FTIF - Templeton European Fund October 31, 2018

October 31, 2018 FTIF - Templeton European Fund

Portfolio Holdings

The following portfolio data for the Franklin Templeton funds is made available to the public under our Portfolio Holdings Release Policy and is "as of" the date indicated. This portfolio data should not be relied upon as a complete listing of a fund's holdings (or of a fund's top holdings) as information on particular holdings may be withheld if it is in the fund's interest to do so. Additionally, foreign currency forwards are not included in the portfolio data. Instead, the net market value of all currency forward contracts is included in cash and other net assets of the fund. Further, portfolio holdings data of over-the-counter derivative such as Credit Default Swaps, Interest Rate Swaps or other Swap contracts list only the name of counterparty to the derivative contract, not the details of the derivative. Complete portfolio data can be found in the semi- and annual financial statements of the fund.

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

5927375 AEGON NV 559,300 €3,035,880 2.13% N/A N/A

5458314 AKZO NOBEL NV 32,300 €2,399,244 1.68% N/A N/A

BD9PNF2 ASR NEDERLAND NV 85,100 €3,417,616 2.39% N/A N/A

7088429 AXA SA 148,965 €3,298,085 2.31% N/A N/A

B019M65 AZIMUT HOLDING SPA 67,661 €736,489 0.52% N/A N/A

0263494 BAE SYSTEMS PLC 530,100 €3,144,213 2.20% N/A N/A

B00FX50 BASILEA PHARMACEUTICA LTD 48,500 €2,067,782 1.45% N/A N/A

5069211 BAYER AG 40,000 €2,711,200 1.90% N/A N/A

7309681 BNP PARIBAS SA 56,500 €2,606,345 1.82% N/A N/A

0798059 BP PLC 191,551 €1,225,831 0.86% N/A N/A

7380482 CIE DE SAINT-GOBAIN 51,800 €1,721,832 1.21% N/A N/A

CIE GENERALE DES ETABLISSEMENTS 4588364 21,496 €1,950,547 1.37% N/A N/A MICHELIN SCA

7262610 CREDIT AGRICOLE SA 257,000 €2,911,296 2.04% N/A N/A

4182249 CRH PLC 120,057 €3,161,683 2.21% N/A N/A

5138638 ELRINGKLINGER AG 92,600 €693,574 0.49% N/A N/A

7145056 SPA 305,700 €4,801,324 3.36% N/A N/A

BYT05J2 FLOW TRADERS 39,700 €1,116,364 0.78% N/A N/A

B1FW751 GALP ENERGIA SGPS SA 79,000 €1,216,205 0.85% N/A N/A

B1Y47Y7 GERRESHEIMER AG 59,800 €3,722,550 2.61% N/A N/A

7698356 GETINGE AB 269,142 €2,334,111 1.63% N/A N/A

4476210 INDRA SISTEMAS SA 152,500 €1,332,087 0.93% N/A N/A

5889505 INFINEON TECHNOLOGIES AG 49,900 €883,729 0.62% N/A N/A

BZ57390 ING GROEP NV 208,118 €2,181,076 1.53% N/A N/A

BG0SC98 INNOGY SE 97,900 €3,604,678 2.52% N/A N/A

BZ24134 INTERTRUST NV 116,700 €1,662,975 1.16% N/A N/A

BZ4BQC7 PLC 18,322 €614,471 0.43% N/A N/A

3319521 KINGFISHER PLC 566,100 €1,626,506 1.14% N/A N/A

B12W5Y9 KONINKLIJKE BAM GROEP NV 352,800 €1,072,864 0.75% N/A N/A franklintempleton.co.uk 1 FTIF - Templeton European Fund October 31, 2018

