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FRANKLINTEMPLETONINVESTMENT FUNDS
SOCIÉTÉ D'INVESTISSEMENT ÀCAPITAL VARIABLE
UNAUDITED SEMI-ANNUAL
REPORT
R.C.S. B35177
DECEMBER 31, 2011
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 12/11
FRANKLIN TEMPLETONINVESTMENT FUNDS
société d’investissement àcapital variable
UNAUDITED SEMI-ANNUAL REPORT
FOR THE PERIOD ENDED DECEMBER 31, 2011
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 addenda accompanied
by a copy of the latest available audited report and, if published thereafter, the latest unaudited semi-annual report.
2 Unaudited Semi-Annual Report www.franklintempleton.lu www.franklintempleton.lu Unaudited Semi-Annual Report 3
Contents
General Information 3
Report of the Investment Managers 5
Fund Performance 6
Statement of Net Assets 8
Statement of Operations and Changes in Net Assets 20
Statistical Information 32
Notes to the Financial Statements 45
Franklin Asian Flex Cap Fund 72
Franklin Biotechnology Discovery Fund 74
Franklin Euroland Core Fund 76
Franklin European Core Fund 78
Franklin European Dividend Fund 80
Franklin European Growth Fund 82
Franklin European Small-Mid Cap Growth Fund 83
Franklin Global Growth Fund 85
Franklin Global Real Estate Fund 87
Franklin Global Small-Mid Cap Growth Fund 89
Franklin Gold and Precious Metals Fund 91
Franklin High Yield Fund 93
Franklin Income Fund 97
Franklin India Fund 102
Franklin MENA Fund 104
Franklin Natural Resources Fund 106
Franklin Real Return Fund 109
Franklin Strategic Income Fund 111
Franklin Technology Fund 120
Franklin U.S. Dollar Liquid Reserve Fund 122
Franklin U.S. Equity Fund 123
Franklin U.S. Focus Fund 125
Franklin U.S. Government Fund 126
Franklin U.S. Low Duration Fund 127
Franklin U.S. Opportunities Fund 132
Franklin U.S. Small-Mid Cap Growth Fund 134
Franklin U.S. Total Return Fund 136
Franklin World Perspectives Fund 142
Franklin Mutual Beacon Fund 148
Franklin Mutual Euroland Fund 152
Franklin Mutual European Fund 154
Franklin Mutual Global Discovery Fund 157
FranklinTempleton Global Allocation Fund 161
FranklinTempleton Global Equity Strategies Fund 167
FranklinTempleton Global Fundamental Strategies Fund 172
FranklinTempleton Global Growth And Value Fund 180
FranklinTempleton Japan Fund 184
Templeton Asian Bond Fund 187
Templeton Asian Growth Fund 189
Templeton Asian Smaller Companies Fund 191
Templeton Bric Fund 193
Templeton China Fund 195
Templeton Eastern Europe Fund 198
Templeton Emerging Markets Fund 200
Templeton Emerging Markets Balanced Fund 203
Templeton Emerging Markets Bond Fund 205
Templeton Emerging Markets Smaller Companies Fund 209
Templeton Euro Government Bond Fund 212
Templeton Euro High Yield Fund 213
Templeton Euro Liquid Reserve Fund 216
Templeton Euro Short Term Money Market Fund 217
Templeton Euroland Fund 218
Templeton European Fund 220
Templeton European Corporate Bond Fund 223
Templeton European Total Return Fund 225
Templeton Frontier Markets Fund 227
Templeton Global Fund 230
Templeton Global (Euro) Fund 233
Templeton Global Aggregate Bond Fund 236
Templeton Global Balanced Fund 238
Templeton Global Bond Fund 242
Templeton Global Bond (Euro) Fund 246
Templeton Global Equity Income Fund 248
Templeton Global High Yield Fund 250
Templeton Global Income Fund 255
Templeton Global Smaller Companies Fund 261
Templeton Global Total Return Fund 264
Templeton Growth (Euro) Fund 272
Templeton Korea Fund 276
Templeton Latin America Fund 277
Templeton Thailand Fund 279
Templeton U.S. Value Fund 280
FranklinTempleton Investments Office Directory 282
FRANKLIN TEMPLETONINVESTMENT FUNDS
All the Funds marked with “★” above are currently not authorised for public distribution in Hong Kong and
are not available to Hong Kong investors.
