Templeton China World Fund (TCH) NPORT-P Templeton China World Fund (May 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

188-Q3PH

1

Schedule

of

Investments

(unaudited)

Templeton

China

World

Fund

2

Notes

to

Schedule

of

Investments

5

Templeton

China

World

Fund

Schedule

of

Investments

(unaudited),

May

31,

2022

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

Common

Stocks

100.0%

Advertising

0.3%

a,b

Mobvista

,

Inc.,

144A,

Reg

S

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

China

651,000

$

406,742

a

Air

Freight

&

Logistics

0.8%

a

SF

Holding

Co.

Ltd.,

A

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

China

124,421

965,401

a

Apparel,

Accessories

&

Luxury

Goods

3.9%

ANTA

Sports

Products

Ltd.

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

China

421,635

4,781,137

Auto

Parts

&

Equipment

1.6%

Minth

Group

Ltd.

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

China

756,000

1,957,636

Automobile

Manufacturers

2.9%

BYD

Co.

Ltd.,

H

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

China

16,000

568,658

a

Geely

Automobile

Holdings

Ltd.

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

China

162,365

309,899

a,c

NIO,

Inc.,

ADR

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

China

153,806

2,674,686

3,553,243

Biotechnology

1.3%

a,c

BeiGene

Ltd.

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

China

45,999

499,895

a

I-Mab,

ADR

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

China

62,926

547,456

a,b

Innovent

Biologics,

Inc.,

144A,

Reg

S

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

China

172,998

535,781

1,583,132

Brewers

2.2%

China

Resources

Beer

Holdings

Co.

Ltd.

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

China

429,671

2,677,982

Commodity

Chemicals

2.7%

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

A

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

China

599,994

3,405,185

Construction

Machinery

&

Heavy

Trucks

1.0%

Weichai

Power

Co.

Ltd.,

H

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

China

841,589

1,297,923

Construction

Materials

2.7%

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

A

......

China

511,520

3,401,391

Distillers

&

Vintners

4.0%

Luzhou

Laojiao

Co.

Ltd.,

A

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

China

152,839

4,902,130

Diversified

Banks

4.8%

China

Merchants

Bank

Co.

Ltd.,

H

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

China

940,808

5,950,550

Diversified

Metals

&

Mining

0.7%

China

Molybdenum

Co.

Ltd.,

H

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

China

1,809,409

885,352

Electrical

Components

&

Equipment

4.5%

Contemporary

Amperex

Technology

Co.

Ltd.,

A

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

China

46,563

2,836,524

Sunwoda

Electronic

Co.

Ltd.,

A

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

China

687,150

2,748,236

5,584,760

Electronic

Components

3.0%

Luxshare

Precision

Industry

Co.

Ltd.,

A

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

China

528,197

2,670,639

Sunny

Optical

Technology

Group

Co.

Ltd.

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

China

66,710

1,052,793

3,723,432

Financial

Exchanges

&

Data

3.8%

East

Money

Information

Co.

Ltd.,

A

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

China

672,240

2,272,750

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

55,467

2,393,280

4,666,030

Health

Care

Facilities

0.8%

Aier

Eye

Hospital

Group

Co.

Ltd.,

A

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

China

168,279

933,706

Templeton

China

World

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Health

Care

Services

0.4%

a,b

New

Horizon

Health

Ltd.,

144A,

Reg

S

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

China

235,523

$

503,639

a

Interactive

Home

Entertainment

5.0%

a,c

Bilibili

,

Inc.,

ADR

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

China

28,132

628,750

NetEase

,

Inc.

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

China

269,129

5,628,507

6,257,257

Interactive

Media

&

Services

16.3%

a

Baidu,

Inc.,

ADR

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

China

29,386

4,124,325

a,b

Kuaishou

Technology,

144A,

Reg

S

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

China

80,000

774,572

Tencent

Holdings

Ltd.

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

China

334,148

15,276,607

20,175,504

Internet

&

Direct

Marketing

Retail

19.4%

a

Alibaba

Group

Holding

Ltd.

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

China

973,557

11,692,571

JD.com,

Inc.,

A

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

China

175,940

4,942,188

a,b

Meituan

Dianping

,

B,

144A,

Reg

S

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

China

317,463

7,449,256

24,084,015

Internet

Services

&

Infrastructure

1.2%

a,c

GDS

Holdings

Ltd.,

ADR

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

China

53,869

1,507,793

a

Life

&

Health

Insurance

1.5%

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

H

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

China

294,843

1,887,817

Life

Sciences

Tools

&

Services

5.3%

b

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

H,

144A,

Reg

S

.......

China

54,300

523,511

b

WuXi

AppTec

Co.

Ltd.,

H,

144A,

Reg

S

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

China

136,031

1,681,209

a,b

Wuxi

Biologics

Cayman,

Inc.,

144A,

Reg

S

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

China

589,898

4,362,040

6,566,760

Real

Estate

Development

1.0%

China

Resources

Land

Ltd.

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

China

271,167

1,206,880

Real

Estate

Operating

Companies

0.5%

Country

Garden

Services

Holdings

Co.

Ltd.

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

China

157,500

622,786

Restaurants

0.5%

Yum

China

Holdings,

Inc.

