse comme à la baisse, et il est possible que les investisseurs ne puissent pas récupérer l'intégralité des montants investis. Toutes |

Stephanie Marjan Ouwendijk, CFA: Royaume-Uni
1 mois	3 mois	YTD	1 an	3 ans
création
%	
les performances sont exprimées dans la devise du compartiment, incluent les dividendes réinvestis et sont nettes de frais de gestion. Les frais d'acquisition et autres commissions, taxes et divers frais à la charge de l'investisseur ne sont pas inclus. Le compartiment offre d'autres catégories d'actions sujettes à d'autres frais et dépenses, qui auront un impact sur leur performance.
Statistiques sur le compartiment  
Notation de crédit moyenne				BB+ Duration moyenne	5,08 ans Echéance moyenne pondérée	7,58 ansRendement à échéance			7,73%Ecart type (3 ans)		12,83%
Informations sur la part
Frais	Dividendes	Identifiants du compartiment	
|  | Droits | Frais de |  | Date du | Dernier |  |
| --- | --- | --- | --- | --- | --- | --- |
| Date de |  |  | d’entrée | gestion max |  | dernier | dividende |  |  |
| Part	création | VL | TER (%) | (max) (%) | (annuels) (%) | Fréquence | versement | versé | Bloomberg ID | ISIN |

 I (acc) USD	18.01.2019	9,99 USD	0,80 	N/A	0,60		N/A	N/A	N/A	 FDOHIAU LX LU1926204220
Les frais désignent les frais facturés aux investisseurs par le fonds pour couvrir les coûts d’exploitation du Fonds. Des frais supplémentaires, notamment des frais de transaction, seront également supportés. Ces frais seront acquittés par le Fonds, ce qui aura une incidence sur le rendement global du Fonds.
Les frais du Fonds seront supportés dans différentes devises, ce qui signifie que les montants acquittés peuvent augmenter ou diminuer en fonction des fluctuations de change.
Adresse	Téléphone	Site Internet
14 boulevard de la Madeleine - 75008 Paris 01 40 73 86 00	www.franklintempleton.fr
Franklin Emerging Markets Debt Opportunities Hard Currency Fund	
31 janvier 2023
| Composition du compartiment |  |
| --- | --- |
| Région (valeur de marché) | % du total |  | Secteur (valeur de marché) | % du tota |
| Amérique Latine | 37,35 |  | Souverain | 57,43 |
| Moyen Orient / Afrique | 24,79 |  | d'entreprises | 16,67 |
| Extrême Orient/ Asie | 17,03 |  | Quasi-souverain | 13,59 |
| Europe de l'Est | 11,46 |  | Résiduel | 9,36 |
| Résiduel | 9,36 |  | Supranational | 2,95 |
| Devise (exposition notionnelle) Dollar américain | % du total 99,98 |  |  |  |
| Livre Sterling | 0,03 |  |  |  |
| Euro | -0,01 |  |  |  |