Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TF-Q3PH

1

Schedules

of

Investments

(unaudited)

Templeton

Foreign

Fund

2

Templeton

International

Climate

Change

Fund

5

Templeton

World

Fund

7

Notes

to

Schedules

of

Investments

9

Templeton

Funds

Schedule

of

Investments

(unaudited),

May

31,

2022

Templeton

Foreign

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

98.6%

China

8.1%

a

Alibaba

Group

Holding

Ltd.

.........

Internet

&

Direct

Marketing

Retail

4,623,270

$

55,526,190

a,b

Baidu,

Inc.,

ADR

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

Interactive

Media

&

Services

148,719

20,872,712

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

A

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

Household

Durables

3,965,000

19,061,494

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

235,943

44,772,544

a

Prosus

NV

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

Internet

&

Direct

Marketing

Retail

885,050

45,758,716

Sinopec

Engineering

Group

Co.

Ltd.,

H

Construction

&

Engineering

21,005,880

10,721,463

a

Vipshop

Holdings

Ltd.,

ADR

........

Internet

&

Direct

Marketing

Retail

3,890,242

36,179,250

232,892,369

France

5.1%

Dassault

Aviation

SA

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

Aerospace

&

Defense

292,460

49,574,385

b

Faurecia

SE

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

Auto

Components

1,804,230

50,196,965

Valeo

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

Auto

Components

2,086,923

46,382,756

146,154,106

Germany

12.2%

Bayer

AG

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

Pharmaceuticals

1,240,357

88,749,255

Bayerische

Motoren

Werke

AG

......

Automobiles

516,427

44,868,669

Continental

AG

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

Auto

Components

589,969

45,331,431

c

Covestro

AG,

144A,

Reg

S

.........

Chemicals

710,935

32,589,445

E.ON

SE

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

Multi-Utilities

3,852,647

39,329,458

Fresenius

Medical

Care

AG

&

Co.

KGaA

Health

Care

Providers

&

Services

864,099

52,715,603

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

1,501,733

46,800,974

350,384,835

Hong

Kong

3.7%

AIA

Group

Ltd.

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

Insurance

6,154,253

63,758,791

Prudential

plc,

(GBP

Traded)

........

Insurance

2,588,841

33,759,467

b

Prudential

plc,

(HKD

Traded)

........

Insurance

589,500

7,703,492

105,221,750

India

2.0%

Housing

Development

Finance

Corp.

Ltd.

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

Thrifts

&

Mortgage

Finance

1,952,237

57,495,879

Ireland

1.1%

CRH

plc

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

Construction

Materials

771,449

31,841,425

Japan

12.7%

Elecom

Co.

Ltd.

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

Technology

Hardware,

Storage

&

Peripherals

1,078,000

12,664,411

Hitachi

Ltd.

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

Industrial

Conglomerates

1,941,279

100,734,054

Honda

Motor

Co.

Ltd.

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

Automobiles

2,116,405

52,702,956

Seria

Co.

Ltd.

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

Multiline

Retail

1,071,607

18,950,268

Sony

Group

Corp.

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

Household

Durables

328,794

30,839,800

Sumitomo

Metal

Mining

Co.

Ltd.

.....

Metals

&

Mining

1,252,643

52,380,347

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

1,531,623

46,977,795

Sundrug

Co.

Ltd.

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

Food

&

Staples

Retailing

1,809,559

39,175,221

Toyota

Industries

Corp.

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

Machinery

196,134

12,607,872

367,032,724

Netherlands

10.0%

EXOR

NV

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

Diversified

Financial

Services

486,673

35,948,014

ING

Groep

NV

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

Banks

4,353,748

49,232,985

SBM

Offshore

NV

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

Energy

Equipment

&

Services

4,209,864

68,227,310

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

4,535,447

134,145,552

287,553,861

Templeton

Funds

Schedule

of

Investments

(unaudited)

Templeton

Foreign

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Portugal

1.3%

Galp

Energia

SGPS

SA,

B

.........

Oil,

Gas

&

Consumable

Fuels

2,899,995

$

37,864,574

South

Korea

7.6%

KB

Financial

Group,

Inc.

...........

Banks

1,474,406

71,757,768

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

1,573,231

85,191,018

Shinhan

Financial

Group

Co.

