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Form NPORT-P TEMPLETON FUNDS For: May 31

July 23, 2021 2:57 PM EDT

  
    NPORT-P
    false
    
      
      
        
          0000225930
          XXXXXXXX
        
      
      
      
      
        S000062009
        C000200853
      
      
      
    
  
  
    
      Templeton Funds
      811-02781
      0000225930
      549300821JJXJNIYNR98
      300 S.E. 2nd Street
      Fort Lauderdale
      
      33301-1923
      954-527-7500
      Templeton International - Climate Change Fund
      S000062009
      549300PJ4Z9INVJYPX57
      2021-08-31
      2021-05-31
      N
    
    
      2933618.50
      86330.85
      2847287.65
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      4503.92000000
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Taiwan Semiconductor Manufacturing Co. Ltd.
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co. Ltd.
        874039100
        
          
          
        
        800.00000000
        NS
        USD
        93888.00000000
        3.297453982213
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        Landis+Gyr Group AG
        529900PZYVAKCYSLFL19
        Landis+Gyr Group AG
        N/A
        
          
          
        
        1020.00000000
        NS
        
        74384.33000000
        2.612462776635
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Zhuzhou CRRC Times Electric Co. Ltd.
        529900PLNH7NQLN00B53
        Zhuzhou CRRC Times Electric Co. Ltd., Class H
        N/A
        
          
          
        
        9300.00000000
        NS
        
        44826.03000000
        1.574341461425
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Faurecia SE
        969500F0VMZLK2IULV85
        Faurecia SE
        N/A
        
          
          
        
        884.00000000
        NS
        
        48499.03000000
        1.703341423898
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Umicore SA
        529900F3AIQECS8ZSV61
        Umicore SA
        N/A
        
          
          
        
        1702.00000000
        NS
        
        102398.65000000
        3.596357747697
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        ING Groep NV
        549300NYKK9MWM7GGW15
        ING Groep NV
        N/A
        
          
          
        
        9253.00000000
        NS
        
        129451.65000000
        4.546490060461
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Vestas Wind Systems A/S
        549300DYMC8BGZZC8844
        Vestas Wind Systems A/S
        N/A
        
          
          
        
        2490.00000000
        NS
        
        97326.59000000
        3.418221197285
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Prysmian SpA
        529900X0H1IO3RS1A464
        Prysmian SpA
        N/A
        
          
          
        
        3583.00000000
        NS
        
        123676.96000000
        4.343676340534
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Danone SA
        969500KMUQ2B6CBAF162
        Danone SA
        N/A
        
          
          
        
        1604.00000000
        NS
        
        114317.21000000
        4.014951211550
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Sanofi
        549300E9PC51EN656011
        Sanofi
        N/A
        
          
          
        
        647.00000000
        NS
        
        69210.48000000
        2.430751244961
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        KH Neochem Co. Ltd.
        N/A
        KH Neochem Co. Ltd.
        N/A
        
          
          
        
        1400.00000000
        NS
        
        36042.51000000
        1.265854189336
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Valeo SA
        5493006IH2N2WMIBB742
        Valeo SA
        N/A
        
          
          
        
        691.00000000
        NS
        
        22700.48000000
        0.797266830416
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Cie de Saint-Gobain
        NFONVGN05Z0FMN5PEC35
        Cie de Saint-Gobain
        N/A
        
          
          
        
        1646.00000000
        NS
        
        110468.22000000
        3.879770278917
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Kaveri Seed Co. Ltd.
        N/A
        Kaveri Seed Co. Ltd.
        N/A
        
          
          
        
        3819.00000000
        NS
        
        39468.35000000
        1.386173609821
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Schneider Electric SE
        969500A1YF1XUYYXS284
        Schneider Electric SE
        N/A
        
          
          
        
        276.00000000
        NS
        
        43919.07000000
        1.542487988524
        Long
        EC
        CORP
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Siemens Gamesa Renewable Energy SA
        9598004BR8D81D3M1D64
        Siemens Gamesa Renewable Energy SA
        N/A
        
          
          
        
        2062.00000000
        NS
        
        68138.64000000
        2.393106997812
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Air Liquide SA
        969500MMPQVHK671GT54
        Air Liquide SA
        N/A
        
          
          
        
        269.00000000
        NS
        
        45738.41000000
        1.606385290927
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        NHPC Ltd.
        3358003ZPPTGWT595J46
        NHPC Ltd.
        N/A
        
          
          
        
        146462.00000000
        NS
        
        52450.09000000
        1.842107171714
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Samsung SDI Co. Ltd.
        9884002AESDO4YW87G32
        Samsung SDI Co. Ltd.
        N/A
        
          
          
        
        71.00000000
        NS
        
        40795.63000000
        1.432789202032
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        DS Smith plc
        39RSBE4RCI4M15BLWH36
        DS Smith plc
        N/A
        
          
          
        
        5629.00000000
        NS
        
        33351.27000000
        1.171334761347
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        STMicroelectronics NV
        213800Z8NOHIKRI42W10
        STMicroelectronics NV
        N/A
        
          
          
        
        1370.00000000
        NS
        
        51110.37000000
        1.795054672470
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Nan Pao Resins Chemical Co. Ltd.
        N/A
        Nan Pao Resins Chemical Co. Ltd.
        N/A
        
          
          
        
        5000.00000000
        NS
        
        27069.54000000
        0.950713216488
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        E.ON SE
        Q9MAIUP40P25UFBFG033
        E.ON SE
        N/A
        
          
          
        
        7454.00000000
        NS
        
        90632.73000000
        3.183125175287
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Arcadis NV
        7245000UZH70GO047N03
        Arcadis NV
        N/A
        
          
          
        
        2501.00000000
        NS
        
        108960.04000000
        3.826801271729
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Veolia Environnement SA
        969500LENY69X51OOT31
        Veolia Environnement SA
        N/A
        
          
          
