Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TF-Q1PH

1

Statements

of

Investments

(unaudited)

Templeton

Foreign

Fund

2

Templeton

International

Climate

Change

Fund

5

Templeton

World

Fund

7

Notes

to

Statements

of

Investments

10

Templeton

Funds

Statement

of

Investments

(unaudited),

November

30,

2021

Templeton

Foreign

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

97.7%

Belgium

0.3%

a

Galapagos

NV

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

Biotechnology

204,890

$

9,917,798

a

Brazil

2.0%

Wheaton

Precious

Metals

Corp.

.....

Metals

&

Mining

1,449,919

60,620,391

Canada

1.0%

Cenovus

Energy,

Inc.

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

Oil,

Gas

&

Consumable

Fuels

2,577,606

30,583,476

China

6.5%

a

Alibaba

Group

Holding

Ltd.

.........

Internet

&

Direct

Marketing

Retail

3,672,870

58,650,678

a

Baidu,

Inc.,

ADR

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

Interactive

Media

&

Services

148,719

22,284,055

China

Overseas

Land

&

Investment

Ltd.

Real

Estate

Management

&

Development

11,716,250

26,936,714

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

A

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

Household

Durables

3,965,000

21,516,535

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

230,683

51,525,355

Sinopec

Engineering

Group

Co.

Ltd.,

H

Construction

&

Engineering

38,860,300

18,918,554

199,831,891

France

2.5%

Dassault

Aviation

SA

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

Aerospace

&

Defense

292,460

27,720,020

Valeo

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

Auto

Components

1,676,689

48,334,454

76,054,474

Germany

10.1%

Bayer

AG

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

Pharmaceuticals

1,364,167

68,811,246

Bayerische

Motoren

Werke

AG

......

Automobiles

507,607

48,660,128

a

Continental

AG

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

Auto

Components

380,409

40,690,007

b

Covestro

AG,

144A,

Reg

S

.........

Chemicals

693,025

39,090,357

E.ON

SE

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

Multi-Utilities

4,914,866

60,636,848

Fresenius

Medical

Care

AG

&

Co.

KGaA

Health

Care

Providers

&

Services

864,099

51,524,209

309,412,795

Hong

Kong

3.8%

AIA

Group

Ltd.

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

Insurance

5,316,653

55,974,032

CK

Asset

Holdings

Ltd.

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

Real

Estate

Management

&

Development

6,849,606

39,182,115

Swire

Pacific

Ltd.,

A

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

Real

Estate

Management

&

Development

3,599,862

19,876,443

115,032,590

India

2.3%

Housing

Development

Finance

Corp.

Ltd.

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

Thrifts

&

Mortgage

Finance

1,952,237

69,534,389

Japan

18.4%

Elecom

Co.

Ltd.

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

Technology

Hardware,

Storage

&

Peripherals

1,078,000

12,609,191

Hitachi

Ltd.

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

Industrial

Conglomerates

1,941,279

113,726,634

Honda

Motor

Co.

Ltd.

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

Automobiles

2,116,405

57,962,397

Isuzu

Motors

Ltd.

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

Automobiles

2,162,016

28,979,262

Komatsu

Ltd.

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

Machinery

1,265,997

28,643,273

Seria

Co.

Ltd.

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

Multiline

Retail

1,071,607

32,588,379

Sony

Group

Corp.

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

Household

Durables

328,794

40,119,305

Sumitomo

Metal

Mining

Co.

Ltd.

.....

Metals

&

Mining

1,589,983

58,773,313

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

1,531,623

49,835,638

Sundrug

Co.

Ltd.

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

Food

&

Staples

Retailing

1,809,559

47,783,385

Taisei

Corp.

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

Construction

&

Engineering

1,354,100

39,422,829

Takeda

Pharmaceutical

Co.

Ltd.

.....

Pharmaceuticals

1,477,680

39,535,815

Toyota

Industries

Corp.

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

Machinery

196,134

16,088,740

566,068,161

Templeton

Funds

Statement

of

Investments

(unaudited)

Templeton

Foreign

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Luxembourg

0.7%

ArcelorMittal

SA

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

Metals

&

Mining

816,226

$

22,160,740

Netherlands

7.3%

EXOR

NV

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

Diversified

Financial

Services

295,553

25,913,705

ING

Groep

NV

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

Banks

3,254,078

44,954,019

Royal

Dutch

Shell

plc,

B

...........