Ltd.

....

Banks

1,801,271

62,441,940

219,390,726

Spain

0.4%

a,b

Tecnicas

Reunidas

SA

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

Energy

Equipment

&

Services

1,170,272

12,220,860

Switzerland

3.1%

Adecco

Group

AG

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

Professional

Services

1,440,403

56,140,009

Roche

Holding

AG

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

Pharmaceuticals

100,053

34,090,067

90,230,076

Taiwan

2.5%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

3,876,044

73,236,505

Thailand

1.4%

Kasikornbank

PCL

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

Banks

9,198,837

39,351,615

United

Kingdom

22.4%

AstraZeneca

plc

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

Pharmaceuticals

477,778

63,147,462

BAE

Systems

plc

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

Aerospace

&

Defense

5,657,248

53,961,846

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

24,763,872

134,586,419

CK

Hutchison

Holdings

Ltd.

.........

Industrial

Conglomerates

9,530,776

67,512,000

Imperial

Brands

plc

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

Tobacco

2,696,656

60,892,928

a

Informa

plc

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

Media

4,416,503

30,358,674

a,b

International

Consolidated

Airlines

Group

SA

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

Airlines

15,068,034

24,239,526

a,c

Just

Eat

Takeaway.com

NV,

144A,

Reg

S

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

Internet

&

Direct

Marketing

Retail

1,063,480

23,668,397

Lloyds

Banking

Group

plc

..........

Banks

101,127,790

57,485,606

a

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

32,577,845

35,582,408

Standard

Chartered

plc

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

Banks

11,842,395

94,138,083

645,573,349

United

States

5.0%

a

Array

Technologies,

Inc.

...........

Electrical

Equipment

3,698,250

40,976,610

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

18,004

40,393,054

a

DXC

Technology

Co.

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

IT

Services

1,778,180

62,627,500

143,997,164

Total

Common

Stocks

(Cost

$2,692,717,433)

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

2,840,441,818

Short

Term

Investments

2.8%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

2.1%

Canada

1.3%

National

Bank

of

Canada,

0.81%,

6/01/22

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

37,600,000

37,600,000

Templeton

Funds

Schedule

of

Investments

(unaudited)

Templeton

Foreign

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

See

Abbreviations

on

page

12.

Short

Term

Investments

(continued)

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

(continued)

France

0.8%

Credit

Agricole

Corporate

and

Investment

Bank

SA,

0.79%,

6/01/22

24,000,000

$

24,000,000

Total

Time

Deposits

(Cost

$61,600,000)

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

61,600,000

Shares

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.7%

Money

Market

Funds

0.7%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

.........

19,995,724

19,995,724

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$19,995,724)

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

19,995,724

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$81,595,724

)

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

81,595,724

a

a

a

Total

Investments

(Cost

$2,774,313,157)

101.4%

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

$2,922,037,542

Other

Assets,

less

Liabilities

(1.4)%

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

(39,894,869)

Net

Assets

100.0%

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

$2,882,142,673

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

May

31,

2022.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$56,257,842,

representing

2.0%

of

net

assets.

d

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Funds

Schedule

of

Investments

(unaudited),

May

31,

2022

Templeton

International

Climate

Change

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Industry

Shares

a

Value

a

Common

Stocks

98.5%

Denmark

6.4%

a

Orsted

A/S,

144A,

Reg

S

...........

Electric

Utilities

428

$

48,240

Vestas

Wind

Systems

A/S

..........

Electrical

Equipment

3,951

100,918

149,158

France

15.9%

Cie

de

Saint-Gobain

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

Building

Products

1,799

106,638

Danone

SA

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

Food

Products

1,386

81,553

Valeo

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

Auto

Components

4,348

96,636

b

Veolia

Environnement

SA

..........

Multi-Utilities

2,960

82,843

367,670

Germany

10.6%

E.ON

SE

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

Multi-Utilities

9,346

95,408

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

2,674

83,334

Siemens

AG

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

Industrial

Conglomerates

510

67,325

246,067

Hong

Kong

0.8%

b

Cadeler

A/S

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

Construction

&

Engineering

5,443

18,917

India

5.4%

b

Azure

Power

Global

Ltd.

...........