        
        2562.00000000
        NS
        
        80764.63000000
        2.836546212673
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Toyota Motor Corp.
        5493006W3QUS5LMH6R84
        Toyota Motor Corp.
        N/A
        
          
          
        
        700.00000000
        NS
        
        58086.92000000
        2.040079090709
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Infineon Technologies AG
        TSI2PJM6EPETEQ4X1U25
        Infineon Technologies AG
        N/A
        
          
          
        
        2754.00000000
        NS
        
        111340.63000000
        3.910410316288
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Takeda Pharmaceutical Co. Ltd.
        549300ZLMVP4X0OGR454
        Takeda Pharmaceutical Co. Ltd.
        N/A
        
          
          
        
        1591.00000000
        NS
        
        54361.72000000
        1.909245804511
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        SPIE SA
        969500TJNS5GSFWJ8X85
        SPIE SA
        N/A
        
          
          
        
        1814.00000000
        NS
        
        43479.63000000
        1.527054352938
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Signify NV
        549300072P3J1X8NZO35
        Signify NV
        N/A
        
          
          
        
        1780.00000000
        NS
        
        110067.89000000
        3.865710231279
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Befesa SA
        222100VXGA8L6J4ZWG61
        Befesa SA
        N/A
        
          
          
        
        992.00000000
        NS
        
        70723.85000000
        2.483902530887
        Long
        EC
        CORP
        LU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Siemens AG
        W38RGI023J3WT1HWRP32
        Siemens AG
        N/A
        
          
          
        
        524.00000000
        NS
        
        85990.53000000
        3.020085799901
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        AstraZeneca plc
        PY6ZZQWO2IZFZC3IOL08
        AstraZeneca plc
        N/A
        
          
          
        
        756.00000000
        NS
        
        86151.93000000
        3.025754352567
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Orsted A/S
        W9NG6WMZIYEU8VEDOG48
        Orsted A/S
        N/A
        
          
          
        
        439.00000000
        NS
        
        67125.98000000
        2.357541219974
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        BillerudKorsnas AB
        549300YJUYJ9A24RXL71
        BillerudKorsnas AB
        N/A
        
          
          
        
        4421.00000000
        NS
        
        87457.85000000
        3.071619757139
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Soltec Power Holdings SA
        959800L6L2B2GGN73292
        Soltec Power Holdings SA
        N/A
        
          
          
        
        6508.00000000
        NS
        
        57208.13000000
        2.009214980439
        Long
        EC
        CORP
        ES
        N
        
        1
        
          N
          N
          N
        
      
      
        Institutional Fiduciary Trust - Money Market Portfolio
        549300M4TP89K77LG374
        Institutional Fiduciary Trust - Money Market Portfolio
        457756500
        
          
          
        
        117549.02100000
        NS
        USD
        117549.02000000
        4.128456076434
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sumitomo Metal Mining Co. Ltd.
        353800CF81IXL9974H84
        Sumitomo Metal Mining Co. Ltd.
        N/A
        
          
          
        
        1600.00000000
        NS
        
        71444.85000000
        2.509224875821
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Azure Power Global Ltd.
        N/A
        Azure Power Global Ltd.
        N/A
        
          
          
        
        2300.00000000
        NS
        USD
        47863.00000000
        1.681003322583
        Long
        EC
        CORP
        MU
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Samsung Electronics UK Ltd.
        549300D178N8UFD6I259
        Samsung Electronics UK Ltd.
        N/A
        
          
        
        23.00000000
        NS
        USD
        41559.06000000
        1.459601737112
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
    
    
      
      
    
    
      2021-06-30
      Templeton Funds
      Robert Kubilis
      Robert Kubilis
      Chief Financial Officer, Chief Accounting Officer and Treasurer
    
