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FRANKLINTEMPLETONINVESTMENT FUNDS
SOCIÉTÉ D'INVESTISSEMENT ÀCAPITAL VARIABLE
AUDITED ANNUAL REPORT
JUNE 30, 2012
FRANKLIN TEMPLETON
INTERNATIONAL SERVICES S.A.
26, boulevard Royal
L-2449 Luxembourg
Tel:
(352) 46 66 67 1
Fax:
(352) 46 66 76
FTIF AR RGBR 06/12
R.C.S. B35177
FRANKLIN TEMPLETONINVESTMENT FUNDS
société d’investissement àcapital variable
AUDITED ANNUAL REPORT
FOR THE YEAR ENDED JUNE 30, 2012
385916 02 FTIF p1-p29.indd 3 03/09/2012 13:06
This report shall not constitute an offer or a solicitation of an offer to buy shares of FranklinTempletonInvestment Funds (the
‘‘Company’’). Subscriptions are to be made on the basis of the current Explanatory Memorandum and its addendum accompanied
by a copy of the latest available audited report and, if published thereafter, the latest unaudited semi-annual report.
FRANKLIN TEMPLETONINVESTMENT FUNDS
www.franklintempleton.lu Audited Annual Report 3
FRANKLIN TEMPLETONINVESTMENT FUNDS
Contents
General Information 4
The Board of Directors 6
Report of the Investment Managers 11
Audit Report 13
Fund Performance 14
Statement of Net Assets 16
Statement of Operations and Changes in Net Assets 30
Statistical Information 43
Notes to the Financial Statements 56
Franklin Asian Flex Cap Fund 87
Franklin Biotechnology Discovery Fund 89
Franklin Euroland Core Fund 91
Franklin European Core Fund 93
Franklin European Dividend Fund 96
Franklin European Growth Fund 98
Franklin European Small-Mid Cap Growth Fund 99
Franklin Global Convertible Securities Fund 101
Franklin Global Growth Fund 103
Franklin Global Real Estate Fund 105
Franklin Global Small-Mid Cap Growth Fund 107
Franklin Gold and Precious Metals Fund 109
Franklin High Yield Fund 111
Franklin Income Fund 116
Franklin India Fund 121
Franklin MENA Fund 123
Franklin Natural Resources Fund 125
Franklin Real Return Fund 128
Franklin Strategic Income Fund 130
Franklin Technology Fund 140
Franklin U.S. Dollar Liquid Reserve Fund 142
Franklin U.S. Equity Fund 143
Franklin U.S. Focus Fund 145
Franklin U.S. Government Fund 146
Franklin U.S. Low Duration Fund 147
Franklin U.S. Opportunities Fund 153
Franklin U.S. Small-Mid Cap Growth Fund 156
Franklin U.S. Total Return Fund 159
Franklin World Perspectives Fund 166
Franklin Mutual Beacon Fund 173
Franklin Mutual Euroland Fund 177
Franklin Mutual European Fund 179
Franklin Mutual Global Discovery Fund 182
Franklin Templeton Global Allocation Fund 186
Franklin Templeton Global Equity Strategies Fund 192
Franklin Templeton Global Fundamental Strategies Fund 197
Franklin Templeton Global Growth and Value Fund 205
Franklin Templeton Japan Fund 209
Templeton Africa Fund 211
Templeton Asian Bond Fund 213
Templeton Asian Growth Fund 215
Templeton Asian Smaller Companies Fund 217
Templeton BRIC Fund 219
Templeton China Fund 221
Templeton Eastern Europe Fund 224
Templeton Emerging Markets Fund 226
Templeton Emerging Markets Balanced Fund 229
Templeton Emerging Markets Bond Fund 231
Templeton Emerging Markets Smaller Companies Fund 235
Templeton Euro Government Bond Fund 238
Templeton Euro High Yield Fund 239
Templeton Euro Liquid Reserve Fund 242
Templeton Euro Short-Term Money Market Fund 243
Templeton Euroland Fund 244
Templeton European Fund 246
Templeton European Corporate Bond Fund 249
Templeton European Total Return Fund 251
Templeton Frontier Markets Fund 253
Templeton Global Fund 256
Templeton Global (Euro) Fund 259
Templeton Global Aggregate Bond Fund 262
Templeton Global Aggregate Investment Grade Bond Fund 264
Templeton Global Balanced Fund 265
Templeton Global Bond Fund 269
Templeton Global Bond (Euro) Fund 273
Templeton Global Equity Income Fund 275
Templeton Global High Yield Fund 277
Templeton Global Income Fund 282
Templeton Global Smaller Companies Fund 288
Templeton Global Total Return Fund 291
Templeton Growth (Euro) Fund 299
Templeton Korea Fund 302
Templeton Latin America Fund 303
Templeton Thailand Fund 305
Annex – Unaudited Additional Disclosures 307
Franklin Templeton Investments Office Directory 309
385916 02 FTIF p1-p29.indd 3 03/09/2012 13:06
All the Funds marked with “★” above are currently not authorised for public distribution in Hong Kong and
are not available to Hong Kong investors.
4 Audited Annual Report www.franklintempleton.lu www.franklintempleton.lu Audited Annual Report 5
FRANKLIN TEMPLETONINVESTMENT FUNDS FRANKLINTEMPLETONINVESTMENT FUNDS
société d’investissement àcapital variable
26, boulevard Royal, L-2449 Luxembourg, Grand-Duchy of Luxembourg
(Registered with the registre de commerce et des sociétés, Luxembourg, under number B 35 177)
G I ( J , )
BOARD OF DIRECTORS
Chairman
The Honorable Nicholas F. Brady
Chairman and Chief Executive Ofcer
CHOPTANK PARTNERS, INC.
16 North Washington Street
Easton, MD 21601, U.S.A.
Directors
Duke of Abercorn KG
Director
TITANIC QUARTER
Barons Court
Omagh BT78 4EZ, Northern Ireland, U.K.
Vijay C. Advani
Executive Vice President-Global Advisory Services
FRANKLIN RESOURCES, INC.
One Franklin Parkway
San Mateo, CA 94403-1906, U.S.A.
