0001752724-24-161792.txt : 20240723 0001752724-24-161792.hdr.sgml : 20240723 20240723150735 ACCESSION NUMBER: 0001752724-24-161792 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240531 FILED AS OF DATE: 20240723 DATE AS OF CHANGE: 20240723 PERIOD START: 20240831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON CHINA WORLD FUND CENTRAL INDEX KEY: 0000909226 ORGANIZATION NAME: 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: 241134139 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 2024-08-31 2024-05-31 N 64051923.68 585152.32 63466771.36 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 125764.95000000 UST China Yangtze Power Co. Ltd. 3003008VX8JFJXA6QP74 China Yangtze Power Co. Ltd., Class A N/A 935900.00000000 NS 3438989.06000000 5.418566261222 Long EC CORP CN N 1 N N N China Resources Beer Holdings Co. Ltd. 254900OH02Y7OS7RNG48 China Resources Beer Holdings Co. Ltd. N/A 181980.00000000 NS 732366.18000000 1.153936405313 Long EC CORP HK N 2 N N N Alibaba Group Holding Ltd. 5493001NTNQJDH60PM02 Alibaba Group Holding Ltd. N/A 649755.00000000 NS 6344597.48000000 9.996723236497 Long EC CORP KY N 2 N N N Meituan 21380033K525E5JLIA77 Meituan Dianping, Class B N/A 201697.00000000 NS 2748378.13000000 4.330420582465 Long EC CORP KY N 2 N N N PetroChina Co. Ltd. 529900RPY4YG47TRSV05 PetroChina Co. Ltd., Class H N/A 1789092.00000000 NS 1834472.38000000 2.890445410550 Long EC CORP CN N 2 N N N Mobvista, Inc. 655600AW50D7VN363G24 Mobvista, Inc. N/A 631000.00000000 NS 237024.41000000 0.373462214826 Long EC CORP KY N 2 N N Wuliangye Yibin Co. Ltd. N/A Wuliangye Yibin Co. Ltd., Class A N/A 51121.00000000 NS 1032372.10000000 1.626634028922 Long EC CORP CN N 2 N N N Kweichow Moutai Co. Ltd. N/A Kweichow Moutai Co. Ltd., Class A N/A 8550.00000000 NS 1945780.18000000 3.065825058223 Long EC CORP CN N 2 N N N China Mengniu Dairy Co. Ltd. 2549005Q343BSJ8RSS21 China Mengniu Dairy Co. Ltd. N/A 495000.00000000 NS 912802.28000000 1.438236514068 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 359177.00000000 NS 600419.39000000 0.946037394267 Long EC CORP CN N 2 N N N Baidu, Inc. 254900AL64IANZYI1E02 Baidu, Inc., Class A N/A 95424.00000000 NS 1156355.77000000 1.821986127891 Long EC CORP KY N 2 N N N GoodWe Technologies Co. Ltd. N/A GoodWe Technologies Co. Ltd., Class A N/A 23220.00000000 NS 331211.20000000 0.521865525695 Long EC CORP CN N 2 N N N China Merchants Bank Co. Ltd. 549300MKO5B60FFIHF58 China Merchants Bank Co. Ltd., Class H N/A 370731.00000000 NS 1661130.75000000 2.617323544910 Long EC CORP CN N 2 N N N Fuyao Glass Industry Group Co. Ltd. 549300AS5CSLWETN0P64 Fuyao Glass Industry Group Co. Ltd., Class H N/A 25000.00000000 NS 141476.17000000 0.222913765689 Long EC CORP CN N 2 N N N Wasion Holdings Ltd. N/A Wasion Holdings Ltd. N/A 230000.00000000 NS 216142.12000000 0.340559501245 Long EC CORP KY N 2 N N N SF Holding Co. Ltd. N/A SF Holding Co. Ltd., Class A N/A 108541.00000000 NS 551873.41000000 0.869547005738 Long EC CORP CN N 2 N N N NARI Technology Co. Ltd. 3003006IGH1W58MAQM05 NARI Technology Co. Ltd., Class A N/A 477698.00000000 NS 1482644.48000000 2.336095642222 Long EC CORP CN N 2 N N N Focus Media Information Technology Co. Ltd. 300300V7WGZW0LZKTD06 Focus Media Information Technology Co. Ltd., Class A N/A 2949427.00000000 NS 2579487.04000000 4.064311110720 Long EC CORP CN N 2 N N N GigaCloud Technology, Inc. N/A GigaCloud Technology, Inc., Class A N/A 24768.00000000 NS USD 771275.52000000 1.215243037376 Long EC CORP KY N 1 N N Tencent Holdings Ltd. 254900N4SLUMW4XUYY11 Tencent Holdings Ltd. N/A 206698.00000000 NS 9589524.21000000 15.10951952417 Long EC CORP KY N 2 N N N Yum China Holdings, Inc. 529900DO9BYZ7VA3K502 Yum China Holdings, Inc. 98850P109 17360.00000000 NS USD 620793.60000000 0.978139562951 