Templeton China World Fund (TCH) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07876

Templeton China World Fund

(Exact name of registrant as specified in charter)

300 S.E. 2^nd Street, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices) (Zip code)

Alison Baur, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: 954 527-7500

Date of fiscal year end: 8/31

Date of reporting period: 2/28/23

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Templeton

China

World

Fund

February

28,

2023

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

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FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Semiannual

Report

1

SHAREHOLDER

LETTER

Dear

Shareholder:

Chinese

equities

modestly

declined

over

the

six-month

period,

but

staged

an

impressive

comeback

since

hitting

multi-year-lows

during

the

third

quarter

of

2022.

A

friendlier

sentiment

for

risk

assets

globally,

China’s

pivot

away

from

its

zero-COVID

policy

and

increasing

hope

for

a

soft

or

softer

landing

of

the

U.S.

economy

have

all

helped

Chinese

equities

recover

some

of

their

value.

However,

tensions

between

the

U.S.

and

China

remain

elevated,

with

several

unresolved

disputes

between

the

two

superpowers.

Against

this

backdrop,

more

volatility

is

likely

in

store,

but

the

longer-term

prospects

for

equity

investors

in

China

continue

to

improve.

We

believe

the

recovery

we

have

witnessed

in

Chinese

shares

since

late

2022

could

extend

further

into

2023.

While

potentially

over-heated

in

the

short

run,

extended

rallies

after

hefty

declines

are

not

uncommon

in

Chinese

markets.

Looking

at

the

past

three

major

drawdowns

before

2021—the

global

financial

crisis,

the

bursting

of

the

2015

bubble,

and

the

aftermath

of

the

U.S.-China

trade

war

in

2018—we

observe

the

2021/2022

drawdown

lasted

far

longer

than

any

of

those

prior

bear

markets.

Second,

Beijing

has

more

levers

at

its

disposal

for

economic

support

than

its

counterparts

in

developed

countries.

A

prime

example

is

recent

reductions

in

interest

rates

and

reserve

requirements

to

stimulate

growth

now

the

country

has

pivoted

away

from

zero-COVID.

While

the

reopening

will

continue

to

pose

challenges

and

encounter

road

bumps

along

the

way,

it

represents

a

major

positive

shift

for

growth.

While

the

relationship

between

the

U.S.

and

China

has

been

strained

for

some

time,

an

opportunity

for

further

cooperation

could

be

climate

policy.

Under

President

Joe

Biden,

the

U.S.

placed

a

premium

on

progress

on

the

issue.

China,

meanwhile,

produces

a

majority

of

the

world’s

solar

wafers,

photovoltaic

cells

and

solar

panel

polysilicon,

and

is

considering

export

restrictions

on

crucial

components

in

the

solar

energy

supply

chain.

Global

cooperation

over

climate

change

solutions

is

necessary,

and

may

present

an

opportunity

to

literally

“lower

the

temperature”

on

other

issues

as

well.

We

are

committed

to

our

long-term

perspective

and

disciplined

investment

approach

as

we

conduct

a

rigorous,

fundamental

analysis

of

securities

with

a

regular

emphasis

on

investment

risk

management.

Historically,

patient

investors

have

achieved

rewarding

results

by

evaluating

their

goals,

diversifying

their

assets

globally

and

maintaining

a

disciplined

investment

program,

all

hallmarks

of

the

Templeton

investment

philosophy.

We

continue

to

recommend

investors

consult

financial

professionals

and

review

their

portfolios

to

design

a

long-term

strategy

and

portfolio

allocation

that

meet

their

individual

needs,

goals

and

risk

tolerance.

Templeton

China

World

Fund’s

semiannual

report

includes

more

detail

about

prevailing

conditions

and

a

discussion

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

investment

needs

in

the

years

ahead.

Sincerely,

Manraj

S.

Sekhon,

CFA

Chief

Investment

Officer

Franklin

Templeton

Emerging

Markets

Equity

This

letter

reflects

our

analysis

and

opinions

as

of

February

28,

2023,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Templeton

China

World

Fund

3

Performance

Summary

6

Your

Fund’s

Expenses

8

Financial

Highlights

and

Schedule

of

Investments

9

Financial

Statements

16

Notes

to

Financial

Statements

20

Shareholder

Information

30

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Templeton

China

World

Fund

This

semiannual

report

for

Templeton

China

World

Fund

covers

the

period

ended

February

28,

2023.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

appreciation.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

net

assets

in

securities

of

“China

companies.”

Such

companies

are

those

that

are

organized

under

the

laws

of,

or

with

a

principal

office

in,

the

People’s

Republic

of

China

(China),

Hong

Kong

or

Taiwan;

or

for

which

the

principal

trading

market

is

in

China,

Hong

Kong

or

Taiwan;

or

that

derive

at

least

50%

of

their

revenues

from

goods

or

services

sold

or

produced,

or

have

at

least

50%

of

their

assets,

in

China.

Performance

Overview

For

the

six

months

ended

February

28,

2023,

the

Fund’s

Class

A

shares

posted

a

-6.58%

cumulative

total

return.

For

comparison,

the

MSCI

China

Index-NR,

which

measures

stock

market

performance

of

mid-

and

large-capitalization

companies

in

China,

posted

a

-2.83%

cumulative

total

return

for

the

same

period.

1

Please

note

index

performance

information

is

provided

for

reference

and

we

do

not

attempt

to

track

the

index

but

rather

undertake

investments

on

the

basis

of

fundamental

research.

You

can

find

more

performance

data

in

the

Performance

Summary

beginning

on

page

6

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Economic

and

Market

Overview

China’s

economic

performance

varied

during

the

six

months

ended

February

28,

2023.

The

country’s

year-on-year

economic

growth

rate

accelerated

in

2022’s

third

quarter,

due

in

part

to

supportive

government

policies.