Oil,

Gas

&

Consumable

Fuels

4,535,447

95,055,324

SBM

Offshore

NV

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

Energy

Equipment

&

Services

4,209,864

59,375,554

225,298,602

Norway

0.6%

Equinor

ASA

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

Oil,

Gas

&

Consumable

Fuels

784,362

19,605,439

Portugal

0.5%

Galp

Energia

SGPS

SA,

B

.........

Oil,

Gas

&

Consumable

Fuels

1,492,245

14,005,118

South

Korea

6.5%

KB

Financial

Group,

Inc.

...........

Banks

1,474,406

65,779,394

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

1,421,831

85,676,044

Shinhan

Financial

Group

Co.

Ltd.

....

Banks

1,659,811

48,455,521

199,910,959

Spain

0.8%

a

Amadeus

IT

Group

SA

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

IT

Services

252,967

16,197,793

a,c

Tecnicas

Reunidas

SA

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

Energy

Equipment

&

Services

1,170,272

9,206,831

25,404,624

Switzerland

3.5%

Adecco

Group

AG

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

Professional

Services

1,227,413

56,882,457

Roche

Holding

AG

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

Pharmaceuticals

128,083

50,004,929

106,887,386

Taiwan

2.7%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

3,876,044

82,920,017

Thailand

1.0%

Kasikornbank

PCL

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

Banks

8,167,437

31,783,553

United

Kingdom

20.6%

AstraZeneca

plc

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

Pharmaceuticals

579,288

63,517,314

BAE

Systems

plc

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

Aerospace

&

Defense

6,645,848

48,406,147

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

23,710,950

102,887,024

CK

Hutchison

Holdings

Ltd.

.........

Industrial

Conglomerates

9,929,086

62,161,796

Imperial

Brands

plc

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

Tobacco

2,864,846

58,554,676

a

Informa

plc

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

Media

4,257,473

26,368,214

a

International

Consolidated

Airlines

Group

SA

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

Airlines

14,285,884

24,278,770

a,b

Just

Eat

Takeaway.com

NV,

144A,

Reg

S

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

Internet

&

Direct

Marketing

Retail

838,400

52,505,516

Lloyds

Banking

Group

plc

..........

Banks

81,763,200

50,776,121

Prudential

plc,

(HKD

Traded)

........

Insurance

589,500

9,875,284

Prudential

plc,

(GBP

Traded)

........

Insurance

2,460,491

41,565,494

a

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

18,189,955

29,677,456

Standard

Chartered

plc

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

Banks

11,516,175

63,381,979

633,955,791

United

States

6.6%

a

Array

Technologies,

Inc.

...........

Electrical

Equipment

1,532,520

27,608,348

a

Berkshire

Hathaway,

Inc.,

B

.........

Diversified

Financial

Services

175,413

48,535,023

Templeton

Funds

Statement

of

Investments

(unaudited)

Templeton

Foreign

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

4

See

Abbreviations

on

page

14.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

States

(continued)

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

21,824

$

45,870,774

a

DXC

Technology

Co.

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

IT

Services

1,750,410

52,494,796

H&R

Block,

Inc.

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

Diversified

Consumer

Services

1,199,837

28,412,140

202,921,081

Total

Common

Stocks

(Cost

$2,797,178,856)

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

3,001,909,275

Short

Term

Investments

3.6%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

3.6%

Canada

1.8%

National

Bank

of

Canada,

0.06%,

12/01/21

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

50,000,000

50,000,000

Royal

Bank

of

Canada,

0.05%,

12/01/21

4,400,000

4,400,000

54,400,000

France

1.8%

Credit

Agricole

Corporate

and

Investment

Bank

SA,

0.07%,

12/01/21

56,000,000

56,000,000

Total

Time

Deposits

(Cost

$110,400,000)

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

110,400,000

Industry

Shares

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Money

Market

Funds

0.0%

†

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

218,750

218,750

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$218,750)

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

218,750

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$110,618,750

)

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

110,618,750

a

a

a

Total

Investments

(Cost

$2,907,797,606)

101.3%

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

$3,112,528,025

Other

Assets,

less

Liabilities

(1.3)%

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

(39,261,777)

Net

Assets

100.0%

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

$3,073,266,248

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

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

November

30,

2021,

the

aggregate

value

of

these

securities

was

$91,595,873,

representing

3.0%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

November

30,

2021.

d

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Funds

Statement

of

Investments

(unaudited),

November

30,

2021

Templeton

International

Climate

Change

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Industry

Shares

a

Value

a

Common

Stocks

98.0%

Belgium

2.4%

Umicore

SA

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

Chemicals

1,313

$

64,210

Denmark

5.9%

a

Orsted

A/S,

144A,

Reg

S

...........

