0001752724-22-158397.txt : 20220715 0001752724-22-158397.hdr.sgml : 20220715 20220715151354 ACCESSION NUMBER: 0001752724-22-158397 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220531 FILED AS OF DATE: 20220715 DATE AS OF CHANGE: 20220715 PERIOD START: 20220831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON CHINA WORLD FUND CENTRAL INDEX KEY: 0000909226 IRS NUMBER: 593192206 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07876 FILM NUMBER: 221085550 BUSINESS ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 BUSINESS PHONE: 9545277500 MAIL ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON CHINA WORLD FUND INC DATE OF NAME CHANGE: 19930716 0000909226 S000008743 Templeton China World Fund C000023803 Class A TCWAX C000023805 Class C TCWCX C000023806 Advisor Class TACWX C000128752 Class R6 FCWRX NPORT-P 1 primary_doc.xml NPORT-P false 0000909226 XXXXXXXX S000008743 C000023805 C000128752 C000023806 C000023803 Templeton China World Fund 811-07876 0000909226 549300EI15VNBAJDPX65 300 S.E. 2nd Street Fort Lauderdale 33301-1923 954-527-7500 Templeton China World Fund S000008743 549300EI15VNBAJDPX65 2022-08-31 2022-05-31 N 124748643.19 880397.10 123868246.09 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 129029.91000000 UST China Resources Beer Holdings Co. Ltd. N/A China Resources Beer Holdings Co. Ltd. N/A 429671.00000000 NS 2677982.25000000 2.161960255781 Long EC CORP HK N 2 N N N Weichai Power Co. Ltd. 529900OKTPKBG85F9502 Weichai Power Co. Ltd., Class H N/A 841589.00000000 NS 1297923.43000000 1.047825791492 Long EC CORP CN N 2 N N N Alibaba Group Holding Ltd. 5493001NTNQJDH60PM02 Alibaba Group Holding Ltd. N/A 973557.00000000 NS 11692570.74000000 9.439522322375 Long EC CORP KY N 2 N N N Meituan 21380033K525E5JLIA77 Meituan N/A 317463.00000000 NS 7449256.42000000 6.013854765157 Long EC CORP KY N 2 N N N Mobvista, Inc. 655600AW50D7VN363G24 Mobvista, Inc. N/A 651000.00000000 NS 406741.57000000 0.328366294703 Long EC CORP KY N 2 N N N BeiGene Ltd. 549300JFUK6FRD5MH739 BeiGene Ltd. N/A 45999.00000000 NS 499895.37000000 0.403570233517 Long EC CORP KY N 2 N N Sunny Optical Technology Group Co. Ltd. 3003004QIVP0DFVVWM94 Sunny Optical Technology Group Co. Ltd. N/A 66710.00000000 NS 1052793.11000000 0.849929778803 Long EC CORP KY N 2 N N N Kuaishou Technology 300300FCDZBE6UP9ED24 Kuaishou Technology N/A 80000.00000000 NS 774571.89000000 0.625319171337 Long EC CORP KY N 2 N N N NIO, Inc. 549300JBU4TV5OCKJV96 NIO, Inc. 62914V106 153806.00000000 NS USD 2674686.34000000 2.159299436642 Long EC CORP KY N 1 N N JD.com, Inc. 549300HVTWB0GJZ16V92 JD.com, Inc., Class A N/A 175940.00000000 NS 4942188.17000000 3.989874988953 Long EC CORP KY N 2 N N N China Resources Land Ltd. 5299001HL0TU7X15HK51 China Resources Land Ltd. N/A 271167.00000000 NS 1206879.91000000 0.974325501568 Long EC CORP KY N 2 N N N Daqo New Energy Corp. 529900711JBZ5O7VA827 Daqo New Energy Corp. 23703Q203 30580.00000000 NS USD 1495362.00000000 1.207219805884 Long EC CORP KY N 1 N N N Minth Group Ltd. 254900B2AH0G13K9G204 Minth Group Ltd. N/A 756000.00000000 NS 1957635.72000000 1.580417727540 Long EC CORP KY N 2 N N N China Tourism Group Duty Free Corp. Ltd. N/A China Tourism Group Duty Free Corp. Ltd., Class A N/A 101757.00000000 NS 2678599.43000000 2.162458511000 Long EC CORP CN N 2 N N N Innovent Biologics, Inc. 25490058ONL9SCIE1R22 