TAILIEUCHUNG - FRANKLIN TEMPLETON INVESTMENT FUNDS: SOCIÉTÉ D'INVESTISSEMENT À CAPITAL VARIABLE 2011

We will show that in the two-good nonsequential search model prices of the two goods will be randomized and depending on the nature of demand interrelation we expect to nd no correlation between them if the goods are substitutes or independently valued and negative correlation if they are complements. The latter result derives from an inability to charge the highest price for each good simultaneously as at such pair of prices none of the complements will be purchased at all. When deciding to carry both substitutes the retailers are not able to charge excessive price for each of them and hence neither of the prices is restricting. | UNAUDITED SEMI-ANNUAL REPORT DECEMBER 31 2011 . B35177 Franklin Templeton Investment Funds SOCIÉTÉ D INVESTISSEMENT À CAPITAL VARIABLE FRANKLIN TEMPLETON INVESTMENTS 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 . Dollar Liquid Reserve Fund 122 Franklin . Equity Fund 123 Franklin . Focus Fund 125 Franklin . Government Fund 126 Franklin . Low Duration Fund 127 Franklin . Opportunities Fund 132 Franklin . Small-Mid Cap Growth Fund 134 Franklin . Total Return Fund 136 Franklin World Perspectives Fund 142 Franklin Mutual Beacon Fund 148 Franklin Mutual Euroland Fund 152 Franklin Mutual European

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