Growth

then

moderated

in

the

fourth

quarter,

during

which

the

country’s

unemployment

rate

hit

a

six-month

high

and

industrial

output

weakened.

The

government’s

lifting

of

its

strict

zero-COVID

policy

in

December

2022

is

expected

to

have

a

beneficial

effect

on

economic

growth

moving

forward.

In

contrast

to

most

other

emerging

and

developed

market

central

banks,

the

People’s

Bank

of

China

(PBOC)

kept

its

benchmark

loan

prime

rate

unchanged.

However,

the

PBOC

did

inject

cash

into

the

financial

system

in

February

2022

to

support

increased

loan

demand

from

businesses

spurred

by

the

government’s

easing

of

strict

COVID-19

measures.

Chinese

equities

declined

modestly

during

the

period.

Stocks

rose

in

2022’s

fourth

quarter

and

January

2023

due

to

the

dismantling

of

the

country’s

zero-COVID

policy

and

stimulus

measures

to

spur

domestic

demand

and

revive

the

property

sector.

These

gains

were

slightly

outweighed,

however,

by

losses

early

and

late

in

the

period

caused

by

a

deteriorating

Chinese

yuan,

rising

inflation,

weak

manufacturing

and

tensions

with

the

U.S.

In

this

environment,

the

MSCI

China

All

Shares

Total

Return

Index-NR,

which

measures

the

performance

of

China

share

classes

listed

in

Hong

Kong,

Shanghai,

Shenzhen

and

outside

of

China,

posted

a

-2.00%

total

return,

and

the

MSCI

China

Index-NR

posted

a

-2.83%

total

return

for

the

six

months

ended

February

28,

2023.

1

Geographic

Composition

2/28/23

%

of

Total

Net

Assets

China

95.0%

Hong

Kong

1.9%

Short-Term

Investments

&

Other

Net

Assets

3.1%

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

13

.

Templeton

China

World

Fund

4

franklintempleton.com

Semiannual

Report

Investment

Strategy

When

choosing

equity

investments

for

the

Fund,

we

apply

a

fundamental,

research-driven,

long-term

approach,

focusing

on

companies

with

sustainable

earnings

power

that

are

trading

at

a

discount

to

intrinsic

worth.

In

assessing

individual

investment

opportunities,

we

consider

a

variety

of

factors,

including

a

company’s

profit

and

loss

outlook,

balance

sheet

strength,

cash

flow

trends

and

asset

value

in

relation

to

the

current

price

of

the

company’s

securities.

We

also

focus

on

incorporating

environmental,

social

and

governance

(ESG)

factors

throughout

the

investment

process,

including

the

Fund’s

security-selection

and

portfolio

construction

process.

Manager’s

Discussion

During

the

six

months

under

review,

key

contributors

to

the

Fund’s

absolute

performance

included

Tencent

Holdings,

Hua

Hong

Semiconductor

and

Beijing

Oriental

Yuhong

Waterproof

Technology.

Tencent

Holdings

is

a

leading

internet

company

providing

social

entertainment,

messaging,

mobile

games,

cloud

and

payment

services.

Market

sentiment

for

the

stock

was

boosted

after

the

China

Economic

Work

Conference

voiced

more

support

for

internet

platforms.

Its

latest

earnings

release,

which

showed

a

rise

in

net

profit

due

to

cost

savings,

together

with

receiving

its

first

commercial

game

license

in

over

a

year,

helped

to

boost

its

share

price

further.

Hua

Hong

Semiconductor

is

a

semiconductor

manufacturing

company.

Hua

Hong

advanced

amid

optimism

that

its

US$2.5

billion

initial

public

offering

would

receive

regulatory

approval,

which

happened

in

early

November

2022.

Hua

Hong

benefited

from

relatively

strong

demand

from

customers,

which

helped

keep

its

utilization

rate

steady

amid

inventory

destocking

across

much

of

the

industry.

Beijing

Oriental

Yuhong

Waterproof

Technology

is

a

producer

of

waterproof

building

products.

The

company’s

shares

advanced

amid

an

improving

earnings

outlook,

thanks

to

government

initiatives

to

support

the

economy

and

the

property

sector,

and

improving

business

operations

following

the

end

of

China’s

zero-COVID

policy.

Conversely,

major

detractors

from

absolute

performance

included

NIO,

Meituan

Dianping

and

JD.com.

Electric

vehicle

(EV)

maker

NIO’s

share

price

declined

amid

disappointing

corporate

results

for

the

third

quarter

of

2022

and

concerns

over

its

deliveries,

which

were

impacted

by

COVID-19

restrictions

and

related

supply-chain

challenges.

A

downward

revision

of

its

deliveries

for

2022’s

fourth

quarter

also

weighed

on

the

stock,

but

an

actual

delivery

figure

that

exceeded

the

estimate

aided

the

stock

slightly.

We

are

actively

evaluating

whether

the

recent

intensifying

competition

in

China’s

EV

space

would

change

the

forecast

of

the

company’s

long-term

intrinsic

value.

Shares

of

Meituan

Dianping,

one

of

the

largest

online

platforms

for

local

services

and

also

the

biggest

on-demand

delivery

operator

in

China,

declined

dramatically

in

October

2022

after

the

20th

National

Party

Congress

amid

slowing

domestic

growth.

In

the

last

two

months

of

2022,

news

of

the

dismantling

of

China’s

zero-COVID

policies

led

to

a

rally

in

Chinese

stocks.

However,

Meituan

declined

on

news

that

its

rival

Bytedance

(a

private

company

and

not

a

Fund

holding)

is

entering

the

food

delivery

business,

which

would

increase

competition

and

potentially

lead

to

higher

cash

burns.

Intensifying

competition

among

Chinese

internet

stocks

also

weighed

on

the

stock,

and

shares

trended

lower

at

the

end

of

the

period

of

review.