Richard H. Frank
Chief Executive Ofcer
DARBY OVERSEAS INVESTMENTS, LTD
1133 Connecticut Avenue, NW, Suite 400
Washington DC 20036, U.S.A.
Mark G. Holowesko
President
HOLOWESKO PARTNERS LTD
Shipston House
Box N-7776, West Bay Street, Lyford Cay,
Nassau, Bahamas
James J. K. Hung
President and Chief Executive Officer
ASIA SECURITIES GLOBAL LTD
Room 63, 21st floor, New World Tower 1
18 Queen’s Road, Central
Hong Kong
Gregory E. Johnson
President and Chief Executive Officer
FRANKLIN RESOURCES, INC.
One Franklin Parkway
San Mateo, CA 94403-1906, U.S.A.
Geoffrey A. Langlands
Managing Partner
LANGLANDS CONSULTORIA Ltda
Avenida das Américas 500
Bloco 6, Sala 227 (Downtown)
Rio de Janeiro – RJ
CEP 22640-100, Brazil
Gregory E. McGowan
Executive Vice President and General Counsel
TEMPLETON WORLDWIDE, INC.
300 S.E. 2
nd
Street, 11
th
Floor
Fort Lauderdale, FL 33301-1923, U.S.A.
Dr J. B. Mark Mobius
Executive Chairman
TEMPLETON EMERGING MARKETS GROUP
7 Temasek Boulevard, # 38-03 Suntec Tower One
Singapore 038987
David E. Smart
Director and Co-Chief Executive Officer
FRANKLIN TEMPLETONINVESTMENT MANAGEMENT LIMITED
The Adelphi Building, 1-11 John Adam Street
London WC2N 6HT, England, U.K.
The Honourable Trevor G. Trefgarne
Chairman
ENTREPRISE GROUP LIMITED
11 High Street
Accra, Ghana
CONDUCTING OFFICERS:
William Lockwood
26, boulevard Royal, L-2449 Luxembourg
Grand-Duchy of Luxembourg
Denise Voss
26, boulevard Royal, L-2449 Luxembourg
Grand-Duchy of Luxembourg
REGISTERED OFFICE:
26, boulevard Royal, L-2449 Luxembourg
Grand-Duchy of Luxembourg
PRINCIPAL DISTRIBUTOR:
TEMPLETON GLOBAL ADVISORS LIMITED
P.O. Box N-7759, Lyford Cay, Nassau, Bahamas
INVESTMENT MANAGERS:
FRANKLIN TEMPLETONINVESTMENT MANAGEMENT LIMITED
5 Morrison Street
Edinburgh EH3 8BH, Scotland
U.K.
Franklin TempletonInvestment Management Limited manages the following Funds:
Franklin Euroland Core Fund;
Franklin European Core Fund;
Franklin European Dividend Fund;
Franklin European Growth Fund;
Franklin World Perspectives Fund***;
Franklin Templeton Global Allocation Fund¶;
Franklin Templeton Global Equity Strategies Fund**;
Franklin Templeton Global Fundamental Strategies Fund†;
Templeton Euro Government Bond Fund;
Templeton Euro High Yield Fund*;
Templeton Euro Liquid Reserve Fund;
Templeton Euro Short-Term Money Market Fund;
Templeton Euroland Fund;
Templeton European Fund;
Templeton European Corporate Bond Fund‡;
Templeton European Total Return Fund*;
Templeton Global Fund;
Templeton Global (Euro) Fund;
Templeton Global Aggregate Bond Fund;
Templeton Global Aggregate Investment Grade Bond Fund;
Templeton Global Balanced Fund*; and
Templeton Global Equity Income Fund.
* FranklinTempletonInvestment Management Limited has been appointed as Co-
Investment Manager of these Funds, together with Franklin Advisers, Inc.
** FranklinTempletonInvestment Management Limited has been appointed as Co-
Investment Manager of this Fund, together with (i) Franklin Advisers, Inc., (ii) Franklin
Mutual Advisers, LLC (iii) Templeton Asset Management Limited and (iv) Templeton
Global Advisors Limited.
*** FranklinTempletonInvestment Management Limited has been selected and
appointed by the lead Investment Manager Franklin Advisers, Inc. as Co-Investment
Manager of this Fund together with (i) FranklinTempleton Investments Corp., (ii)
Franklin Templeton Investments Japan Limited, (iii) FranklinTempleton Investimentos
(Brasil) Ltda.and (iv) FranklinTempletonInvestment Trust Management Co. Limited.
‡ FranklinTempletonInvestment Management Limited has been appointed as Co-
Investment Manager for this Fund, together with (i) FranklinTempleton Institutional
LLC and (ii) Franklin Advisers, Inc.
¶ FranklinTempleton Investments Management Limited has been appointed as Co-
Investment Manager of this Fund, together with (i) Franklin Mutual Advisers LLC, (ii)
Franklin Templeton Institutional LLC, (iii) Templeton Asset Management Limited, (iv)
Templeton Global Advisors Limited, (v) TempletonInvestment Counsel LLC and (vi)
Franklin Advisers, Inc.
† FranklinTempletonInvestment Management Limited has been appointed as Co-
Investment Manager for this Fund, together with (i) Franklin Advisers, Inc., (ii)
Templeton Global Advisors Limited and (iii) Franklin Mutual Advisers, LLC.
TEMPLETON ASSET MANAGEMENT LIMITED
7 Temasek Boulevard
# 38-03 Suntec Tower One
Singapore 038987
Templeton Asset Management Limited manages the following Funds:
Franklin Templeton Global Allocation Fund*
Franklin Templeton Global Equity Strategies Fund**;
Templeton Africa Fund;
Templeton Asian Growth Fund;
Templeton Asian Smaller Companies Fund;
Templeton BRIC Fund;
Templeton China Fund;
Templeton Eastern Europe Fund;
Templeton Emerging Markets Fund;
Templeton Emerging Markets Balanced Fund†;
Templeton Emerging Markets Smaller Companies Fund;
Templeton Frontier Markets Fund;
Templeton Korea Fund;
Templeton Latin America Fund; and
Templeton Thailand Fund.
