Templeton Funds NPORT-P Templeton World Fund (May 2024 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TF-Q3PH

1

Schedules

of

Investments

(unaudited)

Templeton

Foreign

Fund

2

Templeton

International

Climate

Change

Fund

5

Templeton

World

Fund

7

Notes

to

Schedules

of

Investments

9

Templeton

Funds

Schedule

of

Investments

(unaudited),

May

31,

2024

Templeton

Foreign

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

95.5%

China

5.1%

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

7,820,130

$

76,360,439

Prosus

NV

.....................

Broadline

Retail

1,881,844

68,326,566

144,687,005

Denmark

2.6%

a,b

Orsted

A/S

,

144A

,

Reg

S

...........

Electric

Utilities

1,214,860

74,518,305

France

9.4%

Carrefour

SA

....................

Consumer

Staples

Distribution

&

Retail

5,007,279

81,660,103

Dassault

Aviation

SA

..............

Aerospace

&

Defense

195,740

42,484,188

a

Forvia

SE

......................

Automobile

Components

3,190,019

52,372,006

Kering

SA

......................

Textiles,

Apparel

&

Luxury

Goods

134,130

46,372,934

Valeo

SE

.......................

Automobile

Components

3,516,913

43,500,382

266,389,613

Germany

7.0%

c

Continental

AG

..................

Automobile

Components

797,919

54,384,363

a,b

Covestro

AG

,

144A

,

Reg

S

.........

Chemicals

880,795

47,458,663

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

2,403,673

97,253,458

199,096,484

Hong

Kong

3.4%

AIA

Group

Ltd.

..................

Insurance

5,497,323

42,699,091

Prudential

plc

,

(

GBP

Traded)

........

Insurance

5,130,341

49,151,475

c

Prudential

plc

,

(

HKD

Traded)

........

Insurance

596,770

5,673,010

97,523,576

India

1.9%

HDFC

Bank

Ltd.

.................

Banks

3,009,824

55,294,777

Ireland

2.6%

c

Smurfit

Kappa

Group

plc

...........

Containers

&

Packaging

1,520,960

74,185,272

Japan

3.9%

Honda

Motor

Co.

Ltd.

.............

Automobiles

4,674,565

52,933,449

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

892,043

58,383,427

111,316,876

Netherlands

4.5%

ING

Groep

NV

..................

Banks

5,013,598

89,573,898

SBM

Offshore

NV

................

Energy

Equipment

&

Services

2,438,824

37,752,006

127,325,904

Portugal

1.1%

Galp

Energia

SGPS

SA

,

B

.........

Oil,

Gas

&

Consumable

Fuels

1,465,775

30,825,391

South

Korea

9.5%

KB

Financial

Group,

Inc.

...........

Banks

518,166

29,827,106

LG

Chem

Ltd.

...................

Chemicals

220,090

56,321,193

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

2,663,491

141,297,380

Shinhan

Financial

Group

Co.

Ltd.

....

Banks

1,237,521

42,508,742

269,954,421

Spain

0.7%

a

Tecnicas

Reunidas

SA

............

Energy

Equipment

&

Services

1,536,387

21,210,540

Sweden

2.2%

Securitas

AB

,

B

..................

Commercial

Services

&

Supplies

5,995,320

61,698,636

Templeton

Funds

Schedule

of

Investments

(unaudited)

Templeton

Foreign

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Switzerland

1.9%

Adecco

Group

AG

................

Professional

Services

1,398,063

$

53,066,475

Taiwan

3.8%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

4,233,044

108,122,522

United

Kingdom

17.5%

AstraZeneca

plc

.................

Pharmaceuticals

566,318

88,050,855

Barratt

Developments

plc

..........

Household

Durables

9,728,472

63,096,207

Imperial

Brands

plc

...............

Tobacco

2,164,156

53,787,921

JD

Sports

Fashion

plc

.............

Specialty

Retail

29,304,250

48,173,229

Lloyds

Banking

Group

plc

..........

Banks

126,495,110

90,317,727

Persimmon

plc

..................

