NPORT-EX 2 TF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
TF-Q1PH
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),
November
30,
2022
Templeton
Foreign
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
98.0%
China
9.2%
a
Alibaba
Group
Holding
Ltd.
.........
Internet
&
Direct
Marketing
Retail
5,139,270
$
55,932,585
a
Baidu,
Inc.,
ADR
.................
Interactive
Media
&
Services
148,719
16,150,884
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
A
...........................
Household
Durables
3,965,000
18,146,207
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
235,943
41,488,217
Prosus
NV
.....................
Internet
&
Direct
Marketing
Retail
918,020
60,085,647
a
Vipshop
Holdings
Ltd.,
ADR
........
Internet
&
Direct
Marketing
Retail
4,410,432
49,176,317
240,979,857
France
5.4%
Dassault
Aviation
SA
..............
Aerospace
&
Defense
283,450
45,065,134
a
Faurecia
SE
....................
Auto
Components
3,236,219
53,925,988
Valeo
.........................
Auto
Components
2,229,213
41,682,260
140,673,382
Germany
13.5%
Bayer
AG
......................
Pharmaceuticals
1,161,127
67,401,166
Bayerische
Motoren
Werke
AG
......
Automobiles
795,297
72,225,826
Continental
AG
..................
Auto
Components
792,369
47,963,581
b
Covestro
AG,
144A,
Reg
S
.........
Chemicals
893,845
35,928,945
E.ON
SE
.......................
Multi-Utilities
3,713,367
35,608,944
Fresenius
Medical
Care
AG
&
Co.
KGaA
Health
Care
Providers
&
Services
906,459
28,356,539
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
1,918,603
64,459,124
351,944,125
Hong
Kong
3.6%
AIA
Group
Ltd.
..................
Insurance
5,643,433
57,307,958
Prudential
plc,
(GBP
Traded)
........
Insurance
2,588,841
30,805,739
Prudential
plc,
(HKD
Traded)
........
Insurance
589,500
6,930,805
95,044,502
India
2.5%
Housing
Development
Finance
Corp.
Ltd.
.........................
Diversified
Financial
Services
1,952,237
64,941,998
Ireland
1.5%
CRH
plc
.......................
Construction
Materials
952,189
38,286,792
Japan
11.8%
Elecom
Co.
Ltd.
.................
Technology
Hardware,
Storage
&
Peripherals
1,078,000
11,513,023
Hitachi
Ltd.
.....................
Industrial
Conglomerates
1,214,749
64,966,479
Honda
Motor
Co.
Ltd.
.............
Automobiles
2,116,405
51,582,050
Seria
Co.
Ltd.
...................
Multiline
Retail
1,071,607
19,670,593
Sony
Group
Corp.
................
Household
Durables
328,794
27,238,338
Sumitomo
Metal
Mining
Co.
Ltd.
.....
Metals
&
Mining
1,252,643
42,251,483
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
1,531,623
51,986,307
Sundrug
Co.
Ltd.
.................
Food
&
Staples
Retailing
1,441,809
38,484,217
307,692,490
Netherlands
10.8%
a
EXOR
NV
......................
Diversified
Financial
Services
486,673
38,211,178
ING
Groep
NV
..................
Banks
4,353,748
52,807,288
SBM
Offshore
NV
................
Energy
Equipment
&
Services
3,946,124
63,240,435
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
4,317,057
126,389,263
280,648,164
Portugal
1.4%
Galp
Energia
SGPS
SA,
B
.........
Oil,
Gas
&
Consumable
Fuels
2,899,995
35,739,675
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)
South
Korea
7.7%
KB
Financial
Group,
Inc.
...........
Banks
1,474,406
$
59,193,659
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
1,809,841
87,923,970
Shinhan
Financial
Group
Co.
Ltd.
....
Banks
1,801,271
52,797,349
199,914,978
Spain
0.5%
a,c
Tecnicas
Reunidas
SA
............
Energy
Equipment
&
Services
1,482,522
14,093,439
Switzerland
2.0%
Adecco
Group
AG
................
Professional
Services
1,517,003
51,570,246
Taiwan
2.4%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
3,876,044
62,492,356
Thailand
1.4%
Kasikornbank
PCL
...............
Banks
9,198,837
38,045,017
United
Kingdom
20.7%
AstraZeneca
plc
.................
Pharmaceuticals
293,868
39,787,136
BAE
Systems
plc
................
Aerospace
&
Defense
2,268,258
22,472,607
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
22,679,202
135,484,719
CK
Hutchison
Holdings
Ltd.
.........
Industrial
Conglomerates
7,143,676
41,528,600
Imperial
Brands
plc
...............
Tobacco
2,340,066
60,211,460
Informa
plc
.....................
Media
3,141,433
23,567,333
a,b
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...........................
