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
World
Fund
4
Notes
to
Schedules
of
Investments
6
Templeton
Funds
Schedule
of
Investments
(unaudited),
November
30,
2024
Templeton
Foreign
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
97.9%
China
6.2%
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
7,466,333
$
81,541,669
Prosus
NV
.....................
Broadline
Retail
1,796,706
73,193,692
154,735,361
Denmark
3.6%
a,b
Orsted
A/S
,
144A
,
Reg
S
...........
Independent
Power
and
Renewable
Electricity
Producers
1,606,715
89,451,531
France
9.4%
Carrefour
SA
....................
Consumer
Staples
Distribution
&
Retail
6,893,286
104,977,408
Dassault
Aviation
SA
..............
Aerospace
&
Defense
295,746
58,929,309
Forvia
SE
......................
Automobile
Components
3,045,697
25,982,094
Kering
SA
......................
Textiles,
Apparel
&
Luxury
Goods
191,792
44,909,439
234,798,250
Germany
4.7%
Continental
AG
..................
Automobile
Components
761,820
50,136,193
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
2,036,512
66,383,934
116,520,127
Hong
Kong
3.6%
AIA
Group
Ltd.
..................
Insurance
5,248,614
39,519,963
Prudential
plc
,
(
GBP
Traded)
........
Insurance
5,718,974
46,870,956
Prudential
plc
,
(
HKD
Traded)
........
Insurance
569,771
4,755,793
91,146,712
India
2.3%
HDFC
Bank
Ltd.
.................
Banks
2,724,474
58,139,597
Japan
4.7%
Honda
Motor
Co.
Ltd.
.............
Automobiles
3,701,029
31,932,454
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
3,463,203
85,474,747
117,407,201
Netherlands
3.5%
ING
Groep
NV
..................
Banks
4,117,316
63,560,542
SBM
Offshore
NV
................
Energy
Equipment
&
Services
1,338,967
24,211,400
87,771,942
Portugal
0.8%
Galp
Energia
SGPS
SA
,
B
.........
Oil,
Gas
&
Consumable
Fuels
1,224,292
20,128,458
Singapore
0.9%
STMicroelectronics
NV
............
Semiconductors
&
Semiconductor
Equipment
885,997
22,719,604
South
Korea
9.3%
KB
Financial
Group,
Inc.
...........
Banks
437,066
30,185,976
LG
Chem
Ltd.
...................
Chemicals
236,120
48,308,698
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
2,689,891
105,775,196
Shinhan
Financial
Group
Co.
Ltd.
....
Banks
1,237,521
47,418,228
231,688,098
Sweden
2.7%
Securitas
AB
,
B
..................
Commercial
Services
&
Supplies
5,297,352
67,128,266
Switzerland
1.4%
Adecco
Group
AG
................
Professional
Services
1,334,812
35,644,293
Templeton
Funds
Schedule
of
Investments
(unaudited)
Templeton
Foreign
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
See
Abbreviations
on
page
8.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
2.9%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
2,325,694
$
72,469,921
United
Kingdom
15.6%
AstraZeneca
plc
.................
Pharmaceuticals
583,871
79,023,765
Barratt
Redrow
plc
...............
Household
Durables
11,993,979
65,319,821
JD
Sports
Fashion
plc
.............
Specialty
Retail
40,708,354
52,854,540
Lloyds
Banking
Group
plc
..........
Banks
87,783,894
59,182,935
Persimmon
plc
..................
Household
Durables
3,843,052
61,563,809
Standard
Chartered
plc
............
Banks
5,830,369
72,080,740
390,025,610
United
States
26.3%
Albemarle
Corp.
.................
Chemicals
415,213
44,718,440
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
25,127,946
123,052,758
CNH
Industrial
NV
................
Machinery
8,553,487
107,431,797
CRH
plc
.......................
Construction
Materials
693,450
71,145,693
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
809,007
35,758,109
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
2,784,975
89,500,961
Smurfit
WestRock
plc
.............
Containers
&
Packaging
1,311,962
72,368,403
Stellantis
NV
....................
Automobiles
3,612,060
47,946,122
Swiss
Re
AG
....................
Insurance
453,272
66,984,551
658,906,834
Total
Common
Stocks
(Cost
$
2,256,995,646
)
....................................
