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Fund Ratings

16 subfunds of Franklin Templeton Investment Funds and Franklin Templeton Strategic Allocation Funds are rated A or AA and 2 are rated AAA by Standard & Poor's. Moreover, out of the 54 subfunds that qualify for a Morningstar Fund Star, 40 subfunds were given 3 or more stars. Here is the list of the main ratings as of 30 June 2010:

Franklin Templeton Investment Funds

Franklin Templeton Strategic Allocation Funds

Rated funds

Franklin Templeton Investment Funds (FTIF)		Updated as of 30 June 2010
Fund rating definitions
Equity funds	Standard & Poor's Rating	Morningstar Overall Ranking
Franklin Asian Flex Cap Fund
Franklin Biotechnology Discovery Fund
Franklin European Growth Fund	A
Franklin European Small-Mid Cap Growth Fund	A
Franklin Global Growth Fund
Franklin Global Real Estate (Euro) Fund
Franklin Global Real Estate Fund
Franklin Global Small-Mid Cap Growth Fund
Franklin India Fund	A
Franklin Mutual Beacon Fund	AA
Franklin Mutual European Fund	AA
Franklin Mutual Global Discovery Fund	A
Franklin Technology Fund
Franklin Templeton Global Growth and Value Fund
Franklin Templeton Japan Fund
Franklin U.S. Equity Fund
Franklin U.S. Opportunities Fund
Franklin U.S. Small-Mid Cap Growth Fund
Templeton Asian Growth Fund	AAA
Templeton BRIC Fund	A
Templeton China Fund	AA
Templeton Eastern Europe Fund
Templeton Emerging Markets Fund
Templeton Euroland Fund
Templeton European Fund
Templeton Global (Euro) Fund	A
Templeton Global Equity Income Fund
Templeton Global Fund	A
Templeton Global Smaller Companies Fund
Templeton Growth (Euro) Fund	A
Templeton Korea Fund
Templeton Latin America Fund	AA
Templeton U.S. Value Fund
Balanced funds	Standard & Poor's Rating	Morningstar Overall Ranking
Franklin Income Fund
Templeton Global Balanced Fund	A
Templeton Global Income Fund
Fixed Income funds	Standard & Poor's Rating	Morningstar Overall Ranking
Franklin Floating Rate II Fund
Franklin High Yield Fund
Franklin U.S. Government Fund	AA/V2
Franklin U.S. Total Return Fund
Franklin U.S. Ultra Short Bond Fund
Templeton Asian Bond Fund
Templeton Emerging Markets Bond Fund
Templeton Euro Government Bond Fund
Templeton Euro High Yield Fund
Templeton European Total Return Fund
Templeton Global Bond (Euro) Fund	A/V4
Templeton Global Bond Fund	AAA/V4
Templeton Global Total Return Fund	AA/V5
Liquid Reserve funds	Standard & Poor's Rating	Morningstar Overall Ranking
Franklin U.S. Dollar Liquid Reserve Fund
Templeton Euro Liquid Reserve Fund

Franklin Templeton Strategic Allocation Funds (FTSAF)		Updated as of 30 June 2010
Fund of Fund	Standard & Poor's Rating	Morningstar Overall Ranking
Franklin Templeton Strategic Balanced Fund
Franklin Templeton Strategic Conservative Fund
Franklin Templeton Strategic Dynamic Fund


	Fund rating definitions

	Standard & Poor's Ratings meaning

	Standard & Poor's Fund Management Ratings are based on a frequently-updated evaluation of quantitative (historic performance, volatility, and portfolio construction) and qualitative (management, corporate status and investment process) factors that contribute to long-term performance. Only funds with a track record of at least two years can apply for a rating and only 20% of the funds' analysed achieve one of the three following Fund Management Ratings.

	AAA	The fund demonstrates the highest standards of quality in its sector based on its investment process and management's consistency of performance as compared to funds with similar objectives.