Internet
&
Direct
Marketing
Retail
1,063,480
24,643,636
Lloyds
Banking
Group
plc
..........
Banks
101,127,790
57,726,451
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
35,196,895
39,014,442
a,c
S4
Capital
plc
...................
Media
9,188,850
21,224,149
Standard
Chartered
plc
............
Banks
10,106,915
75,314,901
540,975,434
United
States
3.6%
a
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
6,334
13,171,236
a
DXC
Technology
Co.
..............
IT
Services
1,832,600
54,373,242
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
652,760
25,979,848
93,524,326
Total
Common
Stocks
(Cost
$2,526,217,365)
....................................
2,556,566,781
Short
Term
Investments
2.2%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
2.0%
Canada
2.0%
Royal
Bank
of
Canada,
3.8%,
12/01/22
51,100,000
51,100,000
Total
Time
Deposits
(Cost
$51,100,000)
........................................
51,100,000
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
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Money
Market
Funds
0.2%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.446%
.........
5,867,307
$
5,867,307
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$5,867,307)
.................................................................
5,867,307
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$56,967,307
)
................................
56,967,307
a
a
a
Total
Investments
(Cost
$2,583,184,672)
100.2%
................................
$2,613,534,088
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(4,927,902)
Net
Assets
100.0%
...........................................................
$2,608,606,186
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
November
30,
2022,
the
aggregate
value
of
these
securities
was
$60,572,581,
representing
2.3%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
November
30,
2022.
d
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Funds
Schedule
of
Investments
(unaudited),
November
30,
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
94.7%
Chile
1.1%
Antofagasta
plc
..................
Metals
&
Mining
1,451
$
25,115
Denmark
4.7%
Vestas
Wind
Systems
A/S
..........
Electrical
Equipment
4,252
110,497
France
11.3%
Cie
de
Saint-Gobain
..............
Building
Products
2,016
92,979
Valeo
.........................
Auto
Components
4,644
86,835
Veolia
Environnement
SA
..........
Multi-Utilities
3,188
82,527
262,341
Germany
10.4%
Bayerische
Motoren
Werke
AG
......
Automobiles
531
48,223
E.ON
SE
.......................
Multi-Utilities
10,078
96,642
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
2,876
96,625
241,490
Hong
Kong
0.9%
a
Cadeler
A/S
....................
Construction
&
Engineering
5,443
20,656
India
2.8%
Kaveri
Seed
Co.
Ltd.
..............
Food
Products
3,124
19,625
NHPC
Ltd.
.....................
Independent
Power
and
Renewable
Electricity
Producers
90,016
46,753
66,378
Ireland
4.0%
Smurfit
Kappa
Group
plc
...........
Containers
&
Packaging
2,577
93,636
Italy
6.2%
Danieli
&
C
Officine
Meccaniche
SpA
.
Machinery
1,563
24,419
Prysmian
SpA
...................
Electrical
Equipment
3,436
121,111
145,530
Japan
10.2%
Honda
Motor
Co.
Ltd.
.............
Automobiles
3,465
84,451
Sumitomo
Metal
Mining
Co.
Ltd.
.....
Metals
&
Mining
2,242
75,622
Toyota
Motor
Corp.
...............
Automobiles
5,200
76,556
236,629
Netherlands
5.2%
ING
Groep
NV
..................
Banks
9,919
120,309
Norway
3.8%
Norsk
Hydro
ASA
................
Metals
&
Mining
11,604
87,392
Singapore
5.0%
STMicroelectronics
NV
............
Semiconductors
&
Semiconductor
Equipment
3,033
117,421
South
Korea
3.1%
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
125
71,348
Spain
3.5%
Red
Electrica
Corp.
SA
............
Electric
Utilities
1,371
24,009
a
Soltec
Power
Holdings
SA
..........
Electrical
Equipment
11,567
58,059
82,068
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)
Taiwan
4.3%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
..................
Semiconductors
&
Semiconductor
Equipment
1,200
$
99,576
United
Kingdom
10.7%
AstraZeneca
plc
.................
Pharmaceuticals
511
69,185
SSE
plc
.......................
Electric
Utilities
3,511
72,847
Standard
Chartered
plc
............
Banks
14,335
106,822
248,854
United
States
7.5%
Schneider
Electric
SE
.............
Electrical
Equipment
475
70,159
b
Signify
NV,
144A,
Reg
S
...........
Electrical
Equipment
3,085
105,387
175,546
Total
Common
Stocks
(Cost
$2,069,698)
.......................................
2,204,786
Short
Term
Investments
6.6%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
6.6%
United
States
6.6%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.446%
.........
153,153
153,153
Total
Money
Market
Funds
(Cost
$153,153)
.....................................
153,153
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$153,153
)
..................................
153,153
a
a
a
Total
Investments
(Cost
$2,222,851)
101.3%
....................................