  
  XXXX



Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
TF-Q3PH
1
Statements
of
Investments
(unaudited)
Templeton
Foreign
Fund
2
Templeton
International
Climate
Change
Fund
5
Templeton
World
Fund
8
Notes
to
Statements
of
Investments
13
Templeton
Funds
Statement
of
Investments
(unaudited),
May
31,
2021
Templeton
Foreign
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
95.6%
Australia
0.5%
Downer
EDI
Ltd.
.................
Commercial
Services
&
Supplies
4,912,542
$
21,035,612
Belgium
0.4%
a
Galapagos
NV
..................
Biotechnology
227,521
16,996,709
a
Brazil
2.0%
Wheaton
Precious
Metals
Corp.
.....
Metals
&
Mining
1,610,019
77,315,601
Canada
0.8%
Cenovus
Energy,
Inc.
.............
Oil,
Gas
&
Consumable
Fuels
3,906,396
31,756,159
China
7.6%
a
Alibaba
Group
Holding
Ltd.
.........
Internet
&
Direct
Marketing
Retail
3,692,850
99,950,835
a
Baidu,
Inc.,
ADR
.................
Interactive
Media
&
Services
165,119
32,407,906
China
Overseas
Land
&
Investment
Ltd.
Real
Estate
Management
&
Development
13,010,250
31,051,008
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
382,227
80,810,432
Sinopec
Engineering
Group
Co.
Ltd.,
H
Construction
&
Engineering
45,622,300
28,899,744
Sinopharm
Group
Co.
Ltd.,
H
.......
Health
Care
Providers
&
Services
7,806,579
26,522,909
299,642,834
France
2.0%
Dassault
Aviation
SA
..............
Aerospace
&
Defense
31,370
39,411,354
Valeo
SA
.......................
Auto
Components
1,185,980
38,817,817
78,229,171
Germany
11.4%
Bayer
AG
......................
Pharmaceuticals
1,514,852
95,368,958
Bayerische
Motoren
Werke
AG
......
Automobiles
553,793
58,733,273
Continen
tal
AG
..................
Auto
Components
317,090
46,888,638
b
Covestro
AG,
144A,
Reg
S
.........
Chemicals
735,051
51,512,449
E.ON
SE
.......................
Multi-Utilities
5,457,759
65,986,023
Fresenius
Medical
Care
AG
&
Co.
KGaA
Health
Care
Providers
&
Services
793,721
63,438,733
a,b,c
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...........................
Internet
&
Direct
Marketing
Retail
711,410
64,585,191
446,513,265
Hong
Kong
4.7%
AIA
Group
Ltd.
..................
Insurance
5,903,853
75,325,023
CK
Asset
Holdings
Ltd.
............
Real
Estate
Management
&
Development
11,079,206
73,290,049
Swire
Pacific
Ltd.,
A
..............
Real
Estate
Management
&
Development
3,997,362
29,978,190
Value
Partners
Group
Ltd.
..........
Capital
Markets
8,753,999
5,792,552
184,385,814
India
1.9%
Housing
Development
Finance
Corp.
Ltd.
.........................
Thrifts
&
Mortgage
Finance
2,169,157
76,255,590
Japan
21.1%
Hitachi
Ltd.
.....................
Industrial
Conglomerates
2,246,579
117,835,844
Honda
Motor
Co.
Ltd.
.............
Automobiles
2,350,105
72,009,890
Isuzu
Motors
Ltd.
................
Automobiles
5,096,656
67,173,139
Kirin
Holdings
Co.
Ltd.
............
Beverages
1,258,873
25,413,538
Komatsu
Ltd.
...................
Machinery
1,766,367
51,839,380
Mitsui
Fudosan
Co.
Ltd.
...........
Real
Estate
Management
&
Development
1,236,133
28,821,559
Seria
Co.
Ltd.
...................
Multiline
Retail
994,067
36,045,958
Sony
Group
Corp.
................
Household
Durables
548,494
54,064,167
Sumitomo
Metal
Mining
Co.
Ltd.
.....
Metals
&
Mining
1,641,763
73,870,278
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
1,700,723
61,459,886
Sundrug
Co.
Ltd.
.................
Food
&
Staples
Retailing
983,739
32,995,787
Templeton
Funds
Statement
of
Investments
(unaudited)
Templeton
Foreign
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Japan
(continued)
Taisei
Corp.
....................
Construction
&
Engineering
1,503,600
$
52,515,767
Takeda
Pharmaceutical
Co.
Ltd.
.....
Pharmaceuticals
2,690,110
91,377,122
TBS
Holdings,
Inc.
...............
Media
1,192,568
20,007,457
Tosoh
Corp.
....................
Chemicals
1,069,531
18,739,385
Toyota
Industries
Corp.
............
Auto
Components
284,124
24,292,436
828,461,593
Luxembourg
1.7%
ArcelorMittal
SA
.................
Metals
&
Mining
2,075,392
68,274,483
Netherlands
4.7%
EXOR
NV
......................
Diversified
Financial
Services
305,979
26,275,709
ING
Groep
NV
..................
Banks
3,898,230
54,091,006
Royal
Dutch
Shell
plc,
B
...........
Oil,
Gas
&
Consumable
Fuels
2,309,390
41,967,348
SBM
Offshore
NV
................
Energy
Equipment
&
Services
3,595,121
62,149,808
184,483,871
Norway
1.2%
Equinor
ASA
....................
Oil,
Gas
&
Consumable
Fuels
2,202,695
47,446,542
Portugal
1.0%
Galp
Energia
SGPS
SA,
B
.........
Oil,
Gas
&
Consumable
Fuels
3,146,927
39,178,175
South
Korea
7.6%
KB
Financial
Group,
Inc.
...........
Banks
1,638,236
86,567,546
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
1,935,620
140,513,522
Shinhan
Financial
Group
Co.
Ltd.
....
Banks
1,844,241
70,437,615
297,518,683
Spain
0.9%
a
Amadeus
IT
Group
SA
............
IT
Services
205,376
15,518,645
a
Tecnicas
Reunidas
SA
............
Energy
Equipment
&
Services
1,299,539
18,715,865
34,234,510
Switzerland
1.4%
Roche
Holding
AG
...............
Pharmaceuticals
154,370
53,724,637
Taiwan
2.4%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
4,457,724
96,555,972
Thailand
0.9%
c
Kasikornbank
PCL
...............
Banks
9,074,937
34,539,804
United
Kingdom
14.8%
a
Allfunds
Group
plc
................
Capital
Markets
1,022,400
17,188,014
AstraZeneca
plc
.................
Pharmaceuticals
382,650
43,620,457
BAE
Systems
plc
................
Aerospace
&
Defense
7,379,848
54,949,160
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
18,829,151
82,161,449
CK
Hutchison
Holdings
Ltd.
.........
Industrial
Conglomerates
11,025,586
86,174,065
Imperial
Brands
plc
...............
Tobacco
3,181,295
72,185,290
a
Informa
plc
.....................
Media
4,400,809