* Templeton Asset Management Limited has been appointed as Co-Investment
Manager of this Fund, together with (i) Franklin Mutual Advisers LLC, (ii) Franklin
Templeton Institutional LLC, (iii) Franklin Advisers, Inc, (iv) Templeton Global
Advisors Limited, (v) TempletonInvestment Counsel LLC and (vi) FranklinTempleton
Investment Management Limited.
** Templeton Asset Management Limited has been appointed as Co-Investment
Manager of this Fund, together with (i) Franklin Advisers, Inc., (ii) Franklin Mutual
Advisers, LLC, (iii) FranklinTempletonInvestment Management Limited and (iv)
Templeton Global Advisors Limited.
† Templeton Asset Management Limited has been appointed as Co-Investment
Manager of this Fund, together with Franklin Advisers, Inc.
FRANKLIN ADVISERS, INC.
One Franklin Parkway
San Mateo, CA 94403-1906, U.S.A.
Franklin Advisers, Inc. manages the following Funds:
Franklin Asian Flex Cap Fund;
Franklin Biotechnology Discovery Fund;
Franklin Global Convertible Securities Fund;
Franklin Gold and Precious Metals Fund;
Franklin High Yield Fund;
Franklin Income Fund;
Franklin India Fund;
Franklin MENA Fund;
Franklin Natural Resources Fund;
Franklin Real Return Fund;
Franklin Strategic Income Fund;
Franklin Technology Fund;
Franklin World Perspectives Fund¶;
Franklin U.S. Dollar Liquid Reserve Fund;
Franklin U.S. Equity Fund;
Franklin U.S. Focus Fund;
Franklin U.S. Government Fund;
Franklin U.S. Low Duration Fund;
Franklin U.S. Opportunities Fund;
Franklin U.S. Small-Mid Cap Growth Fund;
Franklin U.S. Total Return Fund;
Franklin Templeton Global Allocation FundΩ;
Franklin Templeton Global Equity Strategies Fund**;
Franklin Templeton Global Fundamental Strategies Fund‡;
Templeton Asian Bond Fund;
Templeton Emerging Markets Balanced Fund****;
Templeton Emerging Markets Bond Fund;
Templeton Euro High Yield Fund*;
Templeton European Corporate Bond Fund***;
Templeton European Total Return Fund*;
385916 02 FTIF p1-p29.indd 4 03/09/2012 13:06
4 Audited Annual Report www.franklintempleton.lu www.franklintempleton.lu Audited Annual Report 5
FRANKLIN TEMPLETONINVESTMENT FUNDS FRANKLINTEMPLETONINVESTMENT FUNDS
Templeton Global Balanced Fund*;
Templeton Global Bond Fund;
Templeton Global Bond (Euro) Fund;
Templeton Global High Yield Fund;
Templeton Global Income Fund†; and
Templeton Global Total Return Fund.
* Franklin Advisers, Inc. has been appointed as Co-Investment Manager of these
Funds, together with FranklinTempletonInvestment Management Limited.
** Franklin Advisers, Inc. has been appointed as Co-Investment Manager of this Fund,
together with (i) Franklin Mutual Advisers, LLC, (ii) Templeton Asset Management
Limited, (iii) FranklinTempletonInvestment Management Limited and (iv) Templeton
Global Advisors Limited.
*** Franklin Advisers, Inc. has been appointed as Co-Investment Manager of this
Fund, together with (i) FranklinTempletonInvestment Management Limited and (ii)
Franklin Templeton Institutional LLC.
****Franklin Advisers, Inc. has been appointed as Co-Investment Manager of this
Fund, together with Templeton Asset Management Limited.
‡ Franklin Advisers, Inc. has been appointed as Co-Investment Manager of this Fund,
together with (i) Franklin Mutual Advisers, LLC, (ii) FranklinTempletonInvestment
Management Limited and (iii) Templeton Global Advisors Limited.
¶ Franklin Advisers, Inc. has been appointed as lead Investment Manager of this
Fund and has selected and appointed as Co-Investment Managers (i) Franklin
Templeton Investments Corp., (ii) FranklinTempleton Investments Japan Limited, (iii)
Franklin Templeton Investimentos (Brasil) Ltda., (iv) FranklinTempletonInvestment
Management Limited and (v) FranklinTempletonInvestment Trust Management Co.
Limited.
† Franklin Advisers, Inc. has been appointed as Co-Investment Manager of this Fund,
together with Templeton Global Advisors Limited.
Ω Franklin Advisers, Inc. has been appointed as Co-Investment Manager of this
Fund, together with (i) Franklin Mutual Advisers LLC, (ii) FranklinTempleton
Institutional LLC, (iii) Templeton Asset Management Limited, (iv) Templeton Global
Advisors Limited, (v) TempletonInvestment Counsel LLC and (vi) FranklinTempleton
Investment Management Limited.
FRANKLIN TEMPLETON INSTITUTIONAL LLC
600 Fifth Avenue,
New York, NY 10020, U.S.A.
Franklin Templeton Institutional LLC manages the following Funds:
Franklin European Small-Mid Cap Growth Fund;
Franklin Global Growth Fund;
Franklin Global Real Estate Fund;
Franklin Global Small-Mid Cap Growth Fund;
Franklin Templeton Global Allocation Fund*
Franklin Templeton Global Growth and Value Fund; and
Templeton European Corporate Bond Fund**.
* FranklinTempleton Institutional LLC has been appointed as Co-Investment
Manager of this Fund, together with (i) Franklin Mutual Advisers LLC, (ii) Franklin
Advisers, Inc., (iii) Templeton Asset Management Limited, (iv) Templeton Global
Advisors Limited, (v) TempletonInvestment Counsel LLC and (vi) FranklinTempleton
Investment Management Limited.
** FranklinTempleton Institutional LLC has been appointed as Co-Investment
Manager of this Fund, together with (i) FranklinTempletonInvestment Management
Limited and (ii) Franklin Advisers, Inc.
TEMPLETON GLOBAL ADVISORS LIMITED
P.O. Box N-7759
Lyford Cay, Nassau, Bahamas
Templeton Global Advisors Limited manages the following Funds:
Franklin Templeton Global Allocation Fund**;
Franklin Templeton Global Equity Strategies Fund*;
Franklin Templeton Global Fundamental Strategies Fund†;
Templeton Global Income Fund***; and
Templeton Growth (Euro) Fund.
