Fixed Income

TGTRX Templeton Global Bond Enhanced Fund

Global Reach for Attractive Yield: The Fund takes an approach not constrained by its benchmark to pursue compelling yield opportunities across global sovereign bond markets.
Research-Driven Country and Currency Selection: High-conviction positioning informed by in-depth macroeconomic and country-specific research potentially delivers distinct sources of returns.
A Differentiated Path to Portfolio Diversification: The Fund's flexible mandate and differentiated investment process have historically resulted in low to moderate correlation with other asset classes, potentially adding to broader portfolio diversification.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks total investment return consisting of a combination of interest income, capital appreciation and currency gains by investing primarily in fixed and floating-rate debt securities and debt obligations (including convertible bonds) of governments, government agencies and government-related issuers worldwide, including supranational entities.

Benchmark³: FTSE World Government Bond Index
Dividend Frequency, if any: Monthly
Fund Inception Date: 09/30/2008
Distribution Rate at NAV⁴As of 06/09/2026 (Updated Daily): 6.93%
30-Day SEC Yield—With Waiver^5,6,7As of 05/31/2026 (Updated Monthly): 7.81%
30-Day SEC Yield—Without Waiver^6,7As of 05/31/2026 (Updated Monthly): 7.80%
Effective DurationAs of 05/31/2026 (Updated Monthly): 3.90 Years

Sales Charges, Expenses & Fees

As of 05/01/2026

Gross Expense Ratio⁸: 1.25%
Net Expense Ratio^8,9: 1.23%
Maximum Initial Charge: 3.75%
CDSC¹⁰: 1.00%
12b-1 Fee: 0.25%

Identifiers

Ticker: TGTRX
Fund Number: 407
CUSIP Code: 880208889

Average Annual Total Returns As of 05/31/2026

View performance section for additional info As of 05/31/2026

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

6.57%1 Year
6.21%3 Years
-0.52%5 Years
0.55%10 Years
3.54%Since Inception
09/30/2008

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Top Asset Allocation

View portfolio section for additional info

As of 05/31/2026 - Market Value % of Total (Updated Monthly)

Top Asset Allocation
Fixed Income89.46%
Equity0.02%
Cash & Cash Equivalents10.53%

Additional Fund Info

Share Class Inception Date: 09/30/2008
Investment Style: Government
Lipper Classification: Global Income Funds
Morningstar Category¹¹: Nontraditional Bond

Manager and Commentary

About the Team

Templeton Global Macro

Templeton Global Macro employs a research-intensive, high-conviction approach to investing in the global sovereign debt market. Blending rigorous country-by-country research and top-down macro analysis, the team seeks to identify the most compelling longer-term opportunities across interest-rates, currencies, and sovereign credit spreads.

Commentary Highlights

March 31, 2026

Markets: Growth data was mixed over the first quarter of 2026, showing fourth-quarter outcomes weak in the United States as a result of the government shutdown, modest but stable in the euro area and rebounding in Japan, as capital expenditure in particular was robust. Financial markets were dominated largely by the effects of the Middle East conflict later in the quarter. The US dollar (USD) rose, supported by it traditionally being perceived as a safe haven in times of risk aversion. Global monetary policy largely seemed to be in the late stages of its easing cycle, with pauses and slower rate cuts becoming more common, but the surge in oil prices following the onset of the war led to uncertainty about both growth and inflation outcomes. The US Federal Reserve (Fed) kept the policy rate unchanged over the quarter, as did most other developed market central banks, including the European Central Bank (ECB). In bond markets, most developed market and emerging market (EM) sovereign bond yields rose during the period, as stagflationary concerns dominated moves following the onset of the war in the Middle East. The yield on the 10-year US Treasury note rose 15 basis points to end the quarter at 4.32% (after having fallen to 3.94% in the immediate reaction to the start of the Middle East conflict).
OverallContributors: Interest-rate strategies contributed to absolute fund performance.
OverallDetractors: Currency positions detracted from absolute fund results.
Outlook: Despite the war, recent developments around trade and other economic relationships continue to support our thesis that global rewiring is underway.

For complete information, please see the full commentary:

Franklin Templeton Fixed Income

Managed Fund Since 2008

Managed Fund Since 2018

Latest Insights

June 8, 2026

Global Macro Insights: May 2026

May 7, 2026

Emerging markets: Resilience and divergence in the face of the latest oil shock

April 7, 2026

An update on our ESG scores: April 2026

January 29, 2026

Quarterly Economic Outlook: First quarter 2026

Performance

Average Annual Total Returns

¹³

As of 05/31/2026

Month End

Quarter End

As of

Class A - With Sales Charge (POP) (%)

Month End

As of 05/31/2026

Class A - Without Sales Charge (NAV) (%)

Month End

As of 05/31/2026

FTSE World Government Bond Index (%) ³

Month End

As of 05/31/2026

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 1 out of 5 stars
As of 05/31/2026

3 Years: 3 Years: 3 out of 5 stars
194 Funds in category

5 Years: 5 Years: 1 out of 5 stars
180 Funds in category

10 Years: 10 Years: 1 out of 5 stars
125 Funds in category

Rating Category: Nontraditional Bond

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

The number of funds in the category for the Overall Morningstar Rating are listed in the funds in category for the 3-year rating.

Morningstar Style Box

As of 05/31/2026

Current Historical
			High
			Medium
			Low
LTD	MOD	EXT
Duration

Quality

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2026 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.

