1. Templeton Global Smaller Companies Fund - Series F
Templeton Global Equity Group
 Data as of December 31, 2017
Templeton Global Smaller Companies Fund - Series F
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2. Table of Contents Templeton Global Smaller Companies Fund
Table of Contents
Investment Capabilities Overview 3
Performance Risk Statistics 26
Franklin Templeton Investments—A Trusted, Long-Term Partner in Investment  Management 4
Templeton Global Equity Group—Focus on Core Competencies 27
We Consider Sustainability in All That We Do 5
Management Profiles 28
Templeton—Global Presence 6
Management Profile 29
Templeton Global Equity Group—Focus on Core Competencies 7
Important Information 31
Templeton Global Equity Group—Value Investors Focused on Seeking Long-Term  Capital Growth for Our Clients 8
Glossary 32
The Templeton Investment Philosophy 9
Important Disclosures 33
Experienced Team of Global Analysts 10
Bottom-Up Stock Pickers: Global Focus Uncovers the Best Opportunities Across  Sectors and Geographies 11
Templeton’s Valuation-Driven Investment Process 12
Templeton’s Valuation-Driven Investment Process 13
Performance and Characteristics 18
Summary 19
Sector Allocation 20
Geographic Allocation 21
Top Ten Holdings 22
Portfolio Characteristics 23
Performance Statistics 24
Calendar Year Returns 25 2
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3. FRANKLIN TEMPLETON INVESTMENTS
Templeton Global Smaller Companies Fund
Investment Capabilities Overview
FRANKLIN TEMPLETON INVESTMENTS
Total Combined Assets Under Management: CAD$947.6 Billion
Institutional AUM: CAD$227.9 Billion
Single Business Development, Relationship Management, and Consultant Relations Platform
Equity
   Fixed Income
 Multi-Asset Solutions
Alternatives
AUM
CAD$411.9 Billion
CAD$363.3 Billion
CAD$163.4 Billion
CAD$19.3 Billion
CAPABILITIES
Value
Deep Value
Core Value
Blend
Growth At a Reasonable Price (GARP)
Growth
ActiveQuant
Convertibles
Sector
Shariah
Smart Beta
Government
Municipals
Corporate Credit
Bank Loans
Securitized
Multi-Sector
Currencies
Sukuk
Income
Real Return
Balanced/Hybrid
Total Return
Target Date/Risk
Target Return
Absolute Return
Tactical Asset Allocation
Managed Volatility
Commodities
Infrastructure
Real Estate
Hedge Funds
Private Equity
INVESTMENT
TEAMS
Templeton Global Equity Group (1940)
Franklin Equity Group (1947)
Franklin Mutual Series (1949)
Franklin Templeton Emerging Markets Equity (1987)
Franklin Bissett Investment Management (1982)
Franklin Templeton Fixed Income Group (1970)
Templeton Global Macro (1986)
Franklin LAM-Fixed Income (1993)
Franklin Templeton Multi-Asset Solutions (1996)
Franklin Templeton Alpha Parity (2012)
Franklin Real Asset Advisors (1984)
Darby Overseas Investments (1994)
K2 Advisors (1994)
Pelagos Capital Management (2005)
Source: Franklin Templeton Investments (FTI), as of December 31, 2017, based on latest available data. Total combined Assets Under Management (Total AUM) combines U.S. and non-U.S. AUM of the investment management subsidiaries of the parent company, Franklin Resources, Inc. (FRI) [NYSE: BEN], a global investment management organisation operating as FTI. Only selected business entities within FTI claim compliance with the GIPS standards as described in the table of contents if applicable. Total and platform AUM includes discretionary and non-discretionary accounts, including pooled investment vehicles, separate accounts and other vehicles. Total and platform AUM may also include advisory accounts with or without trading authority. In addition, assets for which certain FTI advisers provide limited asset allocation advisory services, and assets that are not allocated to FTI products are not included in the AUM figures shown. Franklin Templeton Multi-Asset Solutions may invest in various investment platforms advised by a number of investment advisory entities within FTI. Platform AUM reported for FT Multi-Asset Solutions therefore may include certain AUM separately reported under each utilised investment platform. Total AUM also includes assets managed by certain FTI advisers that do not form part of the selected investment platforms shown. As a result, the combined platform AUMs may not equal Total AUM and may be calculated and reported separately for regulatory or other purposes under each investment adviser. Each local asset manager may be considered as an entity affiliated with or associated to FTI by virtue of being a direct or indirect wholly-owned subsidiary of FRI, an entity or joint venture in which FRI owns a partial interest, which may be a minority interest, or a third party asset management company to which investment advisory services have been delegated by an FTI adviser.
Franklin Local Asset Management (LAM) includes Franklin Bissett Investment Management, which is part of Franklin Templeton Investments Corp. In Canada, the advisor to the Franklin Templeton Multi-Asset Solutions mandates is Fiduciary Trust Company of Canada, a wholly owned subsidiary of Franklin Templeton Investments Corp. Franklin Templeton Multi-Asset Solutions is a business name used by Fiduciary Trust Company of Canada. 3
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4. Templeton Global Smaller Companies Fund
Franklin Templeton Investments—A Trusted, Long-Term Partner in Investment Management 4
For Dealer Use Only | Not for Distribution to the Public

