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: 2/29/24

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

Templeton

China

World

Fund

February

29,

2024

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

franklintempleton.com

Semiannual

Report

1

Contents

Fund

Overview

2

Performance

Summary

3

Your

Fund’s

Expenses

5

Financial

Highlights

and

Schedule

of

Investments

6

Financial

Statements

13

Notes

to

Financial

Statements

17

Shareholder

Information

26

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

franklintempleton.com

Semianual

Report

Templeton

China

World

Fund

This

semiannual

report

for

Templeton

China

World

Fund

covers

the

period

ended

February

29,

2024.

Fund

Overview

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

29,

2024,

the

Fund’s

Class

A

shares

posted

a

-17.18%

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

-9.75%

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

3

.

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

.

Thank

you

for

your

continued

participation

in

Templeton

China

World

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Nicholas

Chui,

CFA

Lead

Portfolio

Manager

Eric

Mok,

CFA

Portfolio

Manager

Geographic

Composition

2/29/24

%

of

Total

Net

Assets

China

96.3%

Hong

Kong

1.9%

Short-Term

Investments

&

Other

Net

Assets

1.8%

Top

10

Holdings

2/29/24

Company

Sub-Industry

%

of

Total

Net

Assets

a

a

Tencent

Holdings

Ltd.

13.7%

Interactive

Media

&

Services

Alibaba

Group

Holding

Ltd.

9.5%

Broadline

Retail

NetEase,

Inc.

5.4%

Interactive

Home

Entertainment

PDD

Holdings,

Inc.

4.8%

Broadline

Retail

China

Yangtze

Power

Co.

Ltd.

4.7%

Renewable

Electricity

Focus

Media

Information

Technology

Co.

Ltd.

4.1%

Advertising

China

Construction

Bank

Corp.

3.8%

Diversified

Banks

Meituan

Dianping

3.6%

Restaurants

Kweichow

Moutai

Co.

Ltd.

3.2%

Distillers

&

Vintners

ANTA

Sports

Products

Ltd.

2.7%

Apparel,

Accessories

&

Luxury

Goods

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

Return

(NR)

reflects

no

deduction

for

fees,

expenses

or

taxes

but

are

net

of

dividend

tax

withholding.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

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

10

.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

February

29,

2024

Templeton

China

World

Fund

3

franklintempleton.com

Semianual

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

2/29/24

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

-17.18%

-21.73%

1-Year

-26.55%

-30.59%

5-Year

-45.09%

-12.30%

10-Year

-26.63%

-3.60%

Advisor

6-Month

-17.11%

-17.11%

1-Year

-26.39%

-26.39%

5-Year

-44.44%

-11.09%

10-Year

-24.79%

-2.81%

See

page

4

for

Performance

Summary

footnotes.

Templeton

China

World

Fund

Performance

Summary

4

franklintempleton.com

Semianual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

The

government’s

participation

in

the

economy

is

still

high

and,

therefore,

investments

in

China

will

be

subject

to

larger

regulatory

risk

levels

compared

to

many

other

countries.

International

investments

are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

emerging

markets.

Small-

and

mid-cap

stocks

involve

greater

risks

and

volatility

than

large-cap

stocks.

The

portfolio

is

non-diversified

and

may

invest

in

a

relatively

small

number

of

issuers,

which

may

negatively

impact

the

Fund's

performance

and

result

in

greater

fluctuation

in

the

value

of

the

Fund's

shares.

The

managers’

environmental,

social

and

governance

(ESG)

strategies

may

limit

the

types

and

number

of

investments

available

and,

as

a

result,

may

forgo

favorable

market

opportunities

or

underperform

strategies

that

are

not

subject

to

such

criteria.

