0001752724-23-008681.txt : 20230123 0001752724-23-008681.hdr.sgml : 20230123 20230123140819 ACCESSION NUMBER: 0001752724-23-008681 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20221130 FILED AS OF DATE: 20230123 DATE AS OF CHANGE: 20230123 PERIOD START: 20230831 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: 23543662 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 2023-08-31 2022-11-30 N 102611965.36 765015.73 101846949.63 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 0.00000000 UST Postal Savings Bank of China Co. Ltd. 300300C1040311005298 Postal Savings Bank of China Co. Ltd., Class H N/A 802173.00000000 NS 485142.46000000 0.476344614897 Long EC CORP CN N 2 N N N China Resources Beer Holdings Co. Ltd. N/A China Resources Beer Holdings Co. Ltd. N/A 355271.00000000 NS 2461813.90000000 2.417169987852 Long EC CORP HK N 2 N N N Weichai Power Co. Ltd. 529900OKTPKBG85F9502 Weichai Power Co. Ltd., Class H N/A 741189.00000000 NS 986179.34000000 0.968295411480 Long EC CORP CN N 2 N N N Sino Wealth Electronic Ltd. N/A Sino Wealth Electronic Ltd., Class A N/A 89995.00000000 NS 494349.86000000 0.485385042748 Long EC CORP CN N 2 N N N Alibaba Group Holding Ltd. 5493001NTNQJDH60PM02 Alibaba Group Holding Ltd. N/A 973557.00000000 NS 10595582.64000000 10.40343640972 Long EC CORP KY N 2 N N N Meituan 21380033K525E5JLIA77 Meituan Dianping N/A 311463.00000000 NS 6714357.24000000 6.592595325036 Long EC CORP KY N 2 N N N Mobvista, Inc. 655600AW50D7VN363G24 Mobvista, Inc. N/A 631000.00000000 NS 331873.04000000 0.325854668407 Long EC CORP KY N 2 N N N BeiGene Ltd. 549300JFUK6FRD5MH739 BeiGene Ltd. N/A 30699.00000000 NS 456437.10000000 0.448159813973 Long EC CORP KY N 2 N N N Sunny Optical Technology Group Co. Ltd. 3003004QIVP0DFVVWM94 Sunny Optical Technology Group Co. Ltd. N/A 55410.00000000 NS 659661.33000000 0.647698661959 Long EC CORP KY N 2 N N N Kuaishou Technology 300300FCDZBE6UP9ED24 Kuaishou Technology N/A 77500.00000000 NS 583919.19000000 0.573330072350 Long EC CORP KY N 2 N N N NIO, Inc. 549300JBU4TV5OCKJV96 NIO, Inc. 62914V106 137806.00000000 NS USD 1761160.68000000 1.729222805786 Long EC CORP KY N 1 N N JD.com, Inc. 549300HVTWB0GJZ16V92 JD.com, Inc., Class A N/A 169140.00000000 NS 4828662.60000000 4.741096927833 Long EC CORP KY N 2 N N N China Resources Land Ltd. 5299001HL0TU7X15HK51 China Resources Land Ltd. N/A 214867.00000000 NS 998058.73000000 0.979959373968 Long EC CORP KY N 2 N N N Daqo New Energy Corp. 529900711JBZ5O7VA827 Daqo New Energy Corp. 23703Q203 17856.00000000 NS USD 1016184.96000000 0.997756892760 Long EC CORP KY N 1 N N N Minth Group Ltd. 254900B2AH0G13K9G204 Minth Group Ltd. N/A 580385.00000000 NS 1579654.08000000 1.551007748134 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 100357.00000000 NS 2836392.63000000 2.784955897358 Long EC CORP CN N 2 N N N Innovent Biologics, Inc. 25490058ONL9SCIE1R22 Innovent Biologics, Inc. N/A 147798.00000000 NS 596867.62000000 0.586043688267 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 218621.00000000 NS 844085.37000000 0.828778253120 Long EC CORP CN N 2 N N N Luzhou Laojiao Co. Ltd. N/A Luzhou Laojiao Co. Ltd., Class A N/A 145667.00000000 NS 3877223.57000000 3.806911826113 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 1371679.34000000 1.346804538558 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 4778502.35000000 4.691846311902 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 940349.53000000 0.923296704924 Long EC CORP CN N 2 N N N GDS Holdings Ltd. 391200MGV8DDCHTN2R77 GDS Holdings Ltd. 36165L108 53869.00000000 NS USD 856517.10000000 0.840984539165 Long EC CORP KY N 1 N N CMOC Group Ltd. 2549008KG3638J59U652 CMOC Group Ltd., Class H N/A 855619.00000000 NS 400848.57000000 0.393579357512 Long EC CORP CN N 2 N