Electric

Utilities

439

56,451

Vestas

Wind

Systems

A/S

..........

Electrical

Equipment

3,068

103,022

159,473

France

18.5%

BNP

Paribas

SA

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

Banks

1,326

82,418

Cie

de

Saint-Gobain

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

Building

Products

1,646

104,414

Danone

SA

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

Food

Products

1,806

106,227

Valeo

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

Auto

Components

3,871

111,590

Veolia

Environnement

SA

..........

Multi-Utilities

3,050

97,820

502,469

Germany

12.6%

E.ON

SE

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

Multi-Utilities

10,970

135,342

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

2,754

124,529

Siemens

AG

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

Industrial

Conglomerates

524

83,541

343,412

Hong

Kong

0.8%

b

Cadeler

A/S

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

Construction

&

Engineering

5,608

21,369

b

India

7.7%

b

Azure

Power

Global

Ltd.

...........

Independent

Power

and

Renewable

Electricity

Producers

4,500

92,700

Kaveri

Seed

Co.

Ltd.

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

Food

Products

3,219

21,429

NHPC

Ltd.

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

Independent

Power

and

Renewable

Electricity

Producers

229,943

95,063

209,192

Italy

6.5%

Danieli

&

C

Officine

Meccaniche

SpA

.

Machinery

1,610

28,761

Prysmian

SpA

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

Electrical

Equipment

3,991

147,979

176,740

Japan

8.5%

Honda

Motor

Co.

Ltd.

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

Automobiles

2,400

65,729

Sumitomo

Metal

Mining

Co.

Ltd.

.....

Metals

&

Mining

2,300

85,019

Toyota

Motor

Corp.

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

Automobiles

4,500

79,834

230,582

Netherlands

8.1%

ING

Groep

NV

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

Banks

9,253

127,827

a

Signify

NV,

144A,

Reg

S

...........

Electrical

Equipment

2,045

93,368

221,195

South

Korea

2.8%

a

Samsung

Electronics

Co.

Ltd.,

GDR,

144A,

Reg

S

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

Technology

Hardware,

Storage

&

Peripherals

23

34,383

Samsung

SDI

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

71

41,182

75,565

Spain

6.4%

Red

Electrica

Corp.

SA

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

Electric

Utilities

1,412

30,016

Templeton

Funds

Statement

of

Investments

(unaudited)

Templeton

International

Climate

Change

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

See

Abbreviations

on

page

14

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Spain

(continued)

b

Siemens

Gamesa

Renewable

Energy

SA

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

Electrical

Equipment

2,062

$

55,050

b

Soltec

Power

Holdings

SA

..........

Electrical

Equipment

11,919

89,831

174,897

Switzerland

5.2%

STMicroelectronics

NV

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

Semiconductors

&

Semiconductor

Equipment

2,929

142,660

Taiwan

3.4%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

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

Semiconductors

&

Semiconductor

Equipment

800

93,720

United

Kingdom

6.8%

AstraZeneca

plc

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

Pharmaceuticals

756

82,893

DS

Smith

plc

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

Containers

&

Packaging

5,629

26,846

Standard

Chartered

plc

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

Banks

13,541

74,526

184,265

United

States

2.4%

Schneider

Electric

SE

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

Electrical

Equipment

366

64,961

Total

Common

Stocks

(Cost

$2,152,216)

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

2,664,710

Short

Term

Investments

4.2%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

4.2%

United

States

4.2%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

113,798

113,798

Total

Money

Market

Funds

(Cost

$113,798)

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

113,798

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$113,798

)

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

113,798

a

a

a

Total

Investments

(Cost

$2,266,014)

102.2%

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

$2,778,508

Other

Assets,

less

Liabilities

(2.2)%

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

(59,689)

Net

Assets

100.0%

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

$2,718,819

a

a

a

a

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

November

30,

2021,

the

aggregate

value

of

these

securities

was

$184,202,

representing

6.8%

of

net

assets.

b

Non-income

producing.

c

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Funds

Statement

of

Investments

(unaudited),

November

30,

2021

Templeton

World

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

7

a

a

Industry

Shares

a

Value

a

Common

Stocks

95.3%

Belgium

2.5%

Anheuser-Busch

InBev

SA/NV

......