* Templeton Global Advisors Limited has been appointed as Co-Investment Manager
of this Fund, together with (i) Franklin Mutual Advisers, LLC, (ii) Templeton Asset
Management Limited, (iii) FranklinTempletonInvestment Management Limited and
(iv) Franklin Advisers, Inc.
** Templeton Global Advisors Limited has been appointed as Co-Investment Manager
of this Fund, together with (i) Franklin Mutual Advisers LLC, (ii) Franklin Advisers,
Inc., (iii) Templeton Asset Management Limited, (iv) FranklinTempleton Institutional
LLC., (v) TempletonInvestment Counsel LLC and (vi) FranklinTempletonInvestment
Management Limited.
*** Templeton Global Advisers Limited has been appointed as Co-Investment
Manager of this Fund, together with Franklin Advisers Inc.
† Templeton Global Advisors Limited has been appointed as Co-Investment Manager
of this Fund, together with (i) Franklin Mutual Advisers, LLC, (ii) FranklinTempleton
Investment Management Limited and (iii) Franklin Advisers, Inc.
FRANKLIN TEMPLETON INVESTMENTS CORP.
200 King Street West, Suite 1500,
Toronto Ontario M5H 3T4, Canada
Franklin Templeton Investments Corp. manages the following Funds:
Franklin World Perspectives Fund*; and
Templeton Global Smaller Companies Fund.
* FranklinTempleton Investments Corp. has been selected and appointed by the lead
Investment Manager Franklin Advisers, Inc. as Co-Investment Manager of this Fund
together with (i) Franklin Advisers, Inc., (ii) FranklinTempleton Investments Japan
Limited, (iii) FranklinTempleton Investimentos (Brasil) Ltda., (iv) FranklinTempleton
Investment Management Limited and (v) FranklinTempletonInvestment Trust
Management Co. Limited.
FRANKLIN MUTUAL ADVISERS, LLC
101 John F. Kennedy Parkway
Short Hills, NJ 07078-2789, U.S.A
Franklin Mutual Advisers, LLC manages the following Funds:
Franklin Mutual Beacon Fund;
Franklin Mutual Euroland Fund;
Franklin Mutual European Fund;
Franklin Mutual Global Discovery Fund;
Franklin Templeton Global Allocation Fund*;
Franklin Templeton Global Equity Strategies Fund†; and
Franklin Templeton Global Fundamental Strategies Fund‡.
* Franklin Mutual Advisers LLC has been appointed as Co-Investment Manager of
this Fund, together with (i) Franklin Advisers, Inc., (ii) FranklinTempleton Institutional
LLC, (iii) Templeton Asset Management Limited, (iv) Templeton Global Advisors
Limited, (v) TempletonInvestment Counsel LLC and (vi) FranklinTempleton
Investment Management Limited.
† Franklin Mutual Advisers, LLC has been appointed as Co-Investment Manager of
this Fund, together with (i) Franklin Advisers, Inc., (ii) Templeton Asset Management
Limited, (iii) FranklinTempletonInvestment Management Limited and (iv) Templeton
Global Advisors Limited.
‡ Franklin Mutual Advisers, LLC has been appointed as Co-Investment Manager of
this Fund, together with (i) Franklin Advisers, Inc., (ii) Templeton Global Advisors
Limited and (iii) FranklinTempletonInvestment Management Limited.
FRANKLIN TEMPLETON INVESTMENTS JAPAN LIMITED
Kanematsu Building, 6th Floor
14-1, Kyobashi 2 – chome
Chuo-Ku, Tokyo, Japan
Franklin Templeton Investments Japan Limited manages the following Funds:
Franklin World Perspectives Fund*; and
Franklin Templeton Japan Fund.
* FranklinTempleton Investments Japan Limited has been selected and appointed by
the lead Investment Manager Franklin Advisers, Inc. as Co-Investment Manager of this
Fund together with (i) FranklinTempleton Investments Corp., (ii) FranklinTempleton
Investimentos (Brasil) Ltda., (iii) FranklinTempletonInvestment Management Limited
and (iv) FranklinTempletonInvestment Trust Management Co. Limited.
FRANKLIN TEMPLETON INVESTIMENTOS (Brasil) Ltda.
Avenue Brigadeiro Faria Lima 3311, 5o andar,
São Paulo 04538-133, Brazil
Franklin Templeton Investimentos (Brasil) Ltda manages the following Fund:
Franklin World Perspectives Fund*.
* FranklinTempleton Investimentos (Brasil) Ltda. has been selected and appointed by
the lead Investment Manager Franklin Advisers, Inc. as Co-Investment Manager of this
Fund together with (i) FranklinTempleton Investments Corp., (ii) FranklinTempleton
Investments Japan Limited, (iii) FranklinTempletonInvestment Management Limited
and (iv) FranklinTempletonInvestment Trust Management Co. Limited.
FRANKLIN TEMPLETONINVESTMENT TRUST MANAGEMENT
CO. LIMITED
12 Youido-dong, Youngdungpo-gu,
Seoul, Korea
Franklin TempletonInvestment Trust Management Co. Limited manages the following
Fund:
Franklin World Perspectives Fund*.
* FranklinTempletonInvestment Trust Management Co. Limited has been selected and
appointed by the lead Investment Manager Franklin Advisers, Inc. as Co-Investment
Manager of this Fund together with (i) FranklinTempleton Investments Corp., (ii)
Franklin Templeton Investments Japan Limited, (iii) FranklinTempleton Investimentos
(Brasil) Ltda and (iv) FranklinTempletonInvestment Management Limited.
TEMPLETON INVESTMENT COUNSEL, LLC
300 Southeast 2nd Street
Ft. Lauderdale, FL33301, U.S.A.
Templeton Investment Counsel, LLC manages the following Fund:
Franklin Templeton Global Allocation Fund*.
* TempletonInvestment Counsel LLC has been appointed as Co-Investment Manager
of this Fund, together with (i) Franklin Mutual Advisers LLC, (ii) FranklinTempleton
Institutional LLC, (iii) Templeton Asset Management Limited, (iv) Templeton Global
Advisors Limited, (v) Franklin Advisers, Inc. and (vi) FranklinTempletonInvestment
Management Limited.
