Franklin Biotechnology Discovery. A (acc) USD

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1 Franklin Discovery Fund A (acc) USD Franklin Templeton Investment Funds Fund Manager Report Equity Product Details 1 Fund Assets $2,284,281, Fund Inception Date 04/03/2000 Number of Issuers 101 Bloomberg ISIN Base Currency Investment Style Benchmark Overall Morningstar Rating TM 4 TEMBDAI LX LU USD NASDAQ Index Asset Allocation 2,3 % Equity Cash & Cash 1.06 Equivalents Fixed Income Fund Description The fund aims to achieve capital appreciation by investing principally in equity securities of biotechnology companies and discovery research firms located mainly in the US. Key Points In February, a key index of US equity market volatility reached its highest levels since 2016 as a sudden selloff hit most corporate sectors, though stocks generally regained some ground later in the month. Amidst widespread declines, health care equities finished February in the middle of the sector rankings, and their overall returns were similar to broad gauges of equity market performance. and pharmaceutical industry stocks were also generally in line with the sector as a whole. The fund fared better than the benchmark as favourable stock selection in the biotechnology sector offered a solid boost to relative performance. To a lesser extent, stock selection in the pharmaceuticals industry also aided the outcome. Slight weakness versus the index was evident in the life sciences tools and services industry, based on the portfolio s underweighting amidst shallower-than-index declines. Performance Data Performance Net of Management Fees as at 02/28/2018 (Dividends Reinvested) (%) 5 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Inception (04/03/2000) A (acc) USD NASDAQ Index Calendar Year Returns (%) 100% 50% 0% -50% A (acc) USD Past performance is not an indicator or a guarantee of future performance. Portfolio Manager Insight Market Review In February, a key index of US equity market volatility reached its highest levels since 2016 as a sudden selloff hit most corporate sectors, though stocks generally regained some ground later in the month. Wage growth in January notched its biggest increase since 2009, and rising inflation expectations subsequently fed market volatility. As the major indices snapped multi-month winning streaks, ten out of 11 sectors traded lower, while information technology (IT) was essentially flat. Commodity-linked energy and materials equities were amongst the worst performers, along with consumer staples, telecommunication services and real estate companies. Large-capitalisation stocks held up better than those in the small- and mid-cap universes, though all three tiers retreated. By investment style, value stocks fared noticeably worse than their growth-oriented counterparts regardless of company size. Amongst global developed markets, Pacific region bourses were more resilient than those of the United States, while most European markets saw larger declines. US equities ebbed further than frontier markets, though both groups had shallower selloffs than emerging markets. 1. All holdings are subject to change. Holdings of the same issuers have been combined.

2 With stock valuations historically elevated going into the month, February s retreat did not appear to change many analysts optimistic views about the US economy and ongoing robust corporate earnings. New details on fourth-quarter 2017 US gross domestic product revealed the strongest level of consumer spending in three years. Additionally, consumer confidence hit a 17-year high in February, and jobless claims fell to the lowest level since Nonetheless, the country s retail, housing and auto sales have generally softened thus far in Elsewhere in the US economy, gauges of manufacturing and services sector activity were at or near their highest levels in more than a dozen years even as industrial production and durable goods orders waned and the pace of expansion in the services sector decelerated slightly. Performance Review In absolute terms, all three of the fund s equity allocations traded lower in February. Versus the benchmark index, however, the fund s dominant weighting in biotechnology stocks (averaging 83.1% of total assets) was a notable point of relative strength, as was our smaller exposure to pharmaceuticals (at roughly 12.2% of total assets). Eight of the fund s top 10 individual contributors to relative performance were overweighted or off-index investments in the biotechnology industry, seven of which bucked the overall downtrend in equity markets with robust, double-digit percentage rallies. Array BioPharma was the top contributor within this group, followed by Fate Therapeutics and Iovance Biotherapeutics. And though Biogen was a substantial detractor in the absolute as it shed considerable share value during the month, the fund only held about two-thirds of the index s weighting in the biotechnology giant, which worked in our favour as it sold off. In particular, Array BioPharma shares