5. We Consider Sustainability in All That We Do
Templeton Global Smaller Companies Fund
We Consider Sustainability in All That We Do 5
For Dealer Use Only | Not for Distribution to the Public

6. Templeton—Global Presence
Templeton Global Smaller Companies Fund
Templeton—Global Presence
As of December 31, 2017. 6
For Dealer Use Only | Not for Distribution to the Public

7. Templeton Global Equity Group—Focus on Core Competencies
Templeton Global Smaller Companies Fund
Templeton Global Equity Group—Focus on Core Competencies
1. Global includes global balanced mandates.
2. Other includes regional and single country mandates and global and international small cap. 7
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8. Templeton Global Smaller Companies Fund
Templeton Global Equity Group—Value Investors Focused on Seeking Long-Term Capital Growth for Our Clients 8
For Dealer Use Only | Not for Distribution to the Public

9. The Templeton Investment Philosophy
Templeton Global Smaller Companies Fund
The Templeton Investment Philosophy 9
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10. Experienced Team of Global Analysts
Templeton Global Smaller Companies Fund
Experienced Team of Global Analysts
Investment team information is as of December 31, 2017.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. 10
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11. Templeton Global Smaller Companies Fund
Bottom-Up Stock Pickers: Global Focus Uncovers the Best Opportunities Across Sectors and Geographies 11
For Dealer Use Only | Not for Distribution to the Public

12. Templeton’s Valuation-Driven Investment Process
Templeton Global Smaller Companies Fund
Templeton’s Valuation-Driven Investment Process 12
For Dealer Use Only | Not for Distribution to the Public

13. Templeton’s Valuation-Driven Investment Process
Templeton Global Smaller Companies Fund
Templeton’s Valuation-Driven Investment Process 13
For Dealer Use Only | Not for Distribution to the Public

