Templeton Sustainable Emerging Markets Local Currency Bond Fund

Templeton Emerging Markets Local Currency Bond 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:local currency-denominated debt securities of any maturity or quality (including investment grade, non-investment grade and/or unrated securities) issued by governments, government-related entities and corporations located in developing or emerging markets and/or other countries affected by financial or economic developments in developing or emerging marketsderivatives for hedging, efficient portfolio management and/or investment purposes such as currency forwards and interest rate swaps, which are used as an active investment management instrument to gain exposure to marketsThe Fund may from time to time hold a significant amount of cash or cash equivalent due to the use of derivatives or where the manager believes that the markets are experiencing excessive volatility, a prolonged general decline or other adverse conditions.The Fund can invest to a lesser extent in:money market instrumentsstructured products (such as mortgage- and asset-backed securities) and credit-linked notesunits of other mutual funds and exchange-traded funds (limited to 10% of assets)securities in default (limited to 10% of assets)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.