Innovent Biologics, Inc. N/A 172998.00000000 NS 535780.67000000 0.432540773694 Long EC CORP KY N 2 N N N Aier Eye Hospital Group Co. Ltd. N/A Aier Eye Hospital Group Co. Ltd., Class A N/A 168279.00000000 NS 933705.47000000 0.753789207059 Long EC CORP CN N 2 N N N Luzhou Laojiao Co. Ltd. N/A Luzhou Laojiao Co. Ltd., Class A N/A 152839.00000000 NS 4902130.39000000 3.957535966431 Long EC CORP CN N 2 N N N WuXi AppTec Co. Ltd. 254900OEPQLZSPLN9175 WuXi AppTec Co. Ltd., Class H N/A 136031.00000000 NS 1681209.04000000 1.357255869093 Long EC CORP CN N 2 N N N China Merchants Bank Co. Ltd. 549300MKO5B60FFIHF58 China Merchants Bank Co. Ltd., Class H N/A 940808.00000000 NS 5950549.91000000 4.803934904896 Long EC CORP CN N 2 N N N SF Holding Co. Ltd. N/A SF Holding Co. Ltd., Class A N/A 124421.00000000 NS 965401.15000000 0.779377427608 Long EC CORP CN N 2 N N N Bilibili, Inc. 5493008V60M52L3PIS45 Bilibili, Inc. 090040106 28132.00000000 NS USD 628750.20000000 0.507595949605 Long EC CORP KY N 1 N N GDS Holdings Ltd. 391200MGV8DDCHTN2R77 GDS Holdings Ltd. 36165L108 53869.00000000 NS USD 1507793.31000000 1.217255719358 Long EC CORP KY N 1 N N China Molybdenum Co. Ltd. 2549008KG3638J59U652 China Molybdenum Co. Ltd., Class H N/A 1809409.00000000 NS 885351.69000000 0.714752745717 Long EC CORP CN N 2 N N N Wuxi Biologics Cayman, Inc. 5493001TD2TH6VDTJU11 Wuxi Biologics Cayman, Inc. N/A 589898.00000000 NS 4362039.45000000 3.521515471229 Long EC CORP KY N 2 N N N Tencent Holdings Ltd. 254900N4SLUMW4XUYY11 Tencent Holdings Ltd. N/A 334148.00000000 NS 15276607.00000000 12.33294850150 Long EC CORP KY N 2 N N N Yum China Holdings, Inc. 529900DO9BYZ7VA3K502 Yum China Holdings, Inc. 98850P109 14260.00000000 NS USD 648259.60000000 0.523346071703 Long EC CORP US N 1 N N N NetEase, Inc. 5299004AF4DSJDB0PA32 NetEase, Inc. N/A 269129.00000000 NS 5628506.32000000 4.543946085997 Long EC CORP KY N 2 N N N Baidu, Inc. 254900AL64IANZYI1E02 Baidu, Inc. 056752108 29386.00000000 NS USD 4124325.10000000 3.329606440865 Long EC CORP KY N 1 N N N Hong Kong Exchanges & Clearing Ltd. 213800YTVSXYQN17BW16 Hong Kong Exchanges & Clearing Ltd. N/A 55467.00000000 NS 2393280.01000000 1.932117459918 Long EC CORP HK N 2 N N N Ping An Insurance Group Co. of China Ltd. 529900M9MC28JLN35U89 Ping An Insurance Group Co. of China Ltd., Class H N/A 294843.00000000 NS 1887817.20000000 1.524052579729 Long EC CORP CN N 2 N N N Will Semiconductor Co. Ltd. Shanghai N/A Will Semiconductor Co. Ltd. Shanghai, Class A N/A 117381.00000000 NS 2876082.32000000 2.321888305345 Long EC CORP CN N 2 N N N ANTA Sports Products Ltd. 529900291XG0CTK4LF95 ANTA Sports Products Ltd. N/A 421635.00000000 NS 4781136.70000000 3.859856622597 Long EC CORP KY N 2 N N N Contemporary Amperex Technology Co. Ltd. 300300KINDY1K0E9I032 Contemporary Amperex Technology Co. Ltd., Class A N/A 46563.00000000 NS 2836524.35000000 2.289952784137 Long EC CORP CN N 2 N N N I-Mab 549300L1A5T19703RR64 I-Mab 44975P103 62926.00000000 NS USD 547456.20000000 0.441966538867 Long EC CORP KY N 1 N N N Hua Hong Semiconductor Ltd. 529900OXH3ZYLIMGB907 Hua Hong Semiconductor Ltd. N/A 695083.00000000 NS 2640665.79000000 2.131834326677 Long EC CORP HK N 2 N N N Beijing Oriental Yuhong Waterproof Technology Co. Ltd. 300300XMIXB7STDZWT60 Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A N/A 511520.00000000 NS 