33,837,263
a
International
Consolidated
Airlines
Group
SA
.....................
Airlines
13,048,770
37,305,201
Prudential
plc
...................
Insurance
2,069,250
44,073,387
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
18,533,750
28,055,722
Standard
Chartered
plc
............
Banks
11,407,711
82,048,125
581,598,133
Templeton
Funds
Statement
of
Investments
(unaudited)
Templeton
Foreign
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
See
Abbreviations
on
page
18.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
States
6.6%
a
Array
Technologies,
Inc.
...........
Electrical
Equipment
1,045,490
$
17,041,487
a
Berkshire
Hathaway,
Inc.,
B
.........
Diversified
Financial
Services
258,233
74,742,959
a
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
13,194
31,158,291
a
DXC
Technology
Co.
..............
IT
Services
1,172,600
44,464,992
H&R
Block,
Inc.
..................
Diversified
Consumer
Services
2,214,450
54,962,649
ManpowerGroup
,
Inc.
.............
Professional
Services
318,669
38,555,762
260,926,140
Total
Common
Stocks
(Cost
$2,968,871,978)
....................................
3,759,073,298
Short
Term
Investments
1.1%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
1.0%
Canada
1.0%
National
Bank
of
Canada,
0.02%,
6/01/21
......................
19,000,000
19,000,000
Royal
Bank
of
Canada,
0.02%,
6/01/21
20,000,000
20,000,000
Total
Time
Deposits
(Cost
$39,000,000)
........................................
39,000,000
Industry
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..........
4,629,150
4,629,150
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$4,629,150)
.................................................................
4,629,150
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$43,629,150
)
................................
43,629,150
a
a
a
a
Total
Investments
(Cost
$3,012,501,128)
96.7%
..................................
$3,802,702,448
Other
Assets,
less
Liabilities
3.3%
.............................................
129,078,113
Net
Assets
100.0%
...........................................................
$3,931,780,561
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2021,
the
aggregate
value
of
these
securities
was
$116,097,640,
representing
3.0%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2021.
d
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Funds
Statement
of
Investments
(unaudited),
May
31,
2021
Templeton
International
Climate
Change
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Industry
Shares
a
Value
a
Common
Stocks
95.8%
Belgium
3.6%
Umicore
SA
....................
Chemicals
1,702
$
102,124
China
1.6%
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
H
...........................
Electrical
Equipment
9,300
44,993
Denmark
5.8%
a
Orsted
A/S,
144A,
Reg
S
...........
Electric
Utilities
439
66,562
Vestas
Wind
Systems
A/S
..........
Electrical
Equipment
2,490
96,964
163,526
France
18.8%
Air
Liquide
SA
...................
Chemicals
269
45,750
Cie
de
Saint-Gobain
..............
Building
Products
1,646
110,365
Danone
SA
.....................
Food
Products
1,604
114,347
Faurecia
SE
....................
Auto
Components
884
47,836
Sanofi
.........................
Pharmaceuticals
647
68,824
SPIE
SA
.......................
Commercial
Services
&
Supplies
1,814
43,583
Valeo
SA
.......................
Auto
Components
691
22,617
Veolia
Environnement
SA
..........
Multi-Utilities
2,562
80,523
533,845
Germany
10.1%
E.ON
SE
.......................
Multi-Utilities
7,454
90,121
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
2,754
112,064
Siemens
AG
....................
Industrial
Conglomerates
524
85,013
287,198
Hong
Kong
0.2%
b
Cadeler
A/S
....................
Construction
&
Engineering
1,300
5,231
b
India
4.7%
b
Azure
Power
Global
Ltd.
...........
Independent
Power
and
Renewable
Electricity
Producers
2,300
47,863
Kaveri
Seed
Co.
Ltd.
..............
Food
Products
3,219
31,894
NHPC
Ltd.
.....................
Independent
Power
and
Renewable
Electricity
Producers
146,462
52,494
132,251
Italy
4.3%
Prysmian
SpA
...................
Electrical
Equipment
3,583
123,711
Japan
7.3%
KH
Neochem
Co.
Ltd.
.............
Chemicals
900
23,110
Sumitomo
Metal
Mining
Co.
Ltd.
.....
Metals
&
Mining
1,600
71,991
Takeda
Pharmaceutical
Co.
Ltd.
.....
Pharmaceuticals
1,591
54,043
Toyota
Motor
Corp.
...............
Automobiles
700
58,265
207,409
Netherlands
12.2%
Arcadis
NV
.....................
Construction
&
Engineering
2,501
109,192
ING
Groep
NV
..................
Banks
9,253
128,393
a
Signify
NV,
144A,
Reg
S
...........
Electrical
Equipment
1,780
110,505
348,090
South
Korea
2.8%
b
Samsung
Electronics
UK
Ltd.,
GDR
..
Diversified
Financial
Services
23
41,559
Templeton
Funds
Statement
of
Investments
(unaudited)
Templeton
International
Climate
Change
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
South
Korea
(continued)
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
71
$
39,361
80,920
Spain
6.9%
a
Befesa
SA,
144A,
Reg
S
...........
Commercial
Services
&
Supplies
992
71,930
Siemens
Gamesa
Renewable
Energy
SA
..........................
Electrical
Equipment
2,062
67,775
b
Soltec
Power
Holdings
SA
..........
Electrical
Equipment
6,508
56,375
196,080
Sweden
3.1%
BillerudKorsnas
AB
...............
Containers
&
Packaging
4,421
87,447
Switzerland
4.4%
b
Landis+Gyr
Group
AG
.............
Electronic
Equipment,
Instruments
&
Components
1,020
74,929
STMicroelectronics
NV
............
Semiconductors
&
Semiconductor
Equipment
1,370
51,368
126,297
Taiwan
4.3%
Nan
Pao
Resins
Chemical
Co.
Ltd.
...
Chemicals
5,000
27,271
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
..................
Semiconductors
&
Semiconductor
Equipment