Household

Durables

3,517,427

65,726,345

Standard

Chartered

plc

............

Banks

9,111,615

90,774,881

499,927,165

United

States

18.4%

Albemarle

Corp.

.................

Chemicals

434,888

53,312,920

BP

plc

.........................

Oil,

Gas

&

Consumable

Fuels

21,880,182

136,898,022

CNH

Industrial

NV

................

Machinery

8,472,240

89,466,854

CRH

plc

.......................

Construction

Materials

802,029

63,305,688

Freeport-McMoRan,

Inc.

...........

Metals

&

Mining

1,076,922

56,786,097

Shell

plc

.......................

Oil,

Gas

&

Consumable

Fuels

3,469,053

125,239,213

525,008,794

Total

Common

Stocks

(Cost

$

2,273,244,155

)

....................................

2,720,151,756

Short

Term

Investments

5.2%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

5.2%

Canada

5.2%

National

Bank

of

Canada

,

5.31

%

,

6/03/24

......................

80,000,000

80,000,000

Royal

Bank

of

Canada

,

5.3

%

,

6/03/24

.

37,400,000

37,400,000

Toronto-Dominion

Bank

(The)

,

5.3

%

,

6/03/24

......................

32,000,000

32,000,000

149,400,000

Total

Time

Deposits

(Cost

$

149,400,000

)

.......................................

149,400,000

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

149,400,000

)

...............................

149,400,000

a

a

a

Total

Investments

(Cost

$

2,422,644,155

)

100.7

%

................................

$2,869,551,756

Other

Assets,

less

Liabilities

(

0.7

)

%

...........................................

(20,508,457)

Net

Assets

100.0%

...........................................................

$2,849,043,299

a

a

a

Templeton

Funds

Schedule

of

Investments

(unaudited)

Templeton

Foreign

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

See

Abbreviations

on

page

12.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$121,976,968,

representing

4.3%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

May

31,

2024.

Templeton

Funds

Schedule

of

Investments

(unaudited),

May

31,

2024

Templeton

International

Climate

Change

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Industry

Shares

a

Value

a

Common

Stocks

94.2%

Chile

1.5%

Antofagasta

plc

..................

Metals

&

Mining

1,891

$

53,650

Denmark

6.8%

a,b

Orsted

A/S

,

144A

,

Reg

S

...........

Electric

Utilities

2,201

135,007

a

Vestas

Wind

Systems

A/S

..........

Electrical

Equipment

3,637

102,052

237,059

France

11.6%

Cie

de

Saint-Gobain

SA

...........

Building

Products

2,039

180,035

Valeo

SE

.......................

Automobile

Components

7,282

90,070

Veolia

Environnement

SA

..........

Multi-Utilities

4,095

137,094

407,199

Germany

12.0%

Bayerische

Motoren

Werke

AG

......

Automobiles

1,032

105,271

Duerr

AG

......................

Machinery

3,677

94,462

E.ON

SE

.......................

Multi-Utilities

6,034

80,812

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

3,442

139,265

419,810

India

4.2%

Kaveri

Seed

Co.

Ltd.

..............

Food

Products

5,526

56,139

NHPC

Ltd.

.....................

Independent

Power

and

Renewable

Electricity

Producers

70,492

90,734

146,873

Ireland

5.2%

Smurfit

Kappa

Group

plc

...........

Containers

&

Packaging

3,693

180,127

Italy

5.1%

Prysmian

SpA

...................

Electrical

Equipment

2,701

177,652

Japan

6.2%

Honda

Motor

Co.

Ltd.

.............

Automobiles

11,495

130,166

Sumitomo

Metal

Mining

Co.

Ltd.

.....

Metals

&

Mining

2,638

85,880

216,046

Netherlands

4.6%

ING

Groep

NV

..................

Banks

8,916

159,295

Norway

4.2%

Norsk

Hydro

ASA

................

Metals

&

Mining

21,777

147,484

Singapore

2.8%

STMicroelectronics

NV

............