Beverages

1,336,340

$

74,577,355

China

3.4%

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

189,738

42,379,880

a

Prosus

NV

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

Internet

&

Direct

Marketing

Retail

540,765

43,461,260

Yum

China

Holdings,

Inc.

..........

Hotels,

Restaurants

&

Leisure

283,730

14,214,873

100,056,013

France

2.5%

Danone

SA

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

Food

Products

676,291

39,778,562

Pernod

Ricard

SA

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

Beverages

154,236

35,394,016

75,172,578

Germany

6.7%

adidas

AG

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

Textiles,

Apparel

&

Luxury

Goods

88,633

25,636,485

a

Continental

AG

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

Auto

Components

298,629

31,942,504

E.ON

SE

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

Multi-Utilities

5,372,141

66,278,450

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

855,659

38,690,708

Siemens

AG

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

Industrial

Conglomerates

227,496

36,269,621

198,817,768

Hong

Kong

2.5%

AIA

Group

Ltd.

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

Insurance

6,988,604

73,576,429

Japan

9.4%

Fujitsu

Ltd.

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

IT

Services

252,180

41,684,977

Honda

Motor

Co.

Ltd.

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

Automobiles

1,206,355

33,038,680

Komatsu

Ltd.

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

Machinery

1,578,800

35,720,464

Makita

Corp.

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

Machinery

658,700

28,924,699

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

1,640,573

20,500,362

Nexon

Co.

Ltd.

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

Entertainment

1,248,723

24,792,714

Panasonic

Corp.

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

Household

Durables

3,699,103

40,333,156

Sony

Group

Corp.

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

Household

Durables

457,870

55,869,104

280,864,156

South

Korea

3.3%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

1,608,660

96,933,901

Switzerland

2.8%

Roche

Holding

AG

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

Pharmaceuticals

213,811

83,474,027

Taiwan

2.8%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

3,918,809

83,834,886

United

Kingdom

12.5%

AstraZeneca

plc

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

Pharmaceuticals

518,949

56,901,311

BAE

Systems

plc

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

Aerospace

&

Defense

4,693,668

34,187,117

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

8,707,866

37,785,345

Burberry

Group

plc

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

Textiles,

Apparel

&

Luxury

Goods

954,405

22,418,514

a

Compass

Group

plc

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

Hotels,

Restaurants

&

Leisure

1,808,196

35,278,010

a

InterContinental

Hotels

Group

plc

....

Hotels,

Restaurants

&

Leisure

469,811

27,918,547

a

International

Consolidated

Airlines

Group

SA

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

Airlines

5,893,168

10,015,402

a,b

Just

Eat

Takeaway.com

NV,

144A,

Reg

S

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

Internet

&

Direct

Marketing

Retail

924,439

57,893,782

a

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

19,190,798

31,310,361

Unilever

plc

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

Personal

Products

829,540

42,729,349

Templeton

Funds

Statement

of

Investments

(unaudited)

Templeton

World

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

8

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

Kingdom

(continued)

a

Whitbread

plc

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

Hotels,

Restaurants

&

Leisure

460,078

$

17,151,640

373,589,378

United

States

46.9%

Albemarle

Corp.

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

Chemicals

172,215

45,893,575

a

Alphabet,

Inc.,

A

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

Interactive

Media

&

Services

8,880

25,200,996

a

Amazon.com,

Inc.

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

Internet

&

Direct

Marketing

Retail

33,636

117,963,806

American

Express

Co.

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

Consumer

Finance

337,159

51,349,316

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

33,025

69,413,596

Comcast

Corp.,

A

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

Media

1,021,089

51,034,028

a

Dollar

Tree,

Inc.

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

Multiline

Retail

283,624

37,957,400

DuPont

de

Nemours,

Inc.

