NPORT-EX 2 Templeton_China_World_Fund.htm
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.