Semiconductors

&

Semiconductor

Equipment

2,309

97,511

South

Korea

1.8%

Samsung

SDI

Co.

Ltd.

............

Electronic

Equipment,

Instruments

&

Components

229

62,645

Taiwan

4.9%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

..................

Semiconductors

&

Semiconductor

Equipment

1,139

172,035

United

Kingdom

13.2%

AstraZeneca

plc

.................

Pharmaceuticals

582

90,489

Lloyds

Banking

Group

plc

..........

Banks

131,872

94,157

SSE

plc

.......................

Electric

Utilities

5,669

127,556

Templeton

Funds

Schedule

of

Investments

(unaudited)

Templeton

International

Climate

Change

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

See

Abbreviations

on

page

12

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

Kingdom

(continued)

Standard

Chartered

plc

............

Banks

15,156

$

150,992

463,194

United

States

10.1%

CNH

Industrial

NV

................

Machinery

11,326

119,603

Schneider

Electric

SE

.............

Electrical

Equipment

446

111,273

b

Signify

NV

,

144A

,

Reg

S

...........

Electrical

Equipment

4,478

122,367

353,243

Total

Common

Stocks

(Cost

$

2,460,502

)

.......................................

3,293,823

Short

Term

Investments

7.7%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

7.7%

United

States

7.7%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.006

%

.........

270,212

270,212

Total

Money

Market

Funds

(Cost

$

270,212

)

.....................................

270,212

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

270,212

)

..................................

270,212

a

a

a

Total

Investments

(Cost

$

2,730,714

)

101.9

%

....................................

$3,564,035

Other

Assets,

less

Liabilities

(

1.9

)

%

...........................................

(67,813)

Net

Assets

100.0%

...........................................................

$3,496,222

a

a

a

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$257,374,

representing

7.4%

of

net

assets.

c

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Funds

Schedule

of

Investments

(unaudited),

May

31,

2024

Templeton

World

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Industry

Shares

a

Value

a

Common

Stocks

96.2%

China

1.3%

Li

Ning

Co.

Ltd.

..................

Textiles,

Apparel

&

Luxury

Goods

12,629,280

$

33,164,036

France

2.1%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

Textiles,

Apparel

&

Luxury

Goods

70,939

56,735,659

Germany

4.4%

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

859,129

34,760,663

SAP

SE

.......................

Software

462,022

84,257,535

119,018,198

India

5.2%

HDFC

Bank

Ltd.

.................

Banks

3,298,414

60,596,589

Reliance

Industries

Ltd.

............

Oil,

Gas

&

Consumable

Fuels

2,322,062

79,671,658

140,268,247

Japan

1.8%

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

1,587,930

27,594,000

Tokyo

Electron

Ltd.

...............

Semiconductors

&

Semiconductor

Equipment

101,362

21,525,096

49,119,096

Switzerland

1.6%

Cie

Financiere

Richemont

SA

.......

Textiles,

Apparel

&

Luxury

Goods

265,906

42,795,875

Taiwan

3.7%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

3,872,299

98,908,193

United

Kingdom

10.2%

AstraZeneca

plc

.................

Pharmaceuticals

496,855

77,250,781

Barratt

Developments

plc

..........

Household

Durables

4,424,945

28,698,982

Persimmon

plc

..................

Household

Durables

1,850,904

34,585,837

a

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

23,009,650

134,422,719

274,958,319

United

States

65.9%

a

Adobe,

Inc.

.....................

Software

57,155

25,420,258

Albemarle

Corp.

.................

Chemicals

206,041

25,258,566

a

Alphabet,

Inc.

,

A

.................

Interactive

Media

&

Services

787,142

135,781,995

a

Amazon.com,

Inc.

................

Broadline

Retail

1,001,976

176,788,645

Applied

Materials,

Inc.

.............

Semiconductors

&

Semiconductor

Equipment

358,967

77,206,622

Booking

Holdings,

Inc.

............

Hotels,

Restaurants

&

Leisure

14,687

55,463,253

CNH

Industrial

NV

................

