The following portfolio data for the Franklin Templeton funds is made available to the public under our Portfolio Holdings Release Policy and is "as of" the date indicated.

Portfolio Holdings for Templeton Frontier Markets Fund as of September 30, 2014

This portfolio data should not be relied upon as a complete

listing of a fund's holdings (or of a fund's top holdings) as information on particular holdings may be withheld if it is in the fund's interest to do so. Additionally, foreign currency forwards are not included in the portfolio data. Instead, the net market value of all currency forward contracts is included in cash and other net assets of the fund. Further, portfolio holdings data of over-the-counter derivative investments such as Credit Default Swaps, Interest Rate Swaps or other Swap contracts list only the name of counterparty to the derivative contract, not the details of the derivative. Complete portfolio data can be found in the semi- and annual financial statements of the fund.

Security Name Market Value

Shares/

Positions Held

Coupon

Rate

Maturity

Date

% of

TNA

Security

Identifier

ADECOAGRO SA $8,955,2761,017,645 N/A N/A0.59%B65BNQ6

AFREN PLC $7,084,0464,221,606 N/A N/A0.47%B067275

AFRICAN MINERALS LTD $1,691,9406,049,682 N/A N/A0.11%B00Z305

AGTHIA GROUP PJSC $13,897,0317,852,785 N/A N/A0.91%B0LWKV5

ALEXANDRIA MINERAL OILS CO $9,374,596837,651 N/A N/A0.62%B0K2PB1

ARAB POTASH CO PLC $1,535,60647,364 N/A N/A0.10%6050690

ARAMEX COMPANY $15,178,67117,422,032 N/A N/A1.00%B0LWK71

BANCA TRANSILVANIA $20,297,77040,741,942 N/A N/A1.33%5393307

BANK MUSCAT SAOG $44,406,86021,918,486 N/A N/A2.92%B11WYH6

BANK OF GEORGIA HOLDINGS PLC $22,777,036571,547 N/A N/A1.50%B759CR1

BINH MINH PLASTICS JSC $1,415,231438,412 N/A N/A0.09%B1CBVC6

BLOM BANK SAL $7,134,277754,950 N/A N/A0.47%093688109

CABLE & WIRELESS COMMUNICATION $22,539,96029,642,643 N/A N/A1.48%G1839G102

COMMERCIAL BANK OF QATAR $23,921,7011,241,032 N/A N/A1.57%6150448

COMPANIA DE MINAS BUENAVENTURA $24,778,3052,139,750 N/A N/A1.63%204448104

COPA HOLDINGS SA $13,349,021124,420 N/A N/A0.88%B0TNJH9

DELTA CORP LTD $22,289,09617,278,369 N/A N/A1.46%6260240

DEUTSCHE BANK AG/LONDON $4,162,949125,946 N/A 04/12/180.27%D1R40F202

DEUTSCHE BANK AG/LONDON $8,197,587211,000 N/A 05/16/170.54%D1R408752

DEUTSCHE BANK AG/LONDON $13,314,852553,470 N/A 09/27/160.87%B8HHFL5

DEUTSCHE BANK AG/LONDON $13,682,697355,845 N/A 03/20/170.90%D1R407192

DEUTSCHE BANK AG/LONDON $44,514,5841,272,354 N/A 09/27/162.92%D1R30X411

DHG PHARMACEUTICAL JSC $5,086,2271,179,560 N/A N/A0.33%B1L5527

DRAGON OIL PLC $48,939,4035,060,400 N/A N/A3.21%0059079

EAST AFRICAN BREWERIES $15,336,0234,941,300 N/A N/A1.01%B04NN72

Page 1 of 4

Portfolio Holdings for Templeton Frontier Markets Fund as of September 30, 2014

Security Name Market Value

Shares/

Positions Held

Coupon

Rate

Maturity

Date

% of

TNA

Security

Identifier

EASTERN TOBACCO $8,875,221352,546 N/A N/A0.58%6298177

ECONET WIRELESS ZIMBABWE LTD $14,851,46719,287,620 N/A N/A0.98%B05HV13

EGYPTIAN INTL PHAR $9,909,1191,175,555 N/A N/A0.65%6307017

EQUITY BANK LTD $23,476,32540,684,700 N/A N/A1.54%B0WCDV5

FAUJI FERTILIZER CO LTD $15,925,07514,391,903 N/A N/A1.05%6332741

FBN HOLDINGS PLC $33,052,101403,477,186 N/A N/A2.17%B8GQJS8

FERREXPO PLC $17,339,3169,523,330 N/A N/A1.14%B1XH2C0

FIRST QUANTUM MINERALS LTD $8,895,434455,320 N/A N/A0.58%3023521

GLOBAL TELECOM HOLDING $12,740,0443,882,976 N/A N/A0.84%BF8HVZ9

GRAN TIERRA ENERGY INC $13,468,0392,431,054 N/A N/A0.88%38500T101

GUINNESS NIGERIA PLC $6,281,8374,783,184 N/A N/A0.41%6398055

HOA PHAT GROUP JSC $9,189,8543,391,456 N/A N/A0.60%B29CC15

HSBC BANK PLC $8,651,654247,289 N/A 10/31/160.57%BFXW3W0

HSBC BANK PLC $10,712,138320,851 N/A 04/13/150.70%B7S9QN2

HSBC BANK PLC $25,380,4691,055,012 N/A 12/05/141.67%B6VDZ15

HSBC BANK PLC $27,515,4302,146,032 N/A 06/29/171.81%BNN81J7

IFT MONEY MARKET PORTFOLIO $66,831,23566,831,235 N/A N/A4.39%8611239C3

IMEXPHARM PHARMACEUTICAL JSC $2,122,5621,059,783 N/A N/A0.14%B1KL3R7