Chinese

e-commerce

company

JD.com

fell

in

line

with

the

broader

market

amid

signs

of

weakening

Chinese

consumer

sentiment.

A

better-than-expected

earnings

result

for

the

third

quarter

of

2022

and

China’s

reopening

helped

it

recover

slightly.

However,

the

stock

fell

again

in

February

2023

after

it

announced

a

US$1.5

billion

subsidy

campaign

to

compete

against

one

of

its

rivals,

sparking

concerns

of

the

impact

on

its

margins.

Top

10

Holdings

2/28/23

Company

Sub-Industry

%

of

Total

Net

Assets

a

a

Tencent

Holdings

Ltd.

14.1%

Interactive

Media

&

Services

Alibaba

Group

Holding

Ltd.

10.2%

Internet

&

Direct

Marketing

Retail

Meituan

Dianping

5.6%

Internet

&

Direct

Marketing

Retail

Luzhou

Laojiao

Co.

Ltd.

4.9%

Distillers

&

Vintners

China

Merchants

Bank

Co.

Ltd.

4.7%

Diversified

Banks

ANTA

Sports

Products

Ltd.

4.3%

Apparel,

Accessories

&

Luxury

Goods

NetEase,

Inc.

3.9%

Interactive

Home

Entertainment

JD.com,

Inc.

3.7%

Internet

&

Direct

Marketing

Retail

Wuxi

Biologics

Cayman,

Inc.

3.5%

Life

Sciences

Tools

&

Services

Baidu,

Inc.

3.1%

Interactive

Media

&

Services

Templeton

China

World

Fund

5

franklintempleton.com

Semiannual

Report

In

the

past

six

months,

the

continued

search

for

what

we

believe

to

be

undervalued

investments

led

to

the

addition

of

LONGi

Green

Energy

Technology,

a

solar

wafer

and

module

manufacturer,

to

the

portfolio.

We

also

added

to

existing

investments

in

the

aforementioned

Tencent

and

JD.com

as

well

as

in

e-commerce

retailer

Alibaba

Group

Holding.

Meanwhile,

we

reduced

the

Fund’s

investments

in

the

information

technology,

materials

and

consumer

discretionary

sectors

in

favor

of

opportunities

that

we

found

more

compelling,

and

to

raise

funds

for

dividend

and

capital

gains

distribution

during

the

reporting

period.

In

terms

of

key

sales,

we

reduced

holdings

in

online

search

platform

Baidu,

semiconductor

manufacturer

Will

Semiconductor

and

battery

product

manufacturer

Contemporary

Amperex

Technology.

The

portfolio

also

divested

its

positions

in

polysilicon

manufacturer

Daqo

New

Energy,

optical

and

related

products

designer

and

manufacturer

Sunny

Optical

Technology

Group,

and

online

entertainment

services

platform

Bilibili

during

the

period.

Thank

you

for

your

continued

participation

in

Templeton

China

World

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Michael

Lai,

CFA

Lead

Portfolio

Manager

Eric

Mok,

CFA

Portfolio

Manager

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

February

28,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

February

28,

2023

Templeton

China

World

Fund

6

franklintempleton.com

Semiannual

Report

The

performance

table

does

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

2/28/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A

:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

6-Month

-6.58%

-11.72%

1-Year

-24.06%

-28.23%

5-Year

-26.78%

-7.10%

10-Year

-9.23%

-1.52%

Advisor

6-Month

-6.46%

-6.46%

1-Year

-23.87%

-23.87%

5-Year

-25.87%

-5.81%

10-Year

-6.87%

-0.71%

See

page

7

for

Performance

Summary

footnotes.

Templeton

China

World

Fund

Performance

Summary

7

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

The

government’s

participation

in

the

economy

is

still

high

and,

therefore,

the

Fund’s

investments

in

China

will

be

subject

to

larger

regulatory

risk

levels

compared

to

many

other

countries.

In

addition,

special

risks

are

associated

with

international

investing,

including

currency

fluctuations,

economic

instability

and

political

developments.

Investments

in

emerging

markets

involve

heightened

risks

related

to

the

same

factors.

The

Fund

may

also

experience

greater

volatility

than

a

fund

that

is

more

broadly

diversified

geographically.

Historically,

smaller

and

midsized

securities

have

experienced

more

price

volatility

than

larger

company

stocks,

especially

over

the

short

term.

Also,

as

a

nondiversified

fund

investing

in

China

companies,

the

Fund

may

invest

in

a

relatively

small

number

of

issuers

and,

as

a

result,

be

subject

to

a

greater

risk

of

loss

with

respect

to

its

portfolio

securities.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

The

managers’

ESG

strategies

may

limit

the

types

and

number

of

investments

available

and,

as

a

result,

may

forego

favorable

market

opportunities

or

underperform

strategies

that

are

not

subject

to

such

criteria.

The

Fund

is

designed

for

the

aggressive

portion

of

a

well-diversified

portfolio.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

12/31/23

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(9/1/22–2/28/23)

Share

Class

Long-Term

Capital

Gain

A

$0.0977

C

$0.0977

R6

$0.0977

Advisor

$0.0977

Total

Annual

Operating

Expenses

5

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.85%

1.87%

Advisor

1.60%

1.62%

Your

Fund’s

Expenses

Templeton

China

World

Fund

8

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

181/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

9/1/22

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period

9/1/22–2/28/23

1,2

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period

9/1/22–2/28/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$934.20

$8.71

$1,015.79

$9.08

1.82%

C

$1,000

$931.50

$12.30

$1,012.06

$12.81

2.57%

R6

$1,000

$936.40

$6.47

$1,018.12

$6.74

1.35%

Advisor

$1,000

$935.40

$7.53

$1,017.01

$7.85

1.57%

Templeton

China

World

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

2021

2020

2019

2018

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.04

$15.72

$20.71

$18.01

$22.42

$23.49

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.07)

(0.14)

(0.19)

(0.07)

0.14

0.29

c

Net

realized

and

unrealized

gains

(losses)

(0.59)

(5.07)

(0.52)

5.95

(1.76)

1.29

Total

from

investment

operations

........