800
93,888
121,159
United
Kingdom
4.2%
AstraZeneca
plc
.................
Pharmaceuticals
756
86,181
DS
Smith
plc
....................
Containers
&
Packaging
5,629
33,319
119,500
United
States
1.5%
Schneider
Electric
SE
.............
Electrical
Equipment
276
43,680
Total
Common
Stocks
(Cost
$1,897,613)
.......................................
2,723,461
Short
Term
Investments
4.1%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
4.1%
United
States
4.1%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..........
117,550
117,550
Total
Money
Market
Funds
(Cost
$117,550)
.....................................
117,550
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$117,550
)
..................................
117,550
a
a
a
a
Total
Investments
(Cost
$2,015,163)
99.9%
.....................................
$2,841,011
Other
Assets,
less
Liabilities
0.1%
.............................................
878
Net
Assets
100.0%
...........................................................
$2,841,889
a
a
a
Templeton
Funds
Statement
of
Investments
(unaudited)
Templeton
International
Climate
Change
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
See
Abbreviations
on
page
18
.
a
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,
2021,
the
aggregate
value
of
these
securities
was
$248,997,
representing
8.8%
of
net
assets.
b
Non-income
producing.
c
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Funds
Statement
of
Investments
(unaudited),
May
31,
2021
Templeton
World
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
a
a
Industry
Shares
a
Value
a
Common
Stocks
93.2%
Belgium
3.2%
Anheuser-Busch
InBev
SA/NV
......
Beverages
954,583
$
71,866,629
Umicore
SA
....................
Chemicals
598,200
35,893,472
107,760,101
Brazil
1.1%
Wheaton
Precious
Metals
Corp.
.....
Metals
&
Mining
781,977
37,551,744
China
3.5%
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
A
...........................
Household
Durables
1,966,020
17,375,006
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
258,729
54,700,485
Yum
China
Holdings,
Inc.
..........
Hotels,
Restaurants
&
Leisure
681,019
46,064,125
118,139,616
France
1.7%
Danone
SA
.....................
Food
Products
335,375
23,908,419
Pernod
Ricard
SA
................
Beverages
154,236
33,984,588
57,893,007
Germany
7.4%
adidas
AG
......................
Textiles,
Apparel
&
Luxury
Goods
88,633
32,341,368
Continental
AG
..................
Auto
Components
286,040
42,297,222
E.ON
SE
.......................
Multi-Utilities
5,372,141
64,950,874
Fresenius
Medical
Care
AG
&
Co.
KGaA
Health
Care
Providers
&
Services
451,629
36,096,779
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
855,659
34,817,870
Siemens
AG
....................
Industrial
Conglomerates
227,496
36,908,483
247,412,596
Hong
Kong
2.0%
AIA
Group
Ltd.
..................
Insurance
5,111,204
65,211,915
Japan
13.0%
Fujitsu
Ltd.
.....................
IT
Services
277,350
44,997,421
Honda
Motor
Co.
Ltd.
.............
Automobiles
1,206,355
36,964,089
Isuzu
Motors
Ltd.
................
Automobiles
1,445,300
19,048,831
a
Japan
Airlines
Co.
Ltd.
............
Airlines
769,524
17,590,387
Kirin
Holdings
Co.
Ltd.
............
Beverages
943,729
19,051,558
Komatsu
Ltd.
...................
Machinery
1,883,300
55,271,132
Kyocera
Corp.
...................
Electronic
Equipment,
Instruments
&
Components
573,500
35,244,828
Makita
Corp.
....................
Machinery
658,700
31,736,212
Mitsubishi
Electric
Corp.
...........
Electrical
Equipment
2,530,700
39,176,047
Nexon
Co.
Ltd.
..................
Entertainment
1,003,023
23,626,272
Panasonic
Corp.
.................
Household
Durables
3,133,207
35,724,163
Sony
Group
Corp.
................
Household
Durables
526,700
51,915,967
Suntory
Beverage
&
Food
Ltd.
......
Beverages
595,890
21,927,193
432,274,100
Luxembourg
1.0%
ArcelorMittal
SA
.................
Metals
&
Mining
1,048,417
34,489,932
Macau
0.7%
a,b
Galaxy
Entertainment
Group
Ltd.
....
Hotels,
Restaurants
&
Leisure
2,743,773
22,176,319
a
Norway
1.2%
Equinor
ASA
....................
Oil,
Gas
&
Consumable
Fuels
1,792,690
38,614,943
South
Korea
2.8%
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
1,270,703
92,244,838
Templeton
Funds
Statement
of
Investments
(unaudited)
Templeton
World
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Switzerland
2.3%
Roche
Holding
AG
...............
Pharmaceuticals
224,089
$
77,988,600
United
Kingdom
9.3%
BAE
Systems
plc
................
Aerospace
&
Defense
4,693,668
34,948,296
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
8,707,866
37,996,981
a
Burberry
Group
plc
...............
Textiles,
Apparel
&
Luxury
Goods
1,248,859
37,770,581
a
Compass
Group
plc
..............
Hotels,
Restaurants
&
Leisure
2,112,246
47,951,633
a
InterContinental
Hotels
Group
plc
....
Hotels,
Restaurants
&
Leisure
559,401
38,876,986
a
International
Consolidated
Airlines
Group
SA
.....................
Airlines
10,184,233
29,115,760
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
14,935,672
22,609,081
Unilever
plc
.....................
Personal
Products
583,690
34,804,641
a
Whitbread
plc
...................
Hotels,
Restaurants
&
Leisure
555,769
25,000,213
309,074,172
United
States
44.0%
Albemarle
Corp.
.................
Chemicals
314,290
52,511,573
American
Express
Co.
............
Consumer
Finance
336,109
53,821,134
a
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
28,043
66,224,947
BorgWarner,
Inc.
.................
Auto
Components
720,001
36,928,851
Comcast
Corp.,
A
................
Media
720,989
41,341,509
a
Dollar
Tree,
Inc.
.................
Multiline
Retail
516,365
50,345,587
DuPont
de
Nemours,
Inc.
..........
Chemicals
756,528
63,994,704
a
DXC
Technology
