0001752724-23-156956.txt : 20230718 0001752724-23-156956.hdr.sgml : 20230718 20230718141715 ACCESSION NUMBER: 0001752724-23-156956 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230531 FILED AS OF DATE: 20230718 DATE AS OF CHANGE: 20230718 PERIOD START: 20230831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON CHINA WORLD FUND CENTRAL INDEX KEY: 0000909226 IRS NUMBER: 593192206 STATE OF INCORPORATION: FL FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07876 FILM NUMBER: 231093904 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 2023-05-31 N 88012828.29 355046.93 87657781.36 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 N Postal Savings Bank of China Co. Ltd. 300300C1040311005298 Postal Savings Bank of China Co. Ltd., Class H N/A 2782173.00000000 NS 1748040.87000000 1.994165084809 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 360157.00000000 NS 2273485.59000000 2.593592439515 Long EC CORP HK N 2 N N N Weichai Power Co. Ltd. 529900OKTPKBG85F9502 Weichai Power Co. Ltd., Class H N/A 896189.00000000 NS 1216761.92000000 1.388082040318 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 385221.70000000 0.439460928651 Long EC CORP CN N 2 N N N Alibaba Group Holding Ltd. 5493001NTNQJDH60PM02 Alibaba Group Holding Ltd. N/A 996057.00000000 NS 9913010.90000000 11.30876317675 Long EC CORP KY N 2 N N N Meituan 21380033K525E5JLIA77 Meituan Dianping, Class B N/A 342397.00000000 NS 4807629.63000000 5.484544047784 Long EC CORP KY N 2 N N N Mobvista, Inc. 655600AW50D7VN363G24 Mobvista, Inc. N/A 631000.00000000 NS 298351.76000000 0.340359698102 Long EC CORP KY N 2 N N N Wuliangye Yibin Co. Ltd. N/A Wuliangye Yibin Co. Ltd., Class A N/A 51931.00000000 NS 1179326.15000000 1.345375312611 Long EC CORP CN N 2 N N N Kuaishou Technology 300300FCDZBE6UP9ED24 Kuaishou Technology N/A 71300.00000000 NS 483821.10000000 0.551943127573 Long EC CORP KY N 2 N N N JD.com, Inc. 549300HVTWB0GJZ16V92 JD.com, Inc., Class A N/A 177640.00000000 NS 2894003.90000000 3.301479748973 Long EC CORP KY N 2 N N N China Resources Land Ltd. 5299001HL0TU7X15HK51 China Resources Land Ltd. N/A 214867.00000000 NS 804227.47000000 0.917462725524 Long EC CORP KY N 2 N N N Kweichow Moutai Co. Ltd. N/A Kweichow Moutai Co. Ltd., Class A N/A 7950.00000000 NS 1823402.31000000 2.080137418162 Long EC CORP CN N 2 N N N Minth Group Ltd. 254900B2AH0G13K9G204 Minth Group Ltd. N/A 578385.00000000 NS 1446901.74000000 1.650625554915 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 97757.00000000 NS 1692985.86000000 1.931358327502 Long EC CORP CN N 2 N N N Innovent Biologics, Inc. 25490058ONL9SCIE1R22 Innovent Biologics, Inc. N/A 147798.00000000 NS 693392.54000000 0.791022233556 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 825425.61000000 0.941645564368 Long EC CORP CN N 2 N N N Luzhou Laojiao Co. Ltd. N/A Luzhou Laojiao Co. Ltd., Class A N/A 36467.00000000 NS 1048711.21000000 1.196369784552 Long EC CORP CN N 2 N N N WuXi AppTec Co. Ltd. 254900OEPQLZSPLN9175 WuXi AppTec Co. Ltd., Class H N/A 116031.00000000 NS 954349.07000000 1.088721451984 Long EC CORP CN N 2 N N N GoodWe Technologies Co. Ltd. N/A GoodWe Technologies Co. Ltd., Class A N/A 37300.00000000 NS 1222889.95000000 1.395072897154 Long EC CORP CN N 2 N N N China Merchants Bank Co. Ltd. 549300MKO5B60FFIHF58 China Merchants Bank Co. Ltd., Class H N/A 776125.00000000 NS 3609053.59000000 4.117208459997 Long EC CORP CN N 2 N N N SF Holding Co. Ltd. N/A SF Holding Co. Ltd., Class A N/A 207830.00000000 NS 1384988.94000000 1.579995430539 Long EC CORP CN N 2 N N N NARI