NPORT-EX 2 TF.htm
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,
2023
Templeton
Foreign
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
93.1%
China
6.6%
a
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
5,842,970
$
58,150,714
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
A
...........................
Household
Durables
3,965,000
18,407,294
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
228,703
40,960,707
Prosus
NV
.....................
Broadline
Retail
852,880
56,198,179
173,716,894
France
5.7%
Dassault
Aviation
SA
..............
Aerospace
&
Defense
252,260
42,780,636
a
Faurecia
SE
....................
Automobile
Components
3,109,869
64,503,382
Valeo
.........................
Automobile
Components
2,188,453
42,106,539
149,390,557
Germany
12.1%
Bayer
AG
......................
Pharmaceuticals
1,072,957
59,870,904
Bayerische
Motoren
Werke
AG
......
Automobiles
620,627
67,670,014
Continental
AG
..................
Automobile
Components
777,879
51,911,849
a,b
Covestro
AG,
144A,
Reg
S
.........
Chemicals
870,065
33,593,711
Fresenius
Medical
Care
AG
&
Co.
KGaA
Health
Care
Providers
&
Services
896,999
38,391,049
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
1,777,393
66,158,203
317,595,730
Hong
Kong
3.6%
AIA
Group
Ltd.
..................
Insurance
5,430,543
52,204,229
Prudential
plc,
(GBP
Traded)
........
Insurance
2,588,841
34,011,365
Prudential
plc,
(HKD
Traded)
........
Insurance
589,500
8,043,613
94,259,207
India
2.2%
Housing
Development
Finance
Corp.
Ltd.
.........................
Financial
Services
1,769,747
56,422,941
Ireland
1.7%
CRH
plc
.......................
Construction
Materials
914,999
43,292,070
Japan
10.2%
Hitachi
Ltd.
.....................
Industrial
Conglomerates
696,009
40,051,316
Honda
Motor
Co.
Ltd.
.............
Automobiles
2,033,895
57,865,623
Seria
Co.
Ltd.
...................
Broadline
Retail
1,029,807
16,733,873
Sony
Group
Corp.
................
Household
Durables
315,984
29,628,848
Sumitomo
Metal
Mining
Co.
Ltd.
.....
Metals
&
Mining
1,214,093
36,803,004
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
1,369,363
55,563,066
Sundrug
Co.
Ltd.
.................
Consumer
Staples
Distribution
&
Retail
1,095,872
31,168,006
267,813,736
Netherlands
9.9%
a
EXOR
NV
......................
Financial
Services
477,513
39,647,832
ING
Groep
NV
..................
Banks
4,217,208
51,950,862
SBM
Offshore
NV
................
Energy
Equipment
&
Services
3,949,134
53,684,113
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
4,181,677
114,948,320
260,231,127
Portugal
1.3%
Galp
Energia
SGPS
SA,
B
.........
Oil,
Gas
&
Consumable
Fuels
3,220,775
34,101,287
South
Korea
9.2%
KB
Financial
Group,
Inc.
...........
Banks
1,428,246
51,686,379
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
2,646,851
142,507,274
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
(continued)
Shinhan
Financial
Group
Co.
Ltd.
....
Banks
1,744,881
$
46,135,731
240,329,384
Spain
0.8%
a,c
Tecnicas
Reunidas
SA
............
Energy
Equipment
&
Services
2,261,657
20,082,709
Switzerland
1.7%
c
Adecco
Group
AG
................
Professional
Services
1,491,853
44,571,281
Taiwan
2.9%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
4,127,044
74,711,215
Thailand
1.3%
Kasikornbank
PCL
...............
Banks
9,025,777
33,673,972
United
Kingdom
21.4%
AstraZeneca
plc
.................
Pharmaceuticals
293,868
42,795,176
Barratt
Developments
plc
..........
Household
Durables
6,752,272
39,010,223
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
22,252,522
124,995,134
CK
Hutchison
Holdings
Ltd.
.........
Industrial
Conglomerates
7,143,676
43,066,430
Imperial
Brands
plc
...............
Tobacco
2,875,426
60,606,937
Lloyds
Banking
Group
plc
..........
Banks
101,127,790
55,709,317
Persimmon
plc
..................
Household
Durables
2,838,357
42,480,899
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
32,632,675
58,289,182
a
S4
Capital
plc
...................
Media
12,586,320
18,862,525
Standard
Chartered
plc
............
Banks
9,428,705
74,293,140
560,108,963
United
States
2.5%
a,c
DXC
Technology
Co.
..............
IT
Services
2,083,670
52,154,260
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
374,840
12,872,006
65,026,266
Total
Common
Stocks
(Cost
$2,316,841,723)
....................................