Portfolio

Assets

As of05/31/2026 (Updated Monthly)

Total Net Assets: $211.16 Million

Positions

As of 05/31/2026 (Updated Monthly)

Number of Holdings

Fund: 85
Benchmark: 1,427

Portfolio Statistics

As of 05/31/2026 (Updated Monthly)

Effective Duration

Fund: 3.90 Years
Benchmark: 6.55 Years

Average Weighted Maturity

Fund: 5.89 Years
Benchmark: 8.33 Years

Asset Allocation

As of 05/31/2026 - Market Value % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Fixed Income	89.46%
Equity	0.02%
Cash & Cash Equivalents	10.53%

Holdings
As of 04/30/2026 (Updated Monthly)

Malaysia Government Bond 3.899% 11/16/2027

Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO

United States Treasury Note/Bond 3.875% 06/30/2030

India Government Bond 7.26% 08/22/2032

Norway Government Bond 1.75% 02/17/2027 REG S

ECUADOR REPUBLIC OF STEP 07/31/2035 144A

Cash and Cash Equivalents

Brazil Notas Do Tesouro Nacional Serie F 9.919193% 1/01/2031 STATED RATE 10%

Brazil Notas Do Tesouro Nacional Serie F 10% 01/01/2033

Republic of South Africa Government Bond 9.00% 01/31/2040

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 26-3046622

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 27	0.03313	—	—	—	0.02659	—	0.01312	—	—
Feb 24	0.01563	—	—	—	0.02077	—	—	—	—
Mar 25	0.017434	—	—	—	0.023166	—	—	—	—
Apr 24	0.016618	—	—	—	0.022082	—	—	—	—
May 22	0.017305	—	—	—	0.022995	—	—	—	—
Jun 24	0.018679	—	—	—	0.024821	—	—	—	—
Jul 25	0.017691	—	—	—	0.023509	—	—	—	—
Aug 25	0.018894	—	—	—	0.025106	—	—	—	—
Sep 12	—	—	—	—	—	—	—	—	—
Sep 24	0.017863	—	—	—	0.023737	—	—	—	—
Oct 27	0.018464	—	—	—	0.024536	—	—	—	—
Nov 21	0.019065	—	—	—	0.025335	—	—	—	—
Dec 24	0.016188	—	—	—	0.021512	—	—	—	—
	0.226961	—	—	—	0.284159	—	0.01312	—	—

Jan 27

Feb 24

Mar 25

Apr 24

May 22

Jun 24

Jul 25

Aug 25

Sep 12

Sep 24

Oct 27

Nov 21

Dec 24

Supplemental Tax Information

Foreign Source Income: 100.00%
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 3.31%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 100.00%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 06/09/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices and Breakpoints

As of 06/09/2026

Share Prices

As of 06/09/2026

NAV ¹(Net Asset Value): $6.82
NAV Change ¹: $0.01
NAV Change (%) ¹: 0.15%
POP ¹²(Public Offering Price): $7.09

POP and Sales Charge at Breakpoints

Less than $100,000

$100,000 - $249,999

$250,000 - $499,999

52-Week Range

Highest NAV As of 02/17/2026: $7.23
Lowest NAV As of 03/30/2026: $6.70

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Templeton Global Bond Enhanced Fund	Download Document
Checkbox	Product Commentary - Templeton Global Bond Enhanced Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Templeton Global Bond Enhanced Fund - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - Templeton Income Trust	Download Document
Checkbox	Semi-Annual Report - Templeton Global Total Return Fund - Class A	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Templeton Income Trust	Download Document
Checkbox	Prospectus - Templeton Income Trust SAI	Download Document
Checkbox	Summary Prospectus -Templeton Global Bond Enhanced Fund	Download Document
Checkbox	Statement of Additional Information - Templeton Income Trust SAIMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Templeton Income TrustMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Templeton Income TrustMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond's issuer, insurer or guarantor, may affect the bond's value. The portfolio is, or could become, non-diversified and may invest in a relatively small number of issuers, which may negatively impact the performance and result in greater fluctuation in value. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund's prospectus.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

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Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

Diversification does not guarantee a profit or protect against a loss.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

The FTSE World Government Bond Index ("WGBI") measures the performance of fixed-rate, local-currency, investment-grade sovereign bonds. The WGBI currently comprises sovereign debt from multiple countries, denominated in a variety of currencies. The WGBI provides a broad benchmark for the global sovereign fixed income market.
Source: FTSE.

Click here for funds sales charge and breakpoint information.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
Effective August 1, 2025, the fund changed its benchmark to the FTSE World Government Bond Index.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income, may include return of capital and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
For net asset value (NAV) purchases, a 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 18 months.
©2026 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.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Prior to 3/1/19, these shares were offered at a higher initial sales charge of 4.25%; thus actual returns would have differed. Total returns with sales charges have been restated to reflect the current maximum initial sales charge of 3.75%.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©2025 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.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, the manager assigns each security the middle rating from these three agencies. When only two agencies provide ratings, the lower of the two ratings will be assigned. When only one agency assigns a rating, that rating will be used. Foreign government bonds without a specific rating are assigned a country rating, if available. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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Individual Investor

Financial Professional

Institutional Investor

TGTRX Templeton Global Bond Enhanced Fund

Popular Documents

Fund changes

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class A

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 14

Portfolio

Asset Allocation Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

Distributions & Tax

Federal ID Number 26-3046622

Pricing

Daily Fund Prices and Breakpoints

Documents

Risks

Important Information

Footnotes

Ratings ¹⁴

Asset Allocation