N-CSR 1 primary-document.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number 811-02781
 
Templeton Funds
(Exact name of registrant as specified in charter)
 
300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices) (Zip code)
 
Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code: 954 527-7500
 
Date of fiscal year end: 8/31
 
Date of reporting period: 8/31/22
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
 
ANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Templeton
Foreign
Fund
A
Series
of
Templeton
Funds
August
31,
2022
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Annual
Report
1
SHAREHOLDER
LETTER
Dear
Shareholder:
During
the
12
months
ended
August
31,
2022,
global
equities
benefited
earlier
in
the
period
from
ongoing
COVID-19
vaccination
programs
and
some
easing
of
restrictions.
However,
the
combination
of
resilient
consumer
demand
and
persistent
supply-chain
disruptions
contributed
to
higher
inflation
in
many
countries,
which
led
many
of
the
world’s
central
banks
to
adopt
less
accommodative
monetary
policies
in
2022,
hindering
stocks.
New
lockdowns
by
China
to
limit
the
spread
of
COVID-19
variants
also
pressured
emerging
market
stocks,
especially
in
Asia,
and
Russia’s
invasion
of
Ukraine
increased
investor
uncertainty
given
the
resulting
disruption
of
global
trade
and
commodity
markets.
In
this
environment,
stocks
in
global
developed
and
emerging
markets
excluding
the
U.S.,
as
measured
by
the
MSCI
All
Country
World
Index
ex
USA
Index-NR
(net
of
tax
withholding
when
dividends
are
paid),
posted
a
-19.52%
total
return
for
the
period.
1
We
are
committed
to
our
long-term
perspective
and
disciplined
investment
approach
as
we
conduct
a
rigorous,
fundamental
analysis
of
securities
with
a
regular
emphasis
on
investment
risk
management.
Historically,
patient
investors
have
achieved
rewarding
results
by
evaluating
their
goals,
diversifying
their
assets
globally
and
maintaining
a
disciplined
investment
program,
all
hallmarks
of
the
Templeton
investment
philosophy.
We
continue
to
recommend
investors
consult
financial
professionals
and
review
their
portfolios
to
design
a
long-term
strategy
and
portfolio
allocation
that
meet
their
individual
needs,
goals
and
risk
tolerance.
Templeton
Foreign
Fund’s
annual
report
includes
more
detail
about
prevailing
conditions
and
a
discussion
about
investment
decisions
during
the
period.
Please
remember
all
securities
markets
fluctuate,
as
do
mutual
fund
share
prices.
We
thank
you
for
investing
with
Franklin
Templeton,
welcome
your
questions
and
comments,
and
look
forward
to
serving
your
investment
needs
in
the
years
ahead.
Sincerely,
Alan
Bartlett
Chief
Investment
Officer
Templeton
Global
Equity
Group
This
letter
reflects
our
analysis
and
opinions
as
of
August
31,
2022,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Annual
Report
2
Contents
Annual
Report
Templeton
Foreign
Fund
3
Performance
Summary
7
Your
Fund’s
Expenses
10
Financial
Highlights
and
Schedule
of
Investments
11
Financial
Statements
19
Notes
to
Financial
Statements
23
Report
of
Independent
Registered
Public
Accounting
Firm
33
Tax
Information
34
Board
Members
and
Officers
35
Shareholder
Information
40
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Templeton
Foreign
Fund
This
annual
report
for
Templeton
Foreign
Fund
covers
the
fiscal
year
ended
August
31,
202
2
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
long-term
capital
growth.
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
in
foreign
securities.
These
securities
are
predominantly
equity
securities
of
companies
located
outside
the
U.S.,
including
developing
markets.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
-15.25%
cumulative
total
return
for
the
12
months
under
review.
In
comparison,
the
MSCI
All
Country
World
Index
(ACWI)
ex
USA
Index-NR,
which
measures
stock
performance
in
global
developed
and
emerging
markets
excluding
the
U.S.,
posted
a
-19.52%
cumulative
total
return.