There

is

no

guarantee

that

the

strategy's

ESG

directives

will

be

successful

or

will

result

in

better

performance.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

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

12/31/24

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.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Distributions

(9/1/23–2/29/24)

Share

Class

Net

Investment

Income

A

$0.0062

C

$0.0000

R6

$0.0535

Advisor

$0.0315

Total

Annual

Operating

Expenses

5

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.74%

1.75%

Advisor

1.49%

1.50%

Your

Fund’s

Expenses

Templeton

China

World

Fund

5

franklintempleton.com

Semianual

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

182/366

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

9/1/23

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period

9/1/23–2/29/24

1,2

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period

9/1/23–2/29/24

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$828.20

$8.40

$1,015.67

$9.27

1.85%

C

$1,000

$824.30

$11.79

$1,011.94

$13.00

2.60%

R6

$1,000

$828.40

$6.44

$1,017.82

$7.11

1.42%

Advisor

$1,000

$828.90

$7.27

$1,016.92

$8.02

1.60%

Templeton

China

World

Fund

Financial

Highlights

franklintempleton.com

Semianual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

a

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

2022

2021

2020

2019

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.23

$10.04

$15.72

$20.71

$18.01

$22.42

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.03)

(0.05)

(0.14)

(0.19)

(0.07)

0.14

Net

realized

and

unrealized

gains

(losses)

(1.39)

(1.66)

(5.07)

(0.52)

5.95

(1.76)

Total

from

investment

operations

........

(1.42)

(1.71)

(5.21)

(0.71)

5.88

(1.62)

Less

distributions

from:

Net

investment

income

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

(0.01)

—

—

—

(0.13)

(0.30)

Net

realized

gains

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

—

(0.10)

(0.47)

(4.28)

(3.05)

(2.49)

Total

distributions

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

(0.01)

(0.10)

(0.47)

(4.28)

(3.18)

(2.79)

Net

asset

value,

end

of

period

..........

$6.80

$8.23

$10.04

$15.72

$20.71

$18.01

Total

return

c

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

(17.18)%

(17.15)%

(33.91)%

(5.79)%

36.80%

(6.46)%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

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

1.88%

1.74%

1.87%

1.73%

1.86%

1.87%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.85%

1.73%

1.85%

1.72%

1.85%

1.83%

Net

investment

income

(loss)

..........

(0.96)%

(0.54)%

(1.11)%

(0.98)%

(0.39)%

0.76%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$42,179

$56,739

$80,597

$146,131

$164,145

$146,709

Portfolio

turnover

rate

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

23.01%

30.20%

6.63%

27.52%

59.87%

5.69%

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

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

China

World

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semianual

Report

7

a

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

2022

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.96

$9.79

$15.46

$20.57

$17.91

$22.13

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.06)

(0.11)

(0.24)

(0.34)

(0.20)

(—)

c

Net

realized

and

unrealized

gains

(losses)

(1.34)

(1.62)

(4.96)

(0.49)

5.91

(1.72)

Total

from

investment

operations

........

(1.40)

(1.73)

(5.20)

(0.83)

5.71

(1.72)

Less

distributions

from:

Net

investment

income

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

—

—

—

—

—

(0.01)

Net

realized

gains

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

—

(0.10)

(0.47)

(4.28)

(3.05)

(2.49)

Total

distributions

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

—

(0.10)

(0.47)

(4.28)

(3.05)

(2.50)

Net

asset

value,

end

of

period

..........

$6.56

$7.96

$9.79

$15.46

$20.57

$17.91

Total

return

d

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

(17.57)%

(17.70)%

(34.43)%

(6.51)%

35.80%

(7.16)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

2.63%

2.49%

2.62%

2.47%

2.61%

2.62%

Expenses

net

of

waiver

and

payments

by

affiliates

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

2.60%

2.49%

f

2.60%

2.47%

f

2.60%

2.58%

Net

investment

income

(loss)

..........

(1.71)%

(1.29)%

(1.88)%

(1.76)%

(1.15)%

0.01%

g

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,405

$2,005

$2,953

$6,502

$12,376

$15,744

Portfolio

turnover

rate

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

23.01%

30.20%

6.63%

27.52%

59.87%

5.69%

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

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%.

g

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

Semianual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.42

$10.22

$15.94

$20.88

$18.14

$22.55

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.02)

(—)

c

(0.09)

(0.11)

0.01

0.26

Net

realized

and

unrealized

gains

(losses)

(1.42)

(1.70)

(5.16)

(0.55)

5.99

(1.81)

Total

from

investment

operations

........

