Tài liệu Franklin Templeton Investment Funds pptx

Box N-7759, Lyford Cay, Nassau, Bahamas Franklin Templeton Investment Management Limited manages the following Funds: Franklin Euroland Core Fund; Franklin European Core Fund; Franklin E

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Franklin Templeton Investment Funds

SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLE R.C.S B35177

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A U D I T E D A N N U A L R E P O RT

F O R T H E Y E A R E N D E D J U N E 3 0 , 2 0 1 2

This report shall not constitute an offer or a solicitation of an offer to buy shares of Franklin Templeton Investment Funds (the “Company”) Subscriptions are to be made on the basis of the current full prospectus and its addendum as the case may be, the relevant Key Investor Information Documents (“KIIDs”), a copy of the latest available audited report and, if published thereafter, the latest unaudited semi-annual report.

The auditor’s report refers only to the full English version of the Annual Report and not to any translated versions.

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Report of the Investment Managers 11

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BOARD OF DIRECTORS

Chairman

The Honorable Nicholas F Brady

CHOPTANK PARTNERS, INC

16 North Washington Street

Executive Vice President-Global Advisory Services

FRANKLIN RESOURCES, INC

One Franklin Parkway

San Mateo, CA 94403-1906, U.S.A

Richard H Frank

DARBY OVERSEAS INVESTMENTS, LTD

1133 Connecticut Avenue, NW, Suite 400

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 2nd Street, 11th 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 TEMPLETON INVESTMENT MANAGEMENT LIMITED

The Adelphi Building, 1-11 John Adam Street

London WC2N 6HT, England, U.K

The Honourable Trevor G Trefgarne

TEMPLETON GLOBAL ADVISORS LIMITED

P.O Box N-7759, Lyford Cay, Nassau, Bahamas

Franklin Templeton Investment 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*; andTempleton Global Equity Income Fund

* Franklin Templeton Investment Management Limited has been appointed as Investment Manager of these Funds, together with Franklin Advisers, Inc

** Franklin Templeton Investment Management Limited has been appointed as 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

Co-*** Franklin Templeton Investment 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) Franklin Templeton Investments Corp., (ii) Franklin Templeton Investments Japan Limited, (iii) Franklin Templeton Investimentos (Brasil) Ltda.and (iv) Franklin Templeton Investment Trust Management Co Limited

‡ Franklin Templeton Investment Management Limited has been appointed as Investment Manager for this Fund, together with (i) Franklin Templeton Institutional LLC and (ii) Franklin Advisers, Inc

¶ Franklin Templeton Investments Management Limited has been appointed as Investment Manager of this Fund, together with (i) Franklin Mutual Advisers LLC, (ii) Templeton Global Advisors Limited, (v) Templeton Investment Counsel LLC and (vi) Franklin Advisers, Inc

† Franklin Templeton Investment Management Limited has been appointed as Investment Manager for this Fund, together with (i) Franklin Advisers, Inc., (ii) Templeton Global Advisors Limited and (iii) Franklin Mutual Advisers, LLC

Co-TEMPLETON ASSET MANAGEMENT LIMITED

7 Temasek Boulevard

# 38-03 Suntec Tower OneSingapore 038987Templeton Asset Management Limited manages the following Funds:

Franklin Templeton Global Allocation 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; andTempleton 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) Templeton Investment Counsel LLC and (vi) Franklin Templeton 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) Franklin Templeton Investment 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 ParkwaySan 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 Fund1;

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*;

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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 Franklin Templeton Investment 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) Franklin Templeton Investment Management Limited and (iv) Templeton

Global Advisors Limited

*** Franklin Advisers, Inc has been appointed as Co-Investment Manager of this

Fund, together with (i) Franklin Templeton Investment 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) Franklin Templeton Investment

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) Franklin Templeton Investments Japan Limited, (iii)

Franklin Templeton Investimentos (Brasil) Ltda., (iv) Franklin Templeton Investment

Management Limited and (v) Franklin Templeton Investment Trust Management Co

Limited

† Franklin Advisers, Inc has been appointed as Co-Investment Manager of this Fund,

together with Templeton Global Advisors Limited

1 Franklin Advisers, Inc 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) Templeton Investment Counsel LLC and (vi) Franklin Templeton

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 Growth and Value Fund; and

Templeton European Corporate Bond Fund**

* Franklin Templeton 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) Templeton Investment Counsel LLC and (vi) Franklin Templeton