N N Wuxi Biologics Cayman, Inc. 5493001TD2TH6VDTJU11 Wuxi Biologics Cayman, Inc. N/A 531298.00000000 NS 3482053.64000000 3.418908128962 Long EC CORP KY N 2 N N N Tencent Holdings Ltd. 254900N4SLUMW4XUYY11 Tencent Holdings Ltd. N/A 332148.00000000 NS 12560854.86000000 12.33306928251 Long EC CORP KY N 2 N N N Yum China Holdings, Inc. 529900DO9BYZ7VA3K502 Yum China Holdings, Inc. 98850P109 8860.00000000 NS USD 488363.20000000 0.479506948194 Long EC CORP US N 1 N N N NetEase, Inc. 5299004AF4DSJDB0PA32 NetEase, Inc. N/A 269129.00000000 NS 3891313.21000000 3.820745956689 Long EC CORP KY N 2 N N N Baidu, Inc. 254900AL64IANZYI1E02 Baidu, Inc. 056752108 28586.00000000 NS USD 3104439.60000000 3.048141953468 Long EC CORP KY N 1 N N N Hong Kong Exchanges & Clearing Ltd. 213800YTVSXYQN17BW16 Hong Kong Exchanges & Clearing Ltd. N/A 51367.00000000 NS 2042263.60000000 2.005228047987 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 256043.00000000 NS 1580841.93000000 1.552174056997 Long EC CORP CN N 2 N N N Will Semiconductor Co. Ltd. Shanghai 8368000MFHXX01GPND38 Will Semiconductor Co. Ltd. Shanghai, Class A N/A 158464.00000000 NS 1838131.05000000 1.804797351985 Long EC CORP CN N 2 N N N ANTA Sports Products Ltd. 529900291XG0CTK4LF95 ANTA Sports Products Ltd. N/A 352667.00000000 NS 4191614.90000000 4.115601807641 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 2569036.48000000 2.522448133530 Long EC CORP CN N 2 N N N Hua Hong Semiconductor Ltd. 529900OXH3ZYLIMGB907 Hua Hong Semiconductor Ltd. N/A 541183.00000000 NS 1909061.59000000 1.874441597844 Long EC CORP HK N 2 N N Beijing Oriental Yuhong Waterproof Technology Co. Ltd. 300300XMIXB7STDZWT60 Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A N/A 471520.00000000 NS 2215480.15000000 2.175303392049 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 1781071.03000000 1.748772090347 Long EC CORP CN N 2 N N N New Horizon Health Ltd. 6556003WN0RS45SU3L67 New Horizon Health Ltd. N/A 184923.00000000 NS 496018.21000000 0.487023137955 Long EC CORP KY N 2 N N Institutional Fiduciary Trust Money Market Portfolio N/A Institutional Fiduciary Trust Money Market Portfolio N/A 371780.00000000 NS USD 371780.00000000 0.365037933242 Long STIV RF US N 1 N N Hangzhou Tigermed Consulting Co. Ltd. 300300CP4N8WDF6DOO67 Hangzhou Tigermed Consulting Co. Ltd., Class H N/A 52300.00000000 NS 500809.45000000 0.491727490925 Long EC CORP CN N 2 N N N BYD Co. Ltd. 5299005557VL7ULJ7A69 BYD Co. Ltd., Class H N/A 26000.00000000 NS 661967.19000000 0.649962706202 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 433994.00000000 NS 2797630.33000000 2.746896534617 Long EC CORP CN N 2 N N N Geely Automobile Holdings Ltd. 549300YS3T1KVQ2SNI84 Geely Automobile Holdings Ltd. N/A 162365.00000000 NS 242645.06000000 0.238244798574 Long EC CORP KY N 2 N N N Institutional Fiduciary Trust - Money Market Portfolio 549300M4TP89K77LG374 Institutional Fiduciary Trust - Money Market Portfolio 457756500 603059.32100000 NS USD 603059.32000000 0.592123104512 Long STIV RF US N 1 N N N Sunwoda Electronic Co. Ltd. 836800CQGW5QDXND0Q43 Sunwoda Electronic Co. Ltd., Class A N/A 687150.00000000 NS 2391958.81000000 2.348581689181 Long EC CORP CN N 2 N N N Luxshare Precision Industry Co. Ltd. 300300QLLDUELXN16530 Luxshare Precision Industry Co. Ltd., Class A N/A 465499.00000000 NS 2071966.64000000 2.034392436422 Long EC CORP CN N 2 N N N 2022-12-30 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-Q1PH
1
Schedule
of
Investments
(unaudited)
Templeton
China
World
Fund
2
Notes
to
Schedule
of
Investments
5
Templeton
China
World
Fund
Schedule
of
Investments
(unaudited),
November
30,
2022
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
99.5%
Advertising
0.3%
a,b
Mobvista,
Inc.,
144A,
Reg
S
.............................