$2,357,939
Other
Assets,
less
Liabilities
(1.3)%
...........................................
(29,867)
Net
Assets
100.0%
...........................................................
$2,328,072
a
a
a
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,
2022,
the
value
of
this
security
was
$105,387,
representing
4.5%
of
net
assets.
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),
November
30,
2022
Templeton
World
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Industry
Shares
a
Value
a
Common
Stocks
98.7%
Belgium
2.2%
Anheuser-Busch
InBev
SA/NV
......
Beverages
840,040
$
49,551,196
China
1.9%
Prosus
NV
.....................
Internet
&
Direct
Marketing
Retail
682,315
44,658,437
France
4.5%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
Textiles,
Apparel
&
Luxury
Goods
87,430
67,861,236
Pernod
Ricard
SA
................
Beverages
184,436
36,596,520
104,457,756
Germany
8.2%
Deutsche
Boerse
AG
..............
Capital
Markets
353,360
64,951,014
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
1,314,049
44,147,980
SAP
SE
.......................
Software
726,420
80,616,622
189,715,616
Hong
Kong
3.1%
AIA
Group
Ltd.
..................
Insurance
6,988,604
70,967,906
Japan
4.8%
Hitachi
Ltd.
.....................
Industrial
Conglomerates
766,810
41,010,074
Tokyo
Electron
Ltd.
...............
Semiconductors
&
Semiconductor
Equipment
157,250
53,368,104
Toyota
Industries
Corp.
............
Machinery
283,500
16,264,208
110,642,386
Taiwan
3.5%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
4,931,409
79,507,706
United
Kingdom
8.0%
AstraZeneca
plc
.................
Pharmaceuticals
330,039
44,684,370
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
5,822,734
34,784,799
a,b
Farfetch
Ltd.,
A
..................
Internet
&
Direct
Marketing
Retail
1,687,543
14,344,116
a,c
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...........................
Internet
&
Direct
Marketing
Retail
1,888,182
43,754,155
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
25,643,085
28,424,401
a,b
S4
Capital
plc
...................
Media
7,642,420
17,652,248
183,644,089
United
States
62.5%
a
Alphabet,
Inc.,
A
.................
Interactive
Media
&
Services
1,063,610
107,413,974
a
Amazon.com,
Inc.
................
Internet
&
Direct
Marketing
Retail
1,143,680
110,410,867
American
Express
Co.
............
Consumer
Finance
140,651
22,165,191
Applied
Materials,
Inc.
.............
Semiconductors
&
Semiconductor
Equipment
509,280
55,817,088
a
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
15,359
31,938,273
Comcast
Corp.,
A
................
Media
1,590,019
58,258,296
a
DXC
Technology
Co.
..............
IT
Services
1,639,312
48,638,387
a
F5,
Inc.
........................
Communications
Equipment
141,680
21,905,145
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
674,627
26,850,155
HCA
Healthcare,
Inc.
..............
Health
Care
Providers
&
Services
140,550
33,762,921
a
ICON
plc
.......................
Life
Sciences
Tools
&
Services
260,680
56,160,899
Keurig
Dr
Pepper,
Inc.
.............
Beverages
1,331,082
51,472,941
a
Meta
Platforms,
Inc.,
A
............
Interactive
Media
&
Services
270,819
31,983,724
Microchip
Technology,
Inc.
.........
Semiconductors
&
Semiconductor
Equipment
895,398
70,906,568
Micron
Technology,
Inc.
............
Semiconductors
&
Semiconductor
Equipment
722,356
41,643,823
Microsoft
Corp.
..................
Software
449,341
114,644,863
Roche
Holding
AG
...............
Pharmaceuticals
176,551
57,662,728
a
Salesforce,
Inc.
..................
Software
424,440
68,016,510
Schneider
Electric
SE
.............
Electrical
Equipment
280,040
41,362,644
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
T-Mobile
US,
Inc.
................
Wireless
Telecommunication
Services
623,929
$
94,500,286
a
Uber
Technologies,
Inc.
............
Road
&
Rail
816,380
23,789,313
UnitedHealth
Group,
Inc.
...........
Health
Care
Providers
&
Services
151,042
82,734,766
a
Walt
Disney
Co.
(The)
.............
Entertainment
662,964
64,884,287
Westinghouse
Air
Brake
Technologies
Corp.
........................
Machinery
686,858
69,434,475
Zimmer
Biomet
Holdings,
Inc.
.......
Health
Care
Equipment
&
Supplies
440,817
52,942,122
1,439,300,246
Total
Common
Stocks
(Cost
$2,366,617,708)
....................................
2,272,445,338
Short
Term
Investments
1.8%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
1.8%
Canada
1.8%
Royal
Bank
of
Canada,
3.8%,
12/01/22
42,100,000
42,100,000
Total
Time
Deposits
(Cost
$42,100,000)
........................................