14. Templeton Global Smaller Companies Fund14
For Dealer Use Only | Not for Distribution to the Public

15. Templeton Global Smaller Companies Fund15
For Dealer Use Only | Not for Distribution to the Public

16. Templeton Global Smaller Companies Fund16
For Dealer Use Only | Not for Distribution to the Public

17. Templeton Global Smaller Companies Fund17
For Dealer Use Only | Not for Distribution to the Public

18. Performance and Characteristics
Templeton Global Smaller Companies Fund
Performance and Characteristics 18
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19. Summary Templeton Global Smaller Companies Fund
Summary
Templeton Global Smaller Companies Fund - Series F As of December 31, 2017
Summary of Investment Objectives
Fund Inception Date
January 3, 1989
This Fund seeks long-term capital appreciation by investing primarily in securities of smaller companies around the world. Smaller companies are those similar in size to the companies in the MSCI All Country World (ACWI) Small Cap Index, at the time of initial purchase.
Series Inception Date
November 24, 2000
Distribution Frequency
Annually
Investment Style
Global Value
Portfolio Manager(s)
Benchmarks
MSCI All Country World Small Cap Index Custom Templeton Global Smaller Companies Benchmark (Time-Linked) Custom Templeton Global Smaller Companies Benchmark (Non-Time-Linked) MSCI World Index
Harlan Hodes
United States
David Tuttle, CFA
Canada
Total Net Assets (CAD) [All Series]
323,405,169
Number of Issuers 97
Portfolio Turnover
11.08%
Asset Allocation
Equity: 95.27%
Cash & Cash Equivalents: 4.73%
Custom Templeton Global Smaller Companies Index is a blended index composed of the MSCI All Country World Small Cap Index and MSCI World Index. The customized index reflects the returns of the MSCI All Country World Small Cap Index on and after January 1, 2012, and the MSCI World Index prior to January 1, 2012.
The Portfolio Turnover is calculated over a 12-month period as at the end of the fiscal year (June 30, 2017).
Holdings of the same issuer have been combined.
Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Percentage may not equal 100% due to rounding. 19
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20. Sector Allocation Templeton Global Smaller Companies Fund
Sector Allocation
Templeton Global Smaller Companies Fund  vs. MSCI All Country World Small Cap Index  As of December 31, 2017
Portfolio %
Index %
Over/Under %
Consumer Discretionary
        