CUSTODIAN, LISTING AGENT AND PRINCIPAL PAYING AGENT:
J.P. MORGAN BANK LUXEMBOURG S.A.
European Bank and Business Centre
6 Route de Trèves, L-2633 Senningerberg
Grand-Duchy of Luxembourg
REGISTRAR AND TRANSFER, CORPORATE,
DOMICILIARY AND ADMINISTRATIVE AGENT:
FRANKLIN TEMPLETON INTERNATIONAL SERVICES S.A.
26, boulevard Royal, L-2449 Luxembourg
Grand-Duchy of Luxembourg
AUDITOR:
PRICEWATERHOUSECOOPERS, Société coopérative
400, route d’Esch, B.P. 1443, L-1014 Luxembourg
Grand-Duchy of Luxembourg
LEGAL ADVISERS:
ELVINGER, HOSS & PRUSSEN
2, place Winston Churchill, B.P. 425, L-2014 Luxembourg
Grand-Duchy of Luxembourg
G I ( J , ) ()
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6 Audited Annual Report www.franklintempleton.lu www.franklintempleton.lu Audited Annual Report 7
FRANKLIN TEMPLETONINVESTMENT FUNDS FRANKLINTEMPLETONINVESTMENT FUNDS
T B D
Report of the Board of Directors
At June 30, 2012, FranklinTempletonInvestment Funds (“FTIF”, or the “Company”) had assets under management of
USD 135.99 billion, a decline of 8.97% from a year earlier (when they stood at USD 149.40 billion), but 53.82% higher than
assets under management at June 30, 2010 (USD 88.41 billion).
The financial year was marked by the Company’s continued growth. The Company’s offer was expanded and modified in the ways
detailed below.
Fund Launches
The following FTIF Funds were launched during the financial year:
• FTIFFranklinEuropeanCoreFund
• FTIFFranklinEuropeanDividendFund
• FTIFFranklinGlobalConvertibleSecuritiesFund
• FTIFFranklinTempletonGlobalAllocationFund
• FTIFTempletonAfricaFund
• FTIFTempletonGlobalAggregateInvestmentGradeBondFund
Share Class Launches
A number of new share class offerings for existing Funds were launched during the financial year.
For the full list of share classes launched during the financial year please refer to Note 1 of the Financial Statements.
Fund Closures
The following fund was closed during the financial year:
• FTIFTempletonU.S.ValueFund
Share Class Closures
Share classes for a variety of Funds were liquidated during the course of the financial year.
For the full list of share classes liquidated during the financial year please refer to Note 1 of the Financial Statements.
Changes in Investment Objectives
Franklin Strategic Income Fund, Franklin U.S. Government Fund and Templeton Emerging Markets Bond Fund investment
objectives have been clarified to add investment in asset-backed securities and mortgage-backed securities.
Templeton Asian Smaller Companies Fund and Templeton Emerging Markets Smaller Companies Fund investment objectives
have been modified to change the definition of the market capitalization to be in line with the US fund range.
Franklin U.S. Low Duration Fund investment objective has been changed to add investment in Asset Backed Securities / Mortgage
Backed Securities, financial derivatives instruments and low-rated or non-investment grade debt securities. In addition, the fund
has changed its name from Franklin U.S. Ultra-Short Bond Fund.
Templeton Euro Short-Term Money Market Fund investment objective has been changed to qualify the Fund as a short-term
money market fund within the meaning of the CESR guidelines 10/049 dated May 19, 2010 on a common definition of European
money market funds. In addition, the Fund has changed its name from Templeton Euro Money Market Fund.
Franklin Real Return Fund investment objective has been changed to reflect the reduction of the scope of investment in financial
derivatives instruments to hedging and efficient portfolio management.
Franklin U.S. Total Return Fund investment objective has been changed to reflect the increase of the scope of investment in
financial derivatives instruments for investment purposes.
Templeton Emerging Markets Balanced Fund investment objective has been changed to reflect deletion of wording on currency
gains and adoption of various clarifications to be in line with Hong Kong requirements.
Templeton Frontier Markets Fund and Templeton Global Aggregate Bond Fund investment objectives have been changed to
reflect the reduction of the scope of investment in financial derivatives instruments to hedging and efficient portfolio management.
Name changes
The names of the following Funds were changed during the course of the year:
• FTIFTempletonEuroMoneyMarketFundbecameFTIFTempletonEuroShort-TermMoneyMarketFund
• FTIFFranklinUSUltra-ShortBondFundbecameFTIFFranklinU.S.LowDurationFund
Other changes
The Canadian Dollar (CAD) and Czech Koruna (CZK) were added to FTIF currency share classes.
A new W Share class has been created as a result of the upcoming regulatory changes under the UK Retail Distribution Review
(RDR).
The Company will continue to make changes to the range of Funds when this is in the best interest of investors. We remain
committed to retaining investment techniques that have been shown, over time, to increase shareholder value.
385916 02 FTIF p1-p29.indd 6 03/09/2012 13:06
6 Audited Annual Report www.franklintempleton.lu www.franklintempleton.lu Audited Annual Report 7
FRANKLIN TEMPLETONINVESTMENT FUNDS FRANKLINTEMPLETONINVESTMENT FUNDS
T B D ()
Report of the Board of Directors (continued)
Corporate Governance
The Company is committed to high standards of corporate governance. The Board of Directors of the Company (the “Board”)
has adopted the ALFI Code of Conduct issued in September 2009, which sets out the principles of good governance, and considers
that the Company has been in compliance with it in all material respects throughout the financial year ended June 30, 2012. Any
subsequent amendment to the ALFI Code of Conduct will be considered by the Board prior to adoption and necessary disclosures
will be made in the audited annual report.
Thank you for investing with FranklinTempleton Investments. Please be advised that the full prospectus, the Key Investor
Information Documents (KIIDs) and all Funds and share classes of FTIF may not be available in your jurisdiction.
If you have any queries, comments or suggestions about your investments with us please contact your financial adviser or your
local FranklinTempleton Investments office using the contact details on the last page of the report.
