october 31 2006 franklin biotechnology discovery fund global communications health care natural resources technology strategic series semiannual report and shareholder letter sector want to receive this document faster via email eligible shareholders can sign up for edelivery at franklintempleton com see inside details templeton investments gain from our perspective mutual funds retirement plans 529 college savings separate accounts not part of the true diversification reliability you trust specialized expertise s distinct multi manager structure combines three world class investment management groups each portfolio operates autonomously relying on its own research staying unique disciplines that underlie success founded in 1947 is a recognized leader fixed income investing also brings growth value style us equity 1940 pioneered international 1954 launched what has become industry oldest today with offices over 25 countries offers investors truly 1949