..........

Chemicals

453,917

33,571,701

a

DXC

Technology

Co.

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

IT

Services

1,460,902

43,812,451

Freeport-McMoRan,

Inc.

...........

Metals

&

Mining

682,407

25,303,652

Honeywell

International,

Inc.

........

Industrial

Conglomerates

129,728

26,236,191

Johnson

&

Johnson

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

Pharmaceuticals

300,811

46,905,459

a

Laboratory

Corp.

of

America

Holdings

.

Health

Care

Providers

&

Services

67,497

19,258,919

Lear

Corp.

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

Auto

Components

194,362

32,612,000

Marathon

Petroleum

Corp.

.........

Oil,

Gas

&

Consumable

Fuels

948,293

57,703,629

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

663,063

70,748,822

a

Meta

Platforms,

Inc.,

A

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

Interactive

Media

&

Services

170,049

55,174,098

Micron

Technology,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

424,826

35,685,384

a

Southwest

Airlines

Co.

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

Airlines

742,689

32,975,392

Starbucks

Corp.

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

Hotels,

Restaurants

&

Leisure

351,570

38,546,135

Sysco

Corp.

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

Food

&

Staples

Retailing

671,344

47,020,934

TJX

Cos.,

Inc.

(The)

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

Specialty

Retail

743,819

51,621,039

a

T-Mobile

US,

Inc.

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

Wireless

Telecommunication

Services

713,421

77,627,339

a

Uber

Technologies,

Inc.

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

Road

&

Rail

737,690

28,032,220

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

&

Services

193,782

86,081,840

a

Walt

Disney

Co.

(The)

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

Entertainment

516,464

74,835,634

Westinghouse

Air

Brake

Technologies

Corp.

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

Machinery

700,578

62,190,309

Zimmer

Biomet

Holdings,

Inc.

.......

Health

Care

Equipment

&

Supplies

440,817

52,721,713

1,397,477,578

Total

Common

Stocks

(Cost

$2,405,631,687)

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

2,838,374,069

Short

Term

Investments

5.0%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

5.0%

Canada

5.0%

National

Bank

of

Canada,

0.06%,

12/01/21

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

95,000,000

95,000,000

Royal

Bank

of

Canada,

0.05%,

12/01/21

53,100,000

53,100,000

148,100,000

Total

Time

Deposits

(Cost

$148,100,000)

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

148,100,000

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$148,100,000

)

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

148,100,000

a

a

a

Total

Investments

(Cost

$2,553,731,687)

100.3%

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

$2,986,474,069

Other

Assets,

less

Liabilities

(0.3)%

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

(7,834,296)

Net

Assets

100.0%

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

$2,978,639,773

a

a

a

Templeton

Funds

Statement

of

Investments

(unaudited)

Templeton

World

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

9

See

Abbreviations

on

page

14

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

value

of

this

security

was

$57,893,782,

representing

1.9%

of

net

assets.

Templeton

Funds

Notes

to

Statements

of

Investments

(unaudited)

10

1.

Organization

Templeton

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of three

separate

funds

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Funds’

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

time

deposits

are

valued

at

cost,

which

approximates

fair

value. 

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Funds’

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds’ net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Funds.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds’

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

November

30,

2021,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

Templeton

Funds

Notes

to

Statements

of

Investments

(unaudited)

11

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

3.

Derivative

Financial

Instruments

Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

Certain

or

all

Funds

attempt

to

reduce

their

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Funds include

failure

of

the

Funds

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Funds

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement. 

Collateral

requirements

differ

by

type

of

derivative.

Collateral

terms

are

contract

specific

for

OTC

derivatives.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund,

if

any,

is

held

in

segregated

accounts

with

the

Fund’s

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Funds’ investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Certain

or

all

Funds

entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency

for

a

specific

exchange

rate

on

a

future

date.

The

Funds

did

not

hold

any

forward

exchange

contracts

at

period

end.

The

following

Funds

have

invested

in

derivatives

during

the

period.

Templeton

World

Fund

-

Forwards

2. Financial

Instrument

Valuation

(continued)

Templeton

Funds

Notes

to

Statements

of

Investments

(unaudited)

12

4.