Machinery

5,434,267

57,385,860

CRH

plc

.......................

Construction

Materials

333,290

27,249,790

b

Equifax,

Inc.

....................

Professional

Services

149,860

34,676,105

Exxon

Mobil

Corp.

................

Oil,

Gas

&

Consumable

Fuels

218,194

25,585,428

Freeport-McMoRan,

Inc.

...........

Metals

&

Mining

447,422

23,592,562

a

GE

Vernova,

Inc.

.................

Electrical

Equipment

191,795

33,736,741

HCA

Healthcare,

Inc.

..............

Health

Care

Providers

&

Services

125,980

42,801,705

a

ICON

plc

.......................

Life

Sciences

Tools

&

Services

252,020

81,861,136

Intercontinental

Exchange,

Inc.

......

Capital

Markets

632,377

84,675,280

Meta

Platforms,

Inc.

,

A

............

Interactive

Media

&

Services

212,872

99,375,036

Micron

Technology,

Inc.

............

Semiconductors

&

Semiconductor

Equipment

816,656

102,082,000

Microsoft

Corp.

..................

Software

335,406

139,237,093

Salesforce,

Inc.

..................

Software

100,504

23,562,158

Shell

plc

.......................

Oil,

Gas

&

Consumable

Fuels

686,660

24,962,069

Target

Corp.

....................

Consumer

Staples

Distribution

&

Retail

88,867

13,877,471

Thermo

Fisher

Scientific,

Inc.

.......

Life

Sciences

Tools

&

Services

170,977

97,111,517

T-Mobile

US,

Inc.

................

Wireless

Telecommunication

Services

504,343

88,239,851

Union

Pacific

Corp.

...............

Ground

Transportation

297,453

69,253,008

Templeton

Funds

Schedule

of

Investments

(unaudited)

Templeton

World

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

See

Abbreviations

on

page

12

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

States

(continued)

b

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

&

Services

224,095

$

111,009,940

Visa,

Inc.

,

A

.....................

Financial

Services

283,109

77,135,878

Zimmer

Biomet

Holdings,

Inc.

.......

Health

Care

Equipment

&

Supplies

185,382

21,346,737

1,774,676,704

Total

Common

Stocks

(Cost

$

1,923,633,462

)

....................................

2,589,644,327

Short

Term

Investments

4.7%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

4.7%

Canada

4.7%

National

Bank

of

Canada

,

5.31

%

,

6/03/24

......................

65,000,000

65,000,000

Royal

Bank

of

Canada

,

5.3

%

,

6/03/24

.

60,500,000

60,500,000

125,500,000

Total

Time

Deposits

(Cost

$

125,500,000

)

.......................................

125,500,000

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

125,500,000

)

...............................

125,500,000

a

a

a

Total

Investments

(Cost

$

2,049,133,462

)

100.9

%

................................

$2,715,144,327

Other

Assets,

less

Liabilities

(

0.9

)

%

...........................................

(22,323,305)

Net

Assets

100.0%

...........................................................

$2,692,821,022

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

May

31,

2024.

Templeton

Funds

9

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Templeton

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of three separate

funds

(Funds).

The

Funds

follow

the accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

time

deposits

are

valued

at

cost,

which

approximates

fair

value.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Funds.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

May

31,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2 within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

Templeton

Funds

Notes

to

Schedules

of

Investments

(unaudited)

10

Quarterly

Schedules

of

Investments

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

3.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

May

31,

2024,

investments

in

affiliated

management

investment

companies

were

as

follows: 

4. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Foreign

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.006%

$—

$22,772,813

$(22,772,813)

$—

$—

$—

—

$28,962

Total

Affiliated

Securities

...

$—

$22,772,813

$(22,772,813)

$—

$—

$—

$28,962

Templeton

International

Climate

Change

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.006%

$289,072

$969,154

$(988,014)

$—

$—

$270,212

270,212

$9,210

Total

Affiliated

Securities

...