3401391.25000000 2.745975144855 Long EC CORP CN N 2 N N N East Money Information Co. Ltd. 836800ZFB0ZEK3KKW487 East Money Information Co. Ltd., Class A N/A 672240.00000000 NS 2272750.36000000 1.834812739940 Long EC CORP CN N 2 N N N New Horizon Health Ltd. 6556003WN0RS45SU3L67 New Horizon Health Ltd. N/A 235523.00000000 NS 503638.74000000 0.406592291323 Long EC CORP KY N 2 N N N Institutional Fiduciary Trust Money Market Portfolio N/A Institutional Fiduciary Trust Money Market Portfolio N/A 500164.80000000 NS USD 500164.80000000 0.403787746890 Long STIV RF US N 1 N N Hangzhou Tigermed Consulting Co. Ltd. 300300CP4N8WDF6DOO67 Hangzhou Tigermed Consulting Co. Ltd., Class H N/A 54300.00000000 NS 523511.12000000 0.422635450589 Long EC CORP CN N 2 N N N Country Garden Services Holdings Co. Ltd. 549300P2JRKENZSEBB42 Country Garden Services Holdings Co. Ltd. N/A 157500.00000000 NS 622786.37000000 0.502781293558 Long EC CORP KY N 2 N N N BYD Co. Ltd. 5299005557VL7ULJ7A69 BYD Co. Ltd., Class H N/A 16000.00000000 NS 568657.85000000 0.459082830305 Long EC CORP CN N 2 N N N Guangzhou Tinci Materials Technology Co. Ltd. N/A Guangzhou Tinci Materials Technology Co. Ltd., Class A N/A 599994.00000000 NS 3405185.00000000 2.749037874909 Long EC CORP CN N 2 N N N Geely Automobile Holdings Ltd. 549300YS3T1KVQ2SNI84 Geely Automobile Holdings Ltd. N/A 162365.00000000 NS 309898.90000000 0.250184296445 Long EC CORP KY N 2 N N N Institutional Fiduciary Trust - Money Market Portfolio 549300M4TP89K77LG374 Institutional Fiduciary Trust - Money Market Portfolio 457756500 29573.87100000 NS USD 29573.87000000 0.023875263381 Long STIV RF US N 1 N N N Sunwoda Electronic Co. Ltd. N/A Sunwoda Electronic Co. Ltd., Class A N/A 687150.00000000 NS 2748235.42000000 2.218676300626 Long EC CORP CN N 2 N N N Luxshare Precision Industry Co. Ltd. 300300QLLDUELXN16530 Luxshare Precision Industry Co. Ltd., Class A N/A 528197.00000000 NS 2670638.82000000 2.156031835680 Long EC CORP CN N 2 N N N 2022-06-30 Templeton China World Fund Jeffrey W. White Jeffrey W. White Assistant Treasurer XXXX NPORT-EX 2 TCWF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
188-Q3PH
1
Schedule
of
Investments
(unaudited)
Templeton
China
World
Fund
2
Notes
to
Schedule
of
Investments
5
Templeton
China
World
Fund
Schedule
of
Investments
(unaudited),
May
31,
2022
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
100.0%
Advertising
0.3%
a,b
Mobvista
,
Inc.,
144A,
Reg
S
.............................
China
651,000
$
406,742
a
Air
Freight
&
Logistics
0.8%
a
SF
Holding
Co.
Ltd.,
A
..................................
China
124,421
965,401
a
Apparel,
Accessories
&
Luxury
Goods
3.9%
ANTA
Sports
Products
Ltd.
..............................
China
421,635
4,781,137
Auto
Parts
&
Equipment
1.6%
Minth
Group
Ltd.
......................................
China
756,000
1,957,636
Automobile
Manufacturers
2.9%
BYD
Co.
Ltd.,
H
......................................
China
16,000
568,658
a
Geely
Automobile
Holdings
Ltd.
...........................
China
162,365
309,899
a,c
NIO,
Inc.,
ADR
.......................................
China
153,806
2,674,686
3,553,243
Biotechnology
1.3%
a,c
BeiGene
Ltd.
.........................................
China
45,999
499,895
a
I-Mab,
ADR
..........................................
China
62,926
547,456
a,b
Innovent
Biologics,
Inc.,
144A,
Reg
S
......................