1
Please
note
index
performance
information
is
provided
for
reference
and
we
do
not
attempt
to
track
the
index
but
rather
undertake
investments
on
the
basis
of
fundamental
research.
You
can
find
more
performance
data
in
the
Performance
Summary
beginning
on
page
7
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Economic
and
Market
Overview
Global
developed
and
emerging
market
equities,
as
measured
by
the
MSCI
ACWI-NR,
posted
a
-15.88%
total
return
for
the
12
months
ended
August
31,
2022.
1
Although
global
equities
benefited
earlier
in
the
period
from
ongoing
COVID-19
vaccination
programs
and
some
easing
of
restrictions,
the
combination
of
resilient
consumer
demand
and
persistent
supply-chain
disruptions
contributed
to
higher
inflation
in
many
countries.
This
inflationary
pressure
led
many
of
the
world’s
central
banks
to
adopt
less
accommodative
stances
regarding
monetary
policy
in
2022,
hindering
stocks.
New
lockdowns
imposed
by
China’s
government
to
quell
the
spread
of
the
Omicron
variant
of
COVID-19
also
pressured
emerging
market
stocks,
especially
in
Asia.
Russia’s
invasion
of
Ukraine
also
increased
investor
uncertainty,
as
international
sanctions
on
Russia
disrupted
global
trade
and
commodity
markets.
In
the
U.S.,
after
robust
growth
earlier
in
the
period,
gross
domestic
product
(GDP)
slightly
contracted
in
the
first
two
quarters
of
2022
as
high
inflation,
supply
constraints
and
record
trade
deficits
weighed
on
economic
output.
Rising
prices
precipitated
a
notable
decline
in
consumer
confidence,
despite
high
spending
levels,
robust
job
growth
and
low
unemployment.
In
an
effort
to
control
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
the
federal
funds
target
rate
in
March
2022
for
the
first
time
since
2018.
The
Fed
raised
the
federal
funds
rate
again
at
its
subsequent
three
meetings
to
end
the
period
at
a
range
of
2.25%–2.50%.
Furthermore,
the
Fed
said
it
would
continue
to
reduce
its
bond
holdings
and
anticipated
additional
interest-rate
increases
at
future
meetings
to
curtail
inflation.
Economies
in
the
eurozone
decelerated
to
a
slightly
positive
growth
rate
during
the
year.
The
lifting
of
COVID-related
restrictions
in
some
European
countries
and
the
summer
tourism
season
strengthened
economies.
However,
the
war
in
Ukraine
disrupted
supply
chains,
weakened
the
economic
outlook
and
contributed
to
record
high
inflation
across
the
eurozone,
as
energy
prices
soared.
Electricity
prices
hit
record
highs
in
Germany
and
France
as
coal
futures
and
natural
gas
prices
climbed.
Consequently,
the
European
Central
Bank
raised
interest
rates
in
July
2022
for
the
first
time
in
11
years
to
curtail
growing
inflation.
In
this
environment,
European
developed
market
equities,
as
Geographic
Composition
8/31/22
%
of
Total
Net
Assets
Europe
53.2%
Asia
39.8%
North
America
5.4%
Short-Term
Investments
&
Other
Net
Assets
1.6%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
16
.
Templeton
Foreign
Fund
4
franklintempleton.com
Annual
Report
measured
by
the
MSCI
Europe
Index-NR,
posted
a
-21.57%
total
return
for
the
12
months
under
review.
1
Asian
developed
and
emerging
market
equities,
as
measured
by
the
MSCI
All
Country
Asia
Index-NR,
posted
a
-20.73%
total
return
for
the
12-month
period.
1
Growth
in
Japan
remained
slow,
alternating
between
positive
quarterly
GDP
growth
and
contraction.
China’s
economy
contracted
sharply
in
2022’s
second
quarter
as
COVID-
related
restrictions
in
many
major
cities,
including
Shanghai,
weakened
consumer
demand.