THE BOARD OF DIRECTORS
Luxembourg, July 2012
385916 02 FTIF p1-p29.indd 7 03/09/2012 13:06
8 Audited Annual Report www.franklintempleton.lu www.franklintempleton.lu Audited Annual Report 9
FRANKLIN TEMPLETONINVESTMENT FUNDS FRANKLINTEMPLETONINVESTMENT FUNDS
The Board
Chairman
The Honorable Nicholas F. Brady
The Honorable Nicholas Brady (82) was appointed to the Board on 30 November 1994. He is founder and chairman of Darby
Overseas Investments, Ltd. as well as a founding partner and current participant in Holowesko Partners Ltd. In addition, he serves
as a Director of the Hess Corporation and Weatherford International Ltd. In 1988 Mr. Brady was appointed by President Reagan
as the 68th Secretary of the Treasury of the United States, a post he held through the elder President Bush’s administration. In
1982 Mr. Brady was appointed a U.S. senator from the State of New Jersey. He went on to serve on five presidential commissions,
chairing the Presidential Task Force on Market Mechanisms, commonly called the Brady Commission, which investigated the
causes of the 1987 stock market crash and recommended a number of reforms that were subsequently adopted. In 1954, he joined
Dillon, Read & Co. Inc., starting a thirty-four year career in investment banking with the firm, during which time he rose to
become president, chairman of the board and for seventeen years, its chief executive officer.
Directors
Duke of Abercorn KG
His Grace, the Duke of Abercorn KG (78) was appointed to the Board on 30 November 1994. His Grace, the Duke of Abercorn
KG is presently a Director of Titanic Quarter which is Europe’s biggest waterfront redevelopment. He was formerly a Director
of Northern Bank Ltd, Chairman of Laganside Corporation, Chairman of Calor Teoranta (Ireland) and a Director of Belfast
International Airport Ltd. He has also previously been a Director of The Industrial Development Board for Northern Ireland as
well as a Director of Balcas Timber Ltd.
Vijay C. Advani
Vijay Advani (51) was appointed to the Board on 25 February 2008. He is an executive vice president of FranklinTempleton Global
Advisory Services. He is responsible for Franklin Templeton’s global retail and institutional distribution strategies and initiatives,
including sales, marketing, client service and product development. He is an officer of Franklin Resources, Inc., a member of
several FranklinTempleton committees and a board member of various FranklinTempleton subsidiaries. Mr. Advani joined the
Templeton organization in 1995 as the president of Templeton Asset Management (India) Pvt. Ltd., in Mumbai (Bombay). In
2000, he moved to Singapore as the regional managing director, Product Development, Sales and Marketing for Asia, Eastern
Europe and Africa. In 2002, he relocated to California and was appointed executive managing director of International Retail
Development. In 2005, he took responsibility for global retail distribution and in 2008 assumed his current role. Prior to joining
Franklin Resources, Mr. Advani worked at the World Bank Group in Washington, DC. His primary responsibility was providing
advisory and technical assistance to government authorities on the development of securities and financial markets; structuring,
establishing and financing specialized financial institutions; and mobilizing equity, quasi equity and debt financing. He worked in
several emerging economies in the former Soviet Union, Asia, Middle East and Africa.
Richard H. Frank
Richard Frank (71) was appointed to the Board on 30 November 2000. Mr. Frank is President & Chief Executive Officer of Darby
Investments/Franklin Templeton. Darby Investments is Franklin Templeton’s Private Equity arm and is a leader in private equity
investment in Latin America, Asia and Central and Eastern Europe.
Mr. Frank is responsible for management of firm-wide activities and Chairman on the firm’s Private Equity, Mezzanine Finance
and Venture CapitalInvestment Committees.
Mr. Frank joined Darby in July 1997 after a long and distinguished career at the World Bank and International Finance Corporation
(IFC) in Washington, DC. In his last assignment he chaired the Private Sector Group, coordinating the private sector activities of
the World Bank, IFC, and the Multilateral Investment Guarantee Agency (MIGA). During his career at the World Bank Group as
Managing Director, Mr. Frank oversaw the South Asia and Latin America operations and chaired the Banks Finance Committee.
At the IFC, Mr. Frank served as CFO leading the Corporation to become an AAA borrower and securing two capital increases.
Earlier in his Bank Group career, he managed project and corporate investment operations in Latin America, Asia, Middle East
and Eastern Europe.
Mr. Frank is a Director of Templeton International Funds and member of FranklinTempleton Alternative Strategies Group. He
has also served on the Boards of several Latin American companies and banks.
Mr. Frank has served on the Board of Georgetown University and is a member of the International Strategic Board of Banco
Finantia, S.A. (Portugal); Inter-American Dialogue; Institute of International Finance; Bretton Woods Committee and IBM Venture
Capital Advisory Council.
He holds a B.S. in mechanical engineering from the S. D. School of Mines and Technology and an M.S. from the Sloan School
of Management at the Massachusetts Institute of Technology. Post graduate studies, he spent two years in Colombia as an MIT
Fellow. Mr. Frank earned a Bronze Star for his service as Captain in Vietnam.
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Mark G. Holowesko
Mark Holowesko (52) was appointed to the Board on 30 November 1994. Mark Holowesko is the founding Partner and Chief
Executive Officer of Holowesko Partners Ltd (HPL). Mark launched the firm in the fall of 2000, under the name of Templeton
Capital Advisors, to serve the needs of institutional and high-net-worth investors. Subsequently renamed Holowesko Partners,
under Mark’s leadership HPL has enjoyed steady and consistent growth and now stands as one of the premier global equity hedge
firms in the industry.
Mark’s investment career began in 1985 when he joined Templeton Global Advisors as a research analyst. By 1987, he had assumed
the day-to-day management of all portfolios previously managed by Sir John Templeton, including the Templeton Growth Fund
and the Templeton Foreign Fund. In 1989, Mark became the Director of Research of the Templeton Global Equity Funds and
later, in 1996, assumed the role of Chief Investment Officer.
Mark served as a member of the Executive Committee of Templeton, Galbraith & Hansberger from 1987 to 1992 and as
a member of the Executive Committee of Franklin Resources from 1992 to 2000. Mark was Director, President & Head of
Investments of Templeton Global Advisors Ltd. from 1992 to 2000.
Currently, Mark is Chairman of the Investment Committee of First Trust Bank, an offshore entity responsible for managing the
assets of two of Sir John Templeton’s Foundations.