continued to garner investor interest in February following positive clinical trial results released in late January. Array, which makes drugs focused on the treatment of cancer and inflammatory diseases, released improved data on a Phase 3 trial in BRAFmutant colorectal cancer that showed an overall response rate of 48% and progression-free survival of eight months. This represented a large improvement over the current standard of care, and we expect this trial to show positive data when the randomised portion reads out in This drug candidate, which has been well tolerated by patients, could unlock a US$500 to US$750 million opportunity for Array, and may have positive implications for ongoing trials in the broader colorectal cancer population. We also remain optimistic about the rest of the company s growing pipeline is poised to be a transformative year for Array both binimetinib and encorafenib are currently pending regulatory review in the United States and Europe as a treatment for BRAF-mutant metastatic melanoma. Fate Therapeutics, meanwhile, continued to build on the momentum it established in the previous five months as the shares once again appreciated solidly in February. The latest catalyst for Fate was the company s announcement about an early-stage clinical study. Its lead pipeline candidate is FATE-NK100, a natural killer (NK) cell cancer therapy. On 20 February, Fate announced that the first patient had been treated in a Phase 1 study combining FATE-NK100 with either Herceptin or Erbitux in treating advanced solid tumours. Both of these other drugs are monoclonal antibody chemotherapies commonly used in cancer treatment. Fate received an unusually strong stock-market bump on news stemming from an early-stage study, probably because investors are excited about the potential for FATE-NK100. The immunotherapy is also in a couple of other clinical studies targeting treatment of acute myelogenous leukaemia and ovarian cancer. Although in the initial stages of study, FATE-NK100 appears to hold considerable promise in treating cancer, especially for patients who have failed monoclonal antibody therapy. The combination of the NK cell cancer therapy with monoclonal antibody drugs could be more effective than single-drug treatments. The other major biotechnology contributors were CRISPR Therapeutics, ImmunoGen, Edge Therapeutics and Karyopharm Therapeutics. We offered our insights on pre-clinical-stage biotech CRISPR last month as its shares soared, and it continued to rally strongly through February; the stock price has more than doubled already this year. CRISPR is a start-up firm using its eponymous gene-editing technology to develop new therapies. In February, comments from the management team at Gilead Sciences (also a fund holding) that imply the potential for future merger-and-acquisition (M&A) deal activity provided the lift to CRISPR. Gilead announced its intentions to assemble gene editing capabilities to support a major push into oncology. Investors believe one crucial missing piece in Gilead s endeavour is the promising (and proprietary) CRISPR-Cas9 technology for creating gene-based cancer therapies. CRISPR Therapeutics expects to file an application with the US Food and Drug Administration (FDA) later this year that could allow the company to begin human trials before the end of In the pharmaceuticals industry, outperformance versus the index was supported by several holdings that rallied solidly on positive company-specific news, including top contributors Zogenix and CymaBay Therapeutics. Zogenix shares saw a strong run-up in February because its epilepsy drug candidate (ZX008) was awarded with a breakthrough therapy designation by the FDA as it showed efficacy in a rare form of epilepsy (called Dravet syndrome) that is highly resistant to existing treatments. Zogenix is developing ZX008 as a treatment to reduce seizures in patients with rare forms of epilepsy and so far, the results from studies are compelling. Top-line results from the study are expected in the second quarter. If the data confirms earlier results, then the company will file for FDA approval of ZX008 later this year. The breakthrough designation does not guarantee an eventual approval, but it does provide management with greater contact with regulators, which could expedite the process. Conversely, slight weakness versus the index was evident in the life sciences tools and services industry, based on the portfolio s underweighting amidst shallower-than-index declines. In particular, the fund was mildly pressured by not owning index component stock Syneos Health, which underwent a rally on the index. All of our other notable detractors were individual positions that pared our measures of outperformance in both the biotechnology and pharmaceuticals industries. The largest detractors in this regard included underweightings in companies that either advanced or posted smaller-than-index declines for the month, such as Amgen and Nektar Therapeutics; and the portfolio s lack of several