2 Unaudited Semi-Annual Report www.franklintempleton.lu www.franklintempleton.lu Unaudited Semi-Annual Report 3
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 ( D , )
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, U.S.A.
Dr J. B. Mark Mobius
Executive Chairman
TEMPLETON’S 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 Growth Fund*;
Franklin European Dividend Fund;
Franklin Templeton Global Allocation Fund¶
Franklin Templeton Global Equity Strategies Fund***
Franklin Templeton Global Fundamental Strategies Fund†
Franklin World Perspectives 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 Corporate Bond Fund‡;
Templeton European Fund;
Templeton European Total Return Fund**;
Templeton Global Aggregate Bond Fund;
Templeton Global Balanced Fund**;
Templeton Global Equity Income Fund;
Templeton Global Fund; and
Templeton Global (Euro) Fund.
* FranklinTempletonInvestment Management Limited has been appointed as Co-
Investment Manager of this Fund, together with FranklinTempleton Institutional LLC.
** 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 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 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 Templeton Global Allocation Fund; (co-managed Ω)
Franklin Templeton Global Equity Strategies Fund**;
Franklin Templeton Global Fundamental Strategies 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. Opportunities Fund;
Franklin U.S. Small-Mid Cap Growth Fund;
Franklin U.S. Total Return Fund;
Franklin U.S. Low Duration Fund;
Templeton Asian Bond Fund;
Templeton Emerging Markets Balanced Fund****
FRANKLIN TEMPLETONINVESTMENT FUNDS FRANKLINTEMPLETONINVESTMENT FUNDS
4 Unaudited Semi-Annual Report www.franklintempleton.lu www.franklintempleton.lu Unaudited Semi-Annual Report 5
Templeton Emerging Markets Bond Fund;
Templeton Euro High Yield Fund*;
Templeton European Corporate Bond Fund***;
Templeton European Total Return Fund*;
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 Growth Fund**;
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 FranklinTempletonInvestment 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 Equity Strategies Fund*;
Franklin Templeton Global Allocation 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*;
Templeton Global Smaller Companies Fund, and
Templeton U.S. Value 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. (iv) FranklinTempletonInvestment Management Limited and.(v)
Templeton International Counsel LLC.
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 S.à r.l.
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 ( D , ) ()
FRANKLIN TEMPLETONINVESTMENT FUNDS
4 Unaudited Semi-Annual Report www.franklintempleton.lu www.franklintempleton.lu Unaudited Semi-Annual Report 5
R I M
The six months under review continued to be dominated by sovereign debt concerns in Europe. As for the European economy,
growth was tepid at best, and several market participants feared that the region might tumble into recession in early 2012.
Europe’s weakness and mounting domestic economic problems has led to a slowdown in growth in Asia, especially China, and in
other parts of the world. Tellingly, Brazil’s economy registered no quarterly growth in gross domestic product for the third quarter
of 2011. In India, as in Brazil, slowing growth together with still-elevated inflation has generated fears of a period of “stagflation”.
At the same time, although the U.S. economy grew by just 1.8% in the third quarter of 2011, data indicators in the U.S. suggested
some improvement in economic prospects there.
Improvements in the macroeconomic picture, combined with U.S. corporations’ solid earnings and strong cash balances meant
that, in a generally lackluster period for global stocks, U.S. equities tended to outperform. This outperformance reflected the U.S.’s
status as a perceived safe haven in times of stress (a status that also benefited U.S. Treasuries and the U.S. dollar against the euro in
the six months under review) as well as the ability of U.S. companies to wring profits from their businesses by reducing costs and
boosting productivity. This U.S. outperformance broke a long spell of significant superior performance by emerging markets. In
the final months of 2011, emerging-market stocks underperformed quite significantly, whereas their previous strength had brought
about a marked decline in U.S. stock valuations.
