Fixed Income

TGBAX Templeton Global Bond 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 while maintaining a limit on below investment grade exposure.
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 current income with capital appreciation and growth of income by investing at least 80% in bonds, which are predominately issued by governments, government-related entities and government agencies located around the world. The fund regularly enters into various currency-related and other transactions involving derivative instruments.

Benchmark: FTSE World Government Bond Index
Dividend Frequency, if any: Monthly
Fund Inception Date: 09/18/1986
Distribution Rate at NAV³As of 03/09/2026 (Updated Daily): 4.93%
30-Day SEC Yield—With Waiver^4,5,6As of 02/28/2026 (Updated Monthly): 6.21%
30-Day SEC Yield—Without Waiver^5,6As of 02/28/2026 (Updated Monthly): 6.17%
Effective DurationAs of 02/28/2026 (Updated Monthly): 4.73 Years

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio⁷: 0.77%
Net Expense Ratio^7,8: 0.74%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: —

Identifiers

Ticker: TGBAX
Fund Number: 616
CUSIP Code: 880208400

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Advisor Class

With Sales Charge (POP)

Without Sales Charge (NAV)

17.09%1 Year
4.38%3 Years
0.23%5 Years
1.01%10 Years
5.86%Since Inception
09/18/1986

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Asset Allocation

View portfolio section for additional info

As of 02/28/2026 - Market Value % of Total (Updated Monthly)

Top Asset Allocation
Fixed Income77.44%
Cash & Cash Equivalents22.56%

Additional Fund Info

Share Class Inception Date: 01/02/1997
Investment Style: N/A
Lipper Classification: Global Income Funds
Morningstar Category⁹: Global 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

December 31, 2025

Markets: Global growth data was largely mixed during the fourth quarter of 2025; third-quarter growth outcomes were strong in the United States, modest but stable in the euro area and negative in Japan, as the effects of earlier front-loading ahead of tariffs unwound. There was also some uncertainty over economic momentum in the United States as the government shutdown that lasted through October and continued into November affected data collection. Inflation outcomes remained mixed, with trends in developed markets somewhat higher, while emerging markets (EMs) saw sideways to lower moves. Global monetary policy largely seemed to be in the late stages of an easing cycle, with pauses and a slower rate-cutting pace becoming more common. The US Federal Reserve (Fed) delivered two 25 basis-point (bp) rate cuts over the quarter, bringing the fed funds target range to 3.50%–3.75%, though dissent over the moves among Fed members highlighted uncertainty over the outlook. Most developed market sovereign bond yields rose, while EM bonds showed mixed performance. The 10-year US Treasury note’s yield rose two bps to 4.17% over the quarter. The US dollar (USD) edged higher on average during the period, even as most developed market currencies, with the notable exception of the Japanese yen, appreciated against it.
OverallContributors: Interest-rate strategies contributed to absolute fund performance during the quarter, as did sovereign credit exposures.
OverallDetractors: Currency positions detracted from absolute fund results during the period.
Outlook: We expect global growth to be weaker than we had expected prior to tariff imposition, but we anticipate a recession is likely to be avoided.

For complete information, please see the full commentary:

Franklin Templeton Fixed Income

Managed Fund Since 2001

Managed Fund Since 2018

Latest Insights

March 9, 2026

Global Macro Insights: February 2026

January 29, 2026

Quarterly Economic Outlook: First quarter 2026

October 27, 2025

Quarterly Economic Outlook: Fourth quarter 2025

October 3, 2025

An update on our ESG scores

Performance

Average Annual Total Returns

^11,12

As of 02/28/2026

Month End

Quarter End

As of

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

Month End

As of 02/28/2026

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

Month End

As of 02/28/2026

FTSE World Government Bond Index (%)

Month End

As of 02/28/2026

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.

For performance reporting purposes, the inception date for Classes A/A1, R, R6, Z, and Advisor Class shares of all Franklin Templeton Funds is the date of effectiveness of the fund's registration statement or the first day the fund commenced operations. For Class C shares, generally the inception date is the first day the fund commenced offering such shares. Exceptions: Templeton Global Balanced Fund Classes A and C use the inception date of the old Class A and C shares, renamed Class A1 and Class C1. For Franklin Mutual Series Funds and Franklin International Small Cap Growth Fund, the inception date for Classes A, C, R and R6 shares is the funds' oldest class', Z or Advisor, inception date. Franklin U.S. Government Money Fund Class R6 inception date is the first day it commenced offering such shares.

