Templeton

China

World

Fund

Statement

of

Investments

(unaudited),

May

31,

2020

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

1

a

a

Country

Shares

a

Value

a

Common

Stocks

100.0%

Biotechnology

3.2%

a

BeiGene

Ltd.

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

China

183,800

$

2,300,034

a

I-Mab,

ADR

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

China

6,097

151,998

a,b,c

InnoCare

Pharma

Ltd.,

144A,

Reg

S

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

China

145,200

261,124

a,b,c

Innovent

Biologics,

Inc.,

144A,

Reg

S

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

China

702,000

3,830,845

6,544,001

Brewers

1.2%

China

Resources

Beer

Holdings

Co.

Ltd.

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

China

470,000

2,489,018

Casinos

&

Gaming

0.4%

MGM

China

Holdings

Ltd.

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

Macau

607,342

717,705

Construction

Machinery

&

Heavy

Trucks

1.9%

Weichai

Power

Co.

Ltd.,

H

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

China

2,242,693

3,882,750

Construction

Materials

2.5%

Anhui

Conch

Cement

Co.

Ltd.,

H

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

China

672,000

5,032,555

a

Asia

Cement

China

Holdings

Corp.

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

China

71,271

81,188

5,113,743

Data

Processing

&

Outsourced

Services

0.3%

TravelSky

Technology

Ltd.,

H

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

China

293,941

590,047

Distillers

&

Vintners

1.9%

Luzhou

Laojiao

Co.

Ltd.,

A

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

China

325,900

3,894,955

Diversified

Banks

5.2%

China

Construction

Bank

Corp.,

H

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

China

4,113,926

3,232,145

China

Merchants

Bank

Co.

Ltd.,

H

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

China

1,559,500

7,303,130

10,535,275

Education

Services

5.6%

a,d

GSX

Techedu

,

Inc.,

ADR

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

China

98,683

3,094,699

a

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

........

China

68,792

8,252,288

11,346,987

Electrical

Components

&

Equipment

0.8%

Sunwoda

Electronic

Co.

Ltd.,

A

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

China

860,889

1,716,410

Electronic

Components

1.4%

Luxshare

Precision

Industry

Co.

Ltd.,

A

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

China

164,200

1,023,770

Sunny

Optical

Technology

Group

Co.

Ltd.

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

China

137,000

1,809,829

2,833,599

Electronic

Equipment

&

Instruments

0.9%

Hangzhou

Hikvision

Digital

Technology

Co.

Ltd.,

A

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

China

457,230

1,759,797

Environmental

&

Facilities

Services

3.3%

b,c

A-Living

Services

Co.

Ltd.,

H,

144A,

Reg

S

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

China

1,266,500

6,780,635

Food

Retail

0.0%

†

a

Beijing

Jingkelong

Co.

Ltd.,

H

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

China

63,171

8,476

a

Footwear

4.0%

ANTA

Sports

Products

Ltd.

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

China

912,355

8,133,153

Health

Care

Distributors

0.4%

Sinopharm

Group

Co.

Ltd.,

H

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

China

358,000

880,284

Interactive

Media

&

Services

15.2%

a

Baidu,

Inc.,

ADR

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

China

38,004

4,049,326

Templeton

China

World

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

2

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Interactive

Media

&

Services

(continued)

Tencent

Holdings

Ltd.

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

China

511,900

$

27,102,511

31,151,837

Internet

&

Direct

Marketing

Retail

23.2%

a

Alibaba

Group

Holding

Ltd.,

ADR

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

China

126,199

26,172,410

a,d

Baozun

,

Inc.,

ADR

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

China

126,932

3,362,429

a

JD.com,

Inc.,

ADR

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

China

121,352

6,593,054

a,c

Meituan

Dianping

,

B,

Reg

S

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

China

349,006

6,605,110

a

Trip.com

Group

Ltd.,

ADR

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

China

55,600

1,477,292

a

Vipshop

Holdings

Ltd.,

ADR

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

China

188,318

3,265,434

47,475,729

Internet

Services

&

Infrastructure

1.6%

a

GDS

Holdings

Ltd.,

ADR

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

China

57,566

3,281,262

a

Life

&

Health

Insurance

7.5%

AIA

Group

Ltd.

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

Hong

Kong

232,700

1,886,769

China

Life

Insurance

Co.

Ltd.,

H

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

China

3,641,000

6,820,313

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

H

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

China

662,500

6,538,293

15,245,375

Life

Sciences

Tools

&

Services

2.8%

a,b,c

Wuxi

Biologics

Cayman,

Inc.,

144A,

Reg

S

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

China

369,500

5,806,023

a

Oil

&

Gas

Exploration

&

Production

1.6%

CNOOC

Ltd.

