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FRANKLIN TEMPLETON INVESTMENT FUNDS PROSPECTUS SOCIÉTÉ D'INVESTISSEMENT À CAPITAL VARIABLE INCORPORATED IN LUXEMBOURG JULY 2015 VISA 2015/ PC L'apposition du visa ne peut en aucun cas servir
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FRANKLIN TEMPLETON INVESTMENT FUNDS PROSPECTUS SOCIÉTÉ D'INVESTISSEMENT À CAPITAL VARIABLE INCORPORATED IN LUXEMBOURG JULY 2015 VISA 2015/ PC L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le Commission de Surveillance du Secteur Financier FRANKLIN TEMPLETON INVESTMENT FUNDS Société d'investissement à capital variable Registered office: 8A, rue Albert Borschette, L-1246 Luxembourg Grand Duchy of Luxembourg R.C.S. Luxembourg B OFFER of separate classes of shares of no par value of Franklin Templeton Investment Funds (the Company ), each linked to one of the following sub-funds (the Funds ) of the Company, at the published offer price for the Shares of the relevant Fund: 1. Franklin Asia Credit Fund 2. Franklin Biotechnology Discovery Fund 3. Franklin Brazil Opportunities Fund 4. Franklin Diversified Balanced Fund (previously named Franklin Strategic Balanced Fund) 5. Franklin Diversified Conservative Fund (previously named Franklin Strategic Conservative Fund) 6. Franklin Diversified Dynamic Fund (previously named Franklin Strategic Dynamic Fund) 7. Franklin Euro Government Bond Fund 8. Franklin Euro High Yield Fund 9. Franklin Euro Liquid Reserve Fund (previously named Templeton Euro Liquid Reserve Fund) 10. Franklin Euro Short Duration Bond Fund 11. Franklin Euro Short-Term Money Market Fund (previously named Templeton Euro Short-Term Money Market Fund) 12. Franklin Euroland Fund (previously named Franklin Euroland Core Fund) 13. Franklin European Corporate Bond Fund 14. Franklin European Dividend Fund 15. Franklin European Fund (previously named Franklin European Core Fund) 16. Franklin European Growth Fund 17. Franklin European Income Fund 18. Franklin European Small-Mid Cap Growth Fund 19. Franklin European Total Return Fund (previously named Templeton European Total Return Fund) 20. Franklin GCC Bond Fund 21. Franklin Global Aggregate Bond Fund 22. Franklin Global Aggregate Investment Grade Bond Fund 23. Franklin Global Allocation Fund 24. Franklin Global Convertible Securities Fund 25. Franklin Global Corporate High Yield Fund 26. Franklin Global Equity Strategies Fund 27. Franklin Global Fundamental Strategies Fund 28. Franklin Global Government Bond Fund 29. Franklin Global Growth and Value Fund 30. Franklin Global Growth Fund 31. Franklin Global High Income Bond Fund 32. Franklin Global Listed Infrastructure Fund 33. Franklin Global Multi-Asset Income Fund 34. Franklin Global Real Estate Fund 35. Franklin Global Small-Mid Cap Growth Fund 36. Franklin Gold and Precious Metals Fund 37. Franklin High Yield Fund 38. Franklin Income Fund 39. Franklin India Fund 40. Franklin Japan Fund 41. Franklin K2 Alternative Strategies Fund 42. Franklin MENA Fund 43. Franklin Mutual Beacon Fund 44. Franklin Mutual European Fund 45. Franklin Mutual Global Discovery Fund 46. Franklin Natural Resources Fund 47. Franklin Real Return Fund 48. Franklin Strategic Income Fund 49. Franklin Technology Fund 50. Franklin U.S. Dollar Liquid Reserve Fund 51. Franklin U.S. Equity Fund 52. Franklin U.S. Focus Fund 53. Franklin U.S. Government Fund 54. Franklin U.S. Low Duration Fund 55. Franklin U.S. Opportunities Fund 56. Franklin U.S. Small-Mid Cap Growth Fund 57. Franklin U.S. Total Return Fund 58. Franklin World Perspectives Fund 59. Templeton Africa Fund 60. Templeton ASEAN Fund 61. Templeton Asian Bond Fund 62. Templeton Asian Dividend Fund 63. Templeton Asian Growth Fund 64. Templeton Asian Smaller Companies Fund 65. Templeton BRIC Fund 66. Templeton China Fund 67. Templeton Eastern Europe Fund 68. Templeton Emerging Markets Balanced Fund 69. Templeton Emerging Markets Bond Fund 70. Templeton Emerging Markets Fund 71. Templeton Emerging Markets Smaller Companies Fund 72. Templeton Euroland Fund 73. Templeton European Fund 74. Templeton Frontier Markets Fund 75. Templeton Global (Euro) Fund 76. Templeton Global Balanced Fund 77. Templeton Global Bond (Euro) Fund 78. Templeton Global Bond Fund 79. Templeton Global Equity Income Fund 80. Templeton Global Fund 81. Templeton Global High Yield Fund 82. Templeton Global Income Fund 83. Templeton Global Smaller Companies Fund 84. Templeton Global Total Return Fund 85. Templeton Growth (Euro) Fund 86. Templeton Korea Fund 87. Templeton Latin America Fund 88. Templeton Thailand Fund 2 FRANKLIN TEMPLETON INVESTMENT FUNDS IMPORTANT INFORMATION If you are in any doubt about the contents of this prospectus (the Prospectus ), you should consult your bank, stockbroker, solicitor, accountant or other financial advisor. No one is authorised to give any information other than that contained in