Independent

Power

and

Renewable

Electricity

Producers

4,300

63,898

Kaveri

Seed

Co.

Ltd.

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

Food

Products

3,124

23,144

NHPC

Ltd.

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

Independent

Power

and

Renewable

Electricity

Producers

90,016

38,926

125,968

Italy

6.5%

Danieli

&

C

Officine

Meccaniche

SpA

.

Machinery

1,563

26,660

Prysmian

SpA

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

Electrical

Equipment

3,873

125,100

151,760

Japan

10.3%

Honda

Motor

Co.

Ltd.

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

Automobiles

3,190

79,438

Sumitomo

Metal

Mining

Co.

Ltd.

.....

Metals

&

Mining

1,923

80,412

Toyota

Motor

Corp.

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

Automobiles

4,700

78,198

238,048

Netherlands

5.3%

ING

Groep

NV

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

Banks

10,926

123,553

Singapore

4.9%

STMicroelectronics

NV

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

Semiconductors

&

Semiconductor

Equipment

2,844

113,882

South

Korea

2.5%

Samsung

SDI

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

125

57,563

Spain

3.6%

Red

Electrica

Corp.

SA

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

Electric

Utilities

1,371

28,408

b

Soltec

Power

Holdings

SA

..........

Electrical

Equipment

11,567

54,008

82,416

Taiwan

4.5%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

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

Semiconductors

&

Semiconductor

Equipment

1,100

104,830

Templeton

Funds

Schedule

of

Investments

(unaudited)

Templeton

International

Climate

Change

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

See

Abbreviations

on

page

12

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

Kingdom

14.7%

AstraZeneca

plc

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

Pharmaceuticals

867

$

114,590

DS

Smith

plc

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

Containers

&

Packaging

5,463

21,108

SSE

plc

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

Electric

Utilities

3,280

73,256

Standard

Chartered

plc

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

Banks

16,499

131,155

340,109

United

States

7.1%

Schneider

Electric

SE

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

Electrical

Equipment

357

49,587

a

Signify

NV,

144A,

Reg

S

...........

Electrical

Equipment

2,868

114,362

163,949

Total

Common

Stocks

(Cost

$2,094,842)

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

2,283,890

Short

Term

Investments

2.6%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.6%

United

States

2.6%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

.........

61,106

61,106

Total

Money

Market

Funds

(Cost

$61,106)

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

61,106

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$61,106

)

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

61,106

a

a

a

Total

Investments

(Cost

$2,155,948)

101.1%

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

$2,344,996

Other

Assets,

less

Liabilities

(1.1)%

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

(25,208)

Net

Assets

100.0%

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

$2,319,788

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

May

31,

2022,

the

aggregate

value

of

these

securities

was

$162,602,

representing

7.0%

of

net

assets.

b

Non-income

producing.

c

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Funds

Schedule

of

Investments

(unaudited),

May

31,

2022

Templeton

World

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Industry

Shares

a

Value

a

Common

Stocks

98.4%

Belgium

2.3%

Anheuser-Busch

InBev

SA/NV

......

Beverages

1,021,190

$

57,567,807

China

3.1%

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

223,698

42,448,932

a

Prosus

NV

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

Internet

&

Direct

Marketing

Retail

682,315

35,276,943

77,725,875

France

3.8%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

Textiles,

Apparel

&

Luxury

Goods

87,430

56,449,728

Pernod

Ricard

SA

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

Beverages

198,916

39,066,443

95,516,171

Germany

6.6%

Deutsche

Boerse

AG

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

Capital

Markets

337,780

56,771,017

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

1,314,049

40,951,869

SAP

SE

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

Software

674,800

67,649,830

165,372,716

Hong

Kong

2.9%

AIA

Group

Ltd.

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

Insurance

6,988,604

72,402,766

Ireland

2.0%

a

ICON

plc

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

Life

Sciences

Tools

&

Services

230,940

51,682,063

Japan

4.0%

Hitachi

Ltd.

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

Industrial

Conglomerates

766,810

39,790,200

Sony

Group

Corp.

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

Household

Durables

457,870

42,946,706

Toyota

Industries

Corp.