(0.66)

(5.21)

(0.71)

5.88

(1.62)

1.58

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.13)

(0.30)

(0.25)

Net

realized

gains

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

(0.10)

(0.47)

(4.28)

(3.05)

(2.49)

(2.40)

Total

distributions

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

(0.10)

(0.47)

(4.28)

(3.18)

(2.79)

(2.65)

Net

asset

value,

end

of

period

..........

$9.28

$10.04

$15.72

$20.71

$18.01

$22.42

Total

return

d

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

(6.58)%

(33.91)%

(5.79)%

36.80%

(6.46)%

7.26%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.82%

1.87%

1.73%

1.86%

1.87%

1.85%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.82%

f

1.85%

1.72%

1.85%

1.83%

1.85%

f

Net

investment

income

(loss)

..........

(1.52)%

(1.11)%

(0.98)%

(0.39)%

0.76%

1.26%

c

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$71,443

$80,597

$146,131

$164,145

$146,709

$178,315

Portfolio

turnover

rate

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

2.79%

6.63%

27.52%

59.87%

5.69%

12.15%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.10

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.83%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

China

World

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

2021

2020

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.79

$15.46

$20.57

$17.91

$22.13

$23.12

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.10)

(0.24)

(0.34)

(0.20)

(—)

c

0.10

d

Net

realized

and

unrealized

gains

(losses)

(0.58)

(4.96)

(0.49)

5.91

(1.72)

1.31

Total

from

investment

operations

........

(0.68)

(5.20)

(0.83)

5.71

(1.72)

1.41

Less

distributions

from:

Net

investment

income

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

—

—

—

—

(0.01)

(—)

c

Net

realized

gains

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

(0.10)

(0.47)

(4.28)

(3.05)

(2.49)

(2.40)

Total

distributions

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

(0.10)

(0.47)

(4.28)

(3.05)

(2.50)

(2.40)

Net

asset

value,

end

of

period

..........

$9.01

$9.79

$15.46

$20.57

$17.91

$22.13

Total

return

e

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

(6.85)%

(34.43)%

(6.51)%

35.80%

(7.16)%

6.52%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

2.58%

2.62%

2.47%

2.61%

2.62%

2.60%

Expenses

net

of

waiver

and

payments

by

affiliates

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

2.57%

2.60%

2.47%

g

2.60%

2.58%

2.60%

g

Net

investment

income

(loss)

..........

(2.28)%

(1.88)%

(1.76)%

(1.15)%

0.01%

h

0.51%

d

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$2,645

$2,953

$6,502

$12,376

$15,744

$36,678

Portfolio

turnover

rate

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

2.79%

6.63%

27.52%

59.87%

5.69%

12.15%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Net

investment

income

per

share

includes

approximately

$0.10

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.08%.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Ratio

is

calculated

based

on

the

Fund

level

net

investment

income,

as

reflected

in

the

Statement

of

Operations,

and

adjusted

for

class

specific

expenses.

The

amount

may

not

correlate

with

the

per

share

amount

due

to

the

timing

of

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund

in

relation

to

the

timing

of

sales

and

repurchases

of

Fund

shares.

Templeton

China

World

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

2021

2020

2019

2018

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.22

$15.94

$20.88

$18.14

$22.55

$23.66

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.05)

(0.09)

(0.11)

0.01

0.26

0.45

c

Net

realized

and

unrealized

gains

(losses)

(0.60)

(5.16)

(0.55)

5.99

(1.81)

1.25

Total

from

investment

operations

........

(0.65)

(5.25)

(0.66)

6.00

(1.55)

1.70

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.21)

(0.37)

(0.41)

Net

realized

gains

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

(0.10)

(0.47)

(4.28)

(3.05)

(2.49)

(2.40)

Total

distributions

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

(0.10)

(0.47)

(4.28)

(3.26)

(2.86)

(2.81)

Net

asset

value,

end

of

period

..........

$9.47

$10.22

$15.94

$20.88

$18.14

$22.55

Total

return

d

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

(6.36)%

(33.62)%

(5.46)%

37.42%

(6.08)%

7.75%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.51%

1.58%

1.46%

1.56%

1.57%

1.50%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.35%

1.44%

1.37%

1.42%

1.42%

1.42%

Net

investment

income

(loss)

..........

(1.02)%

(0.67)%

(0.59)%

0.05%

1.17%

1.69%

c

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,989

$2,058

$3,148

$3,437

$3,395

$3,412

Portfolio

turnover

rate

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

2.79%

6.63%

27.52%

59.87%

5.69%

12.15%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.10

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.26%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

China

World

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

2021

2020

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.23

$15.97

$20.94

$18.18

$22.60

$23.68

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.06)

(0.11)

(0.14)

(0.02)

0.20

0.35

c

Net

realized

and

unrealized

gains

(losses)

(0.60)

(5.16)

(0.55)

6.01

(1.79)

1.30

Total

from

investment

operations

........

(0.66)

(5.27)

(0.69)

5.99

(1.59)

1.65

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.18)

(0.34)

(0.33)

Net

realized

gains

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

(0.10)

(0.47)

(4.28)

(3.05)

(2.49)

(2.40)

Total

distributions

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

(0.10)

(0.47)

(4.28)

(3.23)

(2.83)

(2.73)

Net

asset

value,

end

of

period

..........

$9.47

$10.23

$15.97

$20.94

$18.18

$22.60

Total

return

d

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

(6.46)%

(33.75)%

(5.61)%

37.20%

(6.25)%

7.54%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.58%

1.62%

1.48%

1.61%

1.62%

1.60%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.57%

1.60%

1.47%

1.60%

1.58%

1.60%

f

Net

investment

income

(loss)

..........

