Xem mẫu
UNAUDITED SEMI-ANNUAL REPORT
DECEMBER 31, 2011
R.C.S. B35177
FRANKLIN TEMPLETON INVESTMENT FUNDS SOCIÉTÉ D`INVESTISSEMENT À CAPITAL VARIABLE
FRANKLIN TEMPLETON INVESTMENT FUNDS société d’investissement à capital 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 Franklin Templeton Investment 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.
FRANKLIN TEMPLETON INVESTMENT FUNDS
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 Franklin Templeton Global Allocation Fund 161 Franklin Templeton Global Equity Strategies Fund 167 Franklin Templeton Global Fundamental Strategies Fund 172 Franklin Templeton Global Growth And Value Fund 180 Franklin Templeton 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 Franklin Templeton Investments Office Directory 282
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
FRANKLIN TEMPLETON INVESTMENT FUNDS
société d’investissement à capital 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)
General Information (as at December 31, 2011)
BOARD OF DIRECTORS Chairman
The Honorable Nicholas F. Brady
Chairman and Chief Executive Officer 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 Officer
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. 2nd Street, 11th 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 TEMPLETON INVESTMENT 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 TEMPLETON INVESTMENT MANAGEMENT LIMITED
5 Morrison Street
Edinburgh EH3 8BH, Scotland U.K.
Franklin Templeton Investment 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¶
www.franklintempleton.lu
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.
* Franklin Templeton Investment Management Limited has been appointed as Co-Investment Manager of this Fund, together with Franklin Templeton Institutional LLC.
** Franklin Templeton Investment Management Limited has been appointed as Co-Investment Manager of these Funds, together with Franklin Advisers, Inc.
*** Franklin Templeton Investment 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.
**** 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 Co-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 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 Advisers, Inc.
† Franklin Templeton Investment 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) 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 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 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****
Unaudited Semi-Annual Report 3
FRANKLIN TEMPLETON INVESTMENT FUNDS
General Information (as at December 31, 2011) (continued)
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 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.
Ω 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 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***.
* 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 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 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) 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 LLC., (v) Templeton Investment Counsel LLC and (vi) Franklin Templeton Investment 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) Franklin Templeton 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.
* Franklin Templeton 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) 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 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) 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 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.
* Franklin Templeton 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) Franklin Templeton Investments Corp., (ii) Franklin Templeton 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 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 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. (iv) Franklin Templeton Investment 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*.
* 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 Advisors Limited, (v) Franklin Advisers, Inc. and (vi) Franklin Templeton Investment 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
4 Unaudited Semi-Annual Report www.franklintempleton.lu
...
- tailieumienphi.vn
nguon tai.lieu . vn