2,448,681,805
Short
Term
Investments
2.7%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
2.7%
Canada
2.7%
National
Bank
of
Canada
,
4.58
%
,
12/02/24
.....................
47,700,000
47,700,000
Toronto-Dominion
Bank
(The)
,
4.55
%
,
12/02/24
.....................
20,000,000
20,000,000
67,700,000
Total
Time
Deposits
(Cost
$
67,700,000
)
........................................
67,700,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
67,700,000
)
................................
67,700,000
a
a
a
Total
Investments
(Cost
$
2,324,695,646
)
100.6
%
................................
$2,516,381,805
Other
Assets,
less
Liabilities
(
0.6
)
%
...........................................
(15,582,528)
Net
Assets
100.0%
...........................................................
$2,500,799,277
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,
2024,
the
value
of
this
security
was
$89,451,531,
representing
3.6%
of
net
assets.
Templeton
Funds
Schedule
of
Investments
(unaudited),
November
30,
2024
Templeton
World
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Industry
Shares
a
Value
a
Common
Stocks
98.7%
France
4.5%
Airbus
SE
......................
Aerospace
&
Defense
434,393
$
67,898,155
Safran
SA
......................
Aerospace
&
Defense
237,610
55,444,934
123,343,089
Germany
4.4%
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
848,543
27,659,853
SAP
SE
.......................
Software
384,137
91,219,433
118,879,286
India
3.9%
HDFC
Bank
Ltd.
.................
Banks
3,631,909
77,504,034
Reliance
Industries
Ltd.
............
Oil,
Gas
&
Consumable
Fuels
1,819,893
27,925,934
105,429,968
Japan
2.6%
Keyence
Corp.
..................
Electronic
Equipment,
Instruments
&
Components
61,542
26,702,639
Tokyo
Electron
Ltd.
...............
Semiconductors
&
Semiconductor
Equipment
280,336
43,951,687
70,654,326
Taiwan
4.8%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
3,182,347
99,163,707
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
..................
Semiconductors
&
Semiconductor
Equipment
177,702
32,814,451
131,978,158
United
Kingdom
5.5%
AstraZeneca
plc
.................
Pharmaceuticals
408,762
55,323,714
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
13,321,537
94,762,114
150,085,828
United
States
73.0%
a
Adobe,
Inc.
.....................
Software
103,671
53,486,979
Alphabet,
Inc.
,
A
.................
Interactive
Media
&
Services
777,443
131,348,995
a
Amazon.com,
Inc.
................
Broadline
Retail
989,630
205,734,181
Apple,
Inc.
.....................
Technology
Hardware,
Storage
&
Peripherals
364,001
86,388,357
a
Autodesk,
Inc.
...................
Software
101,902
29,745,194
Bank
of
America
Corp.
............
Banks
1,653,726
78,568,522
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
14,507
75,465,124
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
5,257,093
25,744,237
CRH
plc
.......................
Construction
Materials
938,035
95,932,839
Equifax,
Inc.
....................
Professional
Services
101,327
26,503,090
Exxon
Mobil
Corp.
................
Oil,
Gas
&
Consumable
Fuels
470,463
55,495,815
HCA
Healthcare,
Inc.
..............
Health
Care
Providers
&
Services
124,427
40,715,003
a
ICON
plc
.......................
Life
Sciences
Tools
&
Services
317,982
66,855,715
Intercontinental
Exchange,
Inc.
......
Capital
Markets
476,728
76,734,139
Meta
Platforms,
Inc.
,
A
............
Interactive
Media
&
Services
172,521
99,082,261
Micron
Technology,
Inc.
............
Semiconductors
&
Semiconductor
Equipment
411,573
40,313,575
Microsoft
Corp.
..................
Software
395,360
167,419,146
NVIDIA
Corp.
...................
Semiconductors
&
Semiconductor
Equipment
454,707
62,863,243
PNC
Financial
Services
Group,
Inc.
(The)
........................
Banks
135,762
29,150,817
Salesforce,
Inc.
..................
Software
172,023
56,765,870
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
1,698,367
54,580,554
Swiss
Re
AG
....................
Insurance
220,558
32,594,068
Thermo
Fisher
Scientific,
Inc.
.......