On the fixed-income side, in spite of some well-founded forecasts, U.S. Treasuries continued to perform relatively better than
risk assets. Notwithstanding a downgrading of U.S. sovereign debt by Standard & Poor’s at the beginning of August 2011, yields
stayed below 2% for 10-year paper for much of the period under review. Longer-dated Treasuries did even better as yields dropped
in response to a renewed bond-buying program by the U.S. Federal Reserve, which began in August. Corporate debt issued by
companies with sound fundamentals have consistently seemed to offer better medium- and long-term value, in our view, yet they
were volatile in the six months under review, and yield spreads widened somewhat over benchmark government bonds, especially
for noninvestment-grade debt. Financial bond issues have been rather indiscriminately hurt due to their association with European
sovereign debt.
Amid so much economic uncertainty, commodities and gold prices have experienced volatility. Commodity prices surged in
the first half of calendar 2011, but moved broadly lower during the six months under review, although the prices of oil and
agricultural products maintained part of their gains from the early part of 2011. While disappointing for commodities investors
and commodity-based economies, the recent drop in prices (even if temporary) has helped boost the purchasing power of U.S.
consumers. However, the drop in the euro against the U.S. dollar has neutralized the positive effect of a fall in global commodity
prices for Europeans and for consumers in a number of Asian countries. Gold also started to lose some of its luster as a safe-haven
asset, hitting a six-month trough at the end of December 2011, as investors seemed to prefer the much greater liquidity offered by
the U.S. dollar, and as traders, including banks, sought to raise cash.
One conundrum for much of the period was the continued resilience of the euro in the face of the political and fiscal crises
besetting the eurozone. This conundrum seemed close to being resolved toward the end of the six months under review, as the
euro lost ground to the U.S. dollar. The U.S. currency also showed signs of stabilizing against other developed-nation currencies.
However, the gradual, controlled appreciation of the Chinese yuan has stalled recently as inflation pressures lessened in China and
growth slowed. In addition, the Swiss central bank intervened to cap the Swiss franc’s strong rise against the euro, and next, the
Bank of Japan sold the yen in large quantities in a bid to stave off the appreciation of the Japanese currency. Like the U.S. dollar,
the yen has benefited from a “flight to quality”, but its strong rise against the euro and smaller rise against the U.S. dollar has been
hurting Japan’s already low growth prospects.
However, some chinks of light have also appeared. Toward the end of calendar 2011, the European authorities mapped out a
path toward a more disciplined fiscal framework for the eurozone and the European Central Bank made available €490 billion in
loans at very low interest rates for banks. This money helped ease the severe funding pressure that European banks were under,
and may help to stabilize sovereign bond markets, at least for a while. Prolonged weakness of the euro could help at least the more
competitive European economies to export their way to recovery.
It may well turn out that so much bad news has been priced into financial markets that participants may be pleasantly surprised,
especially if central banks and governments become increasingly aggressive in their attempts to stabilize economies and if the U.S.
continues to recover. In these circumstances, in our view it would seem wise to expect at least some dimming of the rally in U.S.
Treasuries and a rise in bond yields, especially as the inflationary consequences of “quantitative easing” become more apparent.
Prices that already factor in low growth (or even recession), together with strong balance sheets and the disappearance of risky
merger activity, could make corporate debt appear more attractive on both sides of the Atlantic.
At the same time, we remain conscious that risks abound, not least in Europe, where a relapse into recession (however mild)
currently remains a strong possibility, and where markets are expected to absorb a high volume of government debt issuance in the
months ahead. Finally, while we see solid reasons to believe that the Chinese authorities have the wherewithal to manage China’s
transition to slightly slower but healthier and more sustainable growth, the ongoing deflation of the property bubble and ongoing
social pressures will need to be monitored.
THE INVESTMENT MANAGERS
January, 2012
The information stated in this report represents historical data and is not an indication of future results.