Technology Co. Ltd. N/A NARI Technology Co. Ltd., Class A N/A 297500.00000000 NS 1146971.10000000 1.308464670454 Long EC CORP CN N 2 N N N CMOC Group Ltd. 2549008KG3638J59U652 CMOC Group Ltd., Class H N/A 838619.00000000 NS 438533.77000000 0.500279339947 Long EC CORP CN N 2 N N N Wuxi Biologics Cayman, Inc. 5493001TD2TH6VDTJU11 Wuxi Biologics Cayman, Inc. N/A 463798.00000000 NS 2374511.79000000 2.708843131961 Long EC CORP KY N 2 N N N Tencent Holdings Ltd. 254900N4SLUMW4XUYY11 Tencent Holdings Ltd. N/A 342848.00000000 NS 13567810.71000000 15.47815892610 Long EC CORP KY N 2 N N N Yum China Holdings, Inc. 529900DO9BYZ7VA3K502 Yum China Holdings, Inc. 98850P109 8860.00000000 NS USD 500235.60000000 0.570668789739 Long EC CORP US N 1 N N N NetEase, Inc. 5299004AF4DSJDB0PA32 NetEase, Inc. N/A 269129.00000000 NS 4577515.12000000 5.222029406836 Long EC CORP KY N 2 N N N Baidu, Inc. 254900AL64IANZYI1E02 Baidu, Inc. 056752108 13986.00000000 NS USD 1718180.10000000 1.960099917363 Long EC CORP KY N 1 N N N Hong Kong Exchanges & Clearing Ltd. 213800YTVSXYQN17BW16 Hong Kong Exchanges & Clearing Ltd. N/A 49867.00000000 NS 1826209.63000000 2.083340008914 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 603043.00000000 NS 3826977.01000000 4.365815505052 Long EC CORP CN N 2 N N N ANTA Sports Products Ltd. 529900291XG0CTK4LF95 ANTA Sports Products Ltd. N/A 352667.00000000 NS 3604458.11000000 4.111965936254 Long EC CORP KY N 2 N N N Contemporary Amperex Technology Co. Ltd. 300300KINDY1K0E9I032 Contemporary Amperex Technology Co. Ltd., Class A N/A 69053.00000000 NS 2149217.21000000 2.451827067323 Long EC CORP CN N 2 N N N Jiangsu Hengrui Pharmaceuticals Co. Ltd. N/A Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A N/A 233300.00000000 NS 1494081.34000000 1.704448044223 Long EC CORP CN N 2 N N N Hua Hong Semiconductor Ltd. 529900OXH3ZYLIMGB907 Hua Hong Semiconductor Ltd. N/A 530183.00000000 NS 1716455.19000000 1.958132139975 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 471520.00000000 NS 1741162.61000000 1.986318365564 Long EC CORP CN N 2 N N N East Money Information Co. Ltd. 836800ZFB0ZEK3KKW487 East Money Information Co. Ltd., Class A N/A 466688.00000000 NS 921336.14000000 1.051060300301 Long EC CORP CN N 2 N N N New Horizon Health Ltd. 6556003WN0RS45SU3L67 New Horizon Health Ltd. N/A 184923.00000000 NS 664302.93000000 0.757836805464 Long EC CORP KY N 2 N N N BYD Co. Ltd. 5299005557VL7ULJ7A69 BYD Co. Ltd., Class H N/A 26000.00000000 NS 785124.45000000 0.895669999649 Long EC CORP CN N 2 N N N Guangzhou Tinci Materials Technology Co. Ltd. 836800Y28XV3QK34CB65 Guangzhou Tinci Materials Technology Co. Ltd., Class A N/A 393994.00000000 NS 2267388.32000000 2.586636673689 Long EC CORP CN N 2 N N N Geely Automobile Holdings Ltd. 549300YS3T1KVQ2SNI84 Geely Automobile Holdings Ltd. N/A 162365.00000000 NS 189152.02000000 0.215784630942 Long EC CORP KY N 2 N N N Institutional Fiduciary Trust - Money Market Portfolio 549300M4TP89K77LG374 Institutional Fiduciary Trust - Money Market Portfolio 457756500 367445.01100000 NS USD 367445.01000000 0.419181280086 Long STIV RF US N 1 N N N Luxshare Precision Industry Co. Ltd. 300300QLLDUELXN16530 Luxshare Precision Industry Co. Ltd., Class A N/A 458499.00000000 NS 1760565.23000000 2.008452875129 Long EC CORP CN N 2 N N N 2023-06-30 Templeton China World Fund Ryan Wheeler Ryan Wheeler 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,
2023
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
100.6%
Advertising
0.3%
a,b
Mobvista,
Inc.,
144A,
Reg
S
.............................
