Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TF-Q3PH

1

If

you

need

assistance

accessing

this

content,

please

reach

out

to

your

sales

representative

or

send

an

email

to

accessibility@franklintempleton.com

.

Schedules

of

Investments

(unaudited)

Templeton

Foreign

Fund

2

Templeton

World

Fund

5

Notes

to

Schedules

of

Investments

7

Templeton

Funds

Schedule

of

Investments

(unaudited),

May

31,

2026

Templeton

Foreign

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

99.1%

China

6.4%

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

2,220,133

$

34,421,300

a

JD.com,

Inc.

,

ADR

................

Broadline

Retail

1,952,580

56,292,882

Prosus

NV

.....................

Broadline

Retail

1,059,373

48,179,825

Tencent

Holdings

Ltd.

.............

Interactive

Media

&

Services

491,046

26,679,322

165,573,329

Denmark

1.7%

Novo

Nordisk

A/S

,

B

..............

Pharmaceuticals

931,159

42,549,461

France

8.2%

Carrefour

SA

....................

Consumer

Staples

Distribution

&

Retail

4,472,506

83,650,282

Cie

de

Saint-Gobain

SA

...........

Building

Products

464,690

42,110,653

Dassault

Aviation

SA

..............

Aerospace

&

Defense

166,810

59,263,425

Kering

SA

......................

Textiles,

Apparel

&

Luxury

Goods

89,155

26,257,899

211,282,259

Germany

2.2%

adidas

AG

......................

Textiles,

Apparel

&

Luxury

Goods

293,130

56,619,692

Hong

Kong

3.7%

AIA

Group

Ltd.

..................

Insurance

2,701,248

28,335,491

Prudential

plc

...................

Insurance

4,631,593

65,896,262

94,231,753

India

2.1%

HDFC

Bank

Ltd.

.................

Banks

6,992,172

54,811,555

Japan

7.3%

Daiwa

Securities

Group,

Inc.

........

Capital

Markets

5,300,240

49,892,132

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

2,165,300

78,974,753

Toyota

Motor

Corp.

...............

Automobiles

3,145,480

59,505,297

188,372,182

Netherlands

9.0%

a

Akzo

Nobel

NV

..................

Chemicals

533,892

40,519,822

b

Euronext

NV

,

144A

,

Reg

S

.........

Capital

Markets

308,105

50,070,058

Heineken

NV

...................

Beverages

705,327

55,082,387

ING

Groep

NV

..................

Banks

2,742,081

84,937,158

230,609,425

Singapore

4.7%

STMicroelectronics

NV

............

Semiconductors

&

Semiconductor

Equipment

1,764,748

120,766,933

South

Korea

4.5%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

547,857

114,936,920

Sweden

0.4%

Securitas

AB

,

B

..................

Commercial

Services

&

Supplies

549,238

9,166,054

Switzerland

5.5%

a

Barry

Callebaut

AG

...............

Food

Products

29,611

45,652,678

UBS

Group

AG

..................

Capital

Markets

2,005,529

94,712,841

140,365,519

Taiwan

6.5%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

2,257,544

167,250,905

United

Kingdom

20.2%

AstraZeneca

plc

.................

Pharmaceuticals

461,879

85,754,590

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)

United

Kingdom

(continued)

Barratt

Redrow

plc

...............

Household

Durables

9,804,127

$

34,541,855

a

Diageo

plc

,

ADR

.................

Beverages

484,422

39,945,438

JD

Sports

Fashion

plc

.............

Specialty

Retail

51,955,655

58,820,424

Persimmon

plc

..................

Household

Durables

2,788,639

41,686,496

SSE

plc

.......................

Electric

Utilities

1,983,834

62,040,861

Standard

Chartered

plc

............

Banks

3,339,263

89,424,668

Unilever

plc

.....................

Personal

Care

Products

1,091,050

61,482,370

a,c

Verisure

plc

.....................

Commercial

Services

&

Supplies

3,438,381

45,840,330

519,537,032

United

States

16.7%

Booking

Holdings,

Inc.

............

Hotels,

Restaurants

&

Leisure

273,720

45,828,939

BP

plc

.........................

Oil,

Gas

&

Consumable

Fuels

10,262,777

72,490,828

a

CNH

Industrial

NV

................

Machinery

7,227,681

73,794,623

CRH

plc

.......................

Construction

Materials

363,430

39,537,550

Sanofi

SA

......................

Pharmaceuticals

728,335

63,845,225

Shell

plc

.......................

Oil,

Gas

&

Consumable

Fuels

1,386,246

58,576,373

Smurfit

Westrock

plc

..............

Containers

&

Packaging

1,854,487

76,312,140

430,385,678

Total

Common

Stocks

(Cost

$

1,897,661,962

)

....................................

2,546,458,697

Short

Term

Investments

2.7%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

0.7%

Canada

0.7%

National

Bank

of

Canada

,

3.58

%

,

6/01/26

......................