24.49
14.36
10.13
Consumer Discretionary
Consumer Durables & Apparel
17.58
2.98
14.60
Automobiles & Components
3.87
1.90
1.97
Industrials
Retailing
3.03
3.62
-0.58
Consumer Services
0.00
3.75
-3.75
Information Technology
Media
0.00
2.11
-2.11
Industrials
22.40
17.20
5.20
Financials
Capital Goods
20.81
11.86
8.95
Commercial & Professional Services
1.59
2.96
-1.38
Consumer Staples
Transportation
0.00
2.37
-2.37
Information Technology
11.69
13.61
-1.92
Materials
Technology Hardware & Equipment
8.87
4.30
4.57
Software & Services
1.81
6.46
-4.65
Health Care
Semiconductors & Semiconductor Equipment
1.01
2.86
-1.85
Financials
11.09
13.17
-2.08
Energy
Diversified Financials
6.55
4.54
2.01
Banks
3.91
6.45
-2.53
Real Estate
Insurance
0.63
2.19
-1.56
Consumer Staples
7.63
5.20
2.43
Utilities
Food, Beverage & Tobacco
4.74
3.19
1.55
Household & Personal Products
1.99
0.79
1.20
Telecommunication Services
Food & Staples Retailing
0.90
1.22
-0.32
Materials
7.57
8.66
-1.08
Cash & Cash Equivalents
Health Care
4.76
9.79
-5.03
Pharmaceuticals, Biotechnology & Life Sciences
3.89
5.60
-1.71
Health Care Equipment & Services
0.88
4.20
-3.32 0% 6%
12%
18%
24%
30%
Energy
2.98
3.91
-0.93   
Templeton Global Smaller Companies Fund
Real Estate
2.67
10.11
-7.44   
MSCI All Country World Small Cap Index
Utilities
0.00
3.13
-3.13
Telecommunication Services
0.00
0.86
-0.86
Cash & Cash Equivalents
4.73
0.00
4.73
Weightings as percent of total. Percentage may not total 100% due to rounding. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. 20
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21. Geographic Allocation
Templeton Global Smaller Companies Fund
Geographic Allocation
Templeton Global Smaller Companies Fund
vs. MSCI All Country World Small Cap Index 
Portfolio %
Index %
Over/Under %
As of December 31, 2017
North America
38.68
52.04
-13.35
United States
34.24
48.49
-14.26
Canada
4.44
3.54
0.90
Europe
29.67
21.08
8.59
United Kingdom
6.11
6.83
-0.72
North America
Italy
4.67
1.46
3.21
Germany
4.48
2.19
2.29
Finland
3.43
0.55
2.88
Europe
Switzerland
3.34
1.75
1.60
Sweden
2.48
1.84
0.64
Netherlands
2.02
0.92
1.09
Asia
Poland
1.25
0.11
1.14
Others
1.88
5.42
-3.53
Asia
23.34
21.63
1.71
Japan
12.39
11.19
1.20
Latin America / Caribbean
Hong Kong
3.70
0.78
2.92
Taiwan
3.55
1.97
1.58
Indonesia
1.67
0.26
1.42
Australia  /  New Zealand
South Korea
1.55
1.88
-0.33
India
0.47
1.73
-1.26
China
0.00
2.23
-2.23
Mid-East / Africa
Others
0.00
1.58
-1.58
Latin America / Caribbean
3.58
1.11
2.48
Brazil
2.68
0.62
2.06
Cash & Cash Equivalents
Others
0.91
0.49
0.42
Australia  /  New Zealand
0.00
2.80
-2.80
Australia
0.00
2.44
-2.44
New Zealand
0.00
0.36
-0.36 0%
11%
22%
33%
44%
55%
Mid-East / Africa
0.00
1.35
-1.35
Others
0.00
1.35
-1.35   
Templeton Global Smaller Companies Fund
Cash & Cash Equivalents
4.73
0.00
4.73   
MSCI All Country World Small Cap Index
Emerging Markets Exposure
12.59
11.40
1.19
Emerging markets exposure is based on the countries included in the MSCI Emerging Markets Index.
Weightings as percent of total. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. 21
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22. Top Ten Holdings Templeton Global Smaller Companies Fund
Top Ten Holdings
Templeton Global Smaller Companies Fund As of December 31, 2017
Name of Issuer
Country
Industry
% of Total
TECHTRONIC INDUSTRIES CO LTD
Hong Kong
Consumer Durables & Apparel
2.06
THULE GROUP AB/THE
Sweden
Consumer Durables & Apparel
1.95
COLUMBIA SPORTSWEAR CO
United States
Consumer Durables & Apparel
1.94
HILLENBRAND INC
United States
Capital Goods
1.92
WINNEBAGO INDUSTRIES INC
United States
Automobiles & Components
1.91
FRESHPET INC
United States
Food Beverage & Tobacco
1.88
ALAMO GROUP INC
United States
Capital Goods
1.88
SIMPSON MANUFACTURING CO INC
United States
Capital Goods
1.86
ALLIANCEBERNSTEIN HOLDING LP
United States
Diversified Financials
1.86
INTERPUMP GROUP SPA
Italy
Capital Goods
1.80
Total
19.06
Holdings of the same issuer have been combined, unless otherwise noted. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
The information provided is not a recommendation to purchase, sell, or hold any particular security. The securities identified do not represent the Fund’s entire holdings and in the aggregate may represent only a small percentage of such holdings. There is no assurance that securities purchased will remain in the Fund or that securities sold will not be purchased. In addition, it should not be assumed that any securities transactions discussed were or will prove to be profitable. The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top 10 holdings list. 22
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23. Portfolio Characteristics
Templeton Global Smaller Companies Fund
Portfolio Characteristics