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

China

2,997,400

3,337,126

Paper

Products

1.2%

Nine

Dragons

Paper

Holdings

Ltd.

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

Hong

Kong

2,783,400

2,434,571

Pharmaceuticals

3.6%

a

CSPC

Pharmaceutical

Group

Ltd.

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

China

2,432,000

4,762,691

Jiangsu

Hengrui

Medicine

Co.

Ltd.,

A

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

China

233,594

2,575,760

7,338,451

Real

Estate

Development

6.5%

China

Overseas

Land

&

Investment

Ltd.

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

China

612,000

1,863,290

China

Resources

Land

Ltd.

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

China

1,196,000

4,713,673

Shimao

Property

Holdings

Ltd.

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

China

1,598,300

6,639,437

13,216,400

Restaurants

1.3%

Yum

China

Holdings,

Inc.

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

China

57,625

2,670,342

Semiconductors

1.6%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

106,626

1,038,900

Will

Semiconductor

Ltd.,

A

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

China

86,097

2,214,535

3,253,435

Wireless

Telecommunication

Services

0.9%

China

Mobile

Ltd.

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

China

276,770

1,931,672

Total

Common

Stocks

(Cost

$156,876,480)

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

204,369,058

Templeton

China

World

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

3

See

Abbreviations

on

page

6

.

Short

Term

Investments

1.6%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.1%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

181,742

$

181,742

Total

Money

Market

Funds

(Cost

$181,742)

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

181,742

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

1.5%

Money

Market

Funds

1.5%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

3,187,366

3,187,366

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$3,187,366)

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

3,187,366

Total

Short

Term

Investments

(Cost

$3,369,108

)

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

3,369,108

a

Total

Investments

(Cost

$160,245,588)

101.6%

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

$207,738,166

Other

Assets,

less

Liabilities

(1.6)%

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

(3,283,545)

Net

Assets

100.0%

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

$204,454,621

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

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.

At

May

31,

2020,

the

aggregate

value

of

these

securities

was

$16,678,627,

representing

8.2%

of

net

assets.

c

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

a

security

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,

2020,

the

aggregate

value

of

these

securities

was

$23,283,737,

representing

11.4%

of

net

assets.

d

A

portion

or

all

of

the

security

is

on

loan

at

May

31,

2020.

e

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

China

World

Fund

Notes

to

Statement

of

Investments

(unaudited)

4

1.

Organization

Templeton

China

World

Fund

(Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Fund's 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

Fund

calculates 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

Fund’s

Board

of

Trustees

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

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.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

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

Fund’s

business

day.

Occasionally,

events

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

Fund’s

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,

the VC

monitors

price

movements

following

the

close

of

trading

in

foreign

stock

markets

through

a

series

of

country

specific

market

proxies

(such

as

baskets

of

American

Depositary

Receipts,

futures

contracts

and

exchange

traded

funds).

These

price

movements

are

measured

against

established

trigger

thresholds

for

each

specific

market

proxy

to

assist

in

determining

if

an

event

has

occurred

that

may

call

into

question

the

reliability

of

the

values

of

the

foreign

securities

held

by

the

Fund.

If

such

an

event

occurs,

the

securities

may

be

valued

using

fair

value

procedures,

which

may

include

the

use

of

independent

pricing

services.

Templeton

China

World

Fund

Notes

to

Statement

of

Investments

(unaudited)

5

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

significant

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund for

financial

reporting

purposes.

3.

Concentration

of

Risk 

Investing

in

securities

of

"China

companies"

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities.

In

general,

China

companies

are

those

that

are

organized

under

the

laws

of,

or

with

a

principal

office

or

principal

trading

market

in,

the

People’s

Republic

of

China,

Hong

Kong,

or

Taiwan.

Such

risks

include

fluctuating

currency

values

and

changing

local, regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

In

addition,

these

securities

may

not

be

as

liquid

as

U.S.

securities. 

4. 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 Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

5.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

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,

2020,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

6. Fair

Value

Measurements 

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

a

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

a

Templeton

China

World

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

...........

$549,399

$113,001,738

$(113,369,395)

$

—

$

—

$

181,742

181,742

$

39,155

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

...........

$—

$11,594,183

$(8,406,817)

$

—

$

—

$

3,187,366

3,187,366

$

3,518

Total

Affiliated

Securities

......

$549,399

$124,595,921

$(121,776,212)

$—

$—

$3,369,108

$42,673

2. Financial

Instrument

Valuation

(continued)

Templeton

China

World

Fund

Notes

to

Statement

of

Investments

(unaudited)

6

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

Fund’s

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.

At

May

31,

2020,

all

of

the

Fund's

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

1

inputs.

For

detailed

categories,

see

the

accompanying

Statement

of

Investments. 

7.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Statement

of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Selected

Portfolio

ADR

American

Depositary

Receipt

6. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.