China
631,000
$
331,873
a
Air
Freight
&
Logistics
0.9%
SF
Holding
Co.
Ltd.,
A
..................................
China
124,421
940,350
Apparel,
Accessories
&
Luxury
Goods
4.1%
ANTA
Sports
Products
Ltd.
..............................
China
352,667
4,191,615
Auto
Parts
&
Equipment
1.5%
Minth
Group
Ltd.
......................................
China
580,385
1,579,654
Automobile
Manufacturers
2.6%
BYD
Co.
Ltd.,
H
......................................
China
26,000
661,967
Geely
Automobile
Holdings
Ltd.
...........................
China
162,365
242,645
a,c
NIO,
Inc.,
ADR
.......................................
China
137,806
1,761,161
2,665,773
Biotechnology
1.0%
a
BeiGene
Ltd.
.........................................
China
30,699
456,437
a,b
Innovent
Biologics,
Inc.,
144A,
Reg
S
......................
China
147,798
596,868
1,053,305
Brewers
2.4%
China
Resources
Beer
Holdings
Co.
Ltd.
....................
China
355,271
2,461,814
Commodity
Chemicals
2.7%
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
.............
China
433,994
2,797,630
Construction
Machinery
&
Heavy
Trucks
1.0%
Weichai
Power
Co.
Ltd.,
H
..............................
China
741,189
986,179
Construction
Materials
2.2%
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
......
China
471,520
2,215,480
Distillers
&
Vintners
3.8%
Luzhou
Laojiao
Co.
Ltd.,
A
...............................
China
145,667
3,877,224
Diversified
Banks
5.2%
China
Merchants
Bank
Co.
Ltd.,
H
.........................
China
940,808
4,778,502
b
Postal
Savings
Bank
of
China
Co.
Ltd.,
H,
144A,
Reg
S
.........
China
802,173
485,143
5,263,645
Diversified
Metals
&
Mining
0.4%
CMOC
Group
Ltd.,
H
...................................
China
855,619
400,849
Electrical
Components
&
Equipment
4.9%
Contemporary
Amperex
Technology
Co.
Ltd.,
A
...............
China
46,563
2,569,036
Sunwoda
Electronic
Co.
Ltd.,
A
...........................
China
687,150
2,391,959
4,960,995
Electronic
Components
2.7%
Luxshare
Precision
Industry
Co.
Ltd.,
A
.....................
China
465,499
2,071,967
Sunny
Optical
Technology
Group
Co.
Ltd.
...................
China
55,410
659,661
2,731,628
Financial
Exchanges
&
Data
3.8%
East
Money
Information
Co.
Ltd.,
A
........................
China
672,240
1,781,071
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....................
Hong
Kong
51,367
2,042,264
3,823,335
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
Facilities
0.8%
Aier
Eye
Hospital
Group
Co.
Ltd.,
A
........................
China
218,621
$
844,085
Health
Care
Services
0.5%
a,b,c
New
Horizon
Health
Ltd.,
144A,
Reg
S
.....................
China
184,923
496,018
a
Interactive
Home
Entertainment
3.8%
NetEase,
Inc.
........................................
China
269,129
3,891,313
Interactive
Media
&
Services
16.0%
a
Baidu,
Inc.,
ADR
......................................
China
28,586
3,104,440
a,b
Kuaishou
Technology,
144A,
Reg
S
........................
China
77,500
583,919
Tencent
Holdings
Ltd.
..................................
China
332,148
12,560,856
16,249,215
Internet
&
Direct
Marketing
Retail
21.7%
a
Alibaba
Group
Holding
Ltd.
..............................
China
973,557
10,595,583
JD.com,
Inc.,
A
.......................................
China
169,140
4,828,662
a,b
Meituan
Dianping,
B,
144A,
Reg
S
........................
China
311,463
6,714,357
22,138,602
Internet
Services
&
Infrastructure
0.8%
a,c
GDS
Holdings
Ltd.,
ADR
................................
China
53,869
856,517
a
Life
&
Health
Insurance
1.6%
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
................
China
256,043
1,580,842
Life
Sciences
Tools
&
Services
5.3%
b
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
H,
144A,
Reg
S
.......
China
52,300
500,809
b
WuXi
AppTec
Co.
Ltd.,
H,
144A,
Reg
S
.....................
China
136,031
1,371,679
a,b
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
531,298
3,482,054
5,354,542
Real
Estate
Development
1.0%
China
Resources
Land
Ltd.