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

Machinery

283,500

18,223,928

100,960,834

South

Korea

2.8%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

1,320,491

71,505,057

Switzerland

2.7%

Roche

Holding

AG

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

Pharmaceuticals

197,321

67,231,230

Taiwan

3.3%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

4,401,809

83,170,652

United

Kingdom

8.3%

AstraZeneca

plc

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

Pharmaceuticals

449,659

59,431,000

BAE

Systems

plc

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

Aerospace

&

Defense

2,085,698

19,894,499

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

8,255,226

44,865,412

a

Farfetch

Ltd.,

A

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

Internet

&

Direct

Marketing

Retail

1,985,870

17,813,254

a,b

Just

Eat

Takeaway.com

NV,

144A,

Reg

S

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

Internet

&

Direct

Marketing

Retail

1,764,332

39,266,287

a

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

24,488,285

26,746,770

208,017,222

United

States

56.6%

Albemarle

Corp.

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

Chemicals

130,475

33,978,299

a

Alphabet,

Inc.,

A

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

Interactive

Media

&

Services

41,290

93,944,660

a

Amazon.com,

Inc.

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

Internet

&

Direct

Marketing

Retail

52,466

126,138,233

American

Express

Co.

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

Consumer

Finance

237,301

40,061,155

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

36,295

81,430,010

Comcast

Corp.,

A

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

Media

1,526,109

67,576,106

Crown

Holdings,

Inc.

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

Containers

&

Packaging

117,770

12,299,899

a,c

Dollar

Tree,

Inc.

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

Multiline

Retail

253,674

40,671,552

DuPont

de

Nemours,

Inc.

..........

Chemicals

416,397

28,252,536

Templeton

Funds

Schedule

of

Investments

(unaudited)

Templeton

World

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

See

Abbreviations

on

page

12

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

States

(continued)

a

DXC

Technology

Co.

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

IT

Services

1,548,782

$

54,548,102

a

F5,

Inc.

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

Communications

Equipment

130,570

21,288,133

Freeport-McMoRan,

Inc.

...........

Metals

&

Mining

674,627

26,364,423

Keurig

Dr

Pepper,

Inc.

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

Beverages

1,733,160

60,209,978

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

708,813

70,987,622

a

Meta

Platforms,

Inc.,

A

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

Interactive

Media

&

Services

119,979

23,232,734

Microchip

Technology,

Inc.

.........

Semiconductors

&

Semiconductor

Equipment

895,398

65,050,665

Micron

Technology,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

682,436

50,391,074

Microsoft

Corp.

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

Software

356,101

96,813,179

a

Snap,

Inc.,

A

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

Interactive

Media

&

Services

1,100,319

15,525,501

a

T-Mobile

US,

Inc.

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

Wireless

Telecommunication

Services

702,861

93,684,343

a

Twilio,

Inc.,

A

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

IT

Services

210,860

22,176,146

a

Uber

Technologies,

Inc.

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

Road

&

Rail

816,380

18,940,016

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

&

Services

181,282

90,057,272

a

Walt

Disney

Co.

(The)

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

Entertainment

662,964

73,217,744

Westinghouse

Air

Brake

Technologies

Corp.

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

Machinery

686,858

64,880,607

Zimmer

Biomet

Holdings,

Inc.

.......

Health

Care

Equipment

&

Supplies

440,817

52,990,612

1,424,710,601

Total

Common

Stocks

(Cost

$2,487,717,693)

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

2,475,862,994

Short

Term

Investments

1.9%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

1.9%

France

1.9%

Credit

Agricole

Corporate

and

Investment

Bank

SA,

0.79%,

6/01/22

48,600,000

48,600,000

Total

Time

Deposits

(Cost

$48,600,000)

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

48,600,000

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$48,600,000

)

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

48,600,000

a

a

a

Total

Investments

(Cost

$2,536,317,693)

100.3%

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

$2,524,462,994

Other

Assets,

less

Liabilities

(0.3)%

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

(9,278,663)

Net

Assets

100.0%

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

$2,515,184,331

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

value

of

this

security

was

$39,266,287,

representing

1.6%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

May

31,

2022.

Templeton

Funds

9

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Templeton

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of three

separate

funds

(Funds)

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

May

31,

2022,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

Templeton

Funds

Notes

to

Schedules

of

Investments

(unaudited)

10

Quarterly

Schedules

of

Investments

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

3.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

May

31,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows: 

4. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• 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.)