(1.32)%

(0.86)%

(0.73)%

(0.12)%

1.01%

1.51%

c

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$30,966

$34,106

$63,106

$74,741

$67,189

$79,456

Portfolio

turnover

rate

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

2.79%

6.63%

27.52%

59.87%

5.69%

12.15%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.10

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.08%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

China

World

Fund

Schedule

of

Investments

(unaudited),

February

28,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

a

Country

Shares

a

Value

a

Common

Stocks

96.9%

Advertising

0.3%

a,b,c

Mobvista,

Inc.,

144A,

Reg

S

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

China

631,000

$

324,135

a

Air

Freight

&

Logistics

0.9%

SF

Holding

Co.

Ltd.,

A

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

China

119,921

930,868

Apparel,

Accessories

&

Luxury

Goods

4.3%

b

ANTA

Sports

Products

Ltd.

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

China

352,667

4,656,901

Auto

Parts

&

Equipment

1.4%

Minth

Group

Ltd.

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

China

578,385

1,502,939

Automobile

Manufacturers

2.0%

BYD

Co.

Ltd.,

H

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

China

26,000

698,968

Geely

Automobile

Holdings

Ltd.

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

China

162,365

210,935

a

NIO,

Inc.,

ADR

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

China

132,806

1,247,048

2,156,951

Biotechnology

1.1%

a

BeiGene

Ltd.

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

China

29,699

514,766

a,c

Innovent

Biologics,

Inc.,

144A,

Reg

S

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

China

147,798

718,811

1,233,577

Brewers

2.5%

China

Resources

Beer

Holdings

Co.

Ltd.

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

China

360,157

2,664,384

Commodity

Chemicals

2.4%

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

A

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

China

393,994

2,551,329

Construction

Machinery

&

Heavy

Trucks

1.0%

Weichai

Power

Co.

Ltd.,

H

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

China

716,189

1,062,967

Construction

Materials

2.2%

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

A

......

China

471,520

2,336,395

Distillers

&

Vintners

4.9%

Luzhou

Laojiao

Co.

Ltd.,

A

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

China

144,467

5,199,490

Diversified

Banks

5.2%

China

Merchants

Bank

Co.

Ltd.,

H

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

China

931,908

5,056,839

c

Postal

Savings

Bank

of

China

Co.

Ltd.,

H,

144A,

Reg

S

.........

China

802,173

481,933

5,538,772

Diversified

Metals

&

Mining

0.4%

b

CMOC

Group

Ltd.,

H

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

China

838,619

472,210

Electrical

Components

&

Equipment

3.9%

Contemporary

Amperex

Technology

Co.

Ltd.,

A

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

China

38,363

2,227,966

Sunwoda

Electronic

Co.

Ltd.,

A

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

China

621,150

1,932,968

4,160,934

Electronic

Components

1.8%

Luxshare

Precision

Industry

Co.

Ltd.,

A

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

China

458,499

1,975,196

Financial

Exchanges

&

Data

3.7%

East

Money

Information

Co.

Ltd.,

A

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

China

672,240

2,023,214

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

49,867

1,997,243

4,020,457

Health

Care

Facilities

0.9%

Aier

Eye

Hospital

Group

Co.

Ltd.,

A

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

China

218,621

983,828

Templeton

China

World

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Health

Care

Services

0.7%

a,b,c

New

Horizon

Health

Ltd.,

144A,

Reg

S

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

China

184,923

$

773,823

a

Interactive

Home

Entertainment

3.9%

NetEase,

Inc.

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

China

269,129

4,182,255

Interactive

Media

&

Services

17.6%

a,b

Baidu,

Inc.,

ADR

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

China

23,686

3,261,325

a,c

Kuaishou

Technology,

144A,

Reg

S

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

China

71,300

477,799

Tencent

Holdings

Ltd.

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

China

342,848

15,060,287

18,799,411

Internet

&

Direct

Marketing

Retail

19.5%

a

Alibaba

Group

Holding

Ltd.

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

China

996,057

10,947,756

JD.com,

Inc.,

A

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

China

177,640

3,948,799

a,c,d

Meituan

Dianping,

B,

144A,

Reg

S

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

China

342,398

5,942,102

20,838,657

Internet

Services

&

Infrastructure

0.9%

a,b

GDS

Holdings

Ltd.,

ADR

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

China

51,369

988,853

a

Life

&

Health

Insurance

1.6%

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

H

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

China

245,043

1,672,742

Life

Sciences

Tools

&

Services

5.4%

c

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

H,

144A,

Reg

S

.......

China

52,300

600,612

b,c

WuXi

AppTec

Co.

Ltd.,

H,

144A,

Reg

S

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

China

136,031

1,451,262

a,c

Wuxi

Biologics

Cayman,

Inc.,

144A,

Reg

S

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

China

535,798

3,750,549

5,802,423

Real

Estate

Development

0.9%

China

Resources

Land

Ltd.

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

China

214,867

954,682

Restaurants

0.5%

Yum

China

Holdings,

Inc.

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

China

8,860

520,348

Semiconductors

4.4%

a,c

Hua

Hong

Semiconductor

Ltd.,

144A,

Reg

S

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

China

530,183

2,033,016

LONGi

Green

Energy

Technology

Co.

Ltd.,

A

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

China

114,000

727,691

Sino

Wealth

Electronic

Ltd.,

A

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

China

89,995

516,166

Will

Semiconductor

Co.

Ltd.

Shanghai,

A

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

China

112,664

1,396,328

4,673,201

Specialty

Stores

2.6%

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

A

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

China

97,757

2,787,256

Total

Common

Stocks

(Cost

$96,856,271)

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

103,764,984

Short

Term

Investments

4.1%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.6%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.204%

....