(1.44)

(1.70)

(5.25)

(0.66)

6.00

(1.55)

Less

distributions

from:

Net

investment

income

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

(0.05)

—

—

—

(0.21)

(0.37)

Net

realized

gains

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

—

(0.10)

(0.47)

(4.28)

(3.05)

(2.49)

Total

distributions

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

(0.05)

(0.10)

(0.47)

(4.28)

(3.26)

(2.86)

Net

asset

value,

end

of

period

..........

$6.93

$8.42

$10.22

$15.94

$20.88

$18.14

Total

return

d

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

(17.16)%

(16.73)%

(33.62)%

(5.46)%

37.42%

(6.08)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.52%

1.41%

1.58%

1.46%

1.56%

1.57%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.42%

1.28%

1.44%

1.37%

1.42%

1.42%

Net

investment

income

(loss)

..........

(0.52)%

(0.05)%

(0.67)%

(0.59)%

0.05%

1.17%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,211

$1,736

$2,058

$3,148

$3,437

$3,395

Portfolio

turnover

rate

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

23.01%

30.20%

6.63%

27.52%

59.87%

5.69%

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

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semianual

Report

9

a

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

2022

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.41

$10.23

$15.97

$20.94

$18.18

$22.60

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.03)

(0.03)

(0.11)

(0.14)

(0.02)

0.20

Net

realized

and

unrealized

gains

(losses)

(1.42)

(1.69)

(5.16)

(0.55)

6.01

(1.79)

Total

from

investment

operations

........

(1.45)

(1.72)

(5.27)

(0.69)

5.99

(1.59)

Less

distributions

from:

Net

investment

income

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

(0.03)

—

—

—

(0.18)

(0.34)

Net

realized

gains

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

—

(0.10)

(0.47)

(4.28)

(3.05)

(2.49)

Total

distributions

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

(0.03)

(0.10)

(0.47)

(4.28)

(3.23)

(2.83)

Net

asset

value,

end

of

period

..........

$6.93

$8.41

$10.23

$15.97

$20.94

$18.18

Total

return

c

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

(17.11)%

(16.93)%

(33.75)%

(5.61)%

37.20%

(6.25)%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

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

1.63%

1.49%

1.62%

1.48%

1.61%

1.62%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.60%

1.48%

1.60%

1.47%

1.60%

1.58%

Net

investment

income

(loss)

..........

(0.71)%

(0.31)%

(0.86)%

(0.73)%

(0.12)%

1.01%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$17,906

$25,262

$34,106

$63,106

$74,741

$67,189

Portfolio

turnover

rate

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

23.01%

30.20%

6.63%

27.52%

59.87%

5.69%

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

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

China

World

Fund

Schedule

of

Investments

(unaudited),

February

29,

2024

franklintempleton.com

Semianual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

a

Country

Shares

a

Value

a

Common

Stocks

98.2%

Advertising

4.5%

Focus

Media

Information

Technology

Co.

Ltd.

,

A

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

China

2,949,427

$

2,577,841

a,b,c

Mobvista,

Inc.

,

144A

,

Reg

S

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

China

631,000

264,268

2,842,109

Air

Freight

&

Logistics

2.0%

SF

Holding

Co.

Ltd.

,

A

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

China

232,830

1,237,754

Apparel,

Accessories

&

Luxury

Goods

2.7%

ANTA

Sports

Products

Ltd.

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

China

173,644

1,692,876

Application

Software

0.9%

Hundsun

Technologies,

Inc.

,

A

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

China

172,973

586,367

Automobile

Manufacturers

0.8%

BYD

Co.

Ltd.

,

H

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

China

21,188

521,865

Automotive

Parts

&

Equipment

2.1%

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

A

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

China

193,000

1,161,777

b

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

H

,

144A

,

Reg

S

..........

China

25,000

125,312

1,287,089

Brewers

1.3%

China

Resources

Beer

Holdings

Co.

Ltd.