this Prospectus or in any of the documents referred to herein. The Company The Company is incorporated in Luxembourg under the laws of the Grand Duchy of Luxembourg as a société anonyme and qualifies as a société d investissement à capital variable ( SICAV ). The Company is registered on the official list of undertakings for collective investment in transferable securities pursuant to Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment, as may be amended from time to time (the Law of 17 December 2010 ). The Company qualifies as an Undertaking for Collective Investment in Transferable Securities ( UCITS ) under Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009, as amended. The Company has appointed Franklin Templeton International Services S.à r.l., société à responsabilité limitée with its registered office at 8A, rue Albert Borschette, L-1246 Luxembourg, Grand-Duchy of Luxembourg as Management Company to provide investment management, administration and marketing services to the Company with the possibility to delegate part or all of such services to thirdparties. The Company has obtained recognition for marketing its Shares in various European countries (in addition to the Grand Duchy of Luxembourg): Austria, Belgium, the Republic of Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom. The registration of the Shares of the Company in these jurisdictions does not require any authority to approve or disapprove the adequacy or accuracy of this Prospectus or the securities portfolios held by the Company. Any statement to the contrary is unauthorised and unlawful. The distribution of this Prospectus and the offering of the Shares may be restricted in certain other jurisdictions. It is the responsibility of any persons wishing to make an application for Shares pursuant to this Prospectus to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdictions. Attention of Investors is also drawn to the fixed amount which may be levied on transactions by Distributors, local paying agents and Correspondent Banks established in certain jurisdictions such as Italy. Prospective subscribers for Shares should make themselves aware of the legal requirements with respect to such application and of any applicable taxes in the countries of their respective citizenship, residence or domicile. The Company is a recognised collective investment scheme under section 264 of the Financial Services Markets Act 2000 of the United Kingdom. The Company may apply for registration of the Shares in various other legal jurisdictions worldwide. The Company does not have any debentures, loans, borrowings or indebtedness in the nature of liabilities under acceptances or acceptance credits, mortgage hire purchase commitments, guarantees or other material contingent liabilities. The Company is not registered in the United States of America under the Investment Company Act of The Shares of the Company have not been registered in the United States of America under the Securities Act of The Shares made available under this offer may not be directly or indirectly offered or sold in the United States of America or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of residents thereof, unless pursuant to an exemption from registration requirements available under US law, any applicable statute, rule or interpretation. US Persons are not eligible to invest in the Company. Prospective Investors shall be required to declare that they are not a US Person and are not applying for Shares on behalf of any US Person. In the absence of written notice to the Company to the contrary, if a prospective investor provides a non-us address on the application form for investment in the Company, this will be deemed to be a representation and warranty from such investor that he/she/it is not a US Person and that such investor will continue to be a non-us Person unless and until the Company is otherwise notified of a change in the investor s US Person status. The term US Person shall mean any person that is a United States person within the meaning of Regulation S under the United States Securities Act of 1933 or as defined by the U.S. Commodity Futures Trading Commission for this purpose, as the definition of such term may be changed from time to time by legislation, rules, regulations or judicial or administrative agency interpretations. The Company is not registered in any provincial or territorial jurisdiction in Canada and Shares of the Company have not been qualified for sale in any Canadian jurisdiction under applicable securities laws. The Shares made available under this offer may not be directly or indirectly offered or sold in any provincial or territorial jurisdiction in Canada or to or for the benefit of residents thereof, unless such Canadian resident is, and will remain at all times during their investment, a permitted client as that term is defined