United

States

3,827,427

3,827,427

Total

Money

Market

Funds

(Cost

$3,827,427)

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

3,827,427

Templeton

China

World

Fund

Schedule

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Investments

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

g

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.5%

Money

Market

Funds

0.5%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.204%

....

United

States

520,101

$

520,101

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$520,101)

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

520,101

Total

Short

Term

Investments

(Cost

$4,347,528

)

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

4,347,528

a

Total

Investments

(Cost

$101,203,799)

101.0%

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

$108,112,512

Other

Assets,

less

Liabilities

(1.0)%

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

(1,069,159)

Net

Assets

100.0%

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

$107,043,353

See

Abbreviations

on

page

29

.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

February

28,

2023.

See

Note

1(d).

c

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

February

28,

2023,

the

aggregate

value

of

these

securities

was

$16,554,042,

representing

15.5%

of

net

assets.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

e

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

g

See

Note

1(d)

regarding

securities

on

loan.

Templeton

China

World

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

February

28,

2023

(unaudited)

franklintempleton.com

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Report

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accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

Templeton

China

World

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$96,856,271

Cost

-

Non-controlled

affiliates

(Note

3

f

)

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

4,347,528

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$4,180,940)

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

$103,764,984

Value

-

Non-controlled

affiliates

(Note

3

f

)

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

4,347,528

Receivables:

Capital

shares

sold

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

34,524

Dividends

and

interest

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

789,727

Total

assets

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

108,936,763

Liabilities:

Payables:

Investment

securities

purchased

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

792,149

Capital

shares

redeemed

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

183,023

Management

fees

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

158,607

Distribution

fees

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

17,315

Transfer

agent

fees

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

82,461

Trustees'

fees

and

expenses

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

1,084

Payable

upon

return

of

securities

loaned

(Note

1

d

)

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

520,101

Accrued

expenses

and

other

liabilities

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

138,670

Total

liabilities

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

1,893,410

Net

assets,

at

value

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

$107,043,353

Net

assets

consist

of:

Paid-in

capital

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

$111,017,008

Total

distributable

earnings

(losses)

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

(3,973,655)

Net

assets,

at

value

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

$107,043,353

Templeton

China

World

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

February

28,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

Templeton

China

World

Fund

Class

A:

Net

assets,

at

value

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

$71,443,113

Shares

outstanding

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

7,702,757

Net

asset

value

per

share

a

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

$9.28

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

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

$9.82

Class

C:

Net

assets,

at

value

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

$2,645,358

Shares

outstanding

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

293,548

Net

asset

value

and

maximum

offering

price

per

share

a

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

$9.01

Class

R6:

Net

assets,

at

value

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

$1,989,010

Shares

outstanding

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

209,991

Net

asset

value

and

maximum

offering

price

per

share

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

$9.47

Advisor

Class:

Net

assets,

at

value

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

$30,965,872

Shares

outstanding

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

3,271,579

Net

asset

value

and

maximum

offering

price

per

share

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

$9.47

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Templeton

China

World

Fund

Financial

Statements

Statement

of

Operations

for

the

period

ended

February

28,

2023

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

Templeton

China

World

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$5,360)

Unaffiliated

issuers

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

$116,855

Non-controlled

affiliates

(Note

3

f

)

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

25,450

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(1,471)

Non-controlled

affiliates

(Note

3

f

)

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

6,823

Total

investment

income

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

147,657

Expenses:

Management

fees

(Note

3

a

)

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

635,001

Distribution

fees:

(Note

3c

)

    Class

A

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

88,357

    Class

C

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

12,855

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

88,608

    Class

C

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

3,227

    Class

R6

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

1,783

    Advisor

Class

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

37,163

Custodian

fees

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

4,445

Reports

to

shareholders

fees

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

(53,010)

Registration

and

filing

fees

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

36,480

Professional

fees

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

57,154

Trustees'

fees

and

expenses

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

6,840

Other

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

6,067

Total

expenses

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

924,970

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(4,709)

Net

expenses

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

920,261

Net

investment

income

(loss)

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

(772,604)

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(9,796,736)

Foreign

currency

transactions

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

(1,161)

Net

realized

gain

(loss)

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

(9,797,897)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

1,562,092

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(52)

Net

change

in

unrealized

appreciation

(depreciation)

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

1,562,040

Net

realized

and

unrealized

gain

(loss)

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

(8,235,857)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(9,008,461)

Templeton

China

World

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

Templeton

China

World

Fund

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

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

$(772,604)

$(1,701,139)

Net

realized

gain

(loss)

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

(9,797,897)

4,837,730

Net

change

in

unrealized

appreciation

(depreciation)

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

1,562,040

(70,673,509)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(9,008,461)

(67,536,918)

Distributions

to

shareholders:

Class

A

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

(750,683)

(4,088,071)

Class

C

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

(27,875)

(182,703)

Class

R6

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

(20,046)

(94,644)

Advisor

Class

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

(303,358)

(1,781,749)

Total

distributions

to

shareholders

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

(1,101,962)

(6,147,167)

Capital

share

transactions:

(Note

2

)

Class

A

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

(2,512,508)

(16,352,234)

Class

C

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

(50,755)

(1,450,435)

Class

R6

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

81,525

73,916

Advisor

Class

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

(77,711)

(7,759,990)

Total

capital

share

transactions

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

(2,559,449)

(25,488,743)

Net

increase

(decrease)

in

net

assets

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

(12,669,872)

(99,172,828)

Net

assets:

Beginning

of

period

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

119,713,225

218,886,053

End

of

period

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

$107,043,353

$119,713,225

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

20

franklintempleton.com

Semiannual

Report

1.