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

China

195,657

843,083

Broadline

Retail

14.3%

c

Alibaba

Group

Holding

Ltd.

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

China

649,755

5,973,679

a,c

PDD

Holdings,

Inc.

,

ADR

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

China

24,007

2,989,832

8,963,511

Commodity

Chemicals

0.8%

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.

,

A

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

China

178,643

512,683

Construction

Machinery

&

Heavy

Transportation

Equipment

1.2%

Weichai

Power

Co.

Ltd.

,

H

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

China

374,088

736,345

Distillers

&

Vintners

5.4%

Kweichow

Moutai

Co.

Ltd.

,

A

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

China

8,550

2,010,690

Wuliangye

Yibin

Co.

Ltd.

,

A

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

China

69,921

1,379,045

3,389,735

Distributors

1.9%

a,d

GigaCloud

Technology,

Inc.

,

A

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

Hong

Kong

31,531

1,180,836

a

Diversified

Banks

6.0%

China

Construction

Bank

Corp.

,

H

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

China

3,807,000

2,360,950

China

Merchants

Bank

Co.

Ltd.

,

H

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

China

370,731

1,433,633

3,794,583

Education

Services

1.6%

a,c

New

Oriental

Education

&

Technology

Group,

Inc.

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

China

45,000

422,926

a,c

New

Oriental

Education

&

Technology

Group,

Inc.

,

ADR

........

China

6,000

561,180

984,106

Electrical

Components

&

Equipment

0.9%

Contemporary

Amperex

Technology

Co.

Ltd.

,

A

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

China

8,678

196,759

GoodWe

Technologies

Co.

Ltd.

,

A

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

China

23,220

349,866

546,625

Templeton

China

World

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semianual

Report

11

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Electronic

Components

0.9%

WUS

Printed

Circuit

Kunshan

Co.

Ltd.

,

A

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

China

145,994

$

536,445

Health

Care

Equipment

1.6%

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

A

..........

China

25,000

1,002,075

Health

Care

Facilities

1.2%

Aier

Eye

Hospital

Group

Co.

Ltd.

,

A

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

China

359,177

730,035

Health

Care

Services

0.6%

a,b,c

New

Horizon

Health

Ltd.

,

144A

,

Reg

S

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

China

153,923

400,809

a

Heavy

Electrical

Equipment

2.5%

NARI

Technology

Co.

Ltd.

,

A

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

China

477,698

1,538,903

Hotels,

Resorts

&

Cruise

Lines

2.0%

a,c

Trip.com

Group

Ltd.

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

China

27,350

1,241,432

a

Integrated

Oil

&

Gas

1.8%

PetroChina

Co.

Ltd.

,

H

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

China

1,440,000

1,129,417

Interactive

Home

Entertainment

5.4%

c

NetEase,

Inc.

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

China

154,907

3,365,003

Interactive

Media

&

Services

16.4%

a,c

Baidu,

Inc.

,

A

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

China

131,674

1,666,135

c

Tencent

Holdings

Ltd.

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

China

245,161

8,588,201

10,254,336

Life

&

Health

Insurance

1.6%

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

H

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

China

233,003

1,036,210

Movies

&

Entertainment

0.5%

a,b,c

Maoyan

Entertainment

,

144A

,

Reg

S

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

China

292,190

322,188

a

Packaged

Foods

&

Meats

2.8%

b

China

Feihe

Ltd.

,

144A

,

Reg

S

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

China

1,040,000

517,290

a

China

Mengniu

Dairy

Co.

Ltd.

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

China

495,000

1,237,678

1,754,968

Pharmaceuticals

2.7%

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.

,

A

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

China

284,600

1,683,740

Property

&

Casualty

Insurance

1.4%

PICC

Property

&

Casualty

Co.

Ltd.

,

H

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

China

640,000

874,962

Renewable

Electricity

4.7%

China

Yangtze

Power

Co.

Ltd.

,

A

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

China

843,500

2,939,311

Restaurants

5.0%

a,b,c

Meituan

Dianping

,

B

,

144A

,

Reg

S

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

China

223,597

2,270,009

Yum

China

Holdings,

Inc.