FRANKLIN TEMPLETONINVESTMENT FUNDS
6 Unaudited Semi-Annual Report www.franklintempleton.lu www.franklintempleton.lu Unaudited Semi-Annual Report 7
Franklin Asian Flex Cap Fund 15 Nov 06 USD (17.5) (16.2) 55.2 10.3 – 15.8
Franklin Biotechnology Discovery Fund 3 Apr 00 USD (2.2) 9.6 42.9 27.9 25.6 11.9
Franklin Euroland Core Fund 28 Nov 08 EUR (16.1) (14.7) 14.4 – – 15.3
Franklin European Core Fund 29 Jul 11 EUR – – – – – (4.0)
Franklin European Dividend Fund 29 Jul 11 EUR – – – – – (1.9)
Franklin European Growth Fund 29 Dec 00 EUR (4.0) (7.3) 66.8 2.1 11.5 (7.1)
Franklin European Small Mid Cap Growth Fund 3 Dec 01 EUR (11.1) (17.6) 52.6 (10.5) 76.0 77.0
Franklin Global Growth Fund 29 Dec 00 USD (16.5) (11.3) 50.2 (9.3) 31.7 (1.5)
Franklin Global Real Estate Fund 29 Dec 05 USD (12.0) (7.0) 31.0 (35.8) – (20.4)
Franklin Global Small Mid Cap Growth Fund 15 Apr 02 USD (13.2) (13.1) 55.7 2.1 – 93.4
Franklin Gold & Precious Metals Fund 30 Apr 10 USD (13.9) (24.6) – – – (2.0)
Franklin High Yield Fund 1 Mar 96 USD (0.3) 3.7 65.6 24.6 80.8 115.6
Franklin Income Fund 1 Jul 99 USD (3.6) 1.8 52.8 10.8 80.3 97.9
Franklin India Fund 25 Oct 05 USD (28.7) (31.6) 56.8 14.8 – 92.9
Franklin MENA Fund 16 Jun 08 USD (8.5) (15.4) 2.2 – – (58.1)
Franklin Mutual Beacon Fund 7 Jul 97 USD (7.3) (2.6) 37.4 (17.4) 26.6 94.0
Franklin Mutual Euroland Fund 14 Oct 08 EUR (17.9) (16.8) 11.2 – – 7.0
Franklin Mutual European Fund* 3 Apr 00 EUR (9.2) (8.2) 24.2 (17.5) 38.4 38.4
Franklin Mutual Global Discovery Fund 25 Oct 05 USD (13.6) (7.0) 21.7 0.0 – 24.3
Franklin Natural Resources Fund 12 Jul 07 USD (16.3) (12.7) 78.5 – – (5.4)
Franklin Real Return Fund 30 Apr 10 USD (2.6) (0.4) – – – 3.0
Franklin Strategic Income Fund 12 Jul 07 USD (1.8) 1.6 37.5 – – 26.8
Franklin Technology Fund 3 Apr 00 USD (10.9) (5.6) 83.7 30.9 30.1 (32.2)
Franklin Templeton Global Allocation Fund 29 Jul 11 USD – – – – – (8.3)
Franklin Templeton Global Equity Strategies Fund 15 May 08 USD (17.4) (13.8) 29.1 – – (13.1)
Franklin Templeton Global Fundamental Strategies Fund 25 Oct 07 USD (10.8) (4.9) 24.7 – – (2.6)
Franklin Templeton Global Growth and Value Fund 9 Sep 02 USD (15.6) (10.9) 39.2 (13.2) – 67.5
Franklin Templeton Japan Fund 1 Sep 00 JPY (14.9) (16.9) (21.8) (64.8) (40.6) (59.4)
Franklin U.S. Dollar Liquid Reserve Fund 1 Jun 94 USD (0.1) (0.2) (0.5) 5.3 14.1 59.0
Franklin U.S. Equity Fund 1 Jul 99 USD (6.0) (3.9) 37.6 (3.6) 12.6 52.9
Franklin U.S. Focus Fund 15 May 08 USD (7.7) (3.5) 64.1 – – (1.2)
Franklin U.S. Government Fund 28 Feb 91 USD 3.4 6.2 16.8 31.0 55.5 160.9
Franklin U.S. Low Duration Fund 29 Aug 03 USD (0.2) 0.2 6.3 7.9 – 17.3
Franklin U.S. Opportunities Fund 3 Apr 00 USD (8.7) (3.9) 64.3 15.1 46.8 (28.2)
Franklin U.S. Small-Mid Cap Growth Fund 29 Dec 00 USD (11.4) (4.4) 70.9 7.3 39.6 21.7
Franklin U.S. Total Return Fund 29 Aug 03 USD 1.2 4.9 37.6 24.9 – 44.2
Franklin World Perspectives Fund 14 Oct 08 USD (12.6) (9.6) 48.7 – – 29.5
Templeton Asian Bond Fund 25 Oct 05 USD (5.1) (0.6) 36.5 37.4 – 67.4
Templeton Asian Growth Fund 30 Jun 91 USD (16.2) (14.9) 124.6 45.0 398.9 225.1
Templeton Asian Smaller Companies Fund 14 Oct 08 USD (14.8) (15.6) 134.4 – – 145.9