in Canadian securities legislation. Prospective Investors may be required to declare that they are not a Canadian resident and are not applying for Shares on behalf of any Canadian residents. If an Investor becomes a Canadian resident after purchasing Shares of the Company, the Investor will not be able to purchase any additional Shares of the Company. Statements made in this Prospectus are based on the laws and practice currently in force in the Grand Duchy of Luxembourg, and are subject to changes in those laws and practice. This Prospectus does not constitute an offer to anyone or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so. 3 The price of Shares in the Company and the income from them may go down as well as up and an Investor may not get back the amount invested. Attention of Investors is more specifically drawn to the fact that investment by the Company, as defined hereafter, may trigger specific risks, as more fully described under section . The most recent audited annual and unaudited semi-annual reports of the Company, which are available free of charge and upon request at the registered office of the Company and the Management Company, form an integral part of this Prospectus. Investors desiring to receive further information regarding the Company (including the procedures relating to complaints handling, the strategy followed for the exercise of the voting rights of the Company, the policy for placing orders to deal on behalf of the Company with other entities, the best execution policy as well as the arrangements relating to the fee, commission or non-monetary benefit in relation with the investment management and administration of the Company) or wishing to make a complaint about the operation of the Company should contact the Management Company client service department, 8A, rue Albert Borschette, L-1246 Luxembourg or their local servicing office. The Company and the Management Company draw the Investors attention to the fact that any Investor will only be able to fully exercise her/his Investor s rights directly against the Company, notably the right to participate in general meetings of the Shareholders, if the Investor is registered himself and in his own name in the register of Shareholders of the Company. If an Investor invests in the Company through an intermediary investing in the Company in his own name but on behalf of the Investor, it may not always be possible for the Investor to exercise certain Shareholder rights directly against the Company. Investors are advised to take advice on their rights. The Management Company, acting as principal distributor of the Company (the Principal Distributor ), will also organise and oversee the marketing and distribution of the Shares. The Principal Distributor may engage sub-distributors, intermediaries, brokers and/or professional investors (who may be affiliates of Franklin Templeton Investments and who may receive part of the maintenance charges, servicing charges or other similar fees). Moreover, the Management Company decided that, when required by the relevant legal, regulatory and/or tax environment applicable to some particular countries where the Shares of the Company are or will be offered, the duties of organising and overseeing the marketing and distribution of Shares, or the distribution of Shares itself, currently dedicated on a worldwide basis to the Principal Distributor, may be allocated to such other entities (who may be affiliates of Franklin Templeton Investments) directly appointed by the Management Company from time to time. Subject to the provisions of the agreements in place with the Management Company, such other parties may in turn engage sub-distributors, intermediaries, brokers and/or professional investors (who may be affiliates of Franklin Templeton Investments). Notwithstanding the foregoing, the Management Company will also monitor the appointment and activities of the sub-distributors, intermediaries, brokers and/or professional investors as part of its activity as Principal Distributor. Distributors, sub-distributors, intermediaries and Brokers/Dealers engaged in the activity of marketing and distributing the Shares shall abide by and enforce all the terms of this Prospectus including, where applicable, the terms of any mandatory provisions of Luxembourg laws and regulations relating to the distribution of the Shares. They shall also abide by the terms of any laws and regulations applicable to them in the country where their activity takes place, including, in particular, any relevant requirements to identify and know their clients. They must not act in any way that would be damaging or onerous on the Company and/or the Management Company in particular by submitting the Company and/or the Management Company to regulatory, fiscal or reporting information it would otherwise not have been subject to. They must not hold themselves out as representing the Company. For the avoidance of doubt, Investors buying Shares or investing through such other parties (or through sub-distributors, intermediaries, brokers/dealers and/or professional investors appointed by such other parties) will not be charged additional fees and expenses by the Company or the Management Company. Whenever applicable, all references in this Prospectus relating to the Principal Distributor should therefore also read as references to such other parties appointed by the Management Company. The Directors of the Company, whose names appear in section Administrative Information , are responsible for the information contained in this Prospectus. