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,
2023
Templeton
Foreign
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
93.0%
China
6.6%
a
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
6,956,460
$
64,666,478
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
231,523
47,249,214
Prosus
NV
.....................
Broadline
Retail
1,881,844
62,215,890
174,131,582
France
6.3%
Dassault
Aviation
SA
..............
Aerospace
&
Defense
230,060
45,691,659
a
Forvia
SE
......................
Automobile
Components
3,190,019
62,963,731
b
Valeo
SE
.......................
Automobile
Components
3,939,213
57,198,819
165,854,209
Germany
9.1%
Bayer
AG
......................
Pharmaceuticals
1,313,477
44,959,097
Continental
AG
..................
Automobile
Components
797,919
61,924,048
a,c
Covestro
AG
,
144A
,
Reg
S
.........
Chemicals
880,795
46,317,668
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
2,301,143
88,788,587
241,989,400
Hong
Kong
3.1%
AIA
Group
Ltd.
..................
Insurance
5,497,323
47,263,633
Prudential
plc
,
(
GBP
Traded)
........
Insurance
2,620,751
28,663,066
b
Prudential
plc
,
(
HKD
Traded)
........
Insurance
596,770
6,432,517
82,359,216
India
2.1%
HDFC
Bank
Ltd.
.................
Banks
3,009,824
56,433,635
Ireland
2.7%
b
Smurfit
Kappa
Group
plc
...........
Containers
&
Packaging
1,868,210
70,977,294
Japan
6.4%
Honda
Motor
Co.
Ltd.
.............
Automobiles
4,674,565
47,823,888
Sony
Group
Corp.
................
Household
Durables
311,844
26,820,311
Sumitomo
Metal
Mining
Co.
Ltd.
.....
Metals
&
Mining
1,198,173
34,639,523
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
1,247,493
61,383,828
170,667,550
Netherlands
10.5%
EXOR
NV
......................
Financial
Services
483,393
47,099,422
ING
Groep
NV
..................
Banks
5,200,588
73,062,987
SBM
Offshore
NV
................
Energy
Equipment
&
Services
3,949,134
52,636,216
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
3,246,483
104,937,941
277,736,566
Portugal
0.9%
Galp
Energia
SGPS
SA
,
B
.........
Oil,
Gas
&
Consumable
Fuels
1,670,295
24,818,760
South
Korea
9.4%
KB
Financial
Group,
Inc.
...........
Banks
1,246,886
50,021,259
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
2,663,491
149,014,733
Shinhan
Financial
Group
Co.
Ltd.
....
Banks
1,766,381
49,993,960
249,029,952
Spain
0.8%
a
Tecnicas
Reunidas
SA
............
Energy
Equipment
&
Services
2,261,657
21,947,918
Sweden
0.5%
Securitas
AB
,
B
..................
Commercial
Services
&
Supplies
1,489,550
13,411,374
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)
Switzerland
2.0%
Adecco
Group
AG
................
Professional
Services
1,119,253
$
53,994,603
Taiwan
2.9%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
4,233,044
77,078,520
Thailand
1.2%
Kasikornbank
PCL
...............
Banks
8,907,457
32,232,596
United
Kingdom
22.3%
AstraZeneca
plc
.................
Pharmaceuticals
297,488
38,287,093
Barratt
Developments
plc
..........
Household
Durables
8,491,112
55,210,233
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
19,891,102
120,926,603
CK
Hutchison
Holdings
Ltd.
.........
Industrial
Conglomerates
7,050,026
35,371,978
Imperial
Brands
plc
...............
Tobacco
2,910,876
68,050,450
Lloyds
Banking
Group
plc
..........
Banks
155,109,810
85,506,728
Persimmon
plc
..................
Household
Durables
3,517,427
55,728,165
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
13,965,635
47,655,450
a,b
S4
Capital
plc
...................
Media
12,421,340
7,184,896
Standard
Chartered
plc
............
Banks
9,305,105
77,026,095
590,947,691
United
States
6.2%
Albemarle
Corp.
.................
Chemicals
314,428
38,130,683
CRH
plc
.......................
Construction
Materials
926,279
58,576,994
a
DXC
Technology
Co.
..............
IT
Services
739,614
17,107,272
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
1,351,650
50,443,578
164,258,527
Total
Common
Stocks
(Cost
$
2,216,570,007
)
....................................
2,467,869,393
Short
Term
Investments
8.1%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
8.0%
Canada
6.1%
National
Bank
of
Canada
,
5.31
%
,
12/01/23
.....................