Templeton BRIC Fund 25 Oct 05 USD (25.4) (26.9) 54.6 (10.6) – 46.4
F P B C
P C D ,
FRANKLIN TEMPLETONINVESTMENT FUNDS
Launch
Date
Base
Currency
6
Months
%
1
Year
%
3
Years
%
5
Years
%
10
Years
%
Since
Launch
%
6 Unaudited Semi-Annual Report www.franklintempleton.lu www.franklintempleton.lu Unaudited Semi-Annual Report 7
F P B C
P C D , ()
Templeton China Fund 1 Sep 94 USD (19.9) (18.3) 56.9 26.9 291.6 133.0
Templeton Eastern Europe Fund 10 Nov 97 EUR (33.1) (40.0) 48.7 (43.9) 105.5 119.8
Templeton Emerging Markets Balanced Fund 29 Apr 11 USD (13.8) – – – – (14.4)
Templeton Emerging Markets Bond Fund 5 Jul 91 USD (6.7) (1.6) 64.6 45.5 161.2 609.1
Templeton Emerging Markets Fund 28 Feb 91 USD (16.5) (15.9) 67.0 0.7 199.5 211.2
Templeton Emerging Markets Smaller Companies Fund 18 Oct 07 USD (25.4) (28.1) 80.1 – – (32.1)
Templeton Euro Government Bond Fund 8 Jan 99 EUR 1.9 1.6 7.3 9.1 31.9 35.0
Templeton Euro High Yield Fund 17 Apr 00 EUR (5.5) (2.8) 62.9 4.5 55.1 26.9
Templeton Euro Liquid Reserve Fund 1 Jun 94 EUR 0.2 0.7 4.2 6.7 15.5 17.9
Templeton Euro Short Term Money Market Fund 23 Oct 09 EUR 0.4 0.7 – – – 1.1
Templeton European Fund† 8 Jan 99 EUR (13.9) (9.1) 8.3 (40.5) (11.7) 13.9
Templeton European Corporate Bond Fund 30 Apr 10 EUR (2.2) (1.1) – – – (1.5)
Templeton European Fund† 17 Apr 91 EUR (11.0) (7.6) 20.2 (33.6) (9.1) (6.3)
Templeton European Total Return Fund 29 Aug 03 EUR (1.6) (0.9) 20.2 (3.3) – 9.8
Templeton Frontier Markets Fund 14 Oct 08 USD (20.3) (23.8) 37.7 – – 32.5
Templeton Global (Euro) Fund 26 Apr 91 EUR (7.4) (7.3) 23.2 (30.4) (14.6) 144.8
Templeton Global Aggregate Bond Fund 29 Oct 10 USD (5.1) (0.8) – – – (3.7)
Templeton Global Balanced Fund 1 Jun 94 USD (12.0) (5.7) 21.1 (9.3) 57.0 137.6
Templeton Global Bond (Euro) Fund 29 Aug 03 EUR 1.2 2.1 18.4 22.5 – 35.8
Templeton Global Bond Fund 28 Feb 91 USD (7.0) (3.1) 28.5 53.0 172.4 355.7
Templeton Global Equity Income Fund 27 May 05 USD (14.4) (10.2) 19.0 (28.9) – (5.1)
Templeton Global Fund 28 Feb 91 USD (18.5) (11.3) 22.6 (27.3) 31.0 165.5
Templeton Global High Yield Fund 27 Sep 07 USD (4.0) 0.2 55.2 – – 21.2
Templeton Global Income Fund 27 May 05 USD (10.4) (6.6) 31.8 9.4 – 38.9
Templeton Global Smaller Companies Fund 8 Jul 91 USD (26.3) (25.6) 52.7 (32.0) 54.8 187.4
Templeton Global Total Return Fund 29 Aug 03 USD (6.4) (1.1) 52.4 63.4 – 136.9
Templeton Growth (Euro) Fund 9 Aug 00 EUR (3.5) (3.6) 36.8 (25.2) (8.8) (6.7)
Templeton Korea Fund 8 May 95 USD (28.9) (26.4) 46.9 (22.1) 70.1 (44.7)
Templeton Latin America Fund‡ 28 Feb 91 USD (18.5) (22.5) 84.3 27.0 447.7 320.7
Templeton Thailand Fund 20 Jun 97 USD (7.2) (5.6) 142.4 56.7 370.0 47.1
Templeton U.S. Value Fund 29 Aug 03 USD (13.9) (11.4) 36.8 (30.5) – 4.4
Data source
Performance – FranklinTempleton Investments
* The inception date is for the primary class A (Acc) EUR, however the sub-fund originally launched on April 3, 2000.
† The inception date is for the primary class A (Acc) EUR, however the sub-fund originally launched on April 17, 1991.
‡ Fund performance prior to Sept 1996 excluded from calculation because a different portfolio allocation strategy was in use.