index component companies which appreciated, namely Bioverativ, Seattle Genetics, Juno Therapeutics, Foundation Medicine and Blueprint Medicines. The other notable detractors were overweighted or off-index fund holdings that performed worse than the index: ACADIA Pharmaceuticals, Intarcia Therapeutics, TherapeuticsMD, Marinus Pharmaceuticals, SAGE Therapeutics, Neos Therapeutics, Amicus Therapeutics and Zymeworks. ACADIA, which reported disappointing fourth-quarter 2017 revenues, focuses on the development and commercialisation of innovative medicines to address unmet medical needs in central nervous system disorders. Revenues on Nuplazid, the first and only medication approved by the FDA for the treatment of hallucinations and delusions associated with Parkinson s disease psychosis, were US$43.6 million, slightly below consensus of US$45.2 million. This signalled a deceleration from the prior three quarters, but what is more concerning is that result includes the effect of two price increases during the fourth quarter. A large portion of the stock s valuation has been, and is still, attributable to additional indications for Nuplazid. Along those lines, we are most interested in the expansion into dementia-related psychosis. Though the company s organic growth compressed in the quarter, for the longer-term we remain optimistic its Phase 3 trial in dementia-related psychosis will be positive and drive significant value, but that data will not read out until Privately-held Intarcia, meanwhile, shed nearly half its share value during the month. Fortunately, this was a very small fund position that had only a mild negative impact on absolute and relative returns. Four months after the FDA rejected its diabetes drug-eluting implant, the company has slashed its employee headcount and received a clinical hold for two of its ongoing marketing studies. The company s device is designed for the continuous, subcutaneous delivery of exenatide in people with Type 2 diabetes. It was rejected by the US regulatory agency in September, after the FDA found problems with the manufacturing process. templetonoffshore.com 2

3 Portfolio Positioning The fund is constructed on a bottom-up basis by evaluating individual company fundamentals, estimating fair value for businesses, comparing that estimate to current market valuations and investing in companies we believe have both a positive fundamental outlook and a stock trading at a significant discount to fair value. We have continued to broaden our holdings in small- and micro-capitalisation biotechnology stocks, an area in which we have been seeing the most opportunity. We also seek to initiate positions in companies with shares that have lagged and valuations that appear attractive to us. At the end of February, we continued to overweight small- and micro-capitalisation stocks relative to the fund s benchmark index. Outlook & Strategy We believe biotechnology and pharmaceutical industry fundamentals have remained strong despite the recent equity volatility and political uncertainty within the health care sector. Although investor interest in the sector has been challenged at times since late 2016, due mainly to concerns about drug pricing, competition and valuation, the long-term growth prospects for the biotechnology and pharmaceutical industries have not changed. Fundamental improvement was also noticeable on a wider scale. Essentially we saw more new drugs reach the market in 2017 versus 2016, and higher prices. The biotech and pharmaceutical industries have benefitted from the resurgence of new drug approvals, including the FDA s approval of a first-of-its-kind (and potentially game-changing) cancer therapy. Political pressures have occasionally taken the air out of the health care sector s performance over the past year, and may resurface as the rest of 2018 unfolds. During the first two months of the year, however, this topic has not been a factor. Uncertainty about the ultimate impact of legislative changes arising from recurring Republican efforts to repeal and replace the Affordable Care Act has at times depressed sentiment and sparked an exodus of investment capital from the health care and biotechnology spaces. Although US President Donald Trump repeated his previously stated dissatisfaction with the high price of prescription drugs during his State of the Union address in late January, we believe the administration s health care policy may ultimately be surprisingly benign. While it is hard not to sympathise with his outrage, it is also tough to pinpoint a solution unless the FDA wants to get into the business of setting prices. Ultimately, we think there is no use in investors panicking about drug price legislation until a credible plan is put forth. Recent reform proposals have focused on initiatives like reducing the personal out-of-pocket drug costs and exploring value-based pricing models that reimburse drug-makers based on the efficacy of their medicines. These proposals enjoy wide support in the pharmaceutical and