James J.K. Hung
James Hung (65) was appointed to the Board on 29 November 2002. He is the Chairman and Chief Executive Officer (“CEO”)
of Xinya Investment Group, China, a real estate development and investment group in Mainland China, Hong Kong and Taiwan.
He is also a director and major shareholder of Security Bank in the Philippines and the director of FranklinTempleton Fund
Management Company in Shanghai, a joint venture of FranklinTempleton and the Sealand Securities Company, China. His
previous experience includes working for Asia Securities Inc. (Taiwan) as the Chairman and CEO. He has also previously been the
director of Yi-Min Fund Management Co., (China), H&Q Venture Capital Inc., (Taiwan), Taiwan Index Fund Inc. (Luxembourg)
and Vietnam Fund Inc. (Guernsey).
Gregory E. Johnson
Gregory Johnson (51) was appointed to the Board on 28 November 2003. He is President and Chief Executive Officer of Franklin
Resources, Inc. and serves on the Board of Directors. He is also President of Templeton Worldwide, Inc., Chief Executive Officer
and President of Templeton International, Inc. and serves as a Director for a number of subsidiaries of Franklin Resources, Inc. He
is a member of a number of Franklin Templeton’s international fund boards. Mr Johnson joined Franklin in 1986 after working
as a senior accountant for Coopers & Lybrand. He has served as President and Chairman of the Board for FranklinTempleton
Distributors, Inc., President of FranklinInvestment Advisory, LLC, President of FT Trust Company, Vice President of Franklin
Advisers, Inc., co-portfolio manager of Franklin Income Fund and Franklin Utilities Fund and as an investment analyst.
Geoffrey A. Langlands
Geoffrey Langlands (76) was appointed to the Board on 27 September 2005. He is a resident of Rio de Janeiro, Brazil, where he
is currently Managing Partner of Langlands Consultoria Ltda., and a partner in Horto Consultoria Ltda., as well as participating
in the Boards of Fundação Flora de Apoio à Botânica and Ser Cidadão, two non profit making institutions. He was a Director of
Templeton Emerging Markets Investment Trust (1994/2005, having been Chairman 2003/4). He was an Executive Director of
Santander Brasil Asset Management S/A (2000/1), Banco Bozano, Simonsen S/A (1969/2000) and Banco Geral de Investimentos S/A
(1968/9). Previously, he was a Managing Partner of Organização S/N Ltda. (1960/1968) and an employee of the Schroder Group
in London and Rio de Janeiro (1957/60). At Banco Bozano, Simonsen a leading Brazilian investment institution, he organized, set
up and managed the bank’s asset management, stock broking, corporate finance, investment research and private equity activities.
He was also a director of several companies in the Bozano, Simonsen Group. He also served on the Capital Markets Advisory
Committees of the Brazilian Central Bank and the Inter-American Investment Corporation. He was a board member of ANBID
(Brazilian Investment Bankers’ Association), General Accident Companhia de Seguros, and Atlantica Hotels International.
Gregory E. McGowan
Gregory McGowan (62) was appointed to the Board on 20 May 1994. He is executive vice president, director and general counsel
of Templeton International, Inc., the organization responsible for the development and operation of Templeton businesses outside
of North America and for Templeton Worldwide, Inc., the holding company of all the Templeton subsidiaries. Mr. McGowan
joined the FranklinTempleton organization in 1986 and also serves as an executive vice president of Templeton Global Advisors
Limited (a Bahamas corporation).
Mr. McGowan serves on various FranklinTempleton boards of directors, including: TempletonInvestment Counsel, L.L.C.,
Franklin Templeton Management Luxembourg S.A. (a Luxembourg corporation), FranklinTempleton Investments (Asia) Limited
(a Hong Kong corporation), Templeton Asset Management Ltd. (a Singapore corporation), FranklinTempleton Holding Limited
(a Mauritius corporation), FranklinTempleton Services Limited (an Ireland corporation) and FranklinTempleton Asset Strategies,
Inc. (a U.S. corporation). Prior to joining FranklinTempleton Investments, Mr. McGowan was a senior attorney for the United
States Securities and Exchange Commission.
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The Board (continued)
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The Board (continued)
Dr. J.B. Mark Mobius
Dr. Mark Mobius, Ph.D. (76) was appointed to the Board at inception. He is Executive Chairman of Templeton Emerging Markets
Group, currently directs analysts based in Templeton’s 18 emerging markets offices and manages the emerging markets portfolios.
Dr. Mobius has spent more than 40 years working in emerging markets all over the world. He joined FranklinTempleton
Investments in 1987 as president of the Templeton Emerging Markets Fund, Inc. Dr. Mobius was named by Asiamoney magazine
in 2006 as one of their “Top 100 Most Powerful and Influential People.” Asiamoney said, he “ boasts one of the highest profiles
of any investor in the region and is regarded by many in the financial industry as one of the most successful emerging markets
investors over the last 20 years. Despite tough times during the financial crisis nine years ago, he still commands a strong following
in the investment world and is influencing the direction of billions of investment dollars.” Other awards include: (1) “2010 Africa
Investor Index Series Awards” by African Investor, (2) “Emerging Markets Equity Manager of the Year 2001” by International
Money Marketing, (3) “Ten Top Money Managers of the 20th Century” in a survey by the Carson Group in 1999, (4) “Number
One Global Emerging Market Fund” in the 1998 Reuters Survey, (5) “1994 First in Business Money Manager of the Year” by
CNBC, (6) “Closed-End Fund Manager of the Year” in 1993 by Morningstar and, (7) “Investment Trust Manager of the Year
1992” by Sunday Telegraph.
Dr. Mobius is also the author of the following books: Trading with China, The Investor’s Guide to Emerging Markets, Mobius on
Emerging Markets, Passport to Profits, Equities – An Introduction to the Core Concepts, Mutual Funds – An Introduction to the
Core Concepts, Foreign Exchange – An Introduction to the Core Concepts and Mark Mobius – An Illustrated Biography – The
little Book of Emerging Markets.