Apart from the above mentioned exceptions, all of the figures above are for Class A distribution “A(dis)” Shares with all income reinvested (total
return) in base currency. Where Class A(dis) Shares are not in issue, Class A accumulation “A(acc)” Shares are shown. Information on other share
classes is available on request. This report does not constitute or form part of any offer of shares or an invitation to apply for shares. Subscriptions
are to be made on the basis of the current simplified prospectus accompanied by the current full prospectus and its addendum as the case may be,
a copy of the latest available audited annual report and, if published thereafter, the latest unaudited semi-annual report. The price of shares and
income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is no guarantee of
future performance. Currency fluctuations may affect the value of investments.
FRANKLIN TEMPLETONINVESTMENT FUNDS
Launch
Date
Base
Currency
6
Months
%
1
Year
%
3
Years
%
5
Years
%
10
Years
%
Since
Launch
%
All the Funds marked with “★” above are currently not authorised for public distribution in Hong Kong and are not available to
Hong Kong investors.
8 Unaudited Semi-Annual Report www.franklintempleton.lu www.franklintempleton.lu Unaudited Semi-Annual Report 9
ASSETS
Investment in securities at market value (note 2(b)) 122,205,680,650 15,208,747 132,265,913 23,456,272 3,357,571
Cash 4,909,029,486 183,515 25,671,918 702,691 5,846
Time deposits and repurchase agreements (note 19) 1,193,009,655 – – – –
Amounts receivable on sale of investments 613,762,661 239,658 79,417 – –
Amounts receivable on subscriptions 401,720,907 27,966 1,456,418 200,493 –
Interest and dividends receivable, net 1,137,571,256 5,647 – 5,098 5,214
Other receivables 14,775,960 2,275 – 33,793 755
Unrealised profit on forward foreign exchange contracts (note 4) 356,653,927 – – – –
Unrealised profit on futures contracts (note 7) 72,497 – – – –
Unrealised profit on credit default swap contracts (note 5) 3,933,198 – – – –
TOTAL ASSETS 130,836,210,197 15,667,808 159,473,666 24,398,347 3,369,386
LIABILITIES
Amounts payable on purchases of investments 108,952,317 – 226,350 – –
Amounts payable on redemptions 382,399,938 28,579 414,182 63,574 –
Bank overdraft 6,352,091 – – – –
Unrealised loss on forward foreign exchange contracts (note 4) 112,320,220 – – – –
Unrealised loss on interest rate swap contracts (note 6) 631,323,695 – – – –
Unrealised loss on futures contracts (note 7) 34,247 – – – –
Option contracts at market value (note 8) 154,209 – – – –
Investment management fees payable (note 3) 97,039,618 12,966 122,928 16,418 2,451
Taxes and expense payable 255,265,391 66,919 144,149 19,006 6,259
TOTAL LIABILITIES 1,593,841,726 108,464 907,609 98,998 8,710
TOTAL NET ASSETS 129,242,368,471 15,559,344 158,566,057 24,299,349 3,360,676
THREE YEAR ASSET SUMMARY
June 30, 2011 149,396,147,607 20,687,634 134,126,169 29,083,141 –
June 30, 2010 88,411,687,219 29,920,224 74,572,597 20,658,937 –
June 30, 2009 47,048,939,530 29,819,379 70,628,479 17,234,474 –
S N A
D ,
TOTAL Franklin
Asian
Flex Cap
Fund
Franklin
Biotechnology