16,000,000

16,000,000

Royal

Bank

of

Canada

,

3.58

%

,

6/01/26

2,600,000

2,600,000

18,600,000

Total

Time

Deposits

(Cost

$

18,600,000

)

........................................

18,600,000

Shares

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

2.0%

Money

Market

Funds

2.0%

d,e

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.579

%

......

49,699,352

49,699,352

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

49,699,352

)

................................................................

49,699,352

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

68,299,352

)

................................

68,299,352

a

a

a

Total

Investments

(Cost

$

1,965,961,314

)

101.8

%

................................

$2,614,758,049

Other

Assets,

less

Liabilities

(

1.8

)

%

...........................................

(44,807,261)

Net

Assets

100.0%

...........................................................

$2,569,950,788

a

a

a

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

10

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

A

portion

or

all

of

the

security

is

on

loan

at

May

31,

2026.

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,

2026,

the

value

of

this

security

was

$50,070,058,

representing

1.9%

of

net

assets.

c

Non-income

producing.

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,

2026

Templeton

World

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Industry

Shares

a

Value

a

Common

Stocks

98.6%

China

2.7%

BYD

Co.

Ltd.

,

H

.................

Automobiles

3,572,510

$

41,586,431

a

JD.com,

Inc.

,

ADR

................

Broadline

Retail

967,520

27,893,602

Tencent

Holdings

Ltd.

.............

Interactive

Media

&

Services

184,200

10,007,884

79,487,917

Denmark

1.1%

Novo

Nordisk

A/S

,

B

..............

Pharmaceuticals

703,520

32,147,460

France

6.7%

Airbus

SE

......................

Aerospace

&

Defense

267,857

55,935,828

Safran

SA

......................

Aerospace

&

Defense

276,492

98,335,039

Vinci

SA

.......................

Construction

&

Engineering

302,944

44,059,662

198,330,529

Germany

5.1%

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

375,376

35,591,492

Siemens

Energy

AG

..............

Electrical

Equipment

605,490

114,627,798

150,219,290

Hong

Kong

1.8%

AIA

Group

Ltd.

..................

Insurance

5,013,887

52,594,559

Japan

0.8%

Mitsubishi

Heavy

Industries

Ltd.

.....

Machinery

983,170

23,240,927

Netherlands

4.4%

ASML

Holding

NV

................

Semiconductors

&

Semiconductor

Equipment

34,985

56,568,441

ING

Groep

NV

..................

Banks

2,397,927

74,276,837

130,845,278

South

Korea

5.9%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

466,449

97,858,038

SK

Hynix,

Inc.

...................

Semiconductors

&

Semiconductor

Equipment

48,710

75,841,859

173,699,897

Taiwan

5.5%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

1,196,485

88,641,993

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

..................

Semiconductors

&

Semiconductor

Equipment

175,816

73,570,205

162,212,198

United

Kingdom

9.2%

AstraZeneca

plc

.................

Pharmaceuticals

299,410

55,589,844

HSBC

Holdings

plc

...............

Banks

3,672,950

68,971,541

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

6,712,307

120,766,694

SSE

plc

.......................

Electric

Utilities

885,533

27,693,461

273,021,540

United

States

55.4%

Alphabet,

Inc.

,

A

.................

Interactive

Media

&

Services

355,219

135,103,994

b

Amazon.com,

Inc.

................

Broadline

Retail

491,068

132,902,644

Apple,

Inc.

.....................

Technology

Hardware,

Storage

&

Peripherals

419,413

130,882,021

b

Arista

Networks,

Inc.

..............

Communications

Equipment

192,750

30,737,842

Booking

Holdings,

Inc.

............

Hotels,

Restaurants

&

Leisure

269,040

45,045,367

Broadcom,

Inc.

..................

Semiconductors

&

Semiconductor

Equipment

269,445

120,379,943

CRH

plc

.......................

Construction

Materials

622,955

67,771,274

Eli

Lilly

&

Co.

...................

Pharmaceuticals

22,473

24,832,665

Templeton

Funds

Schedule

of

Investments

(unaudited)

Templeton

World

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

See

Abbreviations

on

page

10

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

States

(continued)

Ferguson

Enterprises,

Inc.

.........

Trading

Companies

&

Distributors

208,653

$

47,149,318

HCA

Healthcare,

Inc.

..............

Health

Care

Providers

&

Services

39,240

14,853,910

a,b

ICON

plc

.......................

Life

Sciences

Tools

&

Services

275,240

37,451,907

b

Illumina,

Inc.

....................

Life

Sciences

Tools

&

Services

295,530

48,159,569

b

IQVIA

Holdings,

Inc.

..............

Life

Sciences

Tools

&

Services

176,420

32,145,488

Linde

plc

.......................

Chemicals

133,670

66,526,222

Meta

Platforms,

Inc.

,

A

............

Interactive

Media

&

Services

155,629

98,436,899

Microsoft

Corp.

..................

Software

353,316

159,076,996

b

Netflix,

Inc.

.....................