Unexpected
regulatory
changes
by
China’s
government,
which
negatively
impacted
education-
and
technology-related
businesses,
and
investor
concerns
about
the
solvency
of
several
large
property
developers
in
China
further
pressured
stocks
in
that
country.
Global
emerging
market
stocks,
as
measured
by
the
MSCI
Emerging
Markets
Index-NR,
posted
a
-21.80%
total
return
for
the
12
months
under
review.
1
The
index
declined
for
four
straight
quarters,
the
longest
downturn
since
2008,
weakened
by
central
bank
tightening
and
the
threat
of
recession.
Following
Russia’s
invasion
of
Ukraine,
climbing
food
and
energy
prices
kindled
inflationary
pressures
and
raised
concerns
over
the
possibility
of
government
debt
defaults
in
some
countries.
However,
some
other
countries,
particularly
in
Latin
America,
as
well
as
South
Africa
and
Saudi
Arabia,
benefited
from
rising
commodity
prices.
Investment
Strategy
Our
investment
strategy
employs
a
bottom-up,
value-
oriented,
long-term
approach.
We
focus
on
the
market
price
of
a
company’s
securities
relative
to
our
evaluation
of
the
company’s
long-term
earnings,
asset
value
and
cash
flow
potential.
We
also
consider
the
company’s
price/earnings
ratio,
price/cash
flow
ratio,
profit
margins
and
liquidation
value.
The
Fund
may,
from
time
to
time,
engage
in
currency-related
derivatives,
such
as
currency
and
cross-currency
forwards
and
currency
futures
contracts,
to
seek
to
hedge
(protect)
against
currency
risks.
Manager’s
Discussion
Templeton
Foreign
Fund
outperformed
its
benchmark
MSCI
ACWI
ex-USA
Index
during
the
12-month
period
due
to
a
combination
of
stock
selection
and
favorable
sector
allocations.
The
Fund’s
deeper
value
profile
created
favorable
positioning
during
a
period
when
the
Fed
began
to
take
rising
inflation
seriously
and
pivoted
toward
a
less
accommodative
monetary
policy.
Rising
interest
rates
favored
value
stocks
at
the
expense
of
growth
stocks
and
caused
investors
to
refocus
on
business
fundamentals
and
re-prioritize
the
importance
of
cash
flow
and
profitability.
This,
in
our
experience,
is
how
markets
traditionally
worked—as
discounting
mechanisms
for
future
earnings—
though
the
post-pandemic
era
of
ultra-stimulative
monetary
policy
saw
investors
shift
their
focus
to
more
speculative
bets
on
the
future.
As
conditions
reverted
to
a
more
normal
market
environment
during
the
period,
relative
performance
continued
to
improve,
and
the
Fund
finished
August
2022
ahead
of
its
benchmark
calendar
year-to-date
as
well
as
on
trailing
one-year
and
two-year
horizons.
Top
10
Industries
8/31/22
%
of
Total
Net
Assets
a
Banks
14.2%
Oil,
Gas
&
Consumable
Fuels
11.5%
Internet
&
Direct
Marketing
Retail
7.0%
Semiconductors
&
Semiconductor
Equipment
6.1%
Pharmaceuticals
5.4%
Auto
Components
5.1%
Industrial
Conglomerates
4.5%
Aerospace
&
Defense
4.4%
Automobiles
4.4%
Technology
Hardware,
Storage
&
Peripherals
3.7%
Top
10
Countries
8/31/22
a
%
of
Total
Net
Assets
a
a
United
Kingdom
21.5%
Japan
12.7%
Germany
11.7%
Netherlands
10.1%
China
9.5%
South
Korea
7.4%
United
States
5.4%
France
5.0%
Hong
Kong
3.6%
Taiwan
2.6%
Templeton
Foreign
Fund
5
franklintempleton.com
Annual
Report
From
a
sector
standpoint,
the
bulk
of
relative
strength
came
from
the
cyclical
industrials
and
energy
sectors.
The
Fund’s
overweighted
industrials
holdings
finished
with
a
slight
absolute
loss,
though
that
compared
favorably
to
the
more
than
20%
loss
among
the
index’s
industrials
stocks.