,

(

HKD

Traded)

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

China

3,300

143,249

Yum

China

Holdings,

Inc.

,

(

USD

Traded)

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

China

17,360

744,570

3,157,828

Technology

Hardware,

Storage

&

Peripherals

0.7%

a,b,c

Xiaomi

Corp.

,

B

,

144A

,

Reg

S

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

China

280,000

470,522

a

Total

Common

Stocks

(Cost

$

62,974,084

)

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

61,557,751

Templeton

China

World

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semianual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

Short

Term

Investments

2.5%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.6%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.984

%

....

United

States

1,018,240

$

1,018,240

Total

Money

Market

Funds

(Cost

$

1,018,240

)

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

1,018,240

g

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.9%

Money

Market

Funds

0.9%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.984

%

....

United

States

547,834

547,834

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

547,834

)

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

547,834

Total

Short

Term

Investments

(Cost

$

1,566,074

)

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

1,566,074

a

Total

Investments

(Cost

$

64,540,158

)

100.7

%

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

$63,123,825

Other

Assets,

less

Liabilities

(

0.7

)

%

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

(422,703)

Net

Assets

100.0%

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

$62,701,122

See

Abbreviations

on

page

25

.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

February

29,

2024,

the

aggregate

value

of

these

securities

was

$4,370,398,

representing

7.0%

of

net

assets.

c

Variable

interest

entity

(VIE).

See

the

Fund’s

statement

of

additional

information

and/or

notes

to

financial

statements

regarding

investments

made

through

a

VIE

structure.

At

February

29,

2024,

the

aggregate

value

of

these

securities

was

$28,536,184,

representing

45.5%

of

net

assets.

d

A

portion

or

all

of

the

security

is

on

loan

at

February

29,

2024.

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(c)

regarding

securities

on

loan.

Templeton

China

World

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

February

29,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semianual

Report

13

Templeton

China

World

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$62,974,084

Cost

-

Non-controlled

affiliates

(Note

3

f

)

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

1,566,074

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$590,399)

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

$61,557,751

Value

-

Non-controlled

affiliates

(Note

3

f

)

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

1,566,074

Receivables:

Investment

securities

sold

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

2,033,414

Capital

shares

sold

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

168,454

Total

assets

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

65,325,693

Liabilities:

Payables:

Investment

securities

purchased

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

1,728,162

Capital

shares

redeemed

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

93,235

Management

fees

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

96,873

Distribution

fees

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

9,348

Transfer

agent

fees

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

43,791

Trustees'

fees

and

expenses

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

1,766

Payable

upon

return

of

securities

loaned

(Note

1

c

)

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

547,834

Accrued

expenses

and

other

liabilities

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

103,562

Total

liabilities

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

2,624,571

Net

assets,

at

value

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

$62,701,122

Net

assets

consist

of:

Paid-in

capital

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

$92,612,352

Total

distributable

earnings

(losses)

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

(29,911,230)

Net

assets,

at

value

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

$62,701,122

Templeton

China

World

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

February

29,

2024

(unaudited)

franklintempleton.com

Semianual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

Templeton

China

World

Fund

Class

A:

Net

assets,

at

value

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

$42,179,221

Shares

outstanding

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

6,201,736

Net

asset

value

per

share

a,b

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

$6.80

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

b

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

$7.20

Class

C:

Net

assets,

at

value

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

$1,405,251

Shares

outstanding

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

214,064

Net

asset

value

and

maximum

offering

price

per

share

a,b

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

$6.56

Class

R6:

Net

assets,

at

value

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

$1,210,731

Shares

outstanding

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

174,729

Net

asset

value

and

maximum

offering

price

per

share

b

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

$6.93

Advisor

Class:

Net

assets,

at

value

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

$17,905,919

Shares

outstanding

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

2,582,447

Net

asset

value

and

maximum

offering

price

per

share

b

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

$6.93

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Templeton

China

World

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

February

29,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semianual

Report

15

Templeton

China

World

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$14,795)

