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Templeton China World Fund Franklin Templeton Investments AUGUST 31, 2011 ANNUAL REPORT AND SHAREHOLDER LETTER Sign up for electronic delivery on franklintempleton.com INTERNATIONAL Templeton China World Fund Franklin Templeton Investments Gain From Our Perspective® Franklin Templeton’s distinct multi-manager structure combines the specialized expertise of three world-class investment management groups— Franklin, Templeton and Mutual Series. SPECIALIZED EXPERTISE Each of our portfolio management groups operates autonomously, relying on its own research and staying true to the unique investment disciplines that underlie its success. Franklin. Founded in 1947, Franklin is a recognized leader in fixed income investing and also brings expertise in growth- and value-style U.S. equity investing. Templeton. Founded in 1940, Templeton pioneered international investing and, in 1954, launched what has become the industry’s oldest global fund. Today, with offices in over 25 countries, Templeton offers investors a truly global perspective. Mutual Series. Founded in 1949, Mutual Series is dedicated to a unique style of value investing, searching aggressively for opportunity among what it believes are undervalued stocks, as well as arbitrage situations and distressed securities. TRUE DIVERSIFICATION Because our management groups work independently and adhere to different investment approaches, Franklin, Templeton and Mutual Series funds typically have distinct portfolios. That’s why our funds can be used to build truly diversified allocation plans covering every major asset class. RELIABILITY YOU CAN TRUST At Franklin Templeton Investments, we seek to consistently provide investors with exceptional risk-adjusted returns over the long term, as well as the reliable, accurate and personal service that has helped us become one of the most trusted names in financial services. MUTUAL FUNDS | RETIREMENT PLANS | 529 COLLEGE SAVINGS PLANS | SEPARATE ACCOUNTS Not part of the annual report Contents Shareholder Letter . 1 Annual Report Financial Statements . 23 Board Members and Officers . 40 Templeton China World Fund . 3 Notes to Financial Statements 27 Shareholder Information . 45 Performance Summary . 7 Report of Independent Registered Public Your Fund’s Expenses . 12 Accounting Firm . 37 Financial Highlights and Tax Designation . 38 Statement of Investments . 14 Shareholder Letter Dear Shareholder: During the 12 months ended August 31, 2011, the pace of China’s economic growth moderated, alleviating investor concerns of a hard landing. Solid domestic demand supported the country’s economy although external demand weakened due to slower global economic growth caused by several events including natural disasters, geopolitical unrest and sovereign debt crises. Chinese stocks rallied along with global stock markets early in the period. Near period-end, however, investors focused on U.S. lawmakers’ debate and eventual compromise on the debt limit, independent credit rating agency Standard & Poor’s downgrade of the U.S.’s long-term credit rating, and fears of the European debt crisis possibly spreading. Investors were understandably nervous, which led to a sharp sell-off in the final months of the fiscal year. Despite heightened financial market volatility, Chinese stocks delivered solid returns for the fiscal year. Although the recent environment has been challenging, we remain cautiously optimistic about economies in the China region as emerging countries continue to show growth. Keep in mind we have navigated through past periods of economic uncertainty and market volatility by remaining committed to our long-term perspective and disciplined investment approach. First and foremost for us, this means using our on-the-ground research team to conduct rigorous, company-by-company analysis to find bargain opportunities. Templeton China World Fund’s annual report goes into greater detail about prevailing conditions during the period under review. In addition, you will find Fund performance data, financial information and a discussion about invest- ment decisions. Please remember all securities markets fluctuate, as do mutual fund share prices. NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE Not part of the annual report | 1 If you would like more frequent updates, franklintempleton.com provides daily prices, monthly performance figures, portfolio holdings and other information. You can also access your account, buy and sell shares, read timely articles, and find helpful financial planning tools. We hope you will take advantage of these online services. Historically, patient investors have achieved rewarding results by evaluating their goals, diversifying their assets globally and maintaining a disciplined