    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,

0.437%

$—

$81,001,658

$(61,005,934)

$—

$—

$19,995,724

19,995,724

$5,839

Total

Affiliated

Securities

...

$—

$81,001,658

$(61,005,934)

$—

$—

$19,995,724

$5,839

Templeton

International

Climate

Change

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

$

158,272

$

428,685

$

(525,851)

$

—

$

—

$

61,106

61,106

$

19

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

$—

$174,280

$(174,280)

$—

$—

$—

—

$—

Total

Affiliated

Securities

...

$158,272

$602,965

$(700,131)

$—

$—

$61,106

$19

2. Financial

Instrument

Valuation

(continued)

Templeton

Funds

Notes

to

Schedules

of

Investments

(unaudited)

11

Quarterly

Schedules

of

Investments

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

May

31,

2022,

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

:

China

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

$

101,824,506

$

131,067,863

$

—

$

232,892,369

France

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

—

146,154,106

—

146,154,106

Germany

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

—

350,384,835

—

350,384,835

Hong

Kong

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

—

105,221,750

—

105,221,750

India

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

—

57,495,879

—

57,495,879

Ireland

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

—

31,841,425

—

31,841,425

Japan

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

—

367,032,724

—

367,032,724

Netherlands

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

—

287,553,861

—

287,553,861

Portugal

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

—

37,864,574

—

37,864,574

South

Korea

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

—

219,390,726

—

219,390,726

Spain

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

—

12,220,860

—

12,220,860

Switzerland

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

—

90,230,076

—

90,230,076

Taiwan

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

—

73,236,505

—

73,236,505

Thailand

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

—

39,351,615

—

39,351,615

United

Kingdom

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

—

645,573,349

—

645,573,349

United

States

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

143,997,164

—

—

143,997,164

Short

Term

Investments

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

19,995,724

61,600,000

—

81,595,724

Total

Investments

in

Securities

...........

$265,817,394

$2,656,220,148

a

$—

$2,922,037,542

Templeton

International

Climate

Change

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Denmark

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

—

149,158

—

149,158

France

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

—

367,670

—

367,670

Germany

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

—

246,067

—

246,067

Hong

Kong

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

—

18,917

—

18,917

India

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

63,898

62,070

—

125,968

Italy

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

—

151,760

—

151,760

Japan

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

—

238,048

—

238,048

Netherlands

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

—

123,553

—

123,553

Singapore

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

—

113,882

—

113,882

South

Korea

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

—

57,563

—

57,563

Spain

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

—

82,416

—

82,416

Taiwan

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

104,830

—

—

104,830

United

Kingdom

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

—

340,109

—

340,109

United

States

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

—

163,949

—

163,949

Short

Term

Investments

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

61,106

—

—

61,106

Total

Investments

in

Securities

...........

$229,834

$2,115,162

b

$—

$2,344,996

Templeton

World

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

—

57,567,807

—

57,567,807

China

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

42,448,932

35,276,943

—

77,725,875

4. Fair

Value

Measurements 

(continued)

Templeton

Funds

Notes

to

Schedules

of

Investments

(unaudited)

12

Quarterly

Schedules

of

Investments

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

World

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

France

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

$

—

$

95,516,171

$

—

$

95,516,171

Germany

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

—

165,372,716

—

165,372,716

Hong

Kong

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

—

72,402,766

—

72,402,766

Ireland

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

51,682,063

—

—

51,682,063

Japan

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

—

100,960,834

—

100,960,834

South

Korea

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

—

71,505,057

—

71,505,057

Switzerland

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

—

67,231,230

—

67,231,230

Taiwan

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

—

83,170,652

—

83,170,652

United

Kingdom

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

17,813,254

190,203,968

—

208,017,222

United

States

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

1,424,710,601

—

—

1,424,710,601

Short

Term

Investments

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

—

48,600,000

—

48,600,000

Total

Investments

in

Securities

...........

$1,536,654,850

$987,808,144

c

$—

$2,524,462,994

a

Includes

foreign

securities

valued

at

$2,594,620,148,

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

$2,115,162,

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

$939,208,144,

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

Cu

r

rency

GBP

British

Pound

HKD

Hong

Kong

Do

llar

4. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.