Co.
..............
IT
Services
979,557
37,144,801
a
EPAM
Systems,
Inc.
..............
IT
Services
81,246
38,803,090
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
843,760
36,045,427
Honeywell
International,
Inc.
........
Industrial
Conglomerates
144,235
33,305,304
a
Hyatt
Hotels
Corp.,
A
..............
Hotels,
Restaurants
&
Leisure
226,075
17,651,936
Johnson
&
Johnson
..............
Pharmaceuticals
248,541
42,065,564
a
Laboratory
Corp.
of
America
Holdings
.
Health
Care
Providers
&
Services
138,320
37,966,074
Lear
Corp.
.....................
Auto
Components
156,960
30,349,786
Marathon
Petroleum
Corp.
.........
Oil,
Gas
&
Consumable
Fuels
995,613
61,528,883
Medtronic
plc
...................
Health
Care
Equipment
&
Supplies
474,813
60,106,578
Public
Service
Enterprise
Group,
Inc.
.
Multi-Utilities
278,904
17,325,516
Ross
Stores,
Inc.
................
Specialty
Retail
445,759
56,339,480
Southern
Co.
(The)
...............
Electric
Utilities
541,373
34,604,562
a
Southwest
Airlines
Co.
............
Airlines
694,765
42,700,257
Stanley
Black
&
Decker,
Inc.
........
Machinery
104,620
22,681,616
Starbucks
Corp.
.................
Hotels,
Restaurants
&
Leisure
264,910
30,167,951
Sysco
Corp.
....................
Food
&
Staples
Retailing
914,968
74,112,408
TJX
Cos.,
Inc.
(The)
..............
Specialty
Retail
743,819
50,237,535
a
T-Mobile
US,
Inc.
................
Wireless
Telecommunication
Services
231,760
32,782,452
United
Parcel
Service,
Inc.,
B
.......
Air
Freight
&
Logistics
151,056
32,416,618
UnitedHealth
Group,
Inc.
...........
Health
Care
Providers
&
Services
93,786
38,632,329
Verizon
Communications,
Inc.
.......
Diversified
Telecommunication
Services
1,049,420
59,281,736
Visa,
Inc.,
A
.....................
IT
Services
196,474
44,658,540
a
Walt
Disney
Co.
(The)
.............
Entertainment
403,337
72,056,155
Westinghouse
Air
Brake
Technologies
Corp.
........................
Machinery
484,309
40,081,413
Zimmer
Biomet
Holdings,
Inc.
.......
Health
Care
Equipment
&
Supplies
355,497
59,840,810
1,468,055,126
Total
Common
Stocks
(Cost
$2,254,357,993)
....................................
3,108,887,009
Templeton
Funds
Statement
of
Investments
(unaudited)
Templeton
World
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
At
May
31,
2021,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
(
3
). 
Short
Term
Investments
5.0%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
5.0%
Canada
4.3%
National
Bank
of
Canada,
0.02%,
6/01/21
......................
105,000,000
$
105,000,000
Royal
Bank
of
Canada,
0.02%,
6/01/21
40,000,000
40,000,000
France
0.7%
BNP
Paribas
SA,
0.01%,
6/01/21
.....
23,000,000
23,000,000
Total
Time
Deposits
(Cost
$168,000,000)
.......................................
168,000,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$168,000,000
)
...............................
168,000,000
a
a
a
a
Total
Investments
(Cost
$2,422,357,993)
98.2%
..................................
$3,276,887,009
Other
Assets,
less
Liabilities
1.8%
.............................................
60,205,486
Net
Assets
100.0%
...........................................................
$3,337,092,495
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2021.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Sell
35,668,012
49,897,766
7/22/21
$
$
(774,768)
British
Pound
......
BZWS
Sell
35,941,774
50,266,954
7/22/21
(794,506)
British
Pound
......
CITI
Sell
43,671,618
61,344,856
7/22/21
(698,173)
British
Pound
......
GSCO
Sell
6,001,815
8,373,036
7/22/21
(153,572)
British
Pound
......
HSBK
Sell
33,074,619
46,137,770
7/22/21
(850,403)
British
Pound
......
UBSW
Sell
35,952,303
50,275,700
7/22/21
(800,717)
Canadian
Dollar
....
BOFA
Buy
2,668,707
2,155,736
7/22/21
55,600
Canadian
Dollar
....
BOFA
Sell
11,004,042
8,790,224
7/22/21
(327,914)
Canadian
Dollar
....
BZWS
Sell
8,607,458
6,871,943
7/22/21
(260,344)
Canadian
Dollar
....
CITI
Buy
5,137,388
4,260,133
7/22/21
(3,205)
Canadian
Dollar
....
CITI
Sell
12,476,190
10,086,448
7/22/21
(251,537)
Canadian
Dollar
....
HSBK
Sell
10,835,773
8,804,849
7/22/21
(173,857)
Canadian
Dollar
....
UBSW
Sell
8,569,857
6,841,781
7/22/21
(259,350)
Danish
Krone
......
BOFA
Buy
27,463,305
4,496,308
7/22/21
22,348
Danish
Krone
......
BOFA
Sell
27,463,305
4,450,071
7/22/21
(68,584)
Danish
Krone
......
BZWS
Buy
42,441,381
6,885,854
7/22/21
97,209
Danish
Krone
......
BZWS
Sell
42,441,381
6,877,696
7/22/21
(105,368)
Danish
Krone
......
GSCO
Buy
13,581,878
2,215,118
7/22/21
19,567
Danish
Krone
......
GSCO
Sell
13,581,878
2,198,577
7/22/21
(36,108)
Danish
Krone
......
HSBK
Buy
35,032,528
5,689,676
7/22/21
74,377
Danish
Krone
......
HSBK
Sell
35,032,528
5,670,529
7/22/21
(93,524)
Danish
Krone
......
UBSW
Buy
29,580,892
4,809,003
7/22/21
58,068
Danish
Krone
......
UBSW
Sell
29,580,892
4,792,307
7/22/21
(74,765)
Euro
.............
BOFA
Sell
78,737,326
94,909,185
7/22/21
(1,452,572)
Euro
.............
BZWS
Sell
78,746,872
94,928,338
7/22/21
(1,445,102)
Euro
.............
CITI
Buy
12,958,649
15,627,860
7/22/21
231,431
Euro
.............
CITI
Sell
45,371,020
54,675,033
7/22/21
(851,761)
Templeton
Funds
Statement
of
Investments
(unaudited)
Templeton
World
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
See
Abbreviations
on
page
18
.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Euro
.............
GSCO
Sell
6,808,171
8,198,426
7/22/21
$
$
(133,674)
Euro
.............
HSBK
Sell
111,782,769
135,111,974
7/22/21
(1,692,062)
Euro
.............
UBSW
Sell
78,730,245
94,895,927
7/22/21
(1,457,165)
Hong
Kong
Dollar
...
BOFA
Buy
36,891,960
4,751,302
7/22/21
2,761
Hong
Kong
Dollar
...
BOFA
Sell
189,163,548
24,361,206
7/22/21
(15,257)
Hong
Kong
Dollar
...
BZWS
Sell
159,683,809