investment program, all hallmarks of the Templeton investment philosophy developed more than 50 years ago. We continue to recommend investors consult their financial advisors and review their portfolios to design a long-term strategy and portfolio allocation that meet their individual needs, goals and risk tolerance. We firmly believe most people benefit from professional advice and that advice is invaluable as investors navigate changing market environments. We thank you for investing with Franklin Templeton, welcome your comments, and look forward to serving your investment needs in the years ahead. Sincerely, Mark Mobius Executive Chairman Templeton Emerging Markets Group This letter reflects our analysis and opinions as of August 31, 2011. The information is not a complete analysis of every aspect of any market, country, industry, security or fund. Statements of fact are from sources considered reliable. 2 | Not part of the annual report Annual Report Templeton China World Fund Your Fund’s Goal and Main Investments: Templeton China World Fund seeks long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets in securities of “China companies,” as defined in the Fund’s prospectus. Geographic Breakdown We are pleased to bring you Templeton China World Fund’s annual report for Based on Total Net Assets as of 8/31/11 the fiscal year ended August 31, 2011. China 67.8% Economic and Market Overview Hong Kong 15.7% Emerging market stocks started the fiscal year under review with strong per- Taiwan formances, but turned downward as investors shifted their focus from solid 13.7% fundamentals to social unrest in the Middle East and North Africa regions and Cambodia the earthquake and tsunami in Japan. The eurozone’s debt restructuring issues 0.4% also remained at the forefront for a large part of the year, leading investors to Singapore remain cautious. Subsequently, U.S. debt concerns combined with independent 0.1% credit rating agency Standard & Poor’s downgrade of the U.S.’s long-term credit Short-Term Investments & Other Net Assets rating to AA+ from AAA in early August 2011 created significant confusion 2.3% and volatility in global financial markets. Global growth concerns, rising inflationary pressures and a lack of major fiscal stimulus measures also weighed on investor sentiment. China’s fundamental and financial strength was evident during the reporting period as the country’s economy continued to display strong characteristics. The pace of China’s economic expansion eased gradually, alleviating investor concerns of a hard landing. Gross domestic product grew at a 9.5% year-over- year rate in the second quarter of 2011, compared to 9.8% and 9.7% in the fourth quarter of 2010 and first quarter of 2011, respectively.1 Consumer spend- ing and investment were the key growth drivers in the first half of 2011. High inflation, however, remained a major concern, leading the Peoples’ Bank of China to raise the benchmark interest rate and cash reserve requirements for banks throughout the year. Despite an aggressive monetary tightening policy, the inflation rate remained at its highest level in about three years, largely due to higher food prices. The government also implemented tightening measures to cool 1. Source: National Bureau of Statistics, China. The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’s Statement of Investments (SOI). The SOI begins on page 18. Annual Report | 3 the property market. In this environment, the MSCI Golden Dragon Index, which measures stock market performance in China, Taiwan and Hong Kong, returned +7.33% in U.S. dollar terms for the 12 months ended August 31, 2011.2 Investment Strategy Our investment strategy employs a fundamental, value-oriented, long-term approach. We focus on the market price of a company’s securities relative to our evaluation of the company’s long-term earnings, asset value and cash flow potential. As we look for investments, we consider specific companies, rather than sectors, while doing in-depth research to construct an action list from which we make our buy decisions. We also consider a company’s price/earnings ratio, profit margins and liquidation value. Performance Overview Performance data represent past performance, which does For the 12 months ended August 31, 2011, Templeton China World Fund – not guarantee future results. Class A delivered a +12.22% cumulative total return. In comparison, the MSCI Investment return and principal Golden Dragon Index posted a +7.33% cumulative total return for the same value will fluctuate, and you may period.2 Also for comparison, the Standard & Poor’s®/International Finance have a gain or loss when you sell Corporation (S&P®/IFC) Investable China Index, which measures Chinese stock your shares.
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