biotechnology industries. Meanwhile, a bevy of new medical breakthroughs along with some M&A activity have at times re-ignited biotechnology stocks based on fundamentals. We are looking ahead to a potentially long innovation cycle for biotechnology. Innovation within the industry has reached unprecedented levels, in our view. We are particularly interested in the significant advancements in gene therapy, immuno-oncology and bispecific antibodies. We are encouraged by companies that have focused their efforts on new drug discovery platforms and novel compounds. One of the most fascinating new therapies being developed involves genetically altering patients cells so they can fight cancer. The FDA recently approved a therapy that uses this technique to fight acute lymphoblastic leukaemia in kids and adults up to 25 years old, a therapy broadly known as CAR-T. During this therapy, white blood cells, or T-cells, are extracted from a patient. Genes that recognise specific cancer cells are inserted into the T-cells using an inactive virus. The genes produce receptors on the surface of the T-cells that are attracted to malignant proteins on the surface of cancer cells. The modified T-cells are grown in a lab for 10 days. The patient undergoes chemotherapy to kill off some white blood cells to help the body accept the modified T-cells. Then the modified T-cells are injected back into the patient, where they multiply, target and kill the cancer cells. Some patients who received the treatment in trials seven years ago remain cancer-free. Beyond the clinical data, looming policy uncertainty further complicates the 2018 outlook for biotechnology M&A deals. Shifting corporate tax rates, uncertainties about health-care policy and the outlook for high prescription-drug prices gave acquirers pause in 2017, and we believe a similar atmosphere may linger this year. Elsewhere on the regulatory front, we do not anticipate major changes coming from the FDA, which continues to work closely with the biotechnology and pharmaceutical industries and seems more committed than ever to getting important new drugs to patients quickly. There also are several big-picture trends we continue to think support health care and biotechnology. One relates to demographics. The world s populations are aging (particularly in developed markets), and the elderly as a group consume significantly more health care products and services than younger generations. And at the individual company level, we continue to see big research advancements in areas such as gene therapy and cancer, as outlined above. Major waves of innovation are reflecting the exponential leaps in basic research and understanding of human biology that are now bearing fruit. At the same time, while cutting-edge developments are exciting, we remain disciplined and selective in our investment approach. Regardless of the political and regulatory landscape, we will continue with our adherence to the fund s specialised investment mandate and intend to explore opportunities across all market-capitalisation sizes in biotechnology, emerging pharmaceutical and life sciences tools companies. In doing so, we will augment our own company-by-company analysis and rigorous stock selection techniques with insight from Franklin s varied and experienced research team. Portfolio Characteristics 6 Portfolio Market Capitalization (Millions in USD) 23,974 37,784 Price to Earnings Growth Ratio 1.21x 1.46x 3-Year Sales Growth 57.75% 31.88% Estimated 3-5 Yr EPS Growth 20.46% 21.48% Price to Earnings (12 Month Forward) 16.00x 15.47x templetonoffshore.com 3

4 Portfolio Diversification Top Sector Contributors 7 Total Sector Effect (%) 2.25 Pharmaceuticals 0.09 Top Security Contributors 7,8 Security Total Effect (%) Array Biopharma Inc 0.52 Fate Therapeutics Inc 0.40 Biogen Inc 0.31 Iovance Biotherapeutics Inc 0.26 Edge Therapeutics Inc 0.20 Past performance is not an indicator or a guarantee of future performance. Contributors/detractors data shown is for the period from 02/01/2018 to 02/28/2018. Geographic Weightings vs. 2,3 Top Sector Detractors 7 Total Sector Effect (%) Life Sciences Tools & Services Health Care Providers & Services Health Care Technology Health Care Equipment & Supplies - Top Security Detractors 7,8 Security Total Effect (%) Amgen Inc Acadia Pharmaceuticals Inc Intarcia Therapeutics Inc Com Usd Npv Ser Dd *Physical Pvt Certificates* Nektar Therapeutics Therapeuticsmd Inc Sector Weightings vs. 2,3 NORTH AMERICA Pharmaceuticals EUROPE 3.01 Life Sciences Tools & Services Health Care Supplies 0.07 MID-EAST/AFRICA 0.17 Health Care Technology 0.04 CASH & CASH EQUIVALENTS 1.06 Health Care Equipment Health Care Distributors % 25% 50% 75% 100% 125% 0% 5%10% 15% 20%25% 30% 35%40% 45% 50%55% 60% 65%70% 75% 80%85% 90% 95% Franklin Discovery Fund Franklin Discovery Fund Top Ten Holdings 9 Top Holdings % ALEXION PHARMACEUTICALS INC 7.11 CELGENE CORP 6.36 VERTEX PHARMACEUTICALS INC 4.84 BIOGEN INC 4.76 NEUROCRINE BIOSCIENCES INC 3.80 ILLUMINA INC 3.57 REGENERON PHARMACEUTICALS INC 3.45 GILEAD SCIENCES INC 3.43 AMGEN INC 3.25 ARRAY BIOPHARMA INC 3.11 templetonoffshore.com 4