Entertainment

481,090

41,383,362

NVIDIA

Corp.

...................

Semiconductors

&

Semiconductor

Equipment

823,340

173,840,008

Progressive

Corp.

(The)

...........

Insurance

203,850

38,813,040

Schneider

Electric

SE

.............

Electrical

Equipment

81,245

25,517,697

Smurfit

Westrock

plc

..............

Containers

&

Packaging

1,138,320

46,841,868

Thermo

Fisher

Scientific,

Inc.

.......

Life

Sciences

Tools

&

Services

123,826

60,985,543

Visa,

Inc.

,

A

.....................

Financial

Services

173,060

56,479,862

1,635,317,439

Total

Common

Stocks

(Cost

$

2,026,930,898

)

....................................

2,911,117,034

Short

Term

Investments

1.0%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

1.0%

Canada

1.0%

National

Bank

of

Canada

,

3.58

%

,

6/01/26

......................

23,100,000

23,100,000

Royal

Bank

of

Canada

,

3.58

%

,

6/01/26

5,100,000

5,100,000

28,200,000

Total

Time

Deposits

(Cost

$

28,200,000

)

........................................

28,200,000

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

28,200,000

)

................................

28,200,000

a

a

a

Total

Investments

(Cost

$

2,055,130,898

)

99.6

%

..................................

$2,939,317,034

Other

Assets,

less

Liabilities

0.4

%

.............................................

13,999,963

Net

Assets

100.0%

...........................................................

$2,953,316,997

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

A

portion

or

all

of

the

security

is

on

loan

at

May

31,

2026.

b

Non-income

producing.

Templeton

Funds

7

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 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

May

31,

2026,

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)

8

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,

2026,

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)

    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

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.579%

............

$—

$338,288,974

$(288,589,622)

$—

$—

$49,699,352

49,699,352

$685,314

Total

Affiliated

Securities

...

$—

$338,288,974

$(288,589,622)

$—

$—

$49,699,352

$685,314

Templeton

World

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.583%

............

$—

$117,823,193

$(117,823,193)

$—

$—

$—

—

$57,030

Total

Affiliated

Securities

...

$—

$117,823,193

$(117,823,193)

$—

$—

$—

$57,030

2. Financial

Instrument

Valuation

(continued)

Templeton

Funds

Notes

to

Schedules

of

Investments

(unaudited)

9

Quarterly

Schedules

of

Investments

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,

2026,

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:

a

Common

Stocks

:

China

...............................

$

56,292,882

$

109,280,447

$

—

$

165,573,329

Denmark

.............................

—

42,549,461

—

42,549,461

France

...............................

83,650,282

127,631,977

—

211,282,259

Germany

.............................

—

56,619,692

—

56,619,692

Hong

Kong

...........................

—

94,231,753

—

94,231,753

India

................................

—

54,811,555

—

54,811,555

Japan

...............................

—

188,372,182

—

188,372,182

Netherlands

...........................

—

230,609,425

—

230,609,425

Singapore

............................

—

120,766,933

—

120,766,933

South

Korea

..........................

—

114,936,920

—

114,936,920

Sweden

..............................

—

9,166,054

—

9,166,054

Switzerland

...........................

—

140,365,519

—

140,365,519

Taiwan

...............................

—

167,250,905

—

167,250,905

United

Kingdom

........................

85,785,768

433,751,264

—

519,537,032

United

States

..........................

235,473,252

194,912,426

—

430,385,678

Short

Term

Investments

...................

49,699,352

18,600,000

—

68,299,352

Total

Investments

in

Securities

...........

$510,901,536

$2,103,856,513

b

$—

$2,614,758,049

Templeton

World

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

China

...............................

27,893,602

51,594,315

—

79,487,917

Denmark

.............................

—

32,147,460

—

32,147,460

France

...............................

—

198,330,529

—

198,330,529

Germany

.............................

—

150,219,290

—

150,219,290

Hong

Kong

...........................

—

52,594,559

—

52,594,559

Japan

...............................

—

23,240,927

—

23,240,927

Netherlands

...........................

—

130,845,278

—

130,845,278

South

Korea

..........................

—

173,699,897

—

173,699,897

Taiwan

...............................

73,570,205

88,641,993

—

162,212,198

United

Kingdom

........................

—

273,021,540

—

273,021,540

United

States

..........................

1,609,799,742

25,517,697

—

1,635,317,439

Short

Term

Investments

...................

—

28,200,000

—

28,200,000

Total

Investments

in

Securities

...........

$1,711,263,549

$1,228,053,485

c

$—

$2,939,317,034

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$2,085,256,513,

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

$1,199,853,485,

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.

4. Fair

Value

Measurements

(continued)

Templeton

Funds

Notes

to

Schedules

of

Investments

(unaudited)

10

Quarterly

Schedules

of

Investments

Abbreviations

Selected

Portfolio

ADR

American

Depositary

Receipt

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds

'

most

recent

semiannual

or

annual

shareholder

report.