China
172,998
535,781
1,583,132
Brewers
2.2%
China
Resources
Beer
Holdings
Co.
Ltd.
....................
China
429,671
2,677,982
Commodity
Chemicals
2.7%
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
.............
China
599,994
3,405,185
Construction
Machinery
&
Heavy
Trucks
1.0%
Weichai
Power
Co.
Ltd.,
H
..............................
China
841,589
1,297,923
Construction
Materials
2.7%
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
......
China
511,520
3,401,391
Distillers
&
Vintners
4.0%
Luzhou
Laojiao
Co.
Ltd.,
A
...............................
China
152,839
4,902,130
Diversified
Banks
4.8%
China
Merchants
Bank
Co.
Ltd.,
H
.........................
China
940,808
5,950,550
Diversified
Metals
&
Mining
0.7%
China
Molybdenum
Co.
Ltd.,
H
...........................
China
1,809,409
885,352
Electrical
Components
&
Equipment
4.5%
Contemporary
Amperex
Technology
Co.
Ltd.,
A
...............
China
46,563
2,836,524
Sunwoda
Electronic
Co.
Ltd.,
A
...........................
China
687,150
2,748,236
5,584,760
Electronic
Components
3.0%
Luxshare
Precision
Industry
Co.
Ltd.,
A
.....................
China
528,197
2,670,639
Sunny
Optical
Technology
Group
Co.
Ltd.
...................
China
66,710
1,052,793
3,723,432
Financial
Exchanges
&
Data
3.8%
East
Money
Information
Co.
Ltd.,
A
........................
China
672,240
2,272,750
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....................
Hong
Kong
55,467
2,393,280
4,666,030
Health
Care
Facilities
0.8%
Aier
Eye
Hospital
Group
Co.
Ltd.,
A
........................
China
168,279
933,706
Templeton
China
World
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Health
Care
Services
0.4%
a,b
New
Horizon
Health
Ltd.,
144A,
Reg
S
.....................
China
235,523
$
503,639
a
Interactive
Home
Entertainment
5.0%
a,c
Bilibili
,
Inc.,
ADR
......................................
China
28,132
628,750
NetEase
,
Inc.
........................................
China
269,129
5,628,507
6,257,257
Interactive
Media
&
Services
16.3%
a
Baidu,
Inc.,
ADR
......................................
China
29,386
4,124,325
a,b
Kuaishou
Technology,
144A,
Reg
S
........................
China
80,000
774,572
Tencent
Holdings
Ltd.
..................................
China
334,148
15,276,607
20,175,504
Internet
&
Direct
Marketing
Retail
19.4%
a
Alibaba
Group
Holding
Ltd.
..............................
China
973,557
11,692,571
JD.com,
Inc.,
A
.......................................
China
175,940
4,942,188
a,b
Meituan
Dianping
,
B,
144A,
Reg
S
........................
China
317,463
7,449,256
24,084,015
Internet
Services
&
Infrastructure
1.2%
a,c
GDS
Holdings
Ltd.,
ADR
................................
China
53,869
1,507,793
a
Life
&
Health
Insurance
1.5%
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
................
China
294,843
1,887,817
Life
Sciences
Tools
&
Services
5.3%
b
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
H,
144A,
Reg
S
.......
China
54,300
523,511
b
WuXi
AppTec
Co.
Ltd.,
H,
144A,
Reg
S
.....................
China
136,031
1,681,209
a,b
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
589,898
4,362,040
6,566,760
Real
Estate
Development
1.0%
China
Resources
Land
Ltd.
..............................
China
271,167
1,206,880
Real
Estate
Operating
Companies
0.5%
Country
Garden
Services
Holdings
Co.
Ltd.
..................
China
157,500
622,786
Restaurants
0.5%
Yum
China
Holdings,
Inc.
...............................
China
14,260
648,260
Semiconductor
Equipment
1.2%
a
Daqo
New
Energy
Corp.,
ADR
...........................
China
30,580
1,495,362
a
Semiconductors
4.5%
a,b
Hua
Hong
Semiconductor
Ltd.,
144A,
Reg
S
.................
China
695,083
2,640,666
Will
Semiconductor
Co.
Ltd.
Shanghai,
A
....................
China
117,381
2,876,082
5,516,748
Specialty
Stores
2.2%
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
A
................
China
101,757
2,678,599
Total
Common
Stocks
(Cost
$117,146,763)
.....................................
123,827,152
Templeton
China
World
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
See
Abbreviations
on
page
7
.
Short
Term
Investments
0.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.1%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.437%
....