Overall Morningstar Rating: Overall Morningstar Rating: 2 out of 5 stars
As of 02/28/2026

3 Years: 3 Years: 1 out of 5 stars
147 Funds in category

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

10 Years: 10 Years: 2 out of 5 stars
123 Funds in category

Rating Category: Global 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.

Morningstar Style Box

As of 02/28/2026

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.

©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.

Portfolio

Assets

As of02/28/2026 (Updated Monthly)

Total Net Assets: $3.13 Billion

Positions

As of 02/28/2026 (Updated Monthly)

Number of Holdings

Fund: 71
Benchmark: 1,351

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Effective Duration

Fund: 4.73 Years
Benchmark: 6.71 Years

Average Weighted Maturity

Fund: 6.07 Years
Benchmark: 8.44 Years

Asset Allocation

As of 02/28/2026 - Market Value % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Fixed Income	77.44%
Cash & Cash Equivalents	22.56%

Holdings
As of 01/31/2026 (Updated Monthly)

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

Malaysia Government Bond 3.899% 11/16/2027

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

India Government Bond 7.26% 08/22/2032

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

Queensland Treasury Corp 1.75% 07/20/2034 144A REG S

Brazil Notas do Tesouro Nacional Serie F 01/01/2029 STATED RATE 10%

Uruguay Government International Bond 3.875% 07/02/2040 INDEX LINKED URUIURUI Index

Treasury Corp Of Victoria 2% 11/20/2037

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 59-6865210

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	0.022741	—	—	—	0.025856	—	0.015397	—	—
Feb 24	0.007344	—	—	—	0.025856	—	—	—	—
Mar 25	0.008184	—	—	—	0.028816	—	—	—	—
Apr 24	0.007676	—	—	—	0.027024	—	—	—	—
May 22	0.008273	—	—	—	0.029127	—	—	—	—
Jun 24	0.007941	—	—	—	0.027959	—	—	—	—
Jul 25	0.007742	—	—	—	0.027258	—	—	—	—
Aug 25	0.008273	—	—	—	0.029127	—	—	—	—
Sep 12	—	—	—	—	—	—	—	—	—
Sep 24	0.00741	—	—	—	0.02609	—	—	—	—
Oct 27	0.007963	—	—	—	0.028037	—	—	—	—
Nov 21	0.007543	—	—	—	0.026557	—	—	—	—
Dec 24	0.008052	—	—	—	0.028348	—	—	—	—
	0.109142	—	—	—	0.330055	—	0.015397	—	—

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.: 3.82%
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 03/09/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/09/2026

Share Prices

As of 03/09/2026

NAV ¹(Net Asset Value): $7.16
NAV Change ¹: $0.01
NAV Change (%) ¹: 0.14%
POP ¹⁰(Public Offering Price): $7.16

52-Week Range

Highest NAV As of 02/13/2026: $7.41
Lowest NAV As of 04/08/2025: $6.60

Documents

Fund Literature

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

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Templeton Global Bond Fund - Advisor Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Templeton Income Trust	Download Document
Checkbox	Semi-Annual Report - Templeton Global Bond Fund - Advisor Class	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 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. 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. 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. 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. Active and frequent trading may increase a shareholder’s tax liability and transaction costs. 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

Click here for funds sales charge and breakpoint 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.

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

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.

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.

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

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

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.

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.
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.
©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.
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.
Effective 1/1/97, the fund began offering Advisor Class shares. For periods prior to the fund's Advisor Class inception date, a restated figure is used based on the fund's oldest share class, Class A performance, excluding the effect of Class A's maximum initial sales charge but reflecting the effect of the Class A Rule 12b-1 fees; and for periods after the fund's Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class.
Performance quotations for this class reflect the following methods of calculation: a) For periods prior to the fund's Advisor Class inception date, a restated figure is used based on the fund's oldest share class, Class A performance, excluding the effect of Class A's maximum initial sales charge but reflecting the effect of the Class A Rule 12b-1 fees; and b) for periods after the fund's Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class.
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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TGBAX Templeton Global Bond Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Advisor Class

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 13

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 59-6865210

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ¹³

Asset Allocation