China
631,000
$
298,352
a
Air
Freight
&
Logistics
1.6%
SF
Holding
Co.
Ltd.,
A
..................................
China
207,830
1,384,989
Apparel,
Accessories
&
Luxury
Goods
4.1%
ANTA
Sports
Products
Ltd.
..............................
China
352,667
3,604,458
Automobile
Manufacturers
1.1%
BYD
Co.
Ltd.,
H
......................................
China
26,000
785,124
Geely
Automobile
Holdings
Ltd.
...........................
China
162,365
189,152
974,276
Automotive
Parts
&
Equipment
1.7%
Minth
Group
Ltd.
......................................
China
578,385
1,446,902
Biotechnology
0.8%
a,b
Innovent
Biologics,
Inc.,
144A,
Reg
S
......................
China
147,798
693,392
a
Brewers
2.6%
China
Resources
Beer
Holdings
Co.
Ltd.
....................
China
360,157
2,273,486
Broadline
Retail
14.7%
a
Alibaba
Group
Holding
Ltd.
..............................
China
996,057
9,913,011
JD.com,
Inc.,
A
.......................................
China
177,640
2,894,004
12,807,015
Commodity
Chemicals
2.6%
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
.............
China
393,994
2,267,388
Construction
Machinery
&
Heavy
Transportation
Equipment
1.4%
Weichai
Power
Co.
Ltd.,
H
..............................
China
896,189
1,216,762
Construction
Materials
2.0%
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
......
China
471,520
1,741,163
Distillers
&
Vintners
4.6%
Kweichow
Moutai
Co.
Ltd.,
A
.............................
China
7,950
1,823,403
Luzhou
Laojiao
Co.
Ltd.,
A
...............................
China
36,467
1,048,711
Wuliangye
Yibin
Co.
Ltd.,
A
..............................
China
51,931
1,179,326
4,051,440
Diversified
Banks
6.1%
China
Merchants
Bank
Co.
Ltd.,
H
.........................
China
776,125
3,609,053
b
Postal
Savings
Bank
of
China
Co.
Ltd.,
H,
144A,
Reg
S
.........
China
2,782,173
1,748,041
5,357,094
Diversified
Metals
&
Mining
0.5%
CMOC
Group
Ltd.,
H
...................................
China
838,619
438,534
Electrical
Components
&
Equipment
3.9%
Contemporary
Amperex
Technology
Co.
Ltd.,
A
...............
China
69,053
2,149,217
GoodWe
Technologies
Co.
Ltd.,
A
.........................
China
37,300
1,222,890
3,372,107
Electronic
Components
2.0%
Luxshare
Precision
Industry
Co.
Ltd.,
A
.....................
China
458,499
1,760,565
Financial
Exchanges
&
Data
3.1%
East
Money
Information
Co.
Ltd.,
A
........................
China
466,688
921,336
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)
Financial
Exchanges
&
Data
(continued)
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....................
Hong
Kong
49,867
$
1,826,210
2,747,546
Health
Care
Facilities
1.0%
Aier
Eye
Hospital
Group
Co.
Ltd.,
A
........................
China
218,621
825,426
Health
Care
Services
0.8%
a,b
New
Horizon
Health
Ltd.,
144A,
Reg
S
.....................
China
184,923
664,303
a
Heavy
Electrical
Equipment
1.3%
NARI
Technology
Co.
Ltd.,
A
.............................
China
297,500
1,146,971
Interactive
Home
Entertainment
5.2%
NetEase,
Inc.
........................................
China
269,129
4,577,515
Interactive
Media
&
Services
18.0%
a
Baidu,
Inc.,
ADR
......................................
China
13,986
1,718,180
a,b
Kuaishou
Technology,
144A,
Reg
S
........................
China
71,300
483,821
Tencent
Holdings
Ltd.
..................................
China
342,848
13,567,811
15,769,812
Life
&
Health
Insurance
4.4%
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
................
China
603,043
3,826,977
Life
Sciences
Tools
&
Services
3.8%
a,b
WuXi
AppTec
Co.
Ltd.,
H,
144A,
Reg
S
.....................
China
116,031
954,349
a,b
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
463,798
2,374,512
3,328,861
Other
Specialty
Retail
1.9%
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
A
................
China
97,757
1,692,986
Pharmaceuticals
1.7%
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
A
.................