2,435,327,339
Short
Term
Investments
7.9%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
7.5%
Canada
5.4%
National
Bank
of
Canada,
5.06%,
6/01/23
......................
10,000,000
10,000,000
Royal
Bank
of
Canada,
5.05%,
6/01/23
103,300,000
103,300,000
Toronto-Dominion
Bank
(The),
5.05%,
6/01/23
......................
27,000,000
27,000,000
140,300,000
France
2.1%
Credit
Agricole
Corporate
and
Investment
Bank
SA,
5.05%,
6/01/23
55,000,000
55,000,000
Total
Time
Deposits
(Cost
$195,300,000)
.......................................
195,300,000
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
0.4%
Money
Market
Funds
0.4%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
.........
11,096,250
$
11,096,250
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$11,096,250)
................................................................
11,096,250
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$206,396,250
)
...............................
206,396,250
a
a
a
Total
Investments
(Cost
$2,523,237,973)
101.0%
................................
$2,641,723,589
Other
Assets,
less
Liabilities
(1.0)%
...........................................
(27,270,651)
Net
Assets
100.0%
...........................................................
$2,614,452,938
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,
2023,
the
value
of
this
security
was
$33,593,711,
representing
1.3%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2023.
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,
2023
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
93.6%
Chile
1.0%
Antofagasta
plc
..................
Metals
&
Mining
1,891
$
31,460
Denmark
3.9%
a
Vestas
Wind
Systems
A/S
..........
Electrical
Equipment
4,446
126,602
France
13.5%
Cie
de
Saint-Gobain
..............
Building
Products
3,240
179,898
Valeo
.........................
Automobile
Components
6,018
115,788
Veolia
Environnement
SA
..........
Multi-Utilities
4,711
139,058
434,744
Germany
13.5%
Bayerische
Motoren
Werke
AG
......
Automobiles
1,260
137,384
E.ON
SE
.......................
Multi-Utilities
13,041
158,071
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
3,730
138,838
434,293
Hong
Kong
1.0%
a
Cadeler
A/S
....................
Construction
&
Engineering
6,736
30,327
India
3.4%
Kaveri
Seed
Co.
Ltd.
..............
Food
Products
8,009
48,649
NHPC
Ltd.
.....................
Independent
Power
and
Renewable
Electricity
Producers
116,361
61,029
109,678
Ireland
4.3%
Smurfit
Kappa
Group
plc
...........
Containers
&
Packaging
3,900
138,932
Italy
4.2%
Prysmian
SpA
...................
Electrical
Equipment
3,635
135,173
Japan
7.9%
Honda
Motor
Co.
Ltd.
.............
Automobiles
4,665
132,722
Sumitomo
Metal
Mining
Co.
Ltd.
.....
Metals
&
Mining
3,942
119,495
252,217
Netherlands
5.6%
ING
Groep
NV
..................
Banks
14,675
180,778
Norway
4.1%
Norsk
Hydro
ASA
................
Metals
&
Mining
21,961
132,871
Singapore
3.5%
STMicroelectronics
NV
............
Semiconductors
&
Semiconductor
Equipment
2,564
111,581
South
Korea
2.5%
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
145
78,606
Spain
2.9%
Red
Electrica
Corp.
SA
............
Electric
Utilities
1,789
30,332
a
Soltec
Power
Holdings
SA
..........
Electrical
Equipment
14,289
63,230
93,562
Taiwan
4.6%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
..................
Semiconductors
&
Semiconductor
Equipment
1,498
147,688
United
Kingdom
11.0%
AstraZeneca
plc
.................
Pharmaceuticals
303
44,125
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
(continued)
SSE
plc
.......................
Electric
Utilities
6,932
$
162,563
Standard
Chartered
plc
............
Banks
18,541
146,093
352,781
United
States
6.7%
Schneider
Electric
SE
.............
Electrical
Equipment
626
108,277
b
Signify
NV,
144A,
Reg
S
...........
Electrical
Equipment
4,207
107,337
215,614
Total
Common
Stocks
(Cost
$2,749,058)
.......................................
3,006,907
Short
Term
Investments
11.9%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
11.9%
United
States
11.9%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
.........
383,771
383,771
Total
Money
Market
Funds
(Cost
$383,771)
.....................................
383,771
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$383,771
)
..................................
383,771
a
a
a
Total
Investments
(Cost
$3,132,829)
105.5%
....................................
$3,390,678
Other
Assets,
less
Liabilities
(5.5)%
...........................................
(177,924)
Net
Assets
100.0%
...........................................................