Investment Management Limited

** Franklin Templeton Institutional LLC has been appointed as Co-Investment

Manager of this Fund, together with (i) Franklin Templeton Investment 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) Franklin Templeton Investment 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) Franklin Templeton Institutional

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

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

* Franklin Templeton Investments Corp has been selected and appointed by the lead

Investment Manager Franklin Advisers, Inc as Co-Investment Manager of this Fund

Limited, (iii) Franklin Templeton Investimentos (Brasil) Ltda., (iv) Franklin Templeton

Investment Management Limited and (v) Franklin Templeton Investment Trust

Management Co Limited

FRANKLIN MUTUAL ADVISERS, LLC

101 John F Kennedy ParkwayShort Hills, NJ 07078-2789, U.S.AFranklin 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†; andFranklin 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) Franklin Templeton Institutional LLC, (iii) Templeton Asset Management Limited, (iv) Templeton Global Advisors Limited, (v) Templeton Investment Counsel LLC and (vi) Franklin Templeton 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) Franklin Templeton Investment 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) Franklin Templeton Investment Management Limited

FRANKLIN TEMPLETON INVESTMENTS JAPAN LIMITEDKanematsu Building, 6th Floor

14-1, Kyobashi 2 – chomeChuo-Ku, Tokyo, JapanFranklin Templeton Investments Japan Limited manages the following Funds:

Franklin World Perspectives Fund*; andFranklin Templeton Japan Fund

* Franklin Templeton Investments Japan Limited has been selected and appointed by the lead Investment Manager Franklin Advisers, Inc as Co-Investment Manager of this Investimentos (Brasil) Ltda., (iii) Franklin Templeton Investment Management Limited and (iv) Franklin Templeton Investment 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*

* Franklin Templeton Investimentos (Brasil) Ltda has been selected and appointed by Fund together with (i) Franklin Templeton Investments Corp., (ii) Franklin Templeton Investments Japan Limited, (iii) Franklin Templeton Investment Management Limited and (iv) Franklin Templeton Investment Trust Management Co Limited

FRANKLIN TEMPLETON INVESTMENT TRUST MANAGEMENT

CO LIMITED

12 Youido-dong, Youngdungpo-gu,Seoul, Korea

Franklin Templeton Investment Trust Management Co Limited manages the following Fund:

Franklin World Perspectives Fund*

* Franklin Templeton Investment 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) Franklin Templeton Investments Corp., (ii) Franklin Templeton Investments Japan Limited, (iii) Franklin Templeton Investimentos (Brasil) Ltda and (iv) Franklin Templeton Investment Management Limited

TEMPLETON INVESTMENT COUNSEL, LLC

300 Southeast 2nd Street

Ft Lauderdale, FL33301, U.S.A

Templeton Investment Counsel, LLC manages the following Fund:

* Templeton Investment Counsel LLC 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 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 SenningerbergGrand-Duchy of LuxembourgREGISTRAR AND TRANSFER, CORPORATE,DOMICILIARY AND ADMINISTRATIVE AGENT:

FRANKLIN TEMPLETON INTERNATIONAL SERVICES S.A

26, boulevard Royal, L-2449 LuxembourgGrand-Duchy of Luxembourg

AUDITOR:

PRICEWATERHOUSECOOPERS, Société coopérative

400, route d’Esch, B.P 1443, L-1014 LuxembourgGrand-Duchy of Luxembourg

LEGAL ADVISERS:

ELVINGER, HOSS & PRUSSEN

2, place Winston Churchill, B.P 425, L-2014 LuxembourgGrand-Duchy of Luxembourg

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Report of the Board of Directors

At June 30, 2012, Franklin Templeton Investment 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.

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:

UÊ /Ê/i«iÌÊ1°-°Ê6>ÕiÊÕ`

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:

UÊ /ÊÀ>Ê1-Ê1ÌÀ>-ÀÌÊ `ÊÕ`ÊLiV>iÊ/ÊÀ>Ê1°-°ÊÜÊ ÕÀ>ÌÊÕ`

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.

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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 Franklin Templeton 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 Franklin Templeton Investments ofﬁce using the contact details on the last page of the report.

