Gross Expense Ratio
Net Expense Ratio
Max Initial Sales Charge
The Fund invests primarily in high quality, short-term money market instruments (and forward currency contracts) denominated in currencies of foreign countries and markets that historically have experienced low inflation rates.
Our strategy is to employ a range of analytic frameworks and only when a preponderance of evidence across our three tiers of analysis supports a given currency valuation will we overweight that given currency.
- Tier 1. Involves fundamental long-term currency valuations where we utilize a range of analysis technologies.
- Tier 2. Looks at the short-term dynamics that will be drivers of currencies, either toward or away from their long-term equilibrium value.
- Tier 3. Focuses on scenario analysis where we model potential shocks and analyze their impacts on currency values, such as geopolitical risks or oil price shocks.
- Geographic Diversification. The fund has a diversified portfolio of currencies from around the world.
- Global Platform. Global and local experts provide extensive country analysis through multiple perspectives and lenses.
- Experienced Management. Michael Hasenstab has managed the fund since 2001 and is backed by a large and experienced team of analysts around the world.
What Are the Risks?
- All investments involve risks, including possible loss of principal.
- Special risks are associated with foreign investing, including economic instability and political developments.
- The fund’s assets are largely invested in foreign currencies, and therefore involve potential for significant gain or loss from currency exchange rate fluctuations.
- The fund does not seek to maintain a stable net asset value and should not be considered a substitute for a U.S. dollar money market fund.
- The fund is also non-diversified, which involves the risk of greater price fluctuation than a more diversified portfolio.
- These and other risks are described more fully in the fund’s prospectus.
Speak to your financial advisor about whether this fund is appropriate for you. If you don't have a financial advisor, request a referral.
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Important Legal Information
- CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
- All investments involve risks, including possible loss of principal. Special risks are associated with foreign investing, including economic instability and political developments. The Fund's assets are largely invested in foreign currencies, and therefore involve potential for significant gain or loss from currency exchange rate fluctuations. The Fund does not seek to maintain a stable net asset value and should not be considered a substitute for a U.S. dollar money market fund. The Fund is also non-diversified, which involves the risk of greater price fluctuation than a more diversified portfolio. Changes in the financial strength of a bond issuer or in a bond's credit rating may affect its value. These risks are discussed in the Fund's prospectus.
- Effective June 30, 2014, Franklin Templeton Hard Currency Fund was renamed Templeton Hard Currency Fund.
- Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total Returns With Sales Charge: returns reflect the deduction of the stated sales charge. Total returns, distribution rate, and yields reflect any applicable expense reductions, without which the results for those impacted funds would have been lower.
- Most Franklin Templeton funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance. In general, Class A shares have a maximum initial sales charge; Class C shares have a 1% contingent deferred sales charge; Class Z, Advisor Class and Class R6 shares have no sales charges nor Rule 12b-1 fees; Class R shares have no sales charges, but do have a Rule 12b-1 fee.
- Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares.
- For more information on any of our funds, contact your financial advisor or download a free prospectus. 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.
- For performance reporting purposes, the inception date for Classes A, 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 Mutual Series Funds, Franklin International Small Cap Growth Fund, Franklin Large Cap Equity Fund and Franklin Pelagos Commodities Strategy 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.
- Net Asset Value — The amount per share you would receive if you sold shares that day.
- The 30-Day Standardized Yield reflects an estimated yield to maturity. It should be regarded as an estimate of the fund's rate of investment income, and it may not equal the fund's actual income distribution rate, which reflects the fund's past dividends paid to shareholders.
- Percentage of the fund's returns explained by movements in the JP Morgan 3-Month Global Cash Index. 100 equals perfect correlation to the index. Based on the 3-year period ended as of the date of the calculation.
- The annualized percentage difference between a fund's actual returns and its expected performance given its level of market risk, as measured by beta. Based on the 3-year period ended as of the date of the calculation.
- A statistical measurement of the range of a fund's total returns. In general, a higher standard deviation means greater volatility. Based on the fund's monthly returns over the 3-year period ended as of the date of the calculation.
- The Gross Expense Ratio does not include a fee reduction related to the Fund's investment in a Franklin Templeton money fund, as applicable. The fee reduction is contractually guaranteed for at least the next 12-month period. Please see the prospectus for additional information.
- ©2015 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.
- Source: Morningstar®, 9/30/15. For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive a Morningstar Rating™ of 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. (Each share class is counted as a fraction of one fund and rated separately.) Past performance does not guarantee future results. Morningstar Rating™ is for the named share class only; other classes may have different performance characteristics.
- A measure of the fund's volatility relative to the market, as represented by the JP Morgan 3-Month Global Cash Index. A beta greater than 1.00 indicates volatility greater than the market. Based on the 3-year period ended as of the date of the calculation.
- Public Offering Price — Purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
- A statistical measurement of a fund's historical risk-adjusted performance. It is calculated by taking a fund's excess return over that of the three-month Treasury bill divided by its standard deviation. Higher values generally indicate better historical risk-adjusted performance. Based on the 3 years ended as of the date of the calculation.
- Source: Morningstar, 3/31/13. The style box reveals a fund's investment style. For credit quality of the bonds owned, Morningstar combines credit rating information provided by the fund companies (only using ratings assigned by a Nationally Recognized Statistical Rating Organization - "NRSRO") with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Funds with a low credit quality style box placement are those whose weighted-average credit quality is less than BBB-; medium are those less than AA- but greater or equal to BBB-; and high are those of AA- or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; average effective duration between 75% to 125% of the MCBI will be classified as Moderate; and those at 125% or greater of the MCBI will be classified as Extensive. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.
- Indices are unmanaged and one cannot invest directly in them.