Life
Sciences
Tools
&
Services
52,376
27,739,901
Templeton
Funds
Schedule
of
Investments
(unaudited)
Templeton
World
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
8
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
States
(continued)
T-Mobile
US,
Inc.
................
Wireless
Telecommunication
Services
132,951
$
32,830,920
Union
Pacific
Corp.
...............
Ground
Transportation
293,787
71,877,927
UnitedHealth
Group,
Inc.
...........
Health
Care
Providers
&
Services
140,773
85,899,685
b
Visa,
Inc.
,
A
.....................
Financial
Services
279,620
88,102,670
Wells
Fargo
&
Co.
................
Banks
1,167,439
88,923,829
1,986,862,656
Total
Common
Stocks
(Cost
$
1,998,758,826
)
....................................
2,687,233,311
Short
Term
Investments
2.0%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
2.0%
Canada
2.0%
National
Bank
of
Canada
,
4.58
%
,
12/02/24
.....................
53,300,000
53,300,000
Total
Time
Deposits
(Cost
$
53,300,000
)
........................................
53,300,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
53,300,000
)
................................
53,300,000
a
a
a
Total
Investments
(Cost
$
2,052,058,826
)
100.7
%
................................
$2,740,533,311
Other
Assets,
less
Liabilities
(
0.7
)
%
...........................................
(18,695,742)
Net
Assets
100.0%
...........................................................
$2,721,837,569
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,
2024.
Templeton
Funds
Notes
to
Schedules
of
Investments
(unaudited)
6
Quarterly
Schedules
of
Investments
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 two separate
funds
(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
apply
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
Fund.
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,
2024,
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)
7
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,
2024,
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.)
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,
2024,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Templeton
Foreign
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.369%
$—
$3,739,008
$(3,739,008)
$—
$—
$—
—
$940
Total
Affiliated
Securities
...
$—
$3,739,008
$(3,739,008)
$—
$—
$—
$940
Level
1
Level
2
Level
3
Total
Templeton
Foreign
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
China
...............................
$
73,193,692
$
81,541,669
$
—
$
154,735,361
Denmark
.............................
—
89,451,531
—
89,451,531
2. Financial
Instrument
Valuation
(continued)
Templeton
Funds
Notes
to
Schedules
of
Investments
(unaudited)
8
Quarterly
Schedules
of
Investments
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
Foreign
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
France
...............................
$
—
$
234,798,250
$
—
$
234,798,250
Germany
.............................
—
116,520,127
—
116,520,127
Hong
Kong
...........................
—
91,146,712
—
91,146,712
India
................................
—
58,139,597
—
58,139,597
Japan
...............................
—
117,407,201
—
117,407,201
Netherlands
...........................
—
87,771,942
—
87,771,942
Portugal
..............................
—
20,128,458
—
20,128,458
Singapore
............................
—
22,719,604
—
22,719,604
South
Korea
..........................
—
231,688,098
—
231,688,098
Sweden
..............................
—
67,128,266
—
67,128,266
Switzerland
...........................
—
35,644,293
—
35,644,293
Taiwan
...............................
—
72,469,921
—
72,469,921
United
Kingdom
........................
—
390,025,610
—
390,025,610
United
States
..........................
187,908,346
470,998,488
—
658,906,834
Short
Term
Investments
...................
—
67,700,000
—
67,700,000
Total
Investments
in
Securities
...........
$261,102,038
$2,255,279,767
a
$—
$2,516,381,805
Templeton
World
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
France
...............................
—
123,343,089
—
123,343,089
Germany
.............................
—
118,879,286
—
118,879,286
India
................................
—
105,429,968
—
105,429,968
Japan
...............................
—
70,654,326
—
70,654,326
Taiwan
...............................
32,814,451
99,163,707
—
131,978,158
United
Kingdom
........................
—
150,085,828
—
150,085,828
United
States
..........................
1,873,943,797
112,918,859
—
1,986,862,656
Short
Term
Investments
...................
—
53,300,000
—
53,300,000
Total
Investments
in
Securities
...........
$1,906,758,248
$833,775,063
b
$—
$2,740,533,311
a
Includes
foreign
securities
valued
at
$2,187,579,767,
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
$780,475,063,
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.
Cu
r
rency
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.