THE BOARD OF DIRECTORS Luxembourg, July 2012

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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 Franklin Templeton 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 Franklin Templeton committees and a board member of various Franklin Templeton 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 Capital Investment 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 Franklin Templeton 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 Franklin Templeton Fund Management Company in Shanghai, a joint venture of Franklin Templeton 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 Franklin Templeton Distributors, Inc., President of Franklin Investment 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 Franklin Templeton organization in 1986 and also serves as an executive vice president of Templeton Global Advisors Limited (a Bahamas corporation).

Mr McGowan serves on various Franklin Templeton boards of directors, including: Templeton Investment Counsel, L.L.C., Franklin Templeton Management Luxembourg S.A (a Luxembourg corporation), Franklin Templeton Investments (Asia) Limited (a Hong Kong corporation), Templeton Asset Management Ltd (a Singapore corporation), Franklin Templeton Holding Limited (a Mauritius corporation), Franklin Templeton Services Limited (an Ireland corporation) and Franklin Templeton Asset Strategies, Inc (a U.S corporation) Prior to joining Franklin Templeton Investments, Mr McGowan was a senior attorney for the United States Securities and Exchange Commission.

The Board (continued)

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The Board (continued)

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 Franklin Templeton Investment 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.

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The year under review was marked by the sovereign debt crisis in the eurozone, by ﬁtful growth in the US, and fears of a slowdown

in China, all of which hurt risk appetite and brought the yields of a small number of so-called “safe haven” instruments like US and German government bonds to multiyear lows

European growth—already low—petered out as the year progressed, with a number of countries plunging back into recession Across the Atlantic, growth in the US has been hampered by prolonged, post-financial crisis deleveraging by households, governments and corporations alike In light of ultra-low benchmark rates, various forms of quantitative easing, and various fiscal stimulus packages, it is indeed somewhat disappointing to see that annualized growth in the US slowed to just 1.9% in the first three months of calendar 2012, compared with 3% in the previous quarter

Nevertheless, with US corporations continuing to display strong earnings and cash balances, the US has remained comparatively more attractive to most investors than other regions During the reporting period, US stocks outperformed not only European stocks but also emerging-market equities, as concerns about the extent and impact of the slowdown in China added to investor preference for apparently lower-risk assets in a period of continued uncertainty Stock indexes in countries with large exposure to China were especially affected, but concerns about the adequacy of domestic policy in some countries, including Brazil and India, also played a role.

Commodities proved volatile over the year under review Oil prices rose rapidly in the ﬁrst four months of calendar 2012, in part because of geopolitical tensions in the Middle East But by the end of the reporting period, Brent crude oil prices were back to where they were in the fourth quarter of 2010 Recession in Europe, sluggish growth in the US, and a slowdown in Asia meant that the prices of many other commodities were moving broadly lower by the end of the review period as well Gold prices reached record highs in September 2011, but somewhat paradoxically in light of continuing market jitters, interest in gold ebbed considerably thereafter This trend suggests a breakdown in the traditional link between gold and inﬂation-adjusted interest rates—usually, as interest rates fall, so does the opportunity cost of holding gold

It seems that the US dollar, rather than gold, has become the ultimate safe haven for investors, as reflected in its strength in recent months against a range of other currencies In turn, the rise in the dollar (and sharp drop in currencies like the Indian rupee) has made gold much more expensive and has also put pressure on investment strategies based on currency diversification into emerging markets Like the US dollar, the Japanese yen and the Swiss franc have benefited from haven demand, forcing the monetary authorities to intervene to try to curb upward pressure A further notable development on the currency front over the past 12 months has been the rise in the role of the Chinese renminbi in global trade, a trend we think is likely to continue

In the ﬁxed-income arena, the year has been marked by the sovereign debt crisis in peripheral Europe and by large-scale buying by central banks in an effort to boost activity—or at least dampen the crisis While the price that countries like Spain have

bond-to pay bond-to issue debt has climbed steeply, yields on benchmark government bonds issued by the US, Germany and the UK have tumbled In some instances, investors have even been prepared to accept negative real rates of interest in return for the protection these bonds are supposed to offer For investors interested in earning income in exchange for reasonable risk exposure, the corporate sector has offered better prospects Indeed, there is evidence that some international investors have been favoring bonds issued by US and multi-national companies with strong balance sheets over eurozone government debt