Unaffiliated

issuers

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

$296,900

Non-controlled

affiliates

(Note

3

f

)

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

13,456

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

630

Non-controlled

affiliates

(Note

3

f

)

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

4,942

Total

investment

income

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

315,928

Expenses:

Management

fees

(Note

3

a

)

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

392,511

Distribution

fees:

(Note

3c

)

    Class

A

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

59,202

    Class

C

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

8,128

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

57,511

Class

C

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

1,974

    Class

R6

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

1,017

    Advisor

Class

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

25,220

Custodian

fees

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

4,602

Reports

to

shareholders

fees

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

13,595

Registration

and

filing

fees

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

40,922

Professional

fees

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

32,758

Trustees'

fees

and

expenses

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

6,141

Other

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

5,181

Total

expenses

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

648,762

Expenses

waived/paid

by

affiliates

(Not

e

3f

and

3g)

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

(13,092)

Net

expenses

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

635,670

Net

investment

income

(loss)

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

(319,742)

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(8,407,095)

Foreign

currency

transactions

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

(5,170)

Net

realized

gain

(loss)

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

(8,412,265)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(5,535,063)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

21

Net

change

in

unrealized

appreciation

(depreciation)

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

(5,535,042)

Net

realized

and

unrealized

gain

(loss)

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

(13,947,307)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(14,267,049)

Templeton

China

World

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semianual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

Templeton

China

World

Fund

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

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

$(319,742)

$(488,193)

Net

realized

gain

(loss)

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

(8,412,265)

(18,820,455)

Net

change

in

unrealized

appreciation

(depreciation)

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

(5,535,042)

(1,227,883)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(14,267,049)

(20,536,531)

Distributions

to

shareholders:

Class

A

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

(39,847)

(750,683)

Class

C

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

—

(27,875)

Class

R6

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

(11,560)

(20,046)

Advisor

Class

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

(83,113)

(303,358)

Total

distributions

to

shareholders

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

(134,520)

(1,101,962)

Capital

share

transactions:

(Note

2

)

Class

A

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

(5,057,279)

(9,562,016)

Class

C

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

(270,923)

(404,918)

Class

R6

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

(203,943)

48,457

Advisor

Class

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

(3,107,896)

(2,413,523)

Total

capital

share

transactions

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

(8,640,041)

(12,332,000)

Net

increase

(decrease)

in

net

assets

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

(23,041,610)

(33,970,493)

Net

assets:

Beginning

of

period

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

85,742,732

119,713,225

End

of

period

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

$62,701,122

$85,742,732

Templeton

China

World

Fund

17

franklintempleton.com

Semianual

Report

Notes

to

Financial

Statements

(unaudited)

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

29,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

18

franklintempleton.com

Semianual

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

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. 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.

d.

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.

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

19

franklintempleton.com

Semianual

Report

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

29,

2024, 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.

e.

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.

f.

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.

g.

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.

2.

Shares

of

Beneficial

Interest

At

February

29,

2024,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

Six

Months

Ended

February

29,

2024

Year

Ended

August

31,

2023

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

357,256

$2,544,403

1,186,468

$11,223,227

Shares

issued

in

reinvestment

of

distributions

..........

5,633

38,642

79,750

729,707

Shares

redeemed

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

(1,057,105)

(7,640,324)

(2,401,241)

(21,514,950)

Net

increase

(decrease)

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

(694,216)

$(5,057,279)

(1,135,023)

$(9,562,016)

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Income

and

Deferred

Taxes

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

20

franklintempleton.com

Semianual

Report

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:

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:

For

the

period

ended

February

29,

2024,

the

annualized

gross

effective

investment

management

fee

rate

was 1.100%

of

the

Fund’s

average weekly

net

assets. 

Six

Months

Ended

February

29,

2024

Year

Ended

August

31,

2023

Shares

Amount

Shares

Amount

Class

C

Shares:

Shares

sold

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

15,259

$104,313

83,667

$746,144

Shares

issued

in

reinvestment

of

distributions

..........