Discovery
Fund
Franklin
Euroland
Core
Fund
Franklin
European
Core
Fund*
(USD) (USD) (USD) (EUR) (EUR)
The accompanying notes form an integral part of these financial statements
FRANKLIN TEMPLETONINVESTMENT FUNDS
*These Funds were launched on July 29, 2011
8 Unaudited Semi-Annual Report www.franklintempleton.lu www.franklintempleton.lu Unaudited Semi-Annual Report 9
The accompanying notes form an integral part of these financial statements
5,425,407 294,219,250 211,288,441 88,078,635 118,417,464 55,742,573 185,275,664
109,299 16,143,302 7,602,115 237,932 2,496,074 69,883 8,103,417
– – – 2,300,000 – 3,500,000 –
– 216,276 820,201 152,374 27,087 202,620 910,000
43,853 2,154,409 1,210,132 115,606 339,606 66,781 160,832
15,706 699,771 703,849 30,351 497,338 244,895 241,332
834 68,256 80,323 15,633 2,545 11,616 –
– – – – – – –
– – – – – – –
– – – – – – –
5,595,099 313,501,264 221,705,061 90,930,531 121,780,114 59,838,368 194,691,245
– 1,622,684 97,062 – – 9,796 1,856,421
– 1,013,001 326,850 31,379 450,250 96,490 188,802
– – – – – – –
– – – 167,369 135,655 – 51,049
– – – – – – –
– – – – – – –
– – – – – – –
3,664 231,322 158,885 62,999 103,011 50,351 136,947
6,763 240,761 161,719 64,720 197,018 67,590 110,631
10,427 3,107,768 744,516 326,467 885,934 224,227 2,343,850
5,584,672 310,393,496 220,960,545 90,604,064 120,894,180 59,614,141 192,347,395
– 391,908,724 362,431,476 125,272,812 159,982,185 80,420,038 81,271,337
– 249,493,564 252,497,144 57,266,803 64,793,655 36,904,320 5,565,752
– 31,894,597 59,920,404 32,915,531 19,258,439 28,541,329 –
S N A
D , ()
Franklin
European
Dividend
Fund*
Franklin
European
Growth
Fund
Franklin European
Small-Mid
Cap Growth
Fund
Franklin
Global Growth
Fund
Franklin
Global
Real Estate
Fund
Franklin
Global Small-Mid
Cap Growth
Fund
Franklin
Gold and
Precious Metals
Fund
(EUR) (EUR) (EUR) (USD) (USD) (USD) (USD)
FRANKLIN TEMPLETONINVESTMENT FUNDS
[...]... financial statements www.franklintempleton.lu Unaudited Semi-Annual Report 13 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at December 31, 2011 (continued) FranklinTempleton Global Growth and Value Fund (USD) FranklinTempleton Japan Fund (JPY) Templeton Asian Bond Fund (USD) Templeton Asian Growth Fund (USD) Templeton Asian Smaller Companies Fund (USD) ASSETS Investment in securities... Semi-Annual Report www.franklintempleton.lu FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Operations and Changes in Net Assets For the Period ended December 31, 2011 (continued) Franklin Mutual Beacon Fund (USD) Franklin Mutual Euroland Fund (EUR) Franklin Mutual European Fund (EUR) Franklin Mutual Global Discovery Fund (USD) FranklinTempleton Global Allocation Fund** (USD) FranklinTempleton Global... 