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To the Unitholders and Trustees of: Templeton Funds Templeton Asian Growth Fund Templeton Canadian Balanced Fund Templeton Canadian Stock Fund Templeton EAFE Developed Market Fund Templeton Emerging Markets Fund Templeton Frontier Markets Fund Franklin Funds Franklin Flex Cap Growth Fund Franklin High Income Fund Franklin Strategic Income Fund Bissett Funds Bissett All Canadian Focus Fund Bissett Bond Fund Bissett Canadian Balanced Fund Bissett Canadian Dividend Fund Bissett Canadian Equity Fund Bissett Canadian High Dividend Fund Bissett Canadian Short Term Bond Fund INDEPENDENT AUDITOR’S REPORT Templeton Global Bond Fund Templeton Global Balanced Fund (formerly, Templeton Global Income Fund) Templeton Global Smaller Companies Fund Templeton International Stock Fund Franklin U.S. Core Equity Fund Franklin U.S. Rising Dividends Fund Franklin World Growth Fund Bissett Corporate Bond Fund Bissett Dividend Income Fund Bissett Focus Balanced Fund Bissett Microcap Fund Bissett Small Cap Fund Bissett Strategic Income Fund Bissett U.S. Focus Fund Mutual Series Funds Mutual Beacon Fund Mutual Global Discovery Fund (formerly, Mutual Discovery Fund) Franklin Templeton Funds Franklin Templeton Canadian Core Equity Fund Franklin Templeton Canadian Large Cap Fund Franklin Templeton Global Blend Fund (collectively referred to as the “Funds”) Franklin Templeton Money Market Fund Franklin Templeton Treasury Bill Fund Franklin Templeton U.S. Money Market Fund We have audited the accompanying financial statements of each of the Funds, which comprise the statement of investment portfolio as at December 31, 2012, the statements of net assets as at December 31, 2012 and December 31, 2011 (as applicable) and the statements of operations and changes in net assets for the periods then ended, as indicated in Note 1 to the Financial Statements, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on the financial statements of each of the Funds based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the Franklin Templeton Investments Funds 255
INDEPENDENT AUDITOR’S REPORT (Continued) appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in each of our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements of each of the Funds present fairly, in all material respects, the financial position of each of the Funds as at December 31, 2012 and December 31, 2011 (as applicable) and the results of each of their operations and the changes in each of their net assets for the periods as indicated in Note 1, in accordance with Canadian generally accepted accounting principles. Toronto, Ontario Chartered Accountants, Licensed Public Accountants March 20, 2013 256 Franklin Templeton Investments Funds
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FOR THE YEAR ENDED DECEMBER 31, 201
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Table of Contents Page Financial St
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STATEMENTS OF NET ASSETS As at Dece
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STATEMENT OF INVESTMENTS As at Dece
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Templeton Canadian Balanced Fund ST
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Templeton Global Balanced Fund (for
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Templeton Global Bond Fund STATEMEN
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Franklin High Income Fund STATEMENT
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Franklin Strategic Income Fund STAT
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Franklin U.S. Core Equity Fund STAT
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Franklin U.S. Rising Dividends Fund
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Franklin U.S. Rising Dividends Fund
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Bissett All Canadian Focus Fund STA
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Bissett Bond Fund STATEMENT OF INVE
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Bissett Bond Fund STATEMENT OF INVE
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Bissett Canadian Balanced Fund STAT
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Bissett Canadian Equity Fund STATEM
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Bissett Canadian Short Term Bond Fu
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Bissett Corporate Bond Fund STATEME
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Bissett Dividend Income Fund STATEM
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Bissett Dividend Income Fund STATEM
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Bissett Focus Balanced Fund STATEME
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Bissett Microcap Fund STATEMENTS OF
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Bissett Strategic Income Fund STATE
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Mutual Beacon Fund STATEMENT OF INV
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Mutual Beacon Fund STATEMENT OF INV
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Mutual Beacon Fund STATEMENTS OF CH
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Mutual Global Discovery Fund (forme
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Franklin Templeton Canadian Core Eq
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Franklin Templeton Canadian Core Eq
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Franklin Templeton Global Blend Fun
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Franklin Templeton Money Market Fun
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Franklin Templeton Money Market Fun
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Franklin Templeton Treasury Bill Fu
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Franklin Templeton Treasury Bill Fu
Page 205 and 206: STATEMENTS OF NET ASSETS As at Dece
Page 207 and 208: Franklin Templeton Investments Fund
Page 255: MANAGEMENT’S RESPONSIBILITY FOR F
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