INDUS MOTORS $3,918,927543,354 N/A N/A0.26%6461560

INDUSTRIES QATAR $32,879,057643,084 N/A N/A2.16%6673570

INTERCORP FINANCIAL SERVICES I $15,897,600496,800 N/A N/A1.04%B1YZ331

JORDAN PHOSPHATE MINES $2,067,939244,396 N/A N/A0.14%6477255

KAZMUNAIGAS EXPLORATION PRODUC $43,446,0772,482,633 N/A N/A2.85%B1FKV75

KCELL JSC $3,981,600280,000 N/A N/A0.26%B8KDTN0

KCELL JSC $7,187,029505,417 N/A N/A0.47%48668G205

KCELL JSC $8,074,755567,845 N/A N/A0.53%48668G106

KENYA COMMERCIAL BANK LTD $5,646,2568,614,160 N/A N/A0.37%B1VG917

KERNEL HOLDING SA $5,905,267785,116 N/A N/A0.39%B28ZQ24

LETSHEGO HOLDINGS LTD $17,673,94461,550,162 N/A N/A1.16%6548526

MARIDIVE & OIL SERVICES $3,413,0053,379,213 N/A N/A0.22%B1TR8S2

MCB GROUP LTD $17,826,1462,659,949 N/A N/A1.17%BKY7G97

MHP SA $24,575,3802,065,158 N/A N/A1.61%B2QYBH3

MOBILE TELECOM CO $38,920,57316,993,843 N/A N/A2.56%6600084

Page 2 of 4

Portfolio Holdings for Templeton Frontier Markets Fund as of September 30, 2014

Security Name Market Value

Shares/

Positions Held

Coupon

Rate

Maturity

Date

% of

TNA

Security

Identifier

MTN GROUP LTD $50,080,6062,371,642 N/A N/A3.29%6563206

NAGACORP LTD $13,589,23118,909,611 N/A N/A0.89%B1FSSM3

NATIONAL BANK OF KUWAIT $37,526,35311,034,854 N/A N/A2.46%6889526

NEW MAURITIUS HOTELS LTD $6,020,8412,161,310 N/A N/A0.40%6636755

NIGERIAN BREWERIES PLC $7,222,5696,717,810 N/A N/A0.47%6637286

NOSTRUM OIL & GAS LP $6,614,091540,331 N/A N/A0.43%BGP6Q95

OMV PETROM SA $55,958,609415,560,797 N/A N/A3.67%7180411

OOREDOO QSC $57,110,1951,569,733 N/A N/A3.75%6158174

PACIFIC RUBIALES ENERGY CORP $25,076,7011,494,988 N/A N/A1.65%2523635

PETROVIETNAM DRILLING AND WELL $29,449,9776,442,562 N/A N/A1.93%B1HMTK8

PETROVIETNAM FERT & CHEMICAL J $6,677,1984,660,860 N/A N/A0.44%Y6825J101

PETROVIETNAM TECHNICAL SERVICE $30,212,18315,947,824 N/A N/A1.98%B2QMMQ3

SEPLAT PETROLEUM DEVELOPMENT C $19,849,3205,378,514 N/A N/A1.30%BDFMDD5

SOCIETATEA NATIONALA DE GAZE N $5,151,765499,800 N/A N/A0.34%BFTD6K6

SONATEL $15,732,265355,236 N/A N/A1.03%6143653

TELECOM EGYPT $15,854,8988,292,854 N/A N/A1.04%B0S6009

TENARIS SA $10,900,115239,300 N/A N/A0.72%88031M109

TERNIUM SA $21,041,345874,900 N/A N/A1.38%880890108

UAC OF NIGERIA PLC $10,900,70630,899,493 N/A N/A0.72%6910299

UNITED BANK FOR AFRICA PLC $21,284,858526,334,028 N/A N/A1.40%6918389

UNITED BANK LTD $12,594,8426,837,200 N/A N/A0.83%B09RFT5

VIETNAM DAIRY PRODUCTS JSC $1,589,547321,240 N/A N/A0.10%B16GLK5

YOUNGONE CORP $37,971,250655,610 N/A N/A2.49%B622C10

ZENITH BANK PLC $43,588,034294,120,412 N/A N/A2.86%B01CKG0

Page 3 of 4

Portfolio Holdings for Templeton Frontier Markets Fund as of September 30, 2014

Security Name Market Value

Shares/

Positions Held

Coupon

Rate

Maturity

Date

% of

TNA

Security

Identifier

Important Legal Information

Portfolio holdings are subject to change without notice and may not represent current or future portfolio composition.

Copyright. 2011-2012. Franklin Templeton Investments . All rights reserved.

Unlike the funds regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year.

The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other investments.

Investors should carefully consider a fund's investment goals, risks, charges and expenses before investing. To obtain a prospectus, which contains this and other information, talk to your financial advisor, call us at 1-800/DIAL BEN (1-800/342-5236) or visit our website at franklintempleton.com. Please read the prospectus carefully before investing. Franklin Templeton Distributors Inc., One Franklin Parkway, San Mateo, CA 94403.

The portfolio data is as of the date indicated and we disclaim any responsibility to update the

information.

The net market value of all currency forward contracts is included in cash and other net assets, reflected in the base currency of the fund. The net market value of any Credit Default, Interest Rate and/or other Swap contract positions are displayed as exposure to the issuing counterparty (i.e. "Citibank").

Page 4 of 4