42,100,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$42,100,000
)
................................
42,100,000
a
a
a
Total
Investments
(Cost
$2,408,717,708)
100.5%
................................
$2,314,545,338
Other
Assets,
less
Liabilities
(0.5)%
...........................................
(13,294,497)
Net
Assets
100.0%
...........................................................
$2,301,250,841
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
November
30,
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
November
30,
2022,
the
value
of
this
security
was
$43,754,155,
representing
1.9%
of
net
assets.
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
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
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. 
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,
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
November
30,
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:
    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,
3.446%
$23,064,789
$15,495,358
$(32,692,840)
$—
$—
$5,867,307
5,867,307
$127,325
Total
Affiliated
Securities
...
$23,064,789
$15,495,358
$(32,692,840)
$—
$—
$5,867,307
$127,325
Templeton
International
Climate
Change
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.446%
$
81,707
$
328,153
$
(256,707)
$
—
$
—
$
153,153
153,153
$
786
Total
Affiliated
Securities
...
$81,707
$328,153
$(256,707)
$—
$—
$153,153
$786
Templeton
World
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.446%
$—
$274,451
$(274,451)
$—
$—
$—
—
$62
Total
Affiliated
Securities
...
$—
$274,451
$(274,451)
$—
$—
$—
$62
2. Financial
Instrument
Valuation
(continued)
Templeton
Funds
Notes
to
Schedules
of
Investments
(unaudited)
11
Quarterly
Schedules
of
Investments
• 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,
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
...............................
$
106,815,418
$
134,164,439
$
—
$
240,979,857
France
...............................
—
140,673,382
—
140,673,382
Germany
.............................
—
351,944,125
—
351,944,125
Hong
Kong
...........................
—
95,044,502
—
95,044,502
India
................................
—
64,941,998
—
64,941,998
Ireland
...............................
—
38,286,792
—
38,286,792
Japan
...............................
—
307,692,490
—
307,692,490
Netherlands
...........................
—
280,648,164
—
280,648,164
Portugal
..............................
—
35,739,675
—
35,739,675
South
Korea
..........................
—
199,914,978
—
199,914,978
Spain
................................
—
14,093,439
—
14,093,439
Switzerland
...........................
—
51,570,246
—
51,570,246
Taiwan
...............................
—
62,492,356
—
62,492,356
Thailand
.............................
—
38,045,017
—
38,045,017
United
Kingdom
........................
—
540,975,434
—
540,975,434
United
States
..........................
93,524,326
—
—
93,524,326
Short
Term
Investments
...................
5,867,307
51,100,000
—
56,967,307
Total
Investments
in
Securities
...........
$206,207,051
$2,407,327,037
a
$—
$2,613,534,088
Templeton
International
Climate
Change
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Chile
................................
—
25,115
—
25,115
Denmark
.............................
—
110,497
—
110,497
France
...............................
—
262,341
—
262,341
Germany
.............................
—
241,490
—
241,490
Hong
Kong
...........................
—
20,656
—
20,656
India
................................
—
66,378
—
66,378
Ireland
...............................
—
93,636
—
93,636
Italy
.................................
—
145,530
—
145,530
Japan
...............................
—
236,629
—
236,629
Netherlands
...........................
—
120,309
—
120,309
Norway
..............................
—
87,392
—
87,392
Singapore
............................
—
117,421
—
117,421
South
Korea
..........................
—
71,348
—
71,348
Spain
................................
—
82,068
—
82,068
Taiwan
...............................
99,576
—
—
99,576
United
Kingdom
........................
—
248,854
—
248,854
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
International
Climate
Change
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
United
States
..........................
$
—
$
175,546
$
—
$
175,546
Short
Term
Investments
...................
153,153
—
—
153,153
Total
Investments
in
Securities
...........
$252,729
$2,105,210
b
$—
$2,357,939
Templeton
World
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Belgium
..............................
—
49,551,196
—
49,551,196
China
...............................
—
44,658,437
—
44,658,437
France
...............................
—
104,457,756
—
104,457,756
Germany
.............................
—
189,715,616
—
189,715,616
Hong
Kong
...........................
—
70,967,906
—
70,967,906
Japan
...............................
—
110,642,386
—
110,642,386
Taiwan
...............................
—
79,507,706
—
79,507,706
United
Kingdom
........................
14,344,116
169,299,973
—
183,644,089
United
States
..........................
1,340,274,874
99,025,372
—
1,439,300,246
Short
Term
Investments
...................
—
42,100,000
—
42,100,000
Total
Investments
in
Securities
...........
$1,354,618,990
$959,926,348
c
$—
$2,314,545,338
a
Includes
foreign
securities
valued
at
$2,356,227,037,
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
$2,105,210,
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
$917,826,348,
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.
Currency
GBP
British
Pound
HKD
Hong
Kong
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
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.