$3,212,754
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
May
31,
2023,
the
value
of
this
security
was
$107,337,
representing
3.3%
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),
May
31,
2023
Templeton
World
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Industry
Shares
a
Value
a
Common
Stocks
96.1%
France
2.4%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
Textiles,
Apparel
&
Luxury
Goods
64,939
$
56,767,374
Germany
9.5%
Bayer
AG
......................
Pharmaceuticals
699,759
39,046,489
Deutsche
Boerse
AG
..............
Capital
Markets
334,180
57,790,220
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
890,349
33,140,611
SAP
SE
.......................
Software
696,150
91,266,110
221,243,430
Hong
Kong
1.8%
AIA
Group
Ltd.
..................
Insurance
4,460,034
42,874,651
India
2.3%
Housing
Development
Finance
Corp.
Ltd.
.........................
Financial
Services
689,200
21,973,023
Reliance
Industries
Ltd.
............
Oil,
Gas
&
Consumable
Fuels
1,041,340
31,063,150
53,036,173
Japan
3.2%
KDDI
Corp.
.....................
Wireless
Telecommunication
Services
768,800
23,699,881
Tokyo
Electron
Ltd.
...............
Semiconductors
&
Semiconductor
Equipment
367,350
49,954,477
73,654,358
Netherlands
1.9%
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
1,585,690
44,322,210
Taiwan
3.0%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
3,923,559
71,027,559
United
Kingdom
8.3%
AstraZeneca
plc
.................
Pharmaceuticals
325,559
47,410,248
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
5,743,824
32,263,761
a,b,c
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...........................
Hotels,
Restaurants
&
Leisure
2,070,930
31,315,281
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
34,813,955
62,185,431
a
S4
Capital
plc
...................
Media
13,205,503
19,790,465
192,965,186
United
States
63.7%
Albemarle
Corp.
.................
Chemicals
115,000
22,255,950
a
Alphabet,
Inc.,
A
.................
Interactive
Media
&
Services
1,026,770
126,159,230
a
Amazon.com,
Inc.
................
Broadline
Retail
1,278,900
154,209,762
Applied
Materials,
Inc.
.............
Semiconductors
&
Semiconductor
Equipment
396,690
52,878,777
a
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
11,269
28,271,329
Colgate-Palmolive
Co.
............
Household
Products
316,700
23,556,146
Comcast
Corp.,
A
................
Media
1,498,129
58,951,376
a,b
DXC
Technology
Co.
..............
IT
Services
1,601,152
40,076,834
Exxon
Mobil
Corp.
................
Oil,
Gas
&
Consumable
Fuels
518,154
52,944,976
a
F5,
Inc.
........................
Communications
Equipment
238,786
35,240,038
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
358,207
12,300,828
HCA
Healthcare,
Inc.
..............
Health
Care
Providers
&
Services
130,730
34,537,559
a
ICON
plc
.......................
Life
Sciences
Tools
&
Services
256,060
54,548,462
a
Meta
Platforms,
Inc.,
A
............
Interactive
Media
&
Services
239,679
63,447,825
Microchip
Technology,
Inc.
.........
Semiconductors
&
Semiconductor
Equipment
649,288
48,865,415
Micron
Technology,
Inc.
............
Semiconductors
&
Semiconductor
Equipment
406,086
27,695,065
Microsoft
Corp.
..................
Software
428,341
140,662,901
Roche
Holding
AG
...............
Pharmaceuticals
164,681
52,443,726
a
Salesforce,
Inc.
..................
Software
439,880
98,260,394
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)
Schneider
Electric
SE
.............
Electrical
Equipment
226,650
$
39,202,853
Target
Corp.
....................
Consumer
Staples
Distribution
&
Retail
285,900
37,432,887
a,b
T-Mobile
US,
Inc.
................
Wireless
Telecommunication
Services
616,289
84,585,665
a
Uber
Technologies,
Inc.
............
Ground
Transportation
466,280
17,686,000
Union
Pacific
Corp.
...............
Ground
Transportation
235,967
45,428,367
UnitedHealth
Group,
Inc.
...........
Health
Care
Providers
&
Services
150,742
73,447,532
Zimmer
Biomet
Holdings,
Inc.
.......
Health
Care
Equipment
&
Supplies
459,817
58,553,097
1,483,642,994
Total
Common
Stocks
(Cost
$2,131,949,816)
....................................
2,239,533,935
Short
Term
Investments
4.7%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
4.7%
Canada
4.0%
National
Bank
of
Canada,
5.06%,
6/01/23
......................
15,000,000
15,000,000
Royal
Bank
of
Canada,
5.05%,
6/01/23
78,800,000
78,800,000
93,800,000
France
0.7%
Credit
Agricole
Corporate
and
Investment
Bank
SA,
5.05%,
6/01/23
15,000,000
15,000,000
Total
Time
Deposits
(Cost
$108,800,000)
.......................................