—

—

3,109

27,669

Shares

redeemed

a

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

(52,965)

(375,236)

(136,670)

(1,178,731)

Net

increase

(decrease)

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

(37,706)

$(270,923)

(49,894)

$(404,918)

Class

R6

Shares:

Shares

sold

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

36,864

$284,175

57,369

$515,869

Shares

issued

in

reinvestment

of

distributions

..........

1,625

11,345

2,149

20,045

Shares

redeemed

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

(69,900)

(499,463)

(54,684)

(487,457)

Net

increase

(decrease)

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

(31,411)

$(203,943)

4,834

$48,457

Advisor

Class

Shares:

Shares

sold

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

144,743

$1,056,979

549,685

$5,392,911

Shares

issued

in

reinvestment

of

distributions

..........

10,406

72,734

28,923

269,855

Shares

redeemed

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

(577,371)

(4,237,609)

(909,062)

(8,076,289)

Net

increase

(decrease)

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

(422,222)

$(3,107,896)

(330,454)

$(2,413,523)

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

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

2.

Shares

of

Beneficial

Interest

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

21

franklintempleton.com

Semianual

Report

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

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rate,

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.

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,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. Effective

October

1,

2023,

the

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions.

Prior

to

October

1,

2023,

the

fees

were

based

on

an

annualized

asset

based

fee

of

0.016%

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

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

February

29,

2024,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$34,013

was

retained

by

Investor

Services.

Class

A

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

0.35%

Class

C

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

1.00%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$1,378

CDSC

retained

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

$56

3

.

Transactions

with

Affiliates

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

22

franklintempleton.com

Semianual

Report

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

29,

2024,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

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

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

1.60%

based

on

the

average

net

assets

of

each

class

until

December

31,

2024.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

December

31,

2024.

4.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2023,

the

capital

loss

carryforwards

were

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

China

World

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.984%

$378

$9,905,618

$(8,887,756)

$—

$—

$1,018,240

1,018,240

$13,456

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.984%

$—

$1,670,057

$(1,122,223)

$—

$—

$547,834

547,834

$4,942

Total

Affiliated

Securities

...

$378

$11,575,675

$(10,009,979)

$—

$—

$1,566,074

$18,398

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$1,035,999

Long

term

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

18,386,118

Total

capital

loss

carryforwards

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

$19,422,117

3

.

Transactions

with

Affiliates

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

23

franklintempleton.com

Semianual

Report

At

February

29,

2024,

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

29,

2024,

aggregated

$16,521,520 and

$27,251,090,

respectively. 

At

February

29,

2024,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received $547,834 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

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.

Certain

investments

in

Chinese

companies

are

made

through

a

special

structure

known

as

a

VIE.

In

a

VIE

structure,

foreign

investors,

such

as

the

Fund,

will

only

own

stock

in

a

shell

company

rather

than

directly

in

the

VIE,

which

must

be

owned

by

Chinese

nationals

(and/or

Chinese

companies)

to

obtain

the

licenses

and/or

assets

required

to

operate

in

a

restricted

or

prohibited

sector

in

China.

The

value

of

the

shell

company

is

derived

from

its

ability

to

consolidate

the

VIE

into

its

financials

pursuant

to

contractual

arrangements

that

allow

the

shell

company

to

exert

a

degree

of

control

over,

and

obtain

economic

benefits

arising

from,

the

VIE

without

formal

legal

ownership.

While

VIEs

are

a

longstanding

industry

practice

and

are

well

known

by

Chinese

officials

and

regulators,

the

structure

historically

has

not

been

formally

recognized

under

Chinese

law

and

it

is

uncertain

whether

Chinese

officials

or

regulators

will

withdraw

their

implicit

acceptance

of

the

structure.

It

is

also

uncertain

whether

the

contractual

arrangements,

which

may

be

subject

to

conflicts

of

interest

between

the

legal

owners

of

the

VIE

and

foreign

investors,

would

be

enforced

by

Chinese

courts

or

arbitration

bodies.