Array
Technologies,
a
specialist
in
ground-mounting
systems
for
solar
energy
projects,
was
the
industrials
sector’s
biggest
contributor.
Shares
rallied
after
the
firm
reported
better-than-
expected
revenues
and
continued
margin
expansion
and
U.S.
President
Joe
Biden
issued
policies
favorable
to
the
solar
sector,
including
blocking
new
tariffs
and
introducing
new
tax
incentives
as
part
of
the
Inflation
Reduction
Act
that
was
signed
into
law
late
in
the
period.
Other
notable
industrials
contributors
included
defense
contractors
like
BAE
Systems
(U.K.)
and
Dassault
Aviation
(France),
both
of
which
advanced
as
heightened
geopolitical
tensions
raised
demand
for
weapons
and
reconnaissance
systems.
An
overweighted
allocation
and
stock
selection
in
energy
also
outperformed,
with
the
sector
contributing
the
Fund’s
two
strongest
single-stock
holdings,
U.K.-based
integrated
oil
majors
BP
and
Shell.
The
stocks
rallied
on
a
combination
of
decade-high
energy
prices
and
record
earnings
results
(Shell
made
over
$9
billion
of
profit
and
BP
over
$6
billion
in
2022’s
first
quarter,
nearly
triple
what
they
made
in
the
same
period
in
2021).
Strong
supply-and-demand
fundamentals
have
persisted,
with
oil
demand
increasing
globally
as
travel
and
economic
activity
recovered
from
pandemic
restrictions
and
the
Russia-Ukraine
conflict
significantly
increased
the
risks
to
future
oil
supply.
Despite
the
strong
move
in
energy
prices
and
resilient
performance
of
energy-related
equities,
we
still
believe
many
integrated
oil
stocks
are
significantly
undervalued,
with
near-term
free
cash
flow
yields
approaching
20%
and
being
used
to
fund
solid
payouts
and
significant
share
repurchases.
We
view
elevated
oil
prices
in
many
cases
as
a
free
call
option
on
these
stocks,
which
in
our
view
represent
good
value
even
at
the
more
normalized
price
levels
of
$60-70
per
barrel
that
are
embedded
in
our
company
models.
The
Fund’s
information
technology
and
communication
services
sectors
also
outperformed,
benefiting
from
stock
selection
and
favorable
underweighted
allocations
to
higher-growth
sectors
that
fell
out
of
favor
during
the
period.
However,
neither
sector
had
a
top-10
single-stock
contributor.
Health
care,
real
estate
and
materials
also
all
outperformed
to
lesser
degrees.
Turning
to
detractors,
stock-specific
weakness
in
the
consumer
discretionary
sector
negatively
impacted
performance
during
the
period.
The
sector
was
responsible
for
the
Fund’s
two
biggest
individual
detractors:
European
food
delivery
service
Just
Eat
Takeaway.com,
and
French
automobile
parts
maker
Faurecia.
Just
Eat
declined
amid
ongoing
concerns
about
competition
and
profitability.
Nevertheless,
we
were
encouraged
by
a
constructive
earnings
call
during
the
period
and
believe
management
is
taking
appropriate
steps
to
unlock
value
for
shareholders.
Investors
will
want
to
see
the
strategic
divestiture
of
certain
assets
(which
management
is
exploring),
more
consistency
hitting
guidance
targets,
and
an
improving
competitive
environment
that
shifts
from
“growth
at
any
cost”
to
“profitable
growth.”
We
see
numerous
catalysts
that
should
help
Just
Eat
achieve
these
goals,
creating
what
we
believe
to
be
considerable
upside
potential
from
current
depressed
valuation
levels.
Meanwhile,
Faurecia
slumped
after
management
lowered
guidance,
citing
continued
bottlenecks
in
the
semiconductor
supply
chain
that
are
limiting
automobile
production
as
well
as
the
margin-
compressing
impact
of
rising
input
costs.