5 Supplemental Risk Statistics 10 3 Yrs 5 Yrs 10 Yrs Since Inception Franklin Discovery Fund A (acc) USD Supplemental Performance Statistics Standard Deviation (%) Franklin Discovery Fund Tracking Error (%) Information Ratio Beta Sharpe Ratio Franklin Discovery Fund Investment Team Portfolio Manager Years with Firm Years Experience Evan McCulloch, CFA, Director of Research Steve Kornfeld, CFA, Portfolio Manager/Research Analyst What Are the Key Risks? The value of shares in the Fund and income received from it can go down as well as up and investors may not get back the full amount invested. Performance may also be affected by currency fluctuations. Currency fluctuations may affect the value of overseas investments. The Fund invests mainly in equity securities of biotechnology companies. Such securities have historically been subject to significant price movements that may occur suddenly due to market, sector or company-specific factors. As a result, the performance of the Fund can fluctuate significantly over relatively short time periods. Other significant risks include: liquidity risk. For full details of all of the risks applicable to this Fund, please refer to the Risk Considerations section of the Fund in the current prospectus of Franklin Templeton Investment Funds. 10. Beta, Information Ratio and Tracking Error information are measured against the. templetonoffshore.com 5

6 Important Legal Information This document does not constitute legal or tax advice nor is it investment advice or an offer for shares of Franklin Templeton Investment Funds (the Fund ). Subscriptions to shares of the Fund can only be made on the basis of the current prospectus and, where available, the relevant Key Investor Information Document, accompanied by the latest available audited annual report and the latest semi-annual report accessible on our website or which can be obtained, free of charge, from Franklin Templeton International Services, S.à r.l. - 8A, rue Albert Borschette, L-1246 Luxembourg. Past performance is not an indicator or a guarantee of future performance. The value of shares in the Fund and income received from it can go down as well as up, and investors may not get back the full amount invested. Investment in the Fund entails risks which are described in the Fund s prospectus and, where available, in the relevant Key Investor Information Document. Special risks may be associated with a Fund s investment in certain types of securities, asset classes, sectors, markets, currencies or countries and in the Fund s possible use of derivatives. References to particular industries, sectors or companies are for general information and are not necessarily indicative of a fund s holdings at any one time. Currency fluctuations may affect the value of overseas investments. When investing in a fund denominated in a foreign currency, your performance may also be affected by currency fluctuations. Where a Fund invests in emerging markets, this investment can be more risky than an investment in developed markets. No shares of the Fund may be directly or indirectly offered or sold to residents of the United States of America. Shares of the Fund are not available for distribution in all jurisdictions and prospective investors should confirm availability with their local Franklin Templeton Investments representative before making any plans to invest. In addition, it should not be assumed that any securities mentioned were or will prove to be profitable. Stocks mentioned in this report are not a solicitation to purchase those stocks, and are examples of some stocks which performed well. Not all stocks in the portfolio performed as well. For the most current information on the fund, please contact your Franklin Templeton marketing representative. Performance figures are not based on audited financial statements and assume reinvestment of interest and dividends. When comparing the performance of Franklin Templeton Investment Funds (the Fund ) with a benchmark index, it is important to note that the securities in which Franklin Templeton Investment Funds invests may be substantially different than those represented by the benchmark index. Furthermore, an investment in Franklin Templeton Investment Funds represents an investment in a managed investment company in which certain charges and expenses, including management fees, are applicable. These charges and expenses are not applicable to indices. Lastly, please note that indices are unmanaged and are not available for direct investment. Certain data and other information shown have been supplied by outside sources. While we consider that information to be reliable, we give no assurance that such data and information is accurate or complete. In the U.S., this publication is made available to you for informational purposes only by Templeton/Franklin Investment Services, Inc. 100 Fountain Parkway, St. Petersburg, Florida Tel: (800) (USA