FTIF - Franklin Mutual European Fund August 31, 2021

FTIF - Franklin Mutual European August 31, 2021 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 investments 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

5852842 ACCOR SA 600,230 €17,530,046 2.66% N/A N/A

4031976 ADIDAS AG 55,378 €16,638,003 2.52% N/A N/A

4012250 AIRBUS SE 104,826 €12,144,644 1.84% N/A N/A

BYYHL23 ANHEUSER-BUSCH INBEV SA/NV 286,568 €14,885,321 2.26% N/A N/A

BD9PNF2 ASR NEDERLAND NV 488,859 €18,918,739 2.87% N/A N/A

BDD85M8 PLC 2,450,158 €17,066,136 2.59% N/A N/A

0263494 BAE SYSTEMS PLC 1,989,511 €13,163,987 2.00% N/A N/A

5086577 BASF SE 222,831 €14,599,215 2.21% N/A N/A

B02L3W3 PLC 120,744 €6,792,648 1.03% N/A N/A

7309681 BNP PARIBAS SA 364,072 €19,533,263 2.96% N/A N/A

0798059 BP PLC 4,277,407 €14,737,970 2.23% N/A N/A

0287580 PLC 480,326 €15,260,425 2.31% N/A N/A

B74CDH8 CAIRN ENERGY PLC 4,658,864 €10,451,558 1.58% N/A N/A

B283W97 CAIXABANK SA 4,262,261 €11,213,615 1.70% N/A N/A

4163437 CAPGEMINI SE 121,783 €23,184,640 3.52% N/A N/A

BCRWZ18 CIE FINANCIERE RICHEMONT SA 213,310 €19,934,659 3.02% N/A N/A

BN2BT82 CIE FINANCIERE RICHEMONT SA 440,976 €191,636 0.03% N/A 11/27/23

CIE GENERALE DES ETABLISSEMENTS 4588364 166,693 €22,855,738 3.47% N/A N/A MICHELIN SCA

BN133N2 CONDUIT HOLDINGS LTD 1,060,000 €6,245,083 0.95% N/A N/A

BYTBWY9 COVESTRO AG 204,997 €11,251,611 1.71% N/A N/A

7171589 CREDIT SUISSE GROUP AG 1,109,891 €9,955,483 1.51% N/A N/A

CREDIT SUISSE GROUP GUERNSEY VII BL6KFB6 407,000 €426,560 0.06% 3.00% 11/12/21 LTD

5842359 DEUTSCHE TELEKOM AG 1,282,791 €23,100,823 3.50% N/A N/A

BY9D0Y1 DIRECT LINE INSURANCE GROUP PLC 4,998,687 €17,985,163 2.73% N/A N/A

4352097 FRESENIUS SE & CO KGAA 413,404 €18,203,854 2.76% N/A N/A

0925288 GLAXOSMITHKLINE PLC 1,579,691 €26,912,240 4.08% N/A N/A

5120679 HEIDELBERGCEMENT AG 264,559 €19,431,937 2.95% N/A N/A franklintempleton.co.uk 1 FTIF - Franklin Mutual European Fund August 31, 2021

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

7792559 HEINEKEN NV 135,916 €12,607,061 1.91% N/A N/A

HELLENIC TELECOMMUNICATIONS 5051605 1,518,542 €25,316,498 3.84% N/A N/A ORGANIZATION SA

BZ57390 ING GROEP NV 1,804,972 €21,086,980 3.20% N/A N/A

B170DQ6 KLOECKNER & CO SE 788,029 €9,011,165 1.37% N/A N/A

BNG8PQ9 NN GROUP NV 501,012 €22,010,464 3.34% N/A N/A

7103065 NOVARTIS AG 290,116 €22,720,214 3.45% N/A N/A

0682538 175,770 €6,024,736 0.91% N/A N/A

B24CGK7 BENCKISER GROUP PLC 192,032 €12,415,871 1.88% N/A N/A

B1VP0K0 REXEL SA 1,233,414 €21,867,758 3.32% N/A N/A

B03MLX2 PLC 848,397 €14,240,825 2.16% N/A N/A

B09CBL4 ROYAL DUTCH SHELL PLC 413,531 €6,967,048 1.06% N/A N/A

5727973 SIEMENS AG 103,600 €14,555,742 2.21% N/A N/A

4755135 SOFTWARE AG 360,845 €15,486,522 2.35% N/A N/A

0878230 PLC 3,017,543 €6,433,254 0.98% N/A N/A

BH4HKS3 GROUP PLC 4,701,657 €6,687,963 1.01% N/A N/A

5092336 VOSSLOH AG 410,487 €19,703,376 2.99% N/A N/A

franklintempleton.co.uk 2 FTIF - Franklin Mutual European Fund August 31, 2021

Important Information

Source: Franklin Templeton Investments as at 31/08/21 , unless stated otherwise. The fund is a subfund of Franklin Templeton Investment Funds, a Luxembourg-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 Investment Management 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

© 2021 Franklin Templeton Investments. All rights reserved. franklintempleton.co.uk 3