60,000,000
60,000,000
Royal
Bank
of
Canada
,
5.3
%
,
12/01/23
70,200,000
70,200,000
Toronto-Dominion
Bank
(The)
,
5.3
%
,
12/01/23
.....................
32,000,000
32,000,000
162,200,000
France
1.9%
Credit
Agricole
Corporate
and
Investment
Bank
SA
,
5.3
%
,
12/01/23
50,000,000
50,000,000
Total
Time
Deposits
(Cost
$
212,200,000
)
.......................................
212,200,000
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
0.1%
Money
Market
Funds
0.1%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.036
%
.........
2,270,000
$
2,270,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
2,270,000
)
.................................................................
2,270,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
214,470,000
)
...............................
214,470,000
a
a
a
Total
Investments
(Cost
$
2,431,040,007
)
101
.1
%
................................
$2,682,339,393
Other
Assets,
less
Liabilities
(
1
.1
)
%
...........................................
(28,998,246)
Net
Assets
100.0%
...........................................................
$2,653,341,147
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,
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
November
30,
2023,
the
value
of
this
security
was
$46,317,668,
representing
1.7%
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),
November
30,
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
92.9%
Chile
0.9%
Antofagasta
plc
..................
Metals
&
Mining
1,891
$
33,570
Denmark
3.4%
a
Vestas
Wind
Systems
A/S
..........
Electrical
Equipment
4,446
122,940
France
13.3%
Cie
de
Saint-Gobain
SA
...........
Building
Products
3,240
211,235
Valeo
SE
.......................
Automobile
Components
7,165
104,038
Veolia
Environnement
SA
..........
Multi-Utilities
5,007
157,848
473,121
Germany
13.0%
Bayerische
Motoren
Werke
AG
......
Automobiles
1,260
131,471
E.ON
SE
.......................
Multi-Utilities
13,041
169,508
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
4,208
162,364
463,343
Hong
Kong
0.6%
a
Cadeler
A/S
....................
Construction
&
Engineering
6,736
21,502
India
3.8%
Kaveri
Seed
Co.
Ltd.
..............
Food
Products
8,009
58,143
NHPC
Ltd.
.....................
Independent
Power
and
Renewable
Electricity
Producers
116,361
76,002
134,145
Ireland
5.3%
Smurfit
Kappa
Group
plc
...........
Containers
&
Packaging
4,968
188,745
Italy
3.9%
Prysmian
SpA
...................
Electrical
Equipment
3,635
140,215
Japan
7.6%
Honda
Motor
Co.
Ltd.
.............
Automobiles
13,995
143,178
Sumitomo
Metal
Mining
Co.
Ltd.
.....
Metals
&
Mining
4,442
128,420
271,598
Netherlands
5.8%
ING
Groep
NV
..................
Banks
14,675
206,169
Norway
4.0%
Norsk
Hydro
ASA
................
Metals
&
Mining
24,912
144,650
Singapore
3.4%
STMicroelectronics
NV
............
Semiconductors
&
Semiconductor
Equipment
2,564
121,711
South
Korea
1.5%
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
145
52,386
Spain
2.2%
Redeia
Corp.
SA
.................
Electric
Utilities
1,789
29,987
a
Soltec
Power
Holdings
SA
..........
Electrical
Equipment
14,289
47,170
77,157
Taiwan
4.1%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
..................
Semiconductors
&
Semiconductor
Equipment
1,498
145,770
United
Kingdom
12.4%
AstraZeneca
plc
.................
Pharmaceuticals
303
38,997
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)
Lloyds
Banking
Group
plc
..........
Banks
161,332
$
88,937
SSE
plc
.......................
Electric
Utilities
6,932
160,611
Standard
Chartered
plc
............
Banks
18,541
153,479
442,024
United
States
7.7%
Schneider
Electric
SE
.............
Electrical
Equipment
626
115,217
b
Signify
NV
,
144A
,
Reg
S
...........
Electrical
Equipment
5,476
159,347
274,564
Total
Common
Stocks
(Cost
$
2,982,741
)
.......................................
3,313,610
Short
Term
Investments
6.9%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
6.9%
United
States
6.9%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.036
%
.........
246,212
246,212
Total
Money
Market
Funds
(Cost
$
246,212
)
.....................................
246,212
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
246,212
)
..................................
246,212
a
a
a
Total
Investments
(Cost
$
3,228,953
)
99
.8
%
.....................................
$3,559,822
Other
Assets,
less
Liabilities
0
.2
%
.............................................
6,289
Net
Assets
100.0%
...........................................................