While we understand that the events of the past year instill a sense of caution among many investors, we think it is easy to be too pessimistic In the ﬁrst place, the International Monetary Fund (IMF) still projects global gross domestic product (GDP) growth

in calendar-year 2012 at a respectable 3.5% The Organization for Economic Cooperation and Development (OECD) believes it will be 3.4% Both the IMF and OECD are predicting a pick-up in global growth next year, with the IMF believing that growth will come in at 3.9% in 2013 While there have been fears that Europe is nearing a “Lehman moment”, we think the end result of the crisis may actually be much closer eurozone integration around fiscal and banking issues rather than imminent disintegration Significantly, the European Summit in Brussels at the end of June 2012 opened the way toward a banking union in which eurozone banks will be supervised by a single regulator And European banks, while they have been in the news for all the wrong reasons over the past year, are at least less leveraged than they were at the time of the Lehman Brothers collapse in 2008 and continue to benefit from the backstop provided by the European Central Bank.

Presidential and congressional elections will take place in the US near the end of 2012, making it difﬁcult to envisage any major policy initiative there in the months ahead Yet the US is fast approaching a so-called “ﬁscal cliff”—in other words, a set of pre- planned tax rises and spending cuts due to kick in at the end of 2012 that could weigh heavily on growth But likely political agreement on the issues involved could help relieve unease among economic participants and convince them to spend more on jobs and investment In the meantime, just like central banks elsewhere, the US Federal Reserve continues to be highly active in providing liquidity to the markets

Meanwhile, policy makers in China have been extremely active, and they have the firepower to ensure that growth holds up during this year’s delicate political transition Interest rates and banks’ reserve requirements have already been cut and, as in Europe, the economic challenges that China is undoubtedly facing have had the beneficial effect of accelerating reform Although Southeast Asia (ex Japan) is not a homogenous block, indebtedness there has remained very low and credit conditions are generally favorable for investors A strong US dollar and falling commodity prices have helped reduce inflation, meaning there is increased scope for central banks there and in China to loosen monetary policy, as they have already begun to do

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The information stated in this report represents historical data and is not an indication of future results.

year ahead and could conceivably serve as a signal for a reversal in the fortunes of risk assets By contrast, US and core European bonds at present levels do not look attractive to us, and Japanese government bonds even less so The valuation gap between core sovereign bonds and equities has seldom been as large as it was at the end of the year under review, and the rise in interest-rate sensitivity has not done anything to make core government bonds any more attractive to us We still see, however, pockets of opportunity in ﬁxed income—for example, in emerging market debt Even within Europe, a handful of countries that have been scorned by investors could hold potential, including countries like Ireland, Poland and Hungary Likewise, in spite of the fall in corporate bond yield spreads over sovereigns, we believe there are still opportunities in corporate debt, a sector where ratings are often higher than for the underlying sovereign and where default levels have remained low.

THE INVESTMENT MANAGERS

July, 2012

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We have audited the accompanying ﬁnancial statements of Franklin Templeton Investment Funds (the “Company”) and of each

of its Funds, which comprise the Statement of Net Assets and the Schedule of Investments as at June 30, 2012 and the Statement

of Operations and Changes in Net Assets for the year then ended, and a summary of signiﬁcant accounting policies and other explanatory notes to the ﬁnancial statements

Responsibility of the Board of Directors of the Company for the ﬁnancial statements

The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error

Responsibility of the “Réviseur d’entreprises agréé”

Our responsibility is to express an opinion on these ﬁnancial statements based on our audit We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the ﬁnancial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements

in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Company, as well as evaluating the overall presentation of the ﬁnancial statements

We believe that the audit evidence we have obtained is sufﬁcient and appropriate to provide a basis for our audit opinion

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of Franklin Templeton Investment Funds and of each of its Funds as of June 30, 2012, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements

Cabinet de révision agréé Expert-comptable (autorisation gouvernementale no 10028256)

R.C.S Luxembourg B 65 477 – TVA LU25482518

Trang 16

Franklin Asian Flex Cap Fund 15 Nov 06 USD 3.7 (14.4) 20.7 (5.6) – 20.1

Franklin European Small-Mid Cap Growth Fund 3 Dec 01 EUR 4.5 (7.1) 26.1 (15.7) 104.5 84.9

Franklin Templeton Global Fundamental Strategies Fund 25 Oct 07 USD 4.4 (6.9) 24.0 – – 1.7

Percentage Change to June 30, 2012

Launch Date

Base Currency

6 Months

%

1 Year

%

3 Years

%

5 Years

%

10 Years

%

Since Launch

%

Trang 17

Percentage Change to June 30, 2012 (continued)

Launch Date

Base Currency

6 Months

%

1 Year

%

3 Years

%

5 Years

%

10 Years

%

Since Launch

%

All of the ﬁgures above are for Class A accumulation “A(acc)” Shares in base currency Where Class A(acc) Shares are not in issue, Class A distribution “A(dis)” Shares with all income reinvested (total return) are shown Information on other share classes is available on request

* The inception date is for the Fund, however the reference share class launched at a later date.