Long EC CORP US N 1 N N N NetEase, Inc. 5299004AF4DSJDB0PA32 NetEase, Inc. N/A 154907.00000000 NS 2754849.54000000 4.340617115015 Long EC CORP KY N 2 N N N Maoyan Entertainment 254900DBFLAM1EAPV891 Maoyan Entertainment N/A 292190.00000000 NS 333691.21000000 0.525773098031 Long EC CORP KY N 2 N N PICC Property & Casualty Co. Ltd. 300300F1000311000017 PICC Property & Casualty Co. Ltd., Class H N/A 1180865.00000000 NS 1538877.74000000 2.424698321695 Long EC CORP CN N 2 N N N PDD Holdings, Inc. 5493000573DS7005T657 PDD Holdings, Inc. 722304102 23007.00000000 NS USD 3445988.46000000 5.429594709416 Long EC CORP KY N 1 N N N Hundsun Technologies, Inc. 3003003LS77D1DRDDE25 Hundsun Technologies, Inc., Class A N/A 172973.00000000 NS 480110.62000000 0.756475569360 Long EC CORP CN 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 192003.00000000 NS 976584.25000000 1.538733149762 Long EC CORP CN N 2 N N N Fuyao Glass Industry Group Co. Ltd. 549300AS5CSLWETN0P64 Fuyao Glass Industry Group Co. Ltd., Class A N/A 193000.00000000 NS 1232343.01000000 1.941713724509 Long EC CORP CN N 1 N N N Trip.com Group Ltd. 2549004RMYDSRQL4KW41 Trip.com Group Ltd. N/A 33050.00000000 NS 1689164.99000000 2.661495068685 Long EC CORP KY N 2 N N N ANTA Sports Products Ltd. 529900291XG0CTK4LF95 ANTA Sports Products Ltd. N/A 139011.00000000 NS 1489192.62000000 2.346413072681 Long EC CORP KY N 2 N N N Contemporary Amperex Technology Co. Ltd. 300300KINDY1K0E9I032 Contemporary Amperex Technology Co. Ltd., Class A N/A 6178.00000000 NS 168281.95000000 0.265149693916 Long EC CORP CN N 2 N N N Trip.com Group Ltd. 2549004RMYDSRQL4KW41 Trip.com Group Ltd. 89677Q107 3800.00000000 NS USD 195738.00000000 0.308410205538 Long EC CORP KY N 1 N N N Yum China Holdings, Inc. 529900DO9BYZ7VA3K502 Yum China Holdings, Inc. 98850P109 3300.00000000 NS 114478.30000000 0.180375175145 Long EC CORP US N 2 N N N Jiangsu Hengrui Pharmaceuticals Co. Ltd. N/A Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A N/A 284600.00000000 NS 1663893.12000000 2.621676011470 Long EC CORP CN N 2 N N N New Oriental Education & Technology Group, Inc. 529900NHZVBZQZ8EKN29 New Oriental Education & Technology Group, Inc. 647581206 6000.00000000 NS USD 479580.00000000 0.755639509814 Long EC CORP KY N 1 N N N China Construction Bank Corp. 5493001KQW6DM7KEDR62 China Construction Bank Corp., Class H N/A 4012000.00000000 NS 2847431.97000000 4.486492551903 Long EC CORP CN N 2 N N N Hangzhou Oxygen Plant Group Co. Ltd. 300300I9BCYICNBMOY81 Hangzhou Oxygen Plant Group Co. Ltd., Class A N/A 105706.00000000 NS 365178.23000000 0.575384917453 Long EC CORP CN N 2 N N N Xiaomi Corp. 2549001ACVFAZRNMKL32 Xiaomi Corp., Class B N/A 368088.00000000 NS 824208.58000000 1.298645830469 Long EC CORP KY N 2 N N N New Horizon Health Ltd. 6556003WN0RS45SU3L67 New Horizon Health Ltd. N/A 153923.00000000 NS 278308.67000000 0.438510836515 Long EC CORP KY N 3 N N Institutional Fiduciary Trust Money Market Portfolio N/A Institutional Fiduciary Trust Money Market Portfolio N/A 339062.20000000 NS USD 339062.20000000 0.534235778399 Long STIV RF US N 1 N N Shenzhen Mindray Bio-Medical Electronics Co. Ltd. N/A Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A N/A 16200.00000000 NS 648669.89000000 1.022062216337 Long EC CORP CN N 2 N N N BYD Co. Ltd. 5299005557VL7ULJ7A69 BYD Co. Ltd., Class H N/A 16028.00000000 NS 449736.97000000 0.708618006498 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 178643.00000000 NS 481773.01000000 0.759094877014 Long EC CORP CN N 2 N N N China Feihe Ltd. N/A China Feihe Ltd. N/A 1040000.00000000 NS 516152.56000000 0.813264246690 Long EC CORP KY N 2 N N N Institutional Fiduciary Trust - Money Market Portfolio 549300M4TP89K77LG374 Institutional Fiduciary Trust - Money Market Portfolio 457756500 0