Prohibitions

of

these

structures

by

the

Chinese

government,

or

the

inability

to

enforce

such

contracts,

from

which

the

shell

company

derives

its

value,

would

likely

cause

the

VIE-structured

holding(s)

to

suffer

significant,

detrimental,

and

possibly

permanent

losses,

and

in

turn,

adversely

affect

the

Fund’s

returns

and

net

asset

value.

Cost

of

investments

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

$64,880,514

Unrealized

appreciation

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

$8,972,420

Unrealized

depreciation

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

(10,729,109)

Net

unrealized

appreciation

(depreciation)

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

$(1,756,689)

4.

Income

Taxes

(continued)

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

24

franklintempleton.com

Semianual

Report

7.

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

January

31,

2025.

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

29,

2024,

the Fund

did

not

use

the

Global

Credit

Facility.

8.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

February

29,

2024,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

China

World

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Advertising

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

$

—

$

2,842,109

$

—

$

2,842,109

Air

Freight

&

Logistics

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

—

1,237,754

—

1,237,754

Apparel,

Accessories

&

Luxury

Goods

.......

—

1,692,876

—

1,692,876

Application

Software

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

—

586,367

—

586,367

Automobile

Manufacturers

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

—

521,865

—

521,865

Automotive

Parts

&

Equipment

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

—

1,287,089

—

1,287,089

Brewers

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

—

843,083

—

843,083

Broadline

Retail

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

2,989,832

5,973,679

—

8,963,511

Commodity

Chemicals

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

—

512,683

—

512,683

Construction

Machinery

&

Heavy

Transportation

Equipment

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

—

736,345

—

736,345

Distillers

&

Vintners

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

—

3,389,735

—

3,389,735

Distributors

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

1,180,836

—

—

1,180,836

Diversified

Banks

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

—

3,794,583

—

3,794,583

Education

Services

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

561,180

422,926

—

984,106

Electrical

Components

&

Equipment

........

—

546,625

—

546,625

Electronic

Components

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

—

536,445

—

536,445

Health

Care

Equipment

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

—

1,002,075

—

1,002,075

Templeton

China

World

Fund

Notes

to

Financial

Statements

(unaudited)

25

franklintempleton.com

Semianual

Report

9.

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.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

China

World

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Health

Care

Facilities

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

$

—

$

730,035

$

—

$

730,035

Health

Care

Services

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

—

400,809

—

400,809

Heavy

Electrical

Equipment

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

—

1,538,903

—

1,538,903

Hotels,

Resorts

&

Cruise

Lines

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

—

1,241,432

—

1,241,432

Integrated

Oil

&

Gas

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

—

1,129,417

—

1,129,417

Interactive

Home

Entertainment

...........

—

3,365,003

—

3,365,003

Interactive

Media

&

Services

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

—

10,254,336

—

10,254,336

Life

&

Health

Insurance

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

—

1,036,210

—

1,036,210

Movies

&

Entertainment

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

—

322,188

—

322,188

Packaged

Foods

&

Meats

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

—

1,754,968

—

1,754,968

Pharmaceuticals

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

—

1,683,740

—

1,683,740

Property

&

Casualty

Insurance

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

—

874,962

—

874,962

Renewable

Electricity

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

2,939,311

—

—

2,939,311

Restaurants

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

744,570

2,413,258

—

3,157,828

Technology

Hardware,

Storage

&

Peripherals

.

—

470,522

—

470,522

Short

Term

Investments

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

1,566,074

—

—

1,566,074

Total

Investments

in

Securities

...........

$9,981,803

$53,142,022

a

$—

$63,123,825

a

Includes

foreign

securities

valued

at

$53,142,022,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Selected

Portfolio

ADR

American

Depositary

Receipt

8.

Fair

Value

Measurements

(continued)

Templeton

China

World

Fund

Shareholder

Information

26

franklintempleton.com

Semianual

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

04/24

©

2024

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

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. Recovery of Erroneously Awarded Compensation.

(a) N/A

(b) N/A

Item 14. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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 Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  April 29, 2024

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\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  April 29, 2024

By S\JEFFREY WHITE______________________

      Jeffrey White

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  April 29, 2024