David E. Smart
David Smart (51) was appointed to the Board on 29 November 2002. He joined the Group in 1988 as Senior Vice President
and Head of Fixed Income with Fiduciary Trust in London, subsequently taking on responsibility for all fund management and
institutional marketing initiatives in Europe, Middle East & Africa. In August 2008, Mr. Smart was appointed to his current
position spearheading the Group’s global efforts in the sovereign fund and supranational area using his strong investment
background and experience of providing strategic asset allocation advice to institutional clients. Mr. Smart also sits on a number
of the Group’s subsidiary Boards. In November 2008, Mr. Smart was appointed Chairman of the National Trust Investment
Committee, which oversees the $1.6 billion endowment fund of the charity which preserves many of Britain’s historic buildings
and in March 2010 Mr. Smart was appointed External Advisor to Beazley plc, a publicly quoted Lloyds of London specialist
insurer. Prior to joining, Mr. Smart had six years experience as an international bond manager with Baring Brothers & Company
Ltd and County NatWest Investment Management.
The Honourable Trevor G. Trefgarne
The Honourable Trevor Trefgarne (68) was appointed to the Board of FranklinTempletonInvestment Funds on 29 November
2002. He is Chairman of Enterprise Group Limited, Ghana, and has been director of a number of UK listed investment funds
including Templeton Emerging Markets Investment Trust, Recovery Trust (chairman) and Gartmore High Income Trust. He has
extensive experience of the management of listed companies in the UK and Africa.
385916 02 FTIF p1-p29.indd 10 03/09/2012 13:06
[...]... www.franklintempleton.lu 385916 02 FTIF p1-p29.indd 21 Audited Annual Report 21 03/09 /2012 13:06 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at June 30, 2012 (continued) FranklinFranklinTempleton Global Templeton Global Fundamental Growth and Value Strategies Fund Fund (USD) (USD) FranklinTempleton Japan Fund (JPY) Templeton Africa Fund* (USD) Templeton Asian Bond Fund (USD) ASSETS Investment. .. p1-p29.indd 28 www.franklintempleton.lu 03/09 /2012 13:06 FRANKLINTEMPLETONINVESTMENT FUNDS www.franklintempleton.lu 385916 02 FTIF p1-p29.indd 29 Audited Annual Report 29 03/09 /2012 13:06 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Operations and Changes in Net Assets For the Year ended June 30, 2012 TOTAL Franklin Asian Flex Cap Fund (USD) Franklin Biotechnology Discovery Fund (USD) Franklin Euroland... May 4, 2012 The accompanying notes form an integral 22 Audited Annual Report 385916 02 FTIF p1-p29.indd 22 www.franklintempleton.lu 03/09 /2012 13:06 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at June 30, 2012 (continued) Templeton Asian Growth Fund (USD) Templeton Asian Smaller Companies Fund (USD) Templeton BRIC Fund Templeton China Fund (USD) Templeton Eastern Europe Fund (EUR) Templeton. .. www.franklintempleton.lu 385916 02 FTIF p1-p29.indd 25 Audited Annual Report 25 03/09 /2012 13:06 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at June 30, 2012 (continued) Templeton Global (Euro) Fund (EUR) TempletonTempleton Global Global Aggregate Aggregate Investment Grade Bond Fund Bond Fund* (USD) (USD) Templeton Global Balanced Fund (USD) Templeton Global Bond Fund (USD) ASSETS Investment. .. 385916 02 FTIF p1-p29.indd 18 www.franklintempleton.lu 03/09 /2012 13:06 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at June 30, 2012 (continued) Franklin Natural Resources Fund (USD) Franklin Real Return Fund (USD) Franklin Strategic Income Fund (USD) Franklin Technology Fund (USD) Franklin U.S Dollar Liquid Reserve Fund (USD) Franklin U.S Equity Fund (USD) Franklin U.S Focus Fund (USD)... these financial statements www.franklintempleton.lu 385916 02 FTIF p1-p29.indd 17 Audited Annual Report 17 03/09 /2012 13:06 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at June 30, 2012 (continued) Franklin Gold and Precious Metals Fund (USD) Franklin High Yield Fund (USD) Franklin Income Fund Franklin India Fund Franklin MENA Fund (USD) (USD) (USD) ASSETS Investment in securities at market... launched on June 22, 2012 The accompanying notes form an integral 26 Audited Annual Report 385916 02 FTIF p1-p29.indd 26 www.franklintempleton.lu 03/09 /2012 13:06 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at June 30, 2012 (continued) Templeton Global Bond (Euro) Fund (EUR) Templeton Global Equity Income Fund (USD) Templeton Global High Yield Fund Templeton Global Income Fund Templeton Global... statements www.franklintempleton.lu 385916 02 FTIF p1-p29.indd 19 Audited Annual Report 19 03/09 /2012 13:06 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at June 30, 2012 (continued) Franklin U.S Government Fund (USD) Franklin U.S Low Duration Fund* (USD) Franklin U.S Opportunities Fund (USD) Franklin U.S Small-Mid Cap Growth Fund (USD) Franklin U.S Total Return Fund (USD) ASSETS Investment. .. integral www.franklintempleton.lu 03/09 /2012 13:07 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Operations and Changes in Net Assets For the Year ended June 30, 2012 (continued) Franklin European Dividend Fund* (EUR) Franklin European Growth Fund (EUR) Franklin European Small-Mid Cap Growth Fund (EUR) Franklin Global Convertible Securities Fund** (USD) Franklin Global Growth Fund (USD) Franklin Global... launched on February 24, 2012 The accompanying notes form an integral 16 Audited Annual Report 385916 02 FTIF p1-p29.indd 16 www.franklintempleton.lu 03/09 /2012 13:06 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at June 30, 2012 (continued) Franklin European Dividend Fund* (EUR) Franklin European Growth Fund (EUR) Franklin European Small-Mid Cap Growth Fund (EUR) Franklin Global Convertible . www.franklintempleton.lu www.franklintempleton.lu Audited Annual Report 5
FRANKLIN TEMPLETON INVESTMENT FUNDS FRANKLIN TEMPLETON INVESTMENT FUNDS
société. FRANKLIN TEMPLETON INVESTMENT FUNDS
SOCIÉTÉ D'INVESTISSEMENT À CAPITAL VARIABLE
AUDITED ANNUAL REPORT
JUNE 30, 2012
FRANKLIN TEMPLETON
INTERNATIONAL