$289,072

$969,154

$(988,014)

$—

$—

$270,212

$9,210

Templeton

World

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.006%

$—

$585,625

$(585,625)

$—

$—

$—

—

$528

Total

Affiliated

Securities

...

$—

$585,625

$(585,625)

$—

$—

$—

$528

2. Financial

Instrument

Valuation

(continued)

Templeton

Funds

Notes

to

Schedules

of

Investments

(unaudited)

11

Quarterly

Schedules

of

Investments

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

May

31,

2024,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Templeton

Foreign

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

China

...............................

$

—

$

144,687,005

$

—

$

144,687,005

Denmark

.............................

—

74,518,305

—

74,518,305

France

...............................

—

266,389,613

—

266,389,613

Germany

.............................

—

199,096,484

—

199,096,484

Hong

Kong

...........................

—

97,523,576

—

97,523,576

India

................................

—

55,294,777

—

55,294,777

Ireland

...............................

—

74,185,272

—

74,185,272

Japan

...............................

—

111,316,876

—

111,316,876

Netherlands

...........................

—

127,325,904

—

127,325,904

Portugal

..............................

—

30,825,391

—

30,825,391

South

Korea

..........................

—

269,954,421

—

269,954,421

Spain

................................

—

21,210,540

—

21,210,540

Sweden

..............................

—

61,698,636

—

61,698,636

Switzerland

...........................

—

53,066,475

—

53,066,475

Taiwan

...............................

—

108,122,522

—

108,122,522

United

Kingdom

........................

—

499,927,165

—

499,927,165

United

States

..........................

199,565,871

325,442,923

—

525,008,794

Short

Term

Investments

...................

—

149,400,000

—

149,400,000

Total

Investments

in

Securities

...........

$199,565,871

$2,669,985,885

a

$—

$2,869,551,756

Templeton

International

Climate

Change

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Chile

................................

—

53,650

—

53,650

Denmark

.............................

—

237,059

—

237,059

France

...............................

—

407,199

—

407,199

Germany

.............................

—

419,810

—

419,810

India

................................

—

146,873

—

146,873

Ireland

...............................

—

180,127

—

180,127

Italy

.................................

—

177,652

—

177,652

Japan

...............................

—

216,046

—

216,046

Netherlands

...........................

—

159,295

—

159,295

Norway

..............................

—

147,484

—

147,484

Singapore

............................

—

97,511

—

97,511

South

Korea

..........................

—

62,645

—

62,645

Taiwan

...............................

172,035

—

—

172,035

United

Kingdom

........................

—

463,194

—

463,194

4. Fair

Value

Measurements 

(continued)

Templeton

Funds

Notes

to

Schedules

of

Investments

(unaudited)

12

Quarterly

Schedules

of

Investments

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

International

Climate

Change

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

United

States

..........................

$

119,603

$

233,640

$

—

$

353,243

Short

Term

Investments

...................

270,212

—

—

270,212

Total

Investments

in

Securities

...........

$561,850

$3,002,185

b

$—

$3,564,035

Templeton

World

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

China

...............................

—

33,164,036

—

33,164,036

France

...............................

—

56,735,659

—

56,735,659

Germany

.............................

—

119,018,198

—

119,018,198

India

................................

—

140,268,247

—

140,268,247

Japan

...............................

—

49,119,096

—

49,119,096

Switzerland

...........................

—

42,795,875

—

42,795,875

Taiwan

...............................

—

98,908,193

—

98,908,193

United

Kingdom

........................

—

274,958,319

—

274,958,319

United

States

..........................

1,749,714,635

24,962,069

—

1,774,676,704

Short

Term

Investments

...................

—

125,500,000

—

125,500,000

Total

Investments

in

Securities

...........

$1,749,714,635

$965,429,692

c

$—

$2,715,144,327

a

Includes

foreign

securities

valued

at

$2,520,585,885,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

b

Includes

foreign

securities

valued

at

$3,002,185,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$839,929,692,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Currency

GBP

British

Pound

HKD

Hong

Kong

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

4. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.