$3,566,111
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,
2023,
the
value
of
this
security
was
$159,347,
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,
2023
Templeton
World
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Industry
Shares
a
Value
a
Common
Stocks
97.1%
France
2.7%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
Textiles,
Apparel
&
Luxury
Goods
46,182
$
35,342,116
a
SOITEC
.......................
Semiconductors
&
Semiconductor
Equipment
168,562
30,580,114
65,922,230
Germany
7.6%
Deutsche
Boerse
AG
..............
Capital
Markets
334,180
63,530,435
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
890,349
34,353,723
SAP
SE
.......................
Software
540,522
85,981,165
183,865,323
Hong
Kong
1.6%
AIA
Group
Ltd.
..................
Insurance
4,460,034
38,345,465
India
5.4%
HDFC
Bank
Ltd.
.................
Banks
3,372,604
63,235,692
Reliance
Industries
Ltd.
............
Oil,
Gas
&
Consumable
Fuels
2,362,742
67,446,200
130,681,892
Japan
3.4%
KDDI
Corp.
.....................
Wireless
Telecommunication
Services
768,800
24,019,871
Tokyo
Electron
Ltd.
...............
Semiconductors
&
Semiconductor
Equipment
367,350
59,025,332
83,045,203
Netherlands
1.5%
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
1,070,021
35,232,364
Taiwan
2.9%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
3,923,559
71,443,180
United
Kingdom
7.1%
Barratt
Developments
plc
..........
Household
Durables
4,618,075
30,027,280
Persimmon
plc
..................
Household
Durables
1,929,804
30,574,745
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
32,850,961
112,098,544
172,700,569
United
States
64.9%
Albemarle
Corp.
.................
Chemicals
195,410
23,697,371
a
Alphabet,
Inc.
,
A
.................
Interactive
Media
&
Services
885,289
117,327,351
a
Amazon.com,
Inc.
................
Broadline
Retail
1,115,006
162,891,227
Applied
Materials,
Inc.
.............
Semiconductors
&
Semiconductor
Equipment
396,690
59,416,228
a
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
11,269
35,223,513
Comcast
Corp.
,
A
................
Media
1,307,048
54,752,241
a
DXC
Technology
Co.
..............
IT
Services
1,436,163
33,218,450
Exxon
Mobil
Corp.
................
Oil,
Gas
&
Consumable
Fuels
392,375
40,312,608
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
694,648
25,924,263
HCA
Healthcare,
Inc.
..............
Health
Care
Providers
&
Services
130,730
32,745,250
a,b
ICON
plc
.......................
Life
Sciences
Tools
&
Services
256,060
68,352,656
Intercontinental
Exchange,
Inc.
......
Capital
Markets
642,557
73,148,689
Kenvue,
Inc.
....................
Personal
Care
Products
1,610,632
32,921,318
a,b
Meta
Platforms,
Inc.
,
A
............
Interactive
Media
&
Services
215,782
70,593,081
Micron
Technology,
Inc.
............
Semiconductors
&
Semiconductor
Equipment
827,576
62,995,085
Microsoft
Corp.
..................
Software
364,893
138,261,607
a
Salesforce,
Inc.
..................
Software
439,880
110,805,772
Schneider
Electric
SE
.............
Electrical
Equipment
295,530
54,393,097
Target
Corp.
....................
Consumer
Staples
Distribution
&
Retail
196,163
26,248,571
Thermo
Fisher
Scientific,
Inc.
.......
Life
Sciences
Tools
&
Services
149,551
74,141,404
T-Mobile
US,
Inc.
................
Wireless
Telecommunication
Services
228,277
34,344,275
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)
Union
Pacific
Corp.
...............
Ground
Transportation
302,613
$
68,169,631
UnitedHealth
Group,
Inc.
...........
Health
Care
Providers
&
Services
138,626
76,656,019
b
Visa,
Inc.
,
A
.....................
Financial
Services
287,959
73,913,316
Zimmer
Biomet
Holdings,
Inc.
.......
Health
Care
Equipment
&
Supplies
196,932
22,905,161
1,573,358,184
Total
Common
Stocks
(Cost
$
1,967,207,926
)
....................................
2,354,594,410
Short
Term
Investments
3.4%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
3.4%
Canada
3.4%
National
Bank
of
Canada
,
5.31
%
,
12/01/23
.....................
23,800,000
23,800,000
Royal
Bank
of
Canada
,
5.3
%
,
12/01/23
58,000,000
58,000,000
81,800,000
Total
Time
Deposits
(Cost
$
81,800,000
)
........................................