	AA	The fund demonstrates very high standards of quality in its sector based on its investment process and management's consistency of performance as compared to funds with similar objectives.

	A	The fund demonstrates high standards of quality in its sector based on its investment process and management's consistency of performance as compared to funds with similar objectives.

	The bond fund volatility rating is S&P current opinion of a fund’s sensitivity to changing market conditions. Volatility ratings evaluate the fund’s sensitivity to interest rate movement, credit risk, investment diversification or concentration, liquidity, leverage and other factors. For V1-V4 categories, risk is considered relative to a portfolio composed of government securities and denominated in the base currency of the fund.

	V1	Bond funds that possess low sensitivity to changing market conditions. These funds possess an aggregate level of risk that is less than or equal to that of a portfolio comprised of government securities maturing within one to three years, and denominated in the base currency of the fund. These funds possess an aggregate level of risk that is less than or equal to that of a portfolio comprised of the highest quality fixed-income instruments with an average maturity of 12 months or less. Within this category, certain funds are designated with a plus sign (+), indicating extremely low sensitivity to changing market conditions.

	V2	Bond funds that possess low to moderate sensitivity to changing market conditions. These funds possess an aggregate level of risk that is less than or equal to that of a portfolio comprising government securities maturing within three to seven years, and denominated in the base currency of the fund.

	V3	Bond funds that possess moderate sensitivity to changing market conditions. These funds possess an aggregate level of risk that is less than or equal to that of a portfolio comprising government securities maturing within seven to 10 years, and denominated in the base currency of the fund.

	V4	Bond funds that possess moderate to high sensitivity to changing market conditions. These funds possess an aggregate level of risk that is less than or equal to that of a portfolio comprising government securities maturing beyond 10 years and denominated in the base currency of the fund.

	V5	Bond funds that possess high sensitivity to changing market conditions. These funds may be exposed to a variety of significant risks including high concentration risks, high leverage, and investments in complex structured and/or liquid securities.

	V6	Bond funds that possess the highest sensitivity to changing market conditions. These funds include those with highly speculative investment strategies with multiple forms of significant risks, with little or no diversification benefits.

Morningstar Star Rankings Definition

The Morningstar Europe Star Rating provides a ranking of the returns of comparable funds, taking into account fund costs and risk. Ratings are sector specific which means that they are not suitable when comparing funds in different sectors. The key ingredients of the Morningstar Star Rating are:

Morningstar Categories: These bring together funds that have genuinely similar investment policies, as reflected by their portfolio holdings. The relevant parameters are a fund’s investments in particular equity markets in bonds markets or in a combination of both.

Costs inputs: All annual expenses incurred by a fund are already deducted from the raw performance figures. Additionally, the Morningstar Rating systematically takes initial charges into account.

A risk-adjusted return calculation: For all rated funds, 36 months of performance data is combined with a sophisticated measure of risk to give an overall rating.


Fund Stars allocated	Sector Ranking

	Top 10%




	Next 22.5%



	Middle 35%



	Next 22.5%



	Bottom 10%

Morningstar ratings are applied at share class level, which means that each share class requires 36 monthly returns before it will be awarded a rating.

As of April 30, 2010, FTIF Franklin High Yield (Euro) Fund was renamed FTIF Templeton Euro High Yield Fund; FTIF Templeton US Dollar Liquid Reserve Fund was renamed FTIF Franklin US Dollar Liquid Reserve Fund; FTIF Franklin Global Real Estate (USD) Fund was renamed FTIF Franklin Global Real Estate Fund.

As of November 30, 2009, FTIF Templeton Euroland Bond Fund was renamed to FTIF Templeton Euro Government Bond Fund and changed investment policy to invest solely in government securities.

© 2008 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

© 2008 Morningstar, Inc. All Rights Reserved. Morningstar Rating™ as of 30.09.2008. For details of sector names and number of funds rated please click here


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