..............................
China
214,867
998,059
Restaurants
0.5%
Yum
China
Holdings,
Inc.
...............................
China
8,860
488,363
Semiconductor
Equipment
1.0%
a
Daqo
New
Energy
Corp.,
ADR
...........................
China
17,856
1,016,185
a
Semiconductors
4.2%
a,b,c
Hua
Hong
Semiconductor
Ltd.,
144A,
Reg
S
.................
China
541,183
1,909,061
Sino
Wealth
Electronic
Ltd.,
A
............................
China
89,995
494,350
Will
Semiconductor
Co.
Ltd.
Shanghai,
A
....................
China
158,464
1,838,131
4,241,542
Specialty
Stores
2.8%
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
A
................
China
100,357
2,836,393
Total
Common
Stocks
(Cost
$100,863,054)
.....................................
101,273,025
Short
Term
Investments
0.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.5%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.446%
....
United
States
474,916
474,916
Total
Money
Market
Funds
(Cost
$474,916)
.....................................
474,916
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
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
Money
Market
Funds
0.3%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.446%
....
United
States
371,780
$
371,780
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$371,780)
...................................................................
371,780
Total
Short
Term
Investments
(Cost
$846,696
)
..................................
846,696
a
Total
Investments
(Cost
$101,709,750)
100.3%
..................................
$102,119,721
Other
Assets,
less
Liabilities
(0.3)%
...........................................
(343,451)
Net
Assets
100.0%
...........................................................
$101,776,270
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
November
30,
2022,
the
aggregate
value
of
these
securities
was
$16,471,781,
representing
16.2%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
November
30,
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
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's
administrator
in
performing
this
responsibility,
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
November
30,
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
November
30,
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
November
30,
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,
3.446%
$
284
$
1,565,307
$
(1,090,675)
$
—
$
—
$
474,916
474,916
$
377
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.446%
$959,042
$3,992,296
$(4,579,558)
$—
$—
$371,780
371,780
$2,813
Total
Affiliated
Securities
...
$959,326
$5,557,603
$(5,670,233)
$—
$—
$846,696
$3,190
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
Assets:
Investments
in
Securities:
Common
Stocks
:
Advertising
...........................
$
—
$
331,873
$
—
$
331,873
Air
Freight
&
Logistics
...................
—
940,350
—
940,350
Apparel,
Accessories
&
Luxury
Goods
.......
—
4,191,615
—
4,191,615
Auto
Parts
&
Equipment
.................
—
1,579,654
—
1,579,654
Automobile
Manufacturers
...............
1,761,161
904,612
—
2,665,773
Biotechnology
.........................
—
1,053,305
—
1,053,305
Brewers
.............................
—
2,461,814
—
2,461,814
Commodity
Chemicals
..................
—
2,797,630
—
2,797,630
Construction
Machinery
&
Heavy
Trucks
.....
—
986,179
—
986,179
Construction
Materials
..................
—
2,215,480
—
2,215,480
Distillers
&
Vintners
.....................
—
3,877,224
—
3,877,224
Diversified
Banks
......................
—
5,263,645
—
5,263,645
Diversified
Metals
&
Mining
...............
—
400,849
—
400,849
Electrical
Components
&
Equipment
........
—
4,960,995
—
4,960,995
Electronic
Components
..................
—
2,731,628
—
2,731,628
Financial
Exchanges
&
Data
..............
—
3,823,335
—
3,823,335
Health
Care
Facilities
...................
—
844,085
—
844,085
Health
Care
Services
...................
—
496,018
—
496,018
Interactive
Home
Entertainment
...........
—
3,891,313
—
3,891,313
Interactive
Media
&
Services
..............
3,104,440
13,144,775
—
16,249,215
Internet
&
Direct
Marketing
Retail
..........
—
22,138,602
—
22,138,602
Internet
Services
&
Infrastructure
..........
856,517
—
—
856,517
Life
&
Health
Insurance
..................
—
1,580,842
—
1,580,842
Life
Sciences
Tools
&
Services
............
—
5,354,542
—
5,354,542
Real
Estate
Development
................
—
998,059
—
998,059
Restaurants
..........................
488,363
—
—
488,363
Semiconductor
Equipment
...............
1,016,185
—
—
1,016,185
Semiconductors
.......................
—
4,241,542
—
4,241,542
Specialty
Stores
.......................
—
2,836,393
—
2,836,393
Short
Term
Investments
...................
846,696
—
—
846,696
Total
Investments
in
Securities
...........
$8,073,362
$94,046,359
a
$—
$102,119,721
a
Includes
foreign
securities
valued
at
$94,046,359,
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.