** No Class A(acc) in issue, Class (Adis) used as reference.

† Fund performance prior to September 1996 excluded from calculation because a different portfolio allocation strategy was in use.

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 full prospectus and its addendum as the case may be, the relevant Key Investor Information Documents (“KIIDs”), 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.

Data source: Performance – Franklin Templeton Investments

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at June 30, 2012

TOTAL Franklin

Asian Flex Cap Fund

Franklin Biotechnology Discovery Fund

Franklin Euroland Core Fund

Franklin European Core Fund*

The accompanying notes form an integral

*These Funds were launched on July 29, 2011

**This Fund was launched on February 24, 2012

ASSETS

Investment in securities at market value (note 2(b)) 127,544,233,285 12,953,844 246,354,533 19,799,950 3,530,135

TOTAL ASSETS 138,162,790,104 13,235,871 310,613,824 20,042,085 3,599,052

LIABILITIES

TOTAL LIABILITIES 2,171,124,765 47,641 21,306,221 235,665 12,931

TOTAL NET ASSETS 135,991,665,339 13,188,230 289,307,603 19,806,420 3,586,121

THREE YEAR ASSET SUMMARY

Trang 19

part of these ﬁnancial statements

Franklin European Small-Mid Cap Growth Fund

Franklin Global Convertible Securities Fund**

Franklin Global Growth Fund

Franklin Global Real Estate Fund

Franklin Global Small-Mid Cap Growth Fund

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at June 30, 2012 (continued)

Franklin Gold and Precious Metals Fund

Franklin High Yield Fund

Franklin Income Fund

Franklin India Fund

Franklin MENA Fund

ASSETS

Investment in securities at market value (note 2(b)) 136,117,684 3,821,120,031 1,210,203,966 1,165,552,165 49,579,663

Unrealised proﬁt on forward foreign exchange contracts (notes 2(d), 4) 4,537 1,342,209 55,022 182,756 82,373

TOTAL ASSETS 140,052,723 4,069,820,107 1,304,580,573 1,200,715,791 52,067,358

LIABILITIES

TOTAL LIABILITIES 300,668 32,744,711 6,210,738 11,692,889 333,815

TOTAL NET ASSETS 139,752,055 4,037,075,396 1,298,369,835 1,189,022,902 51,733,543

Trang 21

Franklin Strategic Income Fund

Franklin Technology Fund

Franklin U.S Dollar Liquid Reserve Fund

Franklin U.S

Equity Fund

Franklin U.S Focus Fund

253,196 10,104 329,891 521,903 90,904 535,705 11,292245,866 24,712 563,995 478,119 214,374 495,433 26,709

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*This Fund had its name changed on September 16, 2011 (previously Franklin U.S Ultra Short Bond Fund)

**This Fund was launched on July 29, 2011

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

ASSETS

Investment in securities at market value (note 2(b)) 2,449,340,997 628,091,346 2,828,662,147 120,298,459 120,850,855

Unrealised proﬁt on forward foreign exchange contracts (notes 2(d), 4) 825,386 3,350,194 174,752 – 236,725

TOTAL ASSETS 2,556,576,307 743,790,935 2,950,518,745 124,666,582 150,385,977

LIABILITIES

TOTAL LIABILITIES 24,288,287 18,505,899 38,868,468 681,904 32,649,809

TOTAL NET ASSETS 2,532,288,020 725,285,036 2,911,650,277 123,984,678 117,736,168

Trang 23

Franklin Mutual Euroland Fund

Franklin Mutual European Fund

Franklin Mutual Global Discovery Fund

Franklin Templeton Global Allocation Fund**

Franklin Templeton Global Equity Strategies Fund

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*This Fund was launched on May 4, 2012

