# For Professional Client Use Only. Not for distribution to Retail Clients.
| Composition of Fund |  |
| --- | --- |
| Manager Allocation Long Short Equity | % of Invested Capital 21.49 |  | Relative Value (continued) | % of Invested Capital |
| Electron Capital Partners, LLC | 10.31 |  | K2/D&S Management Co., LLC | 6.54 |
| Chilton Investment Company, LLC | 7.28 |  | One River Asset Management | 3.69 |
| ActusRayPartners Limited | 3.91 |  | Ellington Global Asset Management, LLC | 0.86 |
| Event Driven | 20.58 |  | Benefit Street Partners, LLC | 0.12 |
| P. Schoenfeld Asset Management L.P. | 11.28 |  | Global Macro | 22.09 |
| Bardin Hill Investment Partners L.P. | 9.30 |  | Graham Capital Management, L.P. | 9.30 |
| Relative Value | 35.83 |  | BlueBay Asset Management, LLP | 8.34 |
| Apollo SA Management, LLC | 10.64 |  | RV Capital Management Private, Ltd. | 4.45 |
| Lazard Asset Management, LLC | 7.11 |  |  |  |
| Loomis Sayles & Company, L.P. | 6.87 |  |  |  |
|  |  |  |  |  |
| 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 targeted investment objective by allocating its assets across multiple “alternative” strategies and by investing in a wide range of assets. Such assets and investment instruments have historically been subject to price movements due to such factors as general stock market volatility, sudden changes in interest rates, or fluctuations in commodity prices. The Fund will seek to limit volatility using hedged strategies. As a result, the performance of the Fund can fluctuate moderately over time. Other significant risks include: credit risk, foreign currency risk, derivative instruments risk, liquidity risk, multi-manager 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
This fund has been classified as Article 8 under the Regulation on sustainability related disclosures in the financial services sector (EU) 2019/2088. These are Funds which have an ESG integration approach and, in addition, have binding environmental and/or social characteristics in their investment process.
Further information in relation to the sustainability-related aspects of the Fund can be found at www.franklinresources.com/countries. Please review all of the fund's objectives and characteristics before investing.
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.
The index data referenced herein is the property of Intercontinental Exchange (“ICE”) and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use. See www.franklintempletondatasources.com for a full copy of the Disclaimer.
Source: Hedge Fund Research, Inc. www.hedgefundresearch.com. The HFR indices are being used under license from Hedge Fund Research, Inc., which does not endorse or approve of any of the contents of this report.
Unlike most asset class indexes, HFR Index returns reflect fees and expenses. Source: HedgeMark.
All MSCI data is provided “as is.” The Fund described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the Fund described herein. Copying or redistributing the MSCI data is strictly prohibited.
Important data provider notices and terms available at www.franklintempletondatasources.com.
Fund Management: CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
© 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.
Strategy Allocation: Actual Allocation is a percentage of invested capital into fund managers (sub- advisors or co-managers) as of the end of the period. Target Allocations are as of the end of the period.
The Fund may shift allocations among strategies at any time. Further, K2 may determine in its sole discretion to not allocate to one or more of the strategies and/or to add new strategies. Accordingly the above target allocations are presented for illustrative purposes only, and should not be viewed as predictive of the ongoing composition of the fund's portfolio (and its managers), which may change at any time.
Weightings as percentage of invested capital into fund managers (sub-advisors or co-managers). Holdings are subject to change. Due to rounding, the strategy breakdown may not equal 100%.
Portfolio Exposure:
Gross Exposure: Gross exposure is the sum of the absolute value of all exposures, directly or through derivatives, as a percentage of total assets. The sum of the percentage of long positions and short (in absolute terms) positions.
Net Exposure: Net exposure is the sum of the total value of all exposures, directly or through derivatives, as a percentage of total assets. The percentage value of the long positions less the percentage value of the short positions.
Long Exposure: Sum of the long exposures, directly or through derivatives, as a percentage of total assets. Short Exposure: Sum of the short exposures, directly or through derivatives, as a percentage of total assets.
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.
Performance Benchmarks: Effective 1 November 2021, the Fund's benchmark is Euro Short-Term Rate (ESTR). The Linked Euro Short-Term (ESTR) performance shown is derived from a combination of the ICE LIBOR 3-Month (EUR) Index from the Fund's inception to 31st October 2021 and Euro Short-Term Rate (ESTR) thereafter. Benchmarks provided for additional performance comparison are for informational purposes only; the fund manager does not intend for the portfolio to track them. The ICE BofA US 3-Month Treasury Bill Index is provided as an absolute return benchmark. The HFRX Global Hedge Fund Index represents a measure of a broad universe of hedge fund strategies.
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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 5 ans en devise de la part (%)
Actif net total (USD)	1,15 milliards
Date de création	15.09.2014
Indice de référence		ICE BofA US 3-Month Treasury Bill Index, HFRX Global Hedge Fund Index
Domicile du fonds	Luxembourg Type de fonds		UCITS
Souscription	Quotidiennement
Rachat	Quotidiennement
Investissement minimum	5 000 USD ou l’équivalent
dans la devise de la part
concernée
| Date d'agrément AMF	10. | 10.2014 | Performances annuelles g | issantes en devise d | e la pa | rt (%) |  |
| --- | --- | --- | --- | --- | --- | --- |
| Catégorie SFDR | Article 8 |  | 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 |
| Résumé des objectifs d'investissement |  | A (acc) USD | -4,85 | 0,17 | 5,56  3,79 -2,12  5,98  7,22 -3,67	N/A | N/A |