20,565,024
7/22/21
(12,548)
Hong
Kong
Dollar
...
CITI
Sell
163,628,186
21,073,044
7/22/21
(12,818)
Hong
Kong
Dollar
...
HSBK
Buy
55,127,463
7,099,840
7/22/21
4,133
Hong
Kong
Dollar
...
HSBK
Sell
189,130,686
24,357,821
7/22/21
(14,407)
Hong
Kong
Dollar
...
UBSW
Sell
133,028,017
17,133,572
7/22/21
(9,015)
Norwegian
Krone
...
BOFA
Sell
57,167,815
6,883,376
7/22/21
14,826
Norwegian
Krone
...
BZWS
Sell
57,167,176
6,884,341
7/22/21
15,867
Norwegian
Krone
...
CITI
Sell
48,080,968
5,783,505
7/22/21
6,714
Norwegian
Krone
...
GSCO
Sell
38,090,627
4,616,154
7/22/21
39,673
Norwegian
Krone
...
HSBK
Sell
57,167,095
6,872,367
7/22/21
3,903
Norwegian
Krone
...
UBSW
Sell
57,177,968
6,885,287
7/22/21
15,516
South
Korean
Won
..
BOFA
Buy
7,530,504,230
6,685,816
7/22/21
109,056
South
Korean
Won
..
BOFA
Sell
23,814,454,636
21,339,117
7/22/21
(148,975)
South
Korean
Won
..
BZWS
Buy
2,048,223,929
1,827,629
7/22/21
20,510
South
Korean
Won
..
BZWS
Sell
20,568,931,066
18,435,898
7/22/21
(123,716)
South
Korean
Won
..
CITI
Buy
2,048,223,929
1,827,466
7/22/21
20,673
South
Korean
Won
..
CITI
Sell
19,707,892,863
17,658,611
7/22/21
(124,077)
South
Korean
Won
..
GSCO
Buy
2,048,223,929
1,827,955
7/22/21
20,184
South
Korean
Won
..
GSCO
Sell
16,893,427,006
15,140,193
7/22/21
(102,966)
South
Korean
Won
..
HSBK
Buy
8,448,223,929
7,574,052
7/22/21
48,890
South
Korean
Won
..
HSBK
Sell
25,184,267,935
22,570,593
7/22/21
(153,499)
South
Korean
Won
..
UBSW
Buy
2,048,223,929
1,827,874
7/22/21
20,265
South
Korean
Won
..
UBSW
Sell
21,504,597,719
19,276,262
7/22/21
(127,616)
Swiss
Franc
.......
BOFA
Buy
5,581,495
6,136,208
7/22/21
80,327
Swiss
Franc
.......
BOFA
Sell
16,139,959
17,680,457
7/22/21
(295,843)
Swiss
Franc
.......
BZWS
Sell
16,158,477
17,699,108
7/22/21
(297,817)
Swiss
Franc
.......
CITI
Buy
3,265,080
3,595,578
7/22/21
40,990
Swiss
Franc
.......
CITI
Sell
9,695,268
10,614,679
7/22/21
(183,678)
Swiss
Franc
.......
HSBK
Sell
16,133,145
17,660,611
7/22/21
(308,100)
Swiss
Franc
.......
UBSW
Sell
16,139,627
17,676,414
7/22/21
(299,516)
Yuan
Renminbi
.....
BOFA
Sell
21,784,428
3,317,762
7/22/21
(86,821)
Yuan
Renminbi
.....
BZWS
Sell
21,814,608
3,324,131
7/22/21
(85,170)
Yuan
Renminbi
.....
CITI
Sell
21,813,140
3,325,681
7/22/21
(83,390)
Yuan
Renminbi
.....
HSBK
Buy
5,665,220
884,859
7/22/21
531
Yuan
Renminbi
.....
HSBK
Sell
26,774,618
4,080,253
7/22/21
(104,224)
Yuan
Renminbi
.....
UBSW
Sell
21,829,286
3,328,396
7/22/21
(83,198)
Japanese
Yen
......
BOFA
Buy
793,959,416
7,250,175
7/26/21
(41)
Japanese
Yen
......
BOFA
Sell
9,832,983,129
91,065,534
7/26/21
1,274,488
Japanese
Yen
......
BZWS
Buy
793,959,416
7,250,225
7/26/21
(91)
Japanese
Yen
......
BZWS
Sell
9,832,947,963
91,066,726
7/26/21
1,276,001
Japanese
Yen
......
CITI
Buy
793,959,416
7,250,542
7/26/21
(408)
Japanese
Yen
......
CITI
Sell
9,833,037,470
91,058,953
7/26/21
1,267,411
Japanese
Yen
......
HSBK
Buy
793,959,416
7,250,175
7/26/21
(41)
Japanese
Yen
......
HSBK
Sell
9,831,878,856
90,846,651
7/26/21
1,065,690
Japanese
Yen
......
UBSW
Sell
9,688,417,168
89,711,720
7/26/21
1,240,795
Total
Forward
Exchange
Contracts
...................................................
$7,147,804
$(15,432,263)
Net
unrealized
appreciation
(depreciation)
............................................
$(8,284,459)
Templeton
Funds
Statement
of
Investments
(unaudited)
Templeton
World
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Templeton
Funds
13
Notes
to
Statements
of
Investments
(unaudited)
1.
Organization
Templeton
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of three
separate
funds
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
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
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
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
and
derivative
financial
instruments
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.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
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,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Funds.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds’
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
May
31,
2021,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
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
Statements
of
Investments
(unaudited)
14
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.
Derivative
Financial
Instruments
Certain
or
all
Funds
invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
Certain
or
all
Funds
attempt
to
reduce
their
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Funds include
failure
of
the
Funds
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Funds
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement. 
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
the
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Funds’ investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Certain
or
all
Funds
entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency
for
a
specific
exchange
rate
on
a
future
date.
The
following
Funds
have
invested
in
derivatives
during
the
period. 
Templeton World
Fund
-
Forwards
2. Financial
Instrument
Valuation
(continued)
Templeton
Funds
Notes
to
Statements
of
Investments
(unaudited)
15
4.
Concentration
of
Risk 
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
5.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
6.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2021,
investments
in
affiliated
management
investment
companies
were
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,
0.01%
.......
$—
$80,819,204
$(76,190,054)
$
$
$4,629,150
4,629,150
$224
Total
Affiliated
Securities
....
$—
$80,819,204