Templeton Global Smaller Companies Fund vs. MSCI All Country World Small Cap Index As of December 31, 2017
Portfolio
Index
Price to Earnings (12-month Trailing)
20.22x
27.49x
Price to Cash Flow
11.96x
12.79x
Price to Book
2.22x
1.99x
Dividend Yield
1.56%
1.83%
Market Capitalization (Millions CAD)
3,848
3,625
Market Capitalization Breakdown in CAD
Portfolio %
<1.0 Billion
10.08
Billion
18.08
Billion
46.19
Billion
19.15
>10.0 Billion
4.75
N/A
1.75
Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
The portfolio characteristics listed are based on the Fund’s underlying holdings, and do not necessarily reflect the Fund’s characteristics. Due to data limitations all equity holdings are assumed to be the primary equity issue (usually the ordinary or common shares) of each security’s issuing company. This methodology may cause small differences between the portfolio’s reported characteristics and the portfolio’s actual characteristics. In practice, Franklin Templeton’s portfolio managers invest in the class or type of security which they believe is most appropriate at the time of purchase. The dividend yield quoted here is the yield on securities within the Fund’s portfolio and should not be used as an indication of the income received from this portfolio. The market capitalisation figures for both the portfolio and the benchmark are the security level, not aggregated up to the main issuer.
Source: FactSet. Price Ratio calculations for the weighted average use harmonic means. Any exceptions to this are noted. Market capitalisation statistics are indicated in the base currency for the portfolio presented.
Past performance is not an indicator or a guarantee of future performance. 23
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24. Performance Statistics
Templeton Global Smaller Companies Fund
Performance Statistics
Templeton Global Smaller Companies Fund - Series F As of December 31, 2017
Compounded Returns (%) 
Inception Date
1 Mth*
3 Mths*
YTD*
1 Yr
3 Yrs
5 Yrs
10 Yrs
Since Incept
Templeton Global Smaller Companies Fund - Series F
-0.92
8.01
17.53
17.53
11.46
13.46
6.45
7.90
MSCI All Country World Small Cap Index
-1.00
5.95
16.15
16.15
14.42
18.14
10.27
8.56
Custom Templeton Global Smaller Companies Benchmark (Time-Linked)
-1.00
5.95
16.15
16.15
14.42
18.14
8.65
4.80
Custom Templeton Global Smaller Companies Benchmark (Non-Time-Linked)
-1.00
5.95
16.15
16.15
14.42
18.14
10.27
8.56
MSCI World Index
-1.40
5.81
14.99
14.99
12.80
17.54
8.18
4.20
Custom Templeton Global Smaller Companies Index is a blended index composed of the MSCI All Country World Small Cap Index and MSCI World Index. The customized index reflects the returns of the MSCI All Country World Small Cap Index on and after January 1, 2012, and the MSCI World Index prior to January 1, 2012.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or fund facts document before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.  Series F is available to investors participating in programs that do not require Franklin Templeton to incur distribution costs in the form of trailing commissions to dealers. As a consequence, the management fee on Series F is lower than on Series A.
*Cumulative Total Returns
Past performance is not an indicator or a guarantee of future performance. 24
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25. Calendar Year Returns Templeton Global Smaller Companies Fund
Calendar Year Returns
Templeton Global Smaller Companies Fund - Series F As of December 31, 2017
56%
52.69
37.84
37.84
34.28
32%
28.49
17.53
19.18
19.18
19.45
20.10
16.15
16.15
16.00
16.00
11.41
11.41
12.79
11.07
8.71
8.22
8.22
8.38
6.48 8%
1.10
-21.92
-8.75
-2.67
-38.12
-29.23
-25.37
-16%
-40%
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008   
Templeton Global Smaller Companies Fund - Series F   
MSCI All Country World Small Cap Index   
Custom Templeton Global Smaller Companies Benchmark (Time-Linked)
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or fund facts document before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.  Series F is available to investors participating in programs that do not require Franklin Templeton to incur distribution costs in the form of trailing commissions to dealers. As a consequence, the management fee on Series F is lower than on Series A.
Past performance is not an indicator or a guarantee of future performance. 25
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26. Performance Risk Statistics
Templeton Global Smaller Companies Fund
Performance Risk Statistics
Templeton Global Smaller Companies Fund - Series F
As of December 31, 2017
Performance Risk Statistics
1 Yr
3 Yrs*
5 Yrs*
10 Yrs*
15 Yrs*
Standard Deviation (%):
Templeton Global Smaller Companies Fund - Series F 
 9.02
10.75
9.90
16.33
15.12
Custom Templeton Global Smaller Companies Benchmark
8.24
10.89
9.74
12.09
11.30