Organization

and

Significant

Accounting

Policies

Templeton

China

World

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

Fund

offers

four

classes

of

shares:

Class

A,

Class

C,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

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

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

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,

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

February

28,

2023,

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

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

21

franklintempleton.com

Semiannual

Report

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.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

Purchased

on

a

Delayed

Delivery

Basis

The

Fund

purchases

securities

on

a

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities,

it

may

sell

the

securities

before

the

settlement

date.

d.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the Fund.

Additionally,

at

February

28,

2023,

the

Fund

held

$3,914,141

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

segregated

accounts

with

the

Fund’s

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

the

Statement

of

Assets

and

Liabilities.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the

Statement

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

22

franklintempleton.com

Semiannual

Report

e.

Income

and

Deferred

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

February

28,

2023,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

f.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

g.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h.

Guarantees

and

Indemnifications

Under

the

Fund's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Fund

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

Fund

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

23

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

February

28,

2023,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

Six

Months

Ended

February

28,

2023

Year

Ended

August

31,

2022

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

730,754

$7,316,419

1,077,914

$13,576,057

Shares

issued

in

reinvestment

of

distributions

..........

79,750

729,708

291,219

3,969,320

Shares

redeemed

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

(1,138,722)

(10,558,635)

(2,633,801)

(33,897,611)

Net

increase

(decrease)

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

(328,218)

$(2,512,508)

(1,264,668)

$(16,352,234)

Class

C

Shares:

Shares

sold

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

51,768

$485,424

33,386

$407,472

Shares

issued

in

reinvestment

of

distributions

..........

3,108

27,669

13,591

181,578

Shares

redeemed

a

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

(62,992)

(563,848)

(165,848)

(2,039,485)

Net

increase

(decrease)

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

(8,116)

$(50,755)

(118,871)

$(1,450,435)

Class

R6

Shares:

Shares

sold

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

26,179

$240,410

37,974

$493,824

Shares

issued

in

reinvestment

of

distributions

..........

2,149

20,045

6,838

94,644

Shares

redeemed

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

(19,643)

(178,930)

(41,005)

(514,552)

Net

increase

(decrease)

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

8,685

$81,525

3,807

$73,916

Advisor

Class

Shares:

Shares

sold

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

397,256

$3,999,937

418,913

$5,412,887

Shares

issued

in

reinvestment

of

distributions

..........

28,923

269,855

116,366

1,612,832

Shares

redeemed

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

(489,723)

(4,347,503)

(1,151,769)

(14,785,709)

Net

increase

(decrease)

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

(63,544)

$(77,711)

(616,490)

$(7,759,990)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Templeton

Asset

Management

Ltd

(Asset

Management)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

24

franklintempleton.com

Semiannual

Report

a.

Management

Fees

The

Fund

pays

an

investment

management

fee,

calculated

weekly

and

paid

monthly,

to

Asset

Management

based

on

the

average

weekly

net

assets

of

the

Fund

as

follows:

Effective

May

1,

2023,

the

Fund

will

pay

fees,

calculated

weekly

and

paid

monthly,

based

on

the

average

weekly

net

assets

of

the

Fund

as

follows:

For

the

period

ended

February

28,

2023,

the

annualized

gross

effective

investment

management

fee

rate

was 1.20%

of

the

Fund’s

average weekly

net

assets. 

b.

Administrative

Fees

Under

an

agreement

with

Asset

Management,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Asset

Management

based

on

the

Fund’s

average

weekly

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class A reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

The

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

Annualized

Fee

Rate

Net

Assets

1.200%

Up

to

and

including

$1

billion

1.150%

Over

$1

billion,

up

to

and

including

$5

billion

1.100%

Over

$5

billion,

up

to

and

including

$10

billion

1.050%

Over

$10

billion,

up

to

and

including

$15

billion

1.000%

In

excess

of

$15

billion

Annualized

Fee

Rate

Net

Assets

1.100%

Up

to

and

including

$1

billion

1.050%

Over

$1

billion,

up

to

and

including

$2

billion

1.000%

In

excess

of

$2

billion

Class

A

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

0.35%

Class

C

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

1.00%

3.

Transactions

with

Affiliates

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

25

franklintempleton.com

Semiannual

Report

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period

:

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

Effective

October

1,

2022,

the

fees

are

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a

reduced

transaction

based

fee.

Prior

to

October

1,

2022,

the

fees

were

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

February

28,

2023,

the

Fund

paid

transfer

agent

fees

of

$130,781,

of

which

$52,541

was

retained

by

Investor

Services.

f.

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.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

February

28,

2023,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$2,291

CDSC

retained

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

$990

    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,

4.204%

$

284

$

11,660,071

$

(7,832,928)

$

—

$

—

$

3,827,427

3,827,427

$

25,450

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.204%

$959,042

$7,260,181

$(7,699,122)

$—

$—

$520,101

520,101

$6,823

Total

Affiliated

Securities

...

$959,326

$18,920,252

$(15,532,050)

$—

$—

$4,347,528

$32,273

3.

Transactions

with

Affiliates

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

26

franklintempleton.com

Semiannual

Report

g.

Waiver

and

Expense

Reimbursements

Asset

Management

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses)

for

each

class

of

the

Fund

do

not

exceed

1.60%

based

on

the

average

net

assets

of

each

class

until

December

31,

2023.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

December

31,

2023.

4.

Income

Taxes

For

tax

purposes,

the

Fund

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At

August

31,

2022,

the

Fund

deferred

late-year

ordinary

losses

of

$170,713.

At

February

28,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

corporate

actions.

5.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities) for

the

period

ended

February

28,

2023,

aggregated

$2,889,895

and

$10,084,243,

respectively. 

At

February

28,

2023,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$520,101

of

cash

collateral.

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statement

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

6.

Concentration

of

Risk

Investing

in

securities

of

"China

companies"

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities.