Concentration

of

Risk 

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

5.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

6.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

November

30,

2021,

investments

in

affiliated

management

investment

companies

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

Foreign

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$1,390,420

$(1,171,670)

$

—

$

—

$218,750

218,750

$5

Total

Affiliated

Securities

...

$—

$1,390,420

$(1,171,670)

$—

$—

$218,750

$5

Templeton

International

Climate

Change

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$158,272

$122,053

$(166,527)

$—

$—

$113,798

113,798

$4

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$98,280

$(98,280)

—

—

$—

—

$—

Total

Affiliated

Securities

...

$158,272

$220,333

$(264,807)

$—

$—

$113,798

$4

Templeton

Funds

Notes

to

Statements

of

Investments

(unaudited)

13

7. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

November

30,

2021,

in

valuing

the

Funds’

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Templeton

Foreign

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

$

—

$

9,917,798

$

—

$

9,917,798

Brazil

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

60,620,391

—

—

60,620,391

Canada

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

30,583,476

—

—

30,583,476

China

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

73,809,410

126,022,481

—

199,831,891

France

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

—

76,054,474

—

76,054,474

Germany

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

—

309,412,795

—

309,412,795

Hong

Kong

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

—

115,032,590

—

115,032,590

India

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

—

69,534,389

—

69,534,389

Japan

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

—

566,068,161

—

566,068,161

Luxembourg

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

—

22,160,740

—

22,160,740

Netherlands

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

—

225,298,602

—

225,298,602

Norway

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

—

19,605,439

—

19,605,439

Portugal

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

—

14,005,118

—

14,005,118

South

Korea

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

—

199,910,959

—

199,910,959

Spain

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

—

25,404,624

—

25,404,624

Switzerland

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

—

106,887,386

—

106,887,386

Taiwan

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

—

82,920,017

—

82,920,017

Thailand

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

—

31,783,553

—

31,783,553

United

Kingdom

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

—

633,955,791

—

633,955,791

United

States

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

202,921,081

—

—

202,921,081

Short

Term

Investments

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

218,750

110,400,000

—

110,618,750

Total

Investments

in

Securities

...........

$368,153,108

$2,744,374,917

a

$—

$3,112,528,025

Templeton

International

Climate

Change

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

—

64,210

—

64,210

Denmark

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

—

159,473

—

159,473

France

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

—

502,469

—

502,469

Germany

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

—

343,412

—

343,412

Hong

Kong

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

—

21,369

—

21,369

India

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

92,700

116,492

—

209,192

Italy

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

—

176,740

—

176,740

Templeton

Funds

Notes

to

Statements

of

Investments

(unaudited)

14

7.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Statements of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

International

Climate

Change

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

Japan

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

$

—

$

230,582

$

—

$

230,582

Netherlands

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

—

221,195

—

221,195

South

Korea

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

—

75,565

—

75,565

Spain

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

89,831

85,066

—

174,897

Switzerland

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

—

142,660

—

142,660

Taiwan

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

93,720

—

—

93,720

United

Kingdom

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

—

184,265

—

184,265

United

States

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

—

64,961

—

64,961

Short

Term

Investments

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

113,798

—

—

113,798

Total

Investments

in

Securities

...........

$390,049

$2,388,459

b

$—

$2,778,508

Templeton

World

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

—

74,577,355

—

74,577,355

China

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

56,594,753

43,461,260

—

100,056,013

France

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

—

75,172,578

—

75,172,578

Germany

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

—

198,817,768

—

198,817,768

Hong

Kong

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

—

73,576,429

—

73,576,429

Japan

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

—

280,864,156

—

280,864,156

South

Korea

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

—

96,933,901

—

96,933,901

Switzerland

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

—

83,474,027

—

83,474,027

Taiwan

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

—

83,834,886

—

83,834,886

United

Kingdom

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

42,729,349

330,860,029

—

373,589,378

United

States

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

1,397,477,578

—

—

1,397,477,578

Short

Term

Investments

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

—

148,100,000

—

148,100,000

Total

Investments

in

Securities

...........

$1,496,801,680

$1,489,672,389

c

$—

$2,986,474,069

a

Includes

foreign

securities

valued

at

$2,633,974,917,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

b

Includes

foreign

securities

valued

at

$2,388,459,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$1,341,572,389,

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

GDR

Global

Depositary

Receipt

7. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.