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

B05M8B7 LANXESS AG 49,200 €2,694,192 1.89% N/A N/A

BYMT0J1 LIVANOVA PLC 28,719 €2,840,574 1.99% N/A N/A

B1921K0 LOGITECH INTERNATIONAL SA 73,200 €2,386,879 1.67% N/A N/A

5738298 MELIA HOTELS INTERNATIONAL SA 98,600 €895,288 0.63% N/A N/A

4741844 MERCK KGAA 40,930 €3,872,796 2.71% N/A N/A

5531000 MORPHOSYS AG 42,400 €3,468,320 2.43% N/A N/A

BNG8PQ9 NN GROUP NV 32,500 €1,235,000 0.86% N/A N/A

7103065 NOVARTIS AG 13,100 €1,013,225 0.71% N/A N/A

BNBNNH6 ONTEX GROUP NV 90,800 €1,538,152 1.08% N/A N/A

BYT16L4 ORSTED A/S 58,700 €3,292,698 2.30% N/A N/A

0665045 OXFORD INSTRUMENTS PLC 192,800 €2,044,412 1.43% N/A N/A

BYXS699 QIAGEN NV 156,581 €5,021,552 3.51% N/A N/A

7110388 ROCHE HOLDING AG 11,800 €2,535,098 1.77% N/A N/A

B03MLX2 PLC 117,802 €3,322,868 2.33% N/A N/A

B09CBL4 ROYAL DUTCH SHELL PLC 114,300 €3,218,688 2.25% N/A N/A

5671735 SANOFI 30,647 €2,416,209 1.69% N/A N/A

4846288 SAP SE 36,300 €3,436,158 2.41% N/A N/A

5727973 SIEMENS AG 16,994 €1,728,629 1.21% N/A N/A

0408284 PLC 260,800 €1,616,623 1.13% N/A N/A

BYW2H44 TECHNIPFMC PLC 31,400 €739,784 0.52% N/A N/A

B16FTB9 TECNICAS REUNIDAS SA 48,900 €1,161,375 0.81% N/A N/A

7538515 SA 107,200 €1,408,072 0.99% N/A N/A

B15C557 TOTAL SA 79,200 €4,115,232 2.88% N/A N/A

BRJL176 UBS GROUP AG 149,100 €1,841,442 1.29% N/A N/A

5596991 UCB SA 58,400 €4,332,112 3.03% N/A N/A

BYMXPS7 SPA 218,837 €2,476,359 1.73% N/A N/A

4422332 UNIQA INSURANCE GROUP AG 210,700 €1,738,275 1.22% N/A N/A

B01D1K4 VECTURA GROUP PLC 809,011 €648,869 0.45% N/A N/A

5964651 VESTAS WIND SYSTEMS AS 28,700 €1,589,115 1.11% N/A N/A

BH4HKS3 GROUP PLC 1,393,161 €2,323,101 1.63% N/A N/A

franklintempleton.co.uk 2 FTIF - Templeton European Fund October 31, 2018

Important Information

Source: Franklin Templeton Investments as at 31/10/18 , unless stated otherwise. The fund is a subfund of Franklin Templeton Funds, a -domiciled SICAV. For further information please refer to the relevant Full Prospectus and the relevant Key Investor Information Document.

This document is intended to be of general interest only and does not constitute legal or tax advice nor is it an offer for shares or invitation to apply for shares of Franklin Templeton Investment Funds SICAV. Nothing in this document should be construed as investment advice. Subscriptions to shares of the fund can only be made on the basis of the current Full Prospectus and, the relevant Key Investor Information Document, accompanied by the latest available audited annual report and the latest semi-annual report if published thereafter. Copies of these documents are available free of charge from our website or from the address listed below.

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. Past performance is not an indicator or a guarantee of future performance. Currency fluctuations may affect the value of overseas investments. All or most of the protections provided by the UK Regulatory System will not apply to Franklin Templeton Investment (SICAV) Investors. An investment in the fund entails risks which are described in the fund’s Full Prospectus and the relevant Key Investor Information Document. Investments in derivative instruments entail specific risks more fully described in the Fund’s prospectus and in the relevant 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.

For a free copy of the latest prospectus, the relevant Key Investor Information Document, the annual report and semi-annual report, if published thereafter or for more information about any Franklin Templeton Investments’ fund, UK investors should contact: Franklin Templeton Investments, Telephone: 0800 305 306, Email: [email protected] or write to us at the address below. Issued by Franklin Templeton Limited (FTIML), Cannon Place, 78 Cannon Street, EC4N 6HL. FTIML is authorised and regulated in the UK by the Financial Conduct Authority

Franklin Templeton Investment Management Limited. Cannon Place, 78 Cannon Street, London, EC4N 6HL

franklintempleton.co.uk

© 2018 Franklin Templeton Investments. All rights reserved. franklintempleton.co.uk 3