Franklin Templeton Global Fundamental Strategies Fund

Franklin Templeton Global Growth and Value

Fund

Franklin Templeton Japan Fund

Templeton Africa Fund*

Templeton Asian Bond Fund

ASSETS

Investment in securities at market value (note 2(b)) 551,111,717 76,613,880 12,557,658,000 4,245,451 3,966,087,423

TOTAL ASSETS 598,242,048 79,681,209 13,245,200,363 5,568,754 4,224,058,475

LIABILITIES

TOTAL LIABILITIES 5,256,387 157,791 514,910,463 134,885 61,511,516

TOTAL NET ASSETS 592,985,661 79,523,418 12,730,289,900 5,433,869 4,162,546,959

Trang 25

Templeton BRIC Fund

Templeton China Fund

Templeton Eastern Europe Fund

Templeton Emerging Markets Fund

Templeton Emerging Markets Balanced Fund

Trang 26

*This Fund had its name changed on July 1, 2011 (previously Templeton Euro Money Market Fund)

Templeton Emerging Markets Bond Fund

Templeton Emerging Markets Smaller Companies Fund

Templeton Euro Government

Bond Fund

Templeton Euro High Yield Fund

Templeton Euro Liquid Reserve Fund

ASSETS

Investment in securities at market value (note 2(b)) 6,224,970,336 212,865,890 35,106,771 481,017,874 122,418,912

TOTAL ASSETS 6,662,198,144 222,384,766 36,972,298 544,084,970 138,656,227

LIABILITIES

TOTAL LIABILITIES 51,758,030 2,777,548 1,219,567 3,005,995 2,471,576

TOTAL NET ASSETS 6,610,440,114 219,607,218 35,752,731 541,078,975 136,184,651

Trang 27

Templeton European Fund

Templeton European Corporate Bond Fund

Templeton European Total Return Fund

Templeton Frontier Markets Fund

Templeton Global Fund

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*This Fund was launched on June 22, 2012

Templeton Global (Euro) Fund

Templeton Global Aggregate Bond Fund

Templeton Global Aggregate Investment Grade Bond Fund*

Templeton Global Balanced Fund

Templeton Global Bond Fund

ASSETS

Investment in securities at market value (note 2(b)) 510,283,638 35,022,160 8,347,722 581,187,988 38,116,180,932

TOTAL ASSETS 517,653,078 37,064,744 11,257,648 601,390,589 42,249,969,874

LIABILITIES

TOTAL LIABILITIES 1,353,896 3,878,982 1,195,484 6,218,873 1,012,958,747

TOTAL NET ASSETS 516,299,182 33,185,762 10,062,164 595,171,716 41,237,011,127

Trang 29

Templeton Global High Yield

Fund

Templeton Global Income Fund

Templeton Global Smaller Companies Fund

Templeton Global Total Return Fund

Templeton Growth (Euro) Fund

Trang 30

The accompanying notes form an integral part of these ﬁnancial statements

ASSETS

Investment in securities at market value (note 2(b)) 94,224,488 2,741,750,112 175,797,205

TOTAL ASSETS 100,653,484 2,819,633,456 187,605,705

LIABILITIES

TOTAL LIABILITIES 2,429,612 19,836,349 4,811,341

TOTAL NET ASSETS 98,223,872 2,799,797,107 182,794,364

Templeton Latin America Fund

Templeton Thailand Fund

Trang 32

For the Year ended June 30, 2012

TOTAL Franklin

Asian Flex Cap Fund

Franklin Biotechnology Discovery Fund

Franklin Euroland Core Fund

Franklin European Core Fund*

NET ASSETS AT THE BEGINNING OF THE YEAR

Currency translation adjustment

INCOME

Dividends (net of withholding taxes)

Interest on bonds (net of withholding taxes)

Bank interest

Securities lending (notes 2(l), 9)

Net interest income on swaps

Sundry income

TOTAL INCOME

EXPENSES

Investment management fees (note 3)

Administration and transfer agency fees

Subscription tax (note 10)

Custodian fees

Audit, printing and publishing expenses

Bank charges

Net interest expenses on swaps

Class A(dis) and Class A(acc) shares’ maintenance charges (note 13)

Class AX(acc) shares’ maintenance charges (note 13)

Class B(dis) and Class B(acc) shares’ maintenance and service charges (note 13)

Class C(dis) and Class C(acc) shares’ maintenance and service charges (note 13)

Class N(dis) and Class N(acc) shares’ maintenance charges (note 13)