China
233,300
1,494,081
Real
Estate
Development
0.9%
China
Resources
Land
Ltd.
..............................
China
214,867
804,227
Restaurants
6.1%
a,b
Meituan
Dianping,
B,
144A,
Reg
S
........................
China
342,397
4,807,630
Yum
China
Holdings,
Inc.
...............................
China
8,860
500,235
5,307,865
Semiconductors
2.4%
a,b
Hua
Hong
Semiconductor
Ltd.,
144A,
Reg
S
.................
China
530,183
1,716,455
a
Sino
Wealth
Electronic
Ltd.,
A
............................
China
89,995
385,222
2,101,677
Total
Common
Stocks
(Cost
$91,130,464)
......................................
87,976,170
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
0.0%
†
a
A
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.0%
†
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
....
United
States
3,801
$
3,801
Total
Money
M
arket
Funds
(Cost
$3,801)
.......................................
3,801
Total
Short
Term
Investments
(Cost
$3,801
)
....................................
3,801
a
Total
Investments
(Cost
$91,134,265)
100.6%
...................................
$87,979,971
Other
Assets,
less
Liabilities
(0.6)%
...........................................
(533,352)
Net
Assets
100.0%
...........................................................
$87,446,619
†
Rounds
to
less
than
0.1%
of
net
assets.
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,
2023,
the
aggregate
value
of
these
securities
was
$13,740,855,
representing
15.7%
of
net
assets.
c
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
d
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
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946. 
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,
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,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
Templeton
China
World
Fund
Notes
to
Schedule
of
Investments
(unaudited)
6
Quarterly
Schedule
of
Investments
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.
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,
2023,
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,
2023,
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,
4.621%
$
284
$
17,546,943
$
(17,543,426)
$
—
$
—
$
3,801
3,801
$
44,415
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
$959,042
$8,450,252
$(9,409,294)
$—
$—
$—
—
$10,961
Total
Affiliated
Securities
...
$959,326
$25,997,195
$(26,952,720)
$—
$—
$3,801
$55,376
2. Financial
Instrument
Valuation
(continued)
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
...........................
$
—
$
298,352
$
—
$
298,352
Air
Freight
&
Logistics
...................
—
1,384,989
—
1,384,989
Apparel,
Accessories
&
Luxury
Goods
.......
—
3,604,458
—
3,604,458
Automobile
Manufacturers
...............
—
974,276
—
974,276
Automotive
Parts
&
Equipment
............
—
1,446,902
—
1,446,902
Biotechnology
.........................
—
693,392
—
693,392
Brewers
.............................
—
2,273,486
—
2,273,486
Broadline
Retail
.......................
—
12,807,015
—
12,807,015
Commodity
Chemicals
..................
—
2,267,388
—
2,267,388
Construction
Machinery
&
Heavy
Transportation
Equipment
..........................
—
1,216,762
—
1,216,762
Construction
Materials
..................
—
1,741,163
—
1,741,163
Distillers
&
Vintners
.....................
—
4,051,440
—
4,051,440
Diversified
Banks
......................
—
5,357,094
—
5,357,094
Diversified
Metals
&
Mining
...............
—
438,534
—
438,534
Electrical
Components
&
Equipment
........
—
3,372,107
—
3,372,107
Electronic
Components
..................
—
1,760,565
—
1,760,565
Financial
Exchanges
&
Data
..............
—
2,747,546
—
2,747,546
Health
Care
Facilities
...................
—
825,426
—
825,426
Health
Care
Services
...................
—
664,303
—
664,303
Heavy
Electrical
Equipment
..............
—
1,146,971
—
1,146,971
Interactive
Home
Entertainment
...........
—
4,577,515
—
4,577,515
Interactive
Media
&
Services
..............
1,718,180
14,051,632
—
15,769,812
Life
&
Health
Insurance
..................
—
3,826,977
—
3,826,977
Life
Sciences
Tools
&
Services
............
—
3,328,861
—
3,328,861
Other
Specialty
Retail
...................
—
1,692,986
—
1,692,986
Pharmaceuticals
.......................
—
1,494,081
—
1,494,081
Real
Estate
Development
................
—
804,227
—
804,227
Restaurants
..........................
500,235
4,807,630
—
5,307,865
Semiconductors
.......................
—
2,101,677
—
2,101,677
Short
Term
Investments
...................
3,801
—
—
3,801
Total
Investments
in
Securities
...........
$2,222,216
$85,757,755
a
$—
$87,979,971
a
Includes
foreign
securities
valued
at
$85,757,755,
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.