$(76,190,054)
$—
$—
$4,629,150
$224
Templeton
International
Climate
Change
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$74,649
$643,435
$(600,534)
$—
$—
$117,550
117,550
$2
Total
Affiliated
Securities
....
$74,649
$643,435
$(600,534)
$—
$—
$117,550
$2
Templeton
World
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$—
$29,140,689
$(29,140,689)
$
$
$—
$—
Total
Affiliated
Securities
....
$—
$29,140,689
$(29,140,689)
$—
$—
$—
$—
Templeton
Funds
Notes
to
Statements
of
Investments
(unaudited)
16
7. 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
May
31,
2021,
in
valuing
the
Funds’
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Templeton
Foreign
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Australia
.............................
$
$
21,035,612
$
$
21,035,612
Belgium
.............................
16,996,709
16,996,709
Brazil
...............................
77,315,601
77,315,601
Canada
.............................
31,756,159
31,756,159
China
...............................
113,218,338
186,424,496
299,642,834
France
..............................
78,229,171
78,229,171
Germany
............................
446,513,265
446,513,265
Hong
Kong
...........................
184,385,814
184,385,814
India
................................
76,255,590
76,255,590
Japan
...............................
828,461,593
828,461,593
Luxembourg
..........................
68,274,483
68,274,483
Netherlands
..........................
184,483,871
184,483,871
Norway
..............................
47,446,542
47,446,542
Portugal
.............................
39,178,175
39,178,175
South
Korea
..........................
297,518,683
297,518,683
Spain
...............................
34,234,510
34,234,510
Switzerland
...........................
53,724,637
53,724,637
Taiwan
..............................
96,555,972
96,555,972
Thailand
.............................
34,539,804
34,539,804
United
Kingdom
.......................
17,188,014
564,410,119
581,598,133
United
States
.........................
260,926,140
260,926,140
Short
Term
Investments
...................
4,629,150
39,000,000
43,629,150
Total
Investments
in
Securities
...........
$505,033,402
$3,297,669,046
a
$—
$3,802,702,448
Templeton
International
Climate
Change
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Belgium
.............................
102,124
102,124
China
...............................
44,993
44,993
Denmark
............................
163,526
163,526
France
..............................
533,845
533,845
Germany
............................
287,198
287,198
Hong
Kong
...........................
5,231
5,231
India
................................
47,863
84,388
132,251
Italy
................................
123,711
123,711
Templeton
Funds
Notes
to
Statements
of
Investments
(unaudited)
17
Level
1
Level
2
Level
3
Total
Templeton
International
Climate
Change
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Japan
...............................
$
$
207,409
$
$
207,409
Netherlands
..........................
348,090
348,090
South
Korea
..........................
80,920
80,920
Spain
...............................
56,375
139,705
196,080
Sweden
.............................
87,447
87,447
Switzerland
...........................
126,297
126,297
Taiwan
..............................
93,888
27,271
121,159
United
Kingdom
.......................
119,500
119,500
United
States
.........................
43,680
43,680
Short
Term
Investments
...................
117,550
117,550
Total
Investments
in
Securities
...........
$320,907
$2,520,104
b
$—
$2,841,011
Templeton
World
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Belgium
.............................
107,760,101
107,760,101
Brazil
...............................
37,551,744
37,551,744
China
...............................
100,764,610
17,375,006
118,139,616
France
..............................
57,893,007
57,893,007
Germany
............................
247,412,596
247,412,596
Hong
Kong
...........................
65,211,915
65,211,915
Japan
...............................
432,274,100
432,274,100
Luxembourg
..........................
34,489,932
34,489,932
Macau
..............................
22,176,319
22,176,319
Norway
..............................
38,614,943
38,614,943
South
Korea
..........................
92,244,838
92,244,838
Switzerland
...........................
77,988,600
77,988,600
United
Kingdom
.......................
34,804,641
274,269,531
309,074,172
United
States
.........................
1,468,055,126
1,468,055,126
Short
Term
Investments
...................
168,000,000
168,000,000
Total
Investments
in
Securities
...........
$1,641,176,121
$1,635,710,888
c
$—
$3,276,887,009
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
$
7,147,804
$
$
7,147,804
Total
Other
Financial
Instruments
.........
$—
$7,147,804
$—
$7,147,804
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$—
$15,432,263
$—
$15,432,263
a
Includes
foreign
securities
valued
at
$3,258,669,046,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
b
Includes
foreign
securities
valued
at
$2,476,424,
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
$1,467,710,888,
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.
7. Fair
Value
Measurements 
(continued)
Templeton
Funds
Notes
to
Statements
of
Investments
(unaudited)
18
8.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Statements of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Counterparty
BOFA
Bank
of
America
Corp.
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
UBSW
UBS
AG
Selected
Portfolio
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report. 


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