Tracking Error (%)^^
 2.69
3.73
4.08
8.36
7.99
Information Ratio^^
 0.51
-0.79
-1.15
-0.26
0.00
Beta^^
 1.05
0.93
0.93
1.17
1.14
Sharpe Ratio
1.88
1.01
1.29
0.33
0.42
^^Measured against the Custom Templeton Global Smaller Companies Benchmark.
*Annualized.
Past performance is not an indicator or a guarantee of future performance. 26
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27. Templeton Global Equity Group—Focus on Core Competencies
Templeton Global Smaller Companies Fund
Templeton Global Equity Group—Focus on Core Competencies 27
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28. Management Profiles Templeton Global Smaller Companies Fund
Management Profiles 28
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29. Management Profile Templeton Global Smaller Companies Fund
Management Profile 29
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30. Management Profile Templeton Global Smaller Companies Fund
Management Profile 30
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31. Important Information
Templeton Global Smaller Companies Fund
Important Information 31
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32. Glossary Templeton Global Smaller Companies Fund
Glossary
Beta:  A measure of the magnitude of a portfolio's past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). The market (or index) is assigned a beta of 1.00, so a portfolio with a beta of 1.20 would have seen its share price rise or fall by 12% when the overall market rose or fell by 10%. 
Information Ratio:  In investing terminology, the ratio of expected return to risk. Usually, this statistical technique is used to measure a manager's performance against a benchmark. This measure explicitly relates the degree by which an investment has beaten the benchmark to the consistency by which the investment has beaten the benchmark. 
Market Capitalization:  A determination of a company's value, calculated by multiplying the total number of company stock shares outstanding by the price per share. 
Price to Book:  The price per share of a stock divided by its book value (i.e., net worth) per share. For a portfolio, the value represents a weighted average of the stocks it holds. 
Price to Cash Flow:  Supplements price/earnings ratio as a measure of relative value for a stock. For a portfolio, the value represents a weighted average of the stocks it holds. 
Sharpe Ratio:  To calculate a Sharpe ratio, an asset's excess returns (its return in excess of the return generated by risk-free assets such as Treasury bills) are divided by the asset's standard deviation. 
Standard Deviation:  A measure of the degree to which a fund's return varies from the average of its previous returns. The larger the standard deviation, the greater the likelihood (and risk) that a fund's performance will fluctuate from the average return. 
Tracking Error:  Measure of the deviation of the return of a fund compared to the return of a benchmark over a fixed period of time. Expressed as a percentage. The more passively the investment fund is managed, the smaller the tracking error.  32
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33. Important Disclosures
Templeton Global Smaller Companies Fund
Important Disclosures
The information presented is considered reliable at the present time; however, we do not represent that it is accurate or complete, or that it should be relied upon as such. Speculation or stated beliefs about future events, such as market or economic conditions, company or security performance, upcoming product offerings or other projections represent the beliefs of the speaker and do not necessarily represent the views of Franklin Templeton Investments Corp. General business, market, economic and political conditions could cause actual results to differ materially. The information presented is not a recommendation or solicitation to buy or sell securities.     Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or fund facts document before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.     Series F is available to investors participating in programs that do not require Franklin Templeton to incur distribution costs in the form of trailing commissions to dealers. As a consequence, the management fee on Series F is lower than on Series A.   
Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
All MSCI data is provided “as is.” The Fund described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the Fund described herein. Copying or redistributing the MSCI data is strictly prohibited.
   © 2018 Franklin Templeton Investments Corp. All rights reserved. Franklin Templeton Investments Canada is a business name used by Franklin Templeton Investments Corp.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. 33
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