Franklin MENA Fund W(Qdis)USD

Franklin MENA Fund (the “Fund”) aims to increase the value of its investments over the medium to long term. The Fund pursues an actively managed investment strategy and invests mainly in: equity securities issued by companies of any size located in, or doing significant business in, the Middle East and North Africa (MENA) region, including the region's emerging and frontier markets equity-related securities such as participatory notes to gain access to countries within the MENA region The Fund can invest to a lesser extent in: equity and debt securities from issuers worldwide derivatives for hedging and efficient portfolio management The investment team evaluates each company, visiting regularly on-site to consider factors such as management quality, and aims to select securities with the potential to perform better than the equity market in the MENA region as a whole. The benchmark of the Fund is the Hybrid: MSCI Arabian Markets SA Capped 20% until 29 September 2010 then S&P Pan Arab Composite Large Mid Cap KSA Capped at 30%. The benchmark is used solely as a reference for Investors to compare against the Fund's performance, and the benchmark is neither used as a constraint on how the Fund's portfolio is to be constructed nor set as a target for the Fund's performance to beat. The Fund can deviate from the benchmark. You may request the sale of your shares on any Luxembourg business day. For the distribution share class shown in this document, dividend income is distributed to shareholders. For further information on the Objectives and Investment Policy of the Fund, please refer to the section “Fund Information, Objectives and Investment Policies” of the current prospectus of Franklin Templeton Investment Funds. Terms to Understand Debt securities: Securities representing the issuer's obligation to repay a loan at a specified date and to pay interest. Derivatives: Financial instruments whose characteristics and value depend on the performance of one or more underlying assets, typically securities, indexes, currencies or interest rates. Emerging markets: Countries whose economy, stock market, political situation and regulatory framework are not fully developed. Equity securities: Securities that represent an ownership stake in a company. Frontier markets: Typically, countries whose economies and securities markets are smaller, less accessible and/or at a very early stage of development even compared to emerging markets. Hedging: A strategy for totally or partially offsetting particular risks such as those arising from fluctuations in share prices, currencies or interest rates.