Toll-Free), (877) (Canada Toll-Free), and Fax: (727) Investments are not FDIC insured; may lose value; and are not bank guaranteed. Distribution outside the U.S. may be made by Templeton Global Advisors Limited or other sub-distributors, intermediaries, dealers or professional investors that have been engaged by Templeton Global Advisors Limited to distribute shares of the Fund in certain jurisdictions. This is not an offer to sell or a solicitation of an offer to purchase securities in any jurisdiction where it would be illegal to do so. References to indexes are made for comparative purposes only and are provided to represent the investment environment existing during the time periods shown. The indices include a greater number of securities than those held in the Fund. An index is unmanaged and one cannot invest directly in an index. The performance of the index does not include the deduction of expenses and does not represent the performance of any Franklin Templeton fund. Past performance is not an indicator or a guarantee of future performance. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. Important data provider notices and terms available at 2. Information is historical and may not reflect current or future portfolio characteristics. Percentage may not equal 100% due to rounding. All holdings are subject to change. 3. The negative cash position reflects a temporary position that is a result of a delay in securities settlement transactions Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and 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. 5. Source for all information is Franklin Templeton Investments. Benchmark related data provided by FactSet. Past performance is not an indicator or a guarantee of future performance. Periods greater than one year are shown as average annual total returns. Fund performance data include reinvested dividends, and is net of management fees. Sales charges, other commissions, taxes and other relevant costs to be paid by the investor are not included. The fund offers other share classes subject to different fees and expenses, which will affect their performance. Please see the prospectus for details. 6. 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 market capitalization figures for both the portfolio and the benchmark are at the security level, not aggregated up to the main issuer. Source: Factset. Price ratio calculations for weighted average use harmonic means. Any exceptions to this are noted. The Estimated 3-5 Year EPS Growth uses simple weighted average means. There can be no assurance that the Estimated 3-5 Year EPS Growth will be realised. Information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. 7. Past performance is not an indicator or a guarantee of future performance. Information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. Source: FactSet. Important data provider notices and terms available at Total Effect represents the excess return by sector as compared to the index. Performance attribution is calculated in the base currency of the fund. 8. Top Security Contributors and Top Security Detractors are holdings based on the last one month period for rolling months or on the last three months period for quarter end months. These securities do not represent all the securities purchased, sold or recommended for advisory clients, and the reader should not assume that investment in the security listed was or will be profitable. Holdings are subject to change, holdings of the same issuer have been combined. The information provided is not a recommendation to purchase, sell or hold any particular security. The security identified does not represent the Fund s entire holdings and in the aggregate, may represent a small percentage of such holdings. There is no assurance that security purchased will remain in the Fund, or that security sold will not be repurchased. 9. Holdings of the same issuers have been combined. Top ten holdings information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. Franklin Templeton Investment Funds Offshore 100 Fountain Parkway St. Petersburg, FL templetonoffshore.com 2018 Franklin Templeton Investments. All rights reserved.

7 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 repurchased. The portfolio manager for the fund reserves the right to withhold release of information with respect to holdings that would otherwise be included. 11. Information Ratio is a way to evaluate a manager s ability to outperform a benchmark in relation to the risk that manager is assuming, with risk defined as deviation from the benchmark. This measure is calculated by dividing the portfolio s excess return (portfolio return less the benchmark return) by the tracking error (derived by taking the standard deviation of the monthly differences between the portfolio return and the benchmark return over time). Franklin Templeton Investment Funds Offshore 100 Fountain Parkway St. Petersburg, FL templetonoffshore.com 2018 Franklin Templeton Investments. All rights reserved.