108,800,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$108,800,000
)
...............................
108,800,000
a
a
a
Total
Investments
(Cost
$2,240,749,816)
100.8%
................................
$2,348,333,935
Other
Assets,
less
Liabilities
(0.8)%
...........................................
(18,167,106)
Net
Assets
100.0%
...........................................................
$2,330,166,829
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,
2023.
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,
2023,
the
value
of
this
security
was
$31,315,281,
representing
1.3%
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).
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.Generally
Accepted
Accounting
Principles
(U.S.GAAP),
including,
but
not
limited
to,
ASC
946. 
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,
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,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
Templeton
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,
2023,
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,
4.621%
$23,064,789
$44,763,310
$(56,731,849)
$—
$—
$11,096,250
11,096,250
$239,111
Total
Affiliated
Securities
...
$23,064,789
$44,763,310
$(56,731,849)
$—
$—
$11,096,250
$239,111
Templeton
International
Climate
Change
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
$
81,707
$
1,756,706
$
(1,454,642)
$
—
$
—
$
383,771
383,771
$
4,967
Total
Affiliated
Securities
...
$81,707
$1,756,706
$(1,454,642)
$—
$—
$383,771
$4,967
Templeton
World
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
$—
$707,451
$(707,451)
$—
$—
$—
—
$108
Total
Affiliated
Securities
...
$—
$707,451
$(707,451)
$—
$—
$—
$108
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
May
31,
2023,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Templeton
Foreign
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
China
...............................
$
40,960,707
$
132,756,187
$
—
$
173,716,894
France
...............................
—
149,390,557
—
149,390,557
Germany
.............................
—
317,595,730
—
317,595,730
Hong
Kong
...........................
—
94,259,207
—
94,259,207
India
................................
—
56,422,941
—
56,422,941
Ireland
...............................
—
43,292,070
—
43,292,070
Japan
...............................
—
267,813,736
—
267,813,736
Netherlands
...........................
—
260,231,127
—
260,231,127
Portugal
..............................
—
34,101,287
—
34,101,287
South
Korea
..........................
—
240,329,384
—
240,329,384
Spain
................................
—
20,082,709
—
20,082,709
Switzerland
...........................
—
44,571,281
—
44,571,281
Taiwan
...............................
—
74,711,215
—
74,711,215
Thailand
.............................
—
33,673,972
—
33,673,972
United
Kingdom
........................
—
560,108,963
—
560,108,963
United
States
..........................
65,026,266
—
—
65,026,266
Short
Term
Investments
...................
11,096,250
195,300,000
—
206,396,250
Total
Investments
in
Securities
...........
$117,083,223
$2,524,640,366
a
$—
$2,641,723,589
Templeton
International
Climate
Change
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Chile
................................
—
31,460
—
31,460
Denmark
.............................
—
126,602
—
126,602
France
...............................
—
434,744
—
434,744
Germany
.............................
—
434,293
—
434,293
Hong
Kong
...........................
—
30,327
—
30,327
India
................................
—
109,678
—
109,678
Ireland
...............................
—
138,932
—
138,932
Italy
.................................
—
135,173
—
135,173
Japan
...............................
—
252,217
—
252,217
Netherlands
...........................
—
180,778
—
180,778
Norway
..............................
—
132,871
—
132,871
Singapore
............................
—
111,581
—
111,581
South
Korea
..........................
—
78,606
—
78,606
Spain
................................
—
93,562
—
93,562
Taiwan
...............................
147,688
—
—
147,688
United
Kingdom
........................
—
352,781
—
352,781
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
..........................
$
—
$
215,614
$
—
$
215,614
Short
Term
Investments
...................
383,771
—
—
383,771
Total
Investments
in
Securities
...........
$531,459
$2,859,219
b
$—
$3,390,678
Templeton
World
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
France
...............................
—
56,767,374
—
56,767,374
Germany
.............................
—
221,243,430
—
221,243,430
Hong
Kong
...........................
—
42,874,651
—
42,874,651
India
................................
—
53,036,173
—
53,036,173
Japan
...............................
—
73,654,358
—
73,654,358
Netherlands
...........................
—
44,322,210
—
44,322,210
Taiwan
...............................
—
71,027,559
—
71,027,559
United
Kingdom
........................
—
192,965,186
—
192,965,186
United
States
..........................
1,391,996,415
91,646,579
—
1,483,642,994
Short
Term
Investments
...................
—
108,800,000
—
108,800,000
Total
Investments
in
Securities
...........
$1,391,996,415
$956,337,520
c
$—
$2,348,333,935
a
Includes
foreign
securities
valued
at
$2,329,340,366,
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
$2,859,219,
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
$847,537,520,
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.