In

general,

China

companies

are

those

that

are

organized

under

the

laws

of,

or

with

a

principal

office

or

principal

trading

market

in,

the

People's

Republic

of

China

(PRC),

Hong

Kong,

or

Taiwan.

Such

risks

include

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

In

addition,

these

securities

may

not

be

as

liquid

as

U.S.

securities.

Investing

in

China

A

shares

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities.

In

general,

A

shares

are

issued

by

companies

incorporated

in

the

PRC

and

listed

on

the

Shanghai

and

Shenzhen

Stock

Exchanges

and

available

for

investment

by

domestic

(Chinese)

investors

and

holders

of

a

Qualified

Foreign

Institutional

Cost

of

investments

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

$101,343,834

Unrealized

appreciation

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

$24,553,464

Unrealized

depreciation

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

(17,784,786)

Net

unrealized

appreciation

(depreciation)

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

$6,768,678

3.

Transactions

with

Affiliates

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

27

franklintempleton.com

Semiannual

Report

Investor

(QFII) license

and,

in

the

case

of

certain

eligible

A

shares,

through

the

Shanghai

and

Shenzhen

Stock

Connect

programs.

The

Shanghai

and

Shenzhen

Stock

Exchanges

are,

however,

substantially

smaller,

less

liquid

and

more

volatile

than

the

major

securities

markets

in

the

United

States.

7.

Geopolitical

Risk

On

February

24,

2022,

Russia

engaged

in

military

actions

in

the

sovereign

territory

of

Ukraine.

The

current

political

and

financial

uncertainty

surrounding

Russia

and

Ukraine

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

these

countries

and

may

also

cause

uncertainty

for

the

global

economy

and

broader

financial

markets.

The

ultimate

fallout

and

long-term

impact

from

these

events

are

not

known.

The

Fund

will

continue

to

assess

the

impact

on

valuations

and

liquidity

and

will

take

any

potential

actions

needed

in

accordance

with

procedures

approved

by

the

Board.

8.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

9.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

2,

2024.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the Statement

of

Operations.

During

the

period

ended

February

28,

2023,

the Fund

did

not

use

the

Global

Credit

Facility.

10.

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)

6.

Concentration

of

Risk

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

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

February

28,

2023,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

11.

New

Accounting

Pronouncements

In June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU)

No.

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions.

The

amendments

in

the

ASU

clarify

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

should

not

be

considered

in

measuring

fair

value.

The

ASU

is

effective

for

interim

and

annual

reporting

periods

beginning

after

December

15,

2023,

with

the

option

of

early

adoption.

Management

has

reviewed

the

requirements

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

Level

1

Level

2

Level

3

Total

Templeton

China

World

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Advertising

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

$

—

$

324,135

$

—

$

324,135

Air

Freight

&

Logistics

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

—

930,868

—

930,868

Apparel,

Accessories

&

Luxury

Goods

.......

—

4,656,901

—

4,656,901

Auto

Parts

&

Equipment

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

—

1,502,939

—

1,502,939

Automobile

Manufacturers

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

1,247,048

909,903

—

2,156,951

Biotechnology

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

—

1,233,577

—

1,233,577

Brewers

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

—

2,664,384

—

2,664,384

Commodity

Chemicals

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

—

2,551,329

—

2,551,329

Construction

Machinery

&

Heavy

Trucks

.....

—

1,062,967

—

1,062,967

Construction

Materials

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

—

2,336,395

—

2,336,395

Distillers

&

Vintners

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

—

5,199,490

—

5,199,490

Diversified

Banks

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

—

5,538,772

—

5,538,772

Diversified

Metals

&

Mining

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

—

472,210

—

472,210

Electrical

Components

&

Equipment

........

—

4,160,934

—

4,160,934

Electronic

Components

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

—

1,975,196

—

1,975,196

Financial

Exchanges

&

Data

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

—

4,020,457

—

4,020,457

Health

Care

Facilities

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

—

983,828

—

983,828

Health

Care

Services

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

—

773,823

—

773,823

Interactive

Home

Entertainment

...........

—

4,182,255

—

4,182,255

Interactive

Media

&

Services

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

3,261,325

15,538,086

—

18,799,411

Internet

&

Direct

Marketing

Retail

..........

—

20,838,657

—

20,838,657

Internet

Services

&

Infrastructure

..........

988,853

—

—

988,853

Life

&

Health

Insurance

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

—

1,672,742

—

1,672,742

Life

Sciences

Tools

&

Services

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

—

5,802,423

—

5,802,423

Real

Estate

Development

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

—

954,682

—

954,682

Restaurants

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

520,348

—

—

520,348

Semiconductors

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

—

4,673,201

—

4,673,201

Specialty

Stores

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

—

2,787,256

—

2,787,256

Short

Term

Investments

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

4,347,528

—

—

4,347,528

Total

Investments

in

Securities

...........

$10,365,102

$97,747,410

a

$—

$108,112,512

a

Includes

foreign

securities

valued

at

$97,747,410,

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.

10.

Fair

Value

Measurements

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

12.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

Abbreviations

Selected

Portfolio

ADR

American

Depositary

Receipt

Templeton

China

World

Fund

Shareholder

Information

30

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Schedule

of

Investments

The

Fund

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund's

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

188

S

04/23

©

2023

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Templeton

China

World

Fund

Investment

Manager

Distributor

Shareholder

Services

Templeton

Asset

Management

Ltd.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial experts are Ann Torre Bates and David W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.

Principal Accountant Fees and Services. N/A

Item 5. Audit Committee

of Listed Registrants.

  N/A

Item 6. Schedule of Investments.

  N/A

Item 7

. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.   N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies.  N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.  N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

 Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)

 Changes in Internal Controls:

There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                                                     N/A

Item 13. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TEMPLETON CHINA WORLD FUND

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date 

April 26, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date 

April 26, 2023

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date 

April 26, 2023