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

China

14,260

648,260

Semiconductor

Equipment

1.2%

a

Daqo

New

Energy

Corp.,

ADR

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

China

30,580

1,495,362

a

Semiconductors

4.5%

a,b

Hua

Hong

Semiconductor

Ltd.,

144A,

Reg

S

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

China

695,083

2,640,666

Will

Semiconductor

Co.

Ltd.

Shanghai,

A

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

China

117,381

2,876,082

5,516,748

Specialty

Stores

2.2%

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

A

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

China

101,757

2,678,599

Total

Common

Stocks

(Cost

$117,146,763)

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

123,827,152

Templeton

China

World

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

See

Abbreviations

on

page

7

.

Short

Term

Investments

0.5%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.1%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

....

United

States

158,608

$

158,608

Total

Money

Market

Funds

(Cost

$158,608)

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

158,608

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.4%

Money

Market

Funds

0.4%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

....

United

States

500,165

500,165

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$500,165)

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

500,165

Total

Short

Term

Investments

(Cost

$658,773

)

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

658,773

a

Total

Investments

(Cost

$117,805,536)

100.5%

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

$124,485,925

Other

Assets,

less

Liabilities

(0.5)%

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

(643,685)

Net

Assets

100.0%

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

$123,842,240

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,

2022,

the

aggregate

value

of

these

securities

was

$18,877,416,

representing

15.2%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

May

31,

2022.

d

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

China

World

Fund

5

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Templeton

China

World

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

open-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Fund's 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

Fund

calculates 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

Fund’s

Board

of

Trustees

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

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.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

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

Fund’s

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

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund’s

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

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m

Eastern

time.

At

May

31,

2022,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

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

Fund for

financial

reporting

purposes.

Templeton

China

World

Fund

Notes

to

Schedule

of

Investments

(unaudited)

6

Quarterly

Schedule

of

Investments

3.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

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

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

May

31,

2022,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

4. Fair

Value

Measurements 

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• 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

Fund's

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,

2022,

in

valuing

the Fund's

assets

carried

at

fair

value,

is

as

follows:  

    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

China

World

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

$

769,213

$

13,871,063

$

(14,481,668)

$

—

$

—

$

158,608

158,608

$

33

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

$—

$12,897,092

$(12,396,927)

$—

$—

$500,165

500,165

$183

Total

Affiliated

Securities

...

$769,213

$26,768,155

$(26,878,595)

$—

$—

$658,773

$216

Level

1

Level

2

Level

3

Total

Templeton

China

World

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Advertising

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

$

—

$

406,742

$

—

$

406,742

Air

Freight

&

Logistics

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

—

965,401

—

965,401

Apparel,

Accessories

&

Luxury

Goods

.......

—

4,781,137

—

4,781,137

Auto

Parts

&

Equipment

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

—

1,957,636

—

1,957,636

Automobile

Manufacturers

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

2,674,686

878,557

—

3,553,243

Templeton

China

World

Fund

Notes

to

Schedule

of

Investments

(unaudited)

7

Quarterly

Schedule

of

Investments

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

China

World

Fund

(continued)

Assets:

Common

Stocks:

Biotechnology

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

$

547,456

$

1,035,676

$

—

$

1,583,132

Brewers

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

—

2,677,982

—

2,677,982

Commodity

Chemicals

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

—

3,405,185

—

3,405,185

Construction

Machinery

&

Heavy

Trucks

.....

—

1,297,923

—

1,297,923

Construction

Materials

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

—

3,401,391

—

3,401,391

Distillers

&

Vintners

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

—

4,902,130

—

4,902,130

Diversified

Banks

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

—

5,950,550

—

5,950,550

Diversified

Metals

&

Mining

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

—

885,352

—

885,352

Electrical

Components

&

Equipment

........

—

5,584,760

—

5,584,760

Electronic

Components

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

—

3,723,432

—

3,723,432

Financial

Exchanges

&

Data

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

—

4,666,030

—

4,666,030

Health

Care

Facilities

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

—

933,706

—

933,706

Health

Care

Services

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

—

503,639

—

503,639

Interactive

Home

Entertainment

...........

628,750

5,628,507

—

6,257,257

Interactive

Media

&

Services

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

4,124,325

16,051,179

—

20,175,504

Internet

&

Direct

Marketing

Retail

..........

—

24,084,015

—

24,084,015

Internet

Services

&

Infrastructure

..........

1,507,793

—

—

1,507,793

Life

&

Health

Insurance

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

—

1,887,817

—

1,887,817

Life

Sciences

Tools

&

Services

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

—

6,566,760

—

6,566,760

Real

Estate

Development

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

—

1,206,880

—

1,206,880

Real

Estate

Operating

Companies

.........

—

622,786

—

622,786

Restaurants

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

648,260

—

—

648,260

Semiconductor

Equipment

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

1,495,362

—

—

1,495,362

Semiconductors

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

—

5,516,748

—

5,516,748

Specialty

Stores

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

—

2,678,599

—

2,678,599

Short

Term

Investments

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

658,773

—

—

658,773

Total

Investments

in

Securities

...........

$12,285,405

$112,200,520

a

$—

$124,485,925

a

Includes

foreign

securities

valued

at

$112,200,520,

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.

Selected

Portfolio

ADR

American

Depositary

Receipt

4. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.