81,800,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
81,800,000
)
................................
81,800,000
a
a
a
Total
Investments
(Cost
$
2,049,007,926
)
100
.5
%
................................
$2,436,394,410
Other
Assets,
less
Liabilities
(
0
.5
)
%
...........................................
(10,811,247)
Net
Assets
100.0%
...........................................................
$2,425,583,163
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,
2023.
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.
The
Funds follow
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
November
30,
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
November
30,
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,
5.036%
$—
$22,611,798
$(20,341,798)
$—
$—
$2,270,000
2,270,000
$24,503
Total
Affiliated
Securities
...
$—
$22,611,798
$(20,341,798)
$—
$—
$2,270,000
$24,503
Templeton
International
Climate
Change
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.036%
$289,072
$132,795
$(175,655)
$—
$—
$246,212
246,212
$2,894
Total
Affiliated
Securities
...
$289,072
$132,795
$(175,655)
$—
$—
$246,212
$2,894
Templeton
World
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.036%
$—
$585,625
$(585,625)
$—
$—
$—
—
$528
Total
Affiliated
Securities
...
$—
$585,625
$(585,625)
$—
$—
$—
$528
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,
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
...............................
$
47,249,214
$
126,882,368
$
—
$
174,131,582
France
...............................
—
165,854,209
—
165,854,209
Germany
.............................
—
241,989,400
—
241,989,400
Hong
Kong
...........................
—
82,359,216
—
82,359,216
India
................................
—
56,433,635
—
56,433,635
Ireland
...............................
—
70,977,294
—
70,977,294
Japan
...............................
—
170,667,550
—
170,667,550
Netherlands
...........................
—
277,736,566
—
277,736,566
Portugal
..............................
—
24,818,760
—
24,818,760
South
Korea
..........................
—
249,029,952
—
249,029,952
Spain
................................
—
21,947,918
—
21,947,918
Sweden
..............................
—
13,411,374
—
13,411,374
Switzerland
...........................
—
53,994,603
—
53,994,603
Taiwan
...............................
—
77,078,520
—
77,078,520
Thailand
.............................
—
32,232,596
—
32,232,596
United
Kingdom
........................
7,184,896
583,762,795
—
590,947,691
United
States
..........................
105,681,533
58,576,994
—
164,258,527
Short
Term
Investments
...................
2,270,000
212,200,000
—
214,470,000
Total
Investments
in
Securities
...........
$162,385,643
$2,519,953,750
a
$—
$2,682,339,393
Templeton
International
Climate
Change
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Chile
................................
—
33,570
—
33,570
Denmark
.............................
—
122,940
—
122,940
France
...............................
—
473,121
—
473,121
Germany
.............................
—
463,343
—
463,343
Hong
Kong
...........................
21,502
—
—
21,502
India
................................
—
134,145
—
134,145
Ireland
...............................
—
188,745
—
188,745
Italy
.................................
—
140,215
—
140,215
Japan
...............................
—
271,598
—
271,598
Netherlands
...........................
—
206,169
—
206,169
Norway
..............................
—
144,650
—
144,650
Singapore
............................
—
121,711
—
121,711
South
Korea
..........................
—
52,386
—
52,386
Spain
................................
—
77,157
—
77,157
Taiwan
...............................
145,770
—
—
145,770
United
Kingdom
........................
—
442,024
—
442,024
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
..........................
$
—
$
274,564
$
—
$
274,564
Short
Term
Investments
...................
246,212
—
—
246,212
Total
Investments
in
Securities
...........
$413,484
$3,146,338
b
$—
$3,559,822
Templeton
World
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
France
...............................
—
65,922,230
—
65,922,230
Germany
.............................
—
183,865,323
—
183,865,323
Hong
Kong
...........................
—
38,345,465
—
38,345,465
India
................................
—
130,681,892
—
130,681,892
Japan
...............................
—
83,045,203
—
83,045,203
Netherlands
...........................
—
35,232,364
—
35,232,364
Taiwan
...............................
—
71,443,180
—
71,443,180
United
Kingdom
........................
—
172,700,569
—
172,700,569
United
States
..........................
1,518,965,087
54,393,097
—
1,573,358,184
Short
Term
Investments
...................
—
81,800,000
—
81,800,000
Total
Investments
in
Securities
...........
$1,518,965,087
$917,429,323
c
$—
$2,436,394,410
a
Includes
foreign
securities
valued
at
$2,307,753,750,
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
$3,146,338,
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
$835,629,323,
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.