Catégorie Morningstar™	Multistratégie (USD)
Franklin K2 Alternative Strategies Fund A (acc) USD	ICE BofA US 3-Month Treasury Bill Index HFRX Global Hedge Fund Index
120
100
80 01/18	07/18	01/19	07/19	01/20	07/20	01/21	07/21	01/22	07/22  01/23
| L’objectif d’investissement du fonds est d’assurer la valorisation du capital et d’enregistrer une volatilité relative | ICE BofA US 3-Month Treasury Bill Index en	1,78 USD | 0,04 | 0,54 | 2,22 | 1,95 | 0,93 | 0,37 | 0,05 | N/A | N/A |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| moins importante que celles des grands marchés actions. | HFRX Global Hedge Fund Index en USD	-1,36 | 2,30 | 6,20 | 6,80 | -7,01 | 8,04 | 5,95 | -6,03 | N/A | N/A |
| Le fonds cherche à atteindre son objectif d’investissement en allouant ses actifs dans de très nombreuses stratégies | Performance en devise de la part (%) |  |  |  |  |  |  |  |  |  |
| de gestion non traditionnelles ou « alternatives ». | Cumulée |  |  |  |  |  |  |  |  |  |

Équipe de gestion
Brooks Ritchey: USA Robert Christian: USA
Allocation par stratégie (% du capital investi)
Anthony M Zanolla, CFA: USA
|  | 1 mois | 3 mois | YTD | 1 an | 3 ans | 5 ans | Depuis création |
| --- | --- | --- | --- | --- | --- | --- | --- |
| A (acc) USD | 1,40 | 2,57 | 1,40 | -4,85 | 0,61 | 2,21 | 15,81 |
| ICE BofA US 3-Month Treasury Bill Index en USD | 0,31 | 1,00 | 0,31 | 1,78 | 2,37 | 6,68 | 8,13 |
| HFRX Global Hedge Fund Index en USD | 1,67 | 1,76 | 1,67 | -1,36 | 7,17 | 6,42 | 11,49 |

Objectif	Réel
| Long Short Equity | 25-40 | 21,49 |  |  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Event Driven | 10-30 | 20,58 |  | A (acc) USD | -8,20 | 1,97 | 6,00 | 6,28 | -2,87 | 5,49 | 3,02 | -0,48 |
| Valeur Relative | 30-45 | 35,83 |  | ICE BofA US 3-Month Treasury Bill | 1,46 | 0,05 | 0,67 | 2,28 | 1,87 | 0,86 | 0,33 | 0,05 |
| Global Macro | 0-30 | 22,09 |  | Index en USD |  |  |  |  |  |  |  |  |
|  |  |  |  | HFRX Global Hedge Fund Index en | -4,41 | 3,65 | 6,81 | 8,62 | -6,72 | 5,99 | 2,50 | -3,64 |

Exposition Brute	200,49
Exposition Nette	57,67
Position acheteuse	129,08
Position vendeuse	-71,41
USD
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 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.
Consultez « Indices de performance » au recto de cette page pour prendre connaissance d’informations importantes sur les indices présentés.
| Principales expositions  (% du total) |  |  | Statistiques sur le compart | iment |
| --- | --- | --- | --- | --- |
| Expositions à long terme (capitaux propres uniquement) |  |  | Valeur à risque (VAR) | -1.93% |
| Nom de l’émetteur (Actions) |  |  | Ecart type (5 ans) | 5,35% |
| COUPA SOFTWARE INC | 1,06 |  | Ratio de Sharpe (5 ans) | -0,16 |
| DCP MIDSTREAM LLC | 0,83 |  | Alpha (5 ans) | -2,54% |
| STORE CAPITAL CORP | 0,79 |  | Beta (5 ans) | 0,26 |
| ENERGY HARBOR CORP | 0,73 |  | R² (5 ans) | 76,70% |
| SHAW COMMUNICATIONS INC | 0,65 |  | Corrélation (5 ans) | 0,88 |
| Expositions à court terme (capitaux propres uniquement) Nom de l’émetteur (Actions) |  |  | % de recul maximal (5 ans) Période de recul: 07/21-08/22 | -10,34% |
| PLUG POWER INC | -0,31 |  |
| PAN AMERICAN SILVER CORP | -0,29 |
| EAGLE BULK SHIPPING INC | -0,26 |
| MSPSIWM | -0,24 |
| COPA HOLDINGS SA | -0,23 |

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Informations sur la part