Other charges

TOTAL EXPENSES

Expenses reimbursement (note 16)

NET EXPENSES

NET PROFIT/(LOSS) FROM INVESTMENTS

Net realised proﬁt/(loss) on sale of investments

Net realised proﬁt/(loss) on forward foreign exchange contracts

Net realised proﬁt/(loss) on ﬁnancial futures contracts

Net realised proﬁt/(loss) on options contracts

Net realised proﬁt/(loss) on credit default swap contracts

Net realised proﬁt/(loss) on foreign exchange transactions

NET REALISED PROFIT/(LOSS) FOR THE YEAR

Change in net unrealised appreciation/(depreciation) on:

Investments

Forward foreign exchange contracts

Financial futures contracts

Credit default swap contracts

Interest rate swap contracts

Foreign exchange transactions

NET INCREASE/(DECREASE) IN NET ASSETS

Dividends paid/accumulated (note 18)

AS A RESULT OF MOVEMENT IN CAPITAL

NET ASSETS AT THE END OF THE YEAR

Portfolio Turnover Ratio (note 21)

*These Funds were launched on July 29, 2011

**This Fund was launched on February 24, 2012

Trang 33

For the Year ended June 30, 2012 (continued)

Franklin European Small-Mid Cap Growth Fund

Franklin Global Convertible Securities Fund**

Franklin Global Growth Fund

Franklin Global Real Estate Fund

Franklin Global Small-Mid Cap Growth Fund

Trang 34

Franklin Gold and Precious Metals Fund

Franklin High Yield Fund

Franklin Income Fund

Franklin India Fund

Franklin MENA Fund

INCOME

Bank interest

Sundry income

TOTAL INCOME

EXPENSES

Custodian fees

Bank charges

Other charges

TOTAL EXPENSES

NET EXPENSES

Investments

Trang 35

Franklin Strategic Income Fund

Franklin Technology Fund

Franklin U.S Dollar Liquid Reserve Fund

Franklin U.S

Equity Fund

Franklin U.S Focus Fund

490,921,697 19,811,267 404,005,632 702,719,617 365,836,976 886,610,311 21,838,086

– – – – – – –490,921,697 19,811,267 404,005,632 702,719,617 365,836,976 886,610,311 21,838,086

Trang 36

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

INCOME

Bank interest

Sundry income

TOTAL INCOME

EXPENSES

Custodian fees

Bank charges

Other charges

TOTAL EXPENSES

NET EXPENSES

Investments

*This Fund had its name changed on September 16, 2011 (previously Franklin U.S Ultra Short Bond Fund)

**This Fund was launched on July 29, 2011

Trang 37

Franklin Mutual Euroland Fund

Franklin Mutual European Fund

Franklin Mutual Global Discovery Fund

Franklin Templeton Global Allocation Fund**

Franklin Templeton Global Equity Strategies Fund

Trang 38

Fund

Templeton Africa Fund*

Templeton Asian Bond Fund

INCOME

Bank interest

Sundry income

TOTAL INCOME

EXPENSES

Custodian fees

Bank charges

Other charges

TOTAL EXPENSES

NET EXPENSES

Investments

*This Fund was launched on May 4, 2012

Trang 39

Templeton BRIC Fund

Templeton China Fund

Templeton Eastern Europe Fund

Templeton Emerging Markets Fund

Templeton Emerging Markets Balanced Fund

Trang 40

Templeton Emerging Markets Bond Fund

Templeton Emerging Markets Smaller Companies Fund

Templeton Euro Government

Bond Fund

Templeton Euro High Yield Fund

Templeton Euro Liquid Reserve Fund

77,692,463 (143,256,105) 16,878,135 (70,606,321) 27,815,267

6,610,440,114 219,607,218 35,752,731 541,078,975 136,184,651

INCOME

Bank interest

Sundry income

TOTAL INCOME

EXPENSES

Custodian fees

Bank charges

Other charges

TOTAL EXPENSES

NET EXPENSES

Investments

*This Fund had its name changed on July 1, 2011 (previously Templeton Euro Money Market Fund)

Fund

Templeton

Tiêu đề	Audited Annual Report June 30, 2012
Trường học	Franklin Templeton Investments
Chuyên ngành	Investment Funds
Thể loại	Báo cáo tài chính hàng năm đã kiểm toán
Năm xuất bản	2012

Định dạng
Số trang	314
Dung lượng	2,46 MB