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. The Board of Directors accepts responsibility accordingly. Board of Directors Powers The Board of Directors is responsible for the Company s management and administration and has delegated its day-to-day- management and administration to the Management Company in accordance with the Articles and the Management Company services agreement. The Board of Directors is responsible for the overall investment policy, objectives and management of the Company and its Funds. The Board of Directors may authorise the creation of additional Funds in the future with different investment objectives, subject to the amendment of this Prospectus. The Board of Directors may decide to offer or issue in any Fund any of the existing Share Classes, which terms and conditions are more fully described in the section Share Classes and Investment Management Fees , including Alternative Currency Classes, Hedged Share Classes as well as Share Classes with different dividend policies. Investors will be informed of the issue of such Shares upon publication of the Net Asset Value per Share of such Share Class as described in the section Publication of Share Prices . If the total value of the Shares of any Fund is at any time below USD 20 million, or the equivalent thereof in the currency of the relevant Fund, the Board of Directors may decide to redeem all the Shares outstanding of such Fund. Notice of such redemption will be sent to the registered Investors by mail and will, if bearer Shares are outstanding, be published in certain newspapers worldwide. The price at which 4 Shares will be redeemed will be based on the Net Asset Value per Share of such Fund determined upon realisation of all assets attributable to such Fund. Further details are provided in Appendix D. The Board of Directors reserves the right at any time, without notice, to discontinue the issue or sale of Shares pursuant to this Prospectus. Shares offered or in issue in the various Funds, Classes and currencies are more fully described in the section Share Classes . The assets of each Fund are exclusively available to satisfy the rights of Shareholders and of creditors, which have arisen in connection with the creation, operation or liquidation of that Fund. For the purpose of the relations as between Shareholders, each Fund will be deemed to be a separate entity. The determination of the prices of Shares of each Fund may be suspended during a period when trading on a relevant stock exchange is substantially restricted or when other specified circumstances exist which make it impracticable to dispose of or value any of the Company's investments (see Appendix D). No Share may be issued, redeemed or switched during a period of suspension. A notice of any suspension shall be published, if appropriate, in such newspapers as the Board of Directors and/or the Management Company may from time to time determine. The distribution of this Prospectus in some jurisdictions may require the translation of this Prospectus into the languages specified by the regulatory authorities of those jurisdictions. In case of inconsistency between the translated and the English version of this Prospectus, the English version shall prevail. The Prospectus shall be kept up-to-date and shall be made available on the Internet site: and may be found on the Internet site of Franklin Templeton Investments Distributors and can be obtained free of charge and upon request at the registered office of the Company and the Management Company. 5 CONTENTS DEFINITIONS... 7 ADMINISTRATIVE INFORMATION FUND INFORMATION, OBJECTIVES AND INVESTMENT POLICIES RISK CONSIDERATIONS MANAGEMENT COMPANY INVESTMENT MANAGERS CUSTODIAN PUBLICATION OF SHARE PRICES INVESTOR GENERAL INFORMATION SHARE CLASSES HOW TO PURCHASE SHARES HOW TO SELL SHARES HOW TO SWITCH SHARES HOW TO TRANSFER SHARES DIVIDEND POLICY MANAGEMENT COMPANY REMUNERATION INVESTMENT MANAGEMENT FEES OTHER COMPANY CHARGES AND EXPENSES SERVICING AND MAINTENANCE CHARGES TAXATION OF THE COMPANY WITHHOLDING TAX TAXATION OF INVESTORS FATCA MEETINGS AND REPORTS INVEST
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