United
States
158,608
$
158,608
Total
Money
Market
Funds
(Cost
$158,608)
.....................................
158,608
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.4%
Money
Market
Funds
0.4%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.437%
....
United
States
500,165
500,165
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$500,165)
...................................................................
500,165
Total
Short
Term
Investments
(Cost
$658,773
)
..................................
658,773
a
Total
Investments
(Cost
$117,805,536)
100.5%
..................................
$124,485,925
Other
Assets,
less
Liabilities
(0.5)%
...........................................
(643,685)
Net
Assets
100.0%
...........................................................
$123,842,240
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,
2022,
the
aggregate
value
of
these
securities
was
$18,877,416,
representing
15.2%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2022.
d
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
China
World
Fund
5
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Templeton
China
World
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
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.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
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,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m
Eastern
time.
At
May
31,
2022,
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.
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
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund for
financial
reporting
purposes.
Templeton
China
World
Fund
Notes
to
Schedule
of
Investments
(unaudited)
6
Quarterly
Schedule
of
Investments
3.
Investments
in
Affiliated
Management
Investment
Companies 
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows: 
4. 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:
• 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.
A
summary
of
inputs
used
as
of
May
31,
2022,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
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
China
World
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.437%
$
769,213
$
13,871,063
$
(14,481,668)
$
—
$
—
$
158,608
158,608
$
33
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.437%
$—
$12,897,092
$(12,396,927)
$—
$—
$500,165
500,165
$183
Total
Affiliated
Securities
...
$769,213
$26,768,155
$(26,878,595)
$—
$—
$658,773
$216
Level
1
Level
2
Level
3
Total
Templeton
China
World
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Advertising
...........................
$
—
$
406,742
$
—
$
406,742
Air
Freight
&
Logistics
...................
—
965,401
—
965,401
Apparel,
Accessories
&
Luxury
Goods
.......
—
4,781,137
—
4,781,137
Auto
Parts
&
Equipment
.................
—
1,957,636
—
1,957,636
Automobile
Manufacturers
...............
2,674,686
878,557
—
3,553,243
Templeton
China
World
Fund
Notes
to
Schedule
of
Investments
(unaudited)
7
Quarterly
Schedule
of
Investments
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
China
World
Fund
(continued)
Assets:
Common
Stocks:
Biotechnology
.........................
$
547,456
$
1,035,676
$
—
$
1,583,132
Brewers
.............................
—
2,677,982
—
2,677,982
Commodity
Chemicals
..................
—
3,405,185
—
3,405,185
Construction
Machinery
&
Heavy
Trucks
.....
—
1,297,923
—
1,297,923
Construction
Materials
..................
—
3,401,391
—
3,401,391
Distillers
&
Vintners
.....................
—
4,902,130
—
4,902,130
Diversified
Banks
......................
—
5,950,550
—
5,950,550
Diversified
Metals
&
Mining
...............
—
885,352
—
885,352
Electrical
Components
&
Equipment
........
—
5,584,760
—
5,584,760
Electronic
Components
..................
—
3,723,432
—
3,723,432
Financial
Exchanges
&
Data
..............
—
4,666,030
—
4,666,030
Health
Care
Facilities
...................
—
933,706
—
933,706
Health
Care
Services
...................
—
503,639
—
503,639
Interactive
Home
Entertainment
...........
628,750
5,628,507
—
6,257,257
Interactive
Media
&
Services
..............
4,124,325
16,051,179
—
20,175,504
Internet
&
Direct
Marketing
Retail
..........
—
24,084,015
—
24,084,015
Internet
Services
&
Infrastructure
..........
1,507,793
—
—
1,507,793
Life
&
Health
Insurance
..................
—
1,887,817
—
1,887,817
Life
Sciences
Tools
&
Services
............
—
6,566,760
—
6,566,760
Real
Estate
Development
................
—
1,206,880
—
1,206,880
Real
Estate
Operating
Companies
.........
—
622,786
—
622,786
Restaurants
..........................
648,260
—
—
648,260
Semiconductor
Equipment
...............
1,495,362
—
—
1,495,362
Semiconductors
.......................
—
5,516,748
—
5,516,748
Specialty
Stores
.......................
—
2,678,599
—
2,678,599
Short
Term
Investments
...................
658,773
—
—
658,773
Total
Investments
in
Securities
...........
$12,285,405
$112,200,520
a
$—
$124,485,925
a
Includes
foreign
securities
valued
at
$112,200,520,
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.
Selected
Portfolio
ADR
American
Depositary
Receipt
4. 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.