30, 2011 June 30, 2010 June 30, 2009 The accompanying notes form an integral 14 Unaudited Semi-Annual Report www.franklintempleton.lu FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at December 31, 2011 (continued) Templeton BRIC Fund Templeton China Fund (USD) (USD) Templeton Eastern Europe Fund (EUR) Templeton Emerging Markets Fund (USD) Templeton Emerging Markets Balanced Fund (USD) Templeton. .. Semi-Annual Report www.franklintempleton.lu FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Operations and Changes in Net Assets For the Period ended December 31, 2011 (continued) Templeton European Fund (EUR) Templeton European Corporate Bond Fund (EUR) Templeton European Total Return Fund (EUR) Templeton Frontier Markets Fund (USD) Templeton Global Fund (USD) Templeton Global (Euro) Fund (EUR) Templeton Global... SUMMARY June 30, 2011 June 30, 2010 June 30, 2009 The accompanying notes form an integral 18 Unaudited Semi-Annual Report www.franklintempleton.lu FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at December 31, 2011 (continued) Templeton Global Income Fund (USD) Templeton Global Smaller Companies Fund (USD) Templeton Global Total Return Fund (USD) Templeton Growth (Euro) Fund (EUR) Templeton Korea... financial statements www.franklintempleton.lu Unaudited Semi-Annual Report 15 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at December 31, 2011 (continued) Templeton Euro Government Bond Fund (EUR) Templeton Euro High Yield Fund (EUR) Templeton Euro Liquid Reserve Fund (EUR) Templeton Euro Short Term Money Market Fund* (EUR) Templeton Euroland Fund (EUR) ASSETS Investment in securities... statements www.franklintempleton.lu Unaudited Semi-Annual Report 25 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Operations and Changes in Net Assets For the Period ended December 31, 2011 (continued) FranklinTempleton Global Growth and Value Fund (USD) NET ASSETS AT THE BEGINNING OF THE PERIOD Currency translation adjustment FranklinTempleton Japan Fund (JPY) Templeton Asian Bond Fund Templeton Asian... these financial statements www.franklintempleton.lu Unaudited Semi-Annual Report 17 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Net Assets at December 31, 2011 (continued) Templeton Global Balanced Fund (USD) Templeton Global Bond Fund (USD) Templeton Global Bond (Euro) Fund (EUR) Templeton Global Equity Income Fund (USD) Templeton Global High Yield Fund (USD) ASSETS Investment in securities at market.. .FRANKLIN TEMPLETONINVESTMENT FUNDS Statement of Net Assets at December 31, 2011 (continued) Franklin High Yield Fund (USD) Franklin Income Fund Franklin India Fund Franklin MENA Fund (USD) (USD) (USD) Franklin Natural Resources Fund (USD) ASSETS Investment in securities at market value (note 2(b)) Cash Time deposits and repurchase agreements (note 19) Amounts receivable on sale of investments... financial statements www.franklintempleton.lu Unaudited Semi-Annual Report 21 FRANKLINTEMPLETONINVESTMENT FUNDS Statement of Operations and Changes in Net Assets For the Period ended December 31, 2011 (continued) Franklin High Yield Fund Franklin India Fund Franklin MENA Fund (USD) NET ASSETS AT THE BEGINNING OF THE PERIOD Currency translation adjustment Franklin Income Fund (USD) (USD) Franklin Natural . FRANKLIN TEMPLETON INVESTMENT FUNDS
SOCIÉTÉ D'INVESTISSEMENT À CAPITAL VARIABLE
UNAUDITED SEMI-ANNUAL
REPORT
R.C.S. B35177
DECEMBER 31, 2011
FRANKLIN.
Templeton Investments Corp., (ii) Franklin Templeton Investments Japan Limited, (iii)
Franklin Templeton Investimentos (Brasil) Ltda., (iv) Franklin Templeton