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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 70 subfunds that qualify for a Morningstar Fund Star, 54 subfunds were given 3 or more stars. Here is the list of the main ratings as of 31 December 2011:

Franklin Templeton Investment Funds Franklin Templeton Strategic Allocation Funds
Rated funds
Franklin Templeton Investment Funds (FTIF)Updated as of 31 December 2011
Fund rating definitions
Equity fundsStandard & Poor's RatingMorningstar Overall Ranking
Franklin Asian Flex Cap Fund 
Franklin Biotechnology Discovery Fund 
Franklin Euroland Core Fund 
Franklin European Growth FundA
Franklin European Small-Mid Cap Growth FundA
Franklin Global Growth Fund 
Franklin Global Real Estate Fund 
Franklin Global Small-Mid Cap Growth Fund 
Franklin India FundAA
Franklin MENA Fund 
Franklin Mutual Beacon FundAA
Franklin Mutual Euroland Fund 
Franklin Mutual European FundAA
Franklin Mutual Global Discovery FundA
Franklin Natural Resources Fund 
Franklin Technology Fund 
Franklin Templeton Global Equity Strategies Fund 
Franklin Templeton Global Growth and Value Fund 
Franklin Templeton Japan Fund 
Franklin U.S. Equity Fund 
Franklin U.S. Focus Fund 
Franklin U.S. Opportunities Fund 
Franklin U.S. Small-Mid Cap Growth Fund 
Franklin World Perspectives Fund 
Templeton Asian Growth FundAAA
Templeton Asian Smaller Companies Fund 
Templeton BRIC FundA
Templeton China FundAA
Templeton Eastern Europe Fund 
Templeton Emerging Markets Fund 
Templeton Emerging Markets Smaller Companies Fund 
Templeton Euroland Fund 
Templeton European Fund 
Templeton Frontier Markets Fund 
Templeton Global (Euro) FundA
Templeton Global Equity Income Fund 
Templeton Global FundA
Templeton Global Smaller Companies Fund 
Templeton Growth (Euro) Fund 
Templeton Korea Fund 
Templeton Latin America FundAA
Templeton Thailand Fund 
Templeton U.S. Value Fund 
Balanced fundsStandard & Poor's RatingMorningstar Overall Ranking
Franklin Income Fund 
Franklin Templeton Global Fundamental Strategies Fund 
Templeton Global Balanced FundA
Templeton Global Income Fund 
Fixed Income fundsStandard & Poor's RatingMorningstar Overall Ranking
Franklin High Yield Fund 
Franklin Strategic Income Fund 
Franklin U.S. Government FundAA/V2
Franklin U.S. Low Duration Fund 
Franklin U.S. Total Return Fund 
Templeton Asian Bond Fund 
Templeton Emerging Markets Bond FundAA/V5
Templeton Euro Government Bond Fund 
Templeton Euro High Yield Fund 
Templeton European Total Return Fund 
Templeton Global Bond (Euro) FundAA/V4
Templeton Global Bond FundAAA/V4
Templeton Global High Yield Fund 
Templeton Global Total Return FundAA/V4
Liquid Reserve fundsStandard & Poor's RatingMorningstar Overall Ranking
Franklin U.S. Dollar Liquid Reserve Fund 
Templeton Euro Liquid Reserve Fund 
Franklin Templeton Strategic Allocation Funds (FTSAF)Updated as of 31 December 2011
Fund of FundStandard & Poor's RatingMorningstar Overall Ranking
Franklin Templeton Equity Selection Fund 
Franklin Templeton Strategic Balanced Fund 
Franklin Templeton Strategic Balanced USD Fund 
Franklin Templeton Strategic Conservative Fund 
Franklin Templeton Strategic Conservative USD Fund 
Franklin Templeton Strategic Dynamic Fund 
Franklin Templeton Strategic Dynamic USD 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 July 1, 2011, FTIF Templeton Euro Money Market Fund was renamed FTIF Templeton Euro Short-Term Money Market Fund.

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