Price
weakness
was
exacerbated
by
a
rights
issue
in
June
2022
intended
to
shore
up
the
balance
sheet
following
the
large
acquisition
of
automotive
lighting
specialist
Hella
(not
a
Fund
holding
prior
to
acquisition),
though
the
stock
stabilized
somewhat
by
the
end
of
the
period
after
the
issuance
overhang
was
removed
and
management
reported
improved
earnings
and
progress
with
its
asset
disposal
plan.
Over
the
longer-term,
we
continue
to
see
significant
upside
potential
in
the
combined
Faurecia
and
Hella
from
current
valuation
levels.
Utilities
and
financials
holdings
also
underperformed,
albeit
to
lesser
extents.
While
there
were
no
utilities
holdings
among
the
10
biggest
detractors,
in
financials,
pan-Asian
life
insurer
Prudential
came
under
pressure
as
regulatory
Top
10
Holdings
8/31/22
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
BP
plc
5.3%
Oil,
Gas
&
Consumable
Fuels,
United
Kingdom
Shell
plc
4.9%
Oil,
Gas
&
Consumable
Fuels,
Netherlands
Samsung
Electronics
Co.
Ltd.
3.2%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
Standard
Chartered
plc
2.9%
Banks,
United
Kingdom
Hitachi
Ltd.
2.6%
Industrial
Conglomerates,
Japan
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
2.6%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Bayer
AG
2.5%
Pharmaceuticals,
Germany
Housing
Development
Finance
Corp.
Ltd.
2.4%
Diversified
Financial
Services,
India
Alibaba
Group
Holding
Ltd.
2.4%
Internet
&
Direct
Marketing
Retail,
China
SBM
Offshore
NV
2.4%
Energy
Equipment
&
Services,
Netherlands
Templeton
Foreign
Fund
6
franklintempleton.com
Annual
Report
tightening
and
slowing
growth
in
China
led
to
decelerating
new
business
in
this
key
end
market.
However,
we
believe
current
growth
headwinds
in
China
are
likely
to
be
transient
and
that
long-term
growth
opportunities
in
this
attractive
market
remain
robust
for
an
industry
leader
like
Prudential.
The
stock
currently
trades
near
the
lower
end
of
its
historical
valuation
range
and
at
a
significant
discount
to
peers.
In
our
view,
Prudential
is
a
core
holding
that
we
expect
will
benefit
from
Asia’s
rising
middle
class,
low
insurance
penetration
and
ageing
demographics.
From
a
regional
standpoint,
all
major
regions
outperformed,
led
by
stock
selection
in
Europe
(where
the
U.K.
was
the
Fund’s
biggest
country-level
contributor)
and
Asia
(where
stock
selection
in
Japan
and
China
notably
contributed).
The
Fund’s
limited
holdings
in
North
America
also
contributed
to
outperformance
during
the
period.
Thank
you
for
your
continued
participation
in
Templeton
Foreign
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Christopher
James
Peel,
CFA
Lead
Portfolio
Manager
Herbert
J.
Arnett,
Jr.
Peter
M.
Moeschter,
CFA
Warren
Pustam,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
August
31,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
CFA
®
is
a
trademark
owned
by
CFA
Institute
Performance
Summary
as
of
August
31,
2022
Templeton
Foreign
Fund
7
franklintempleton.com
Annual
Report
The
performance
table
and
graphs
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
8/31/22
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
A
4
1-Year
-15.25%
-19.89%
5-Year
-8.07%
-2.76%
10-Year
+35.49%
+2.51%
Advisor
1-Year
-14.99%
-14.99%
5-Year
-6.88%
-1.41%
10-Year
+38.78%
+3.33%
See
page
9
for
Performance
Summary
footnotes.
Templeton
Foreign
Fund
Performance
Summary
8
franklintempleton.com
Annual
Report
See
page
9
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
Class
A
(9/1/12–8/31/22)
Advisor
Class
(9/1/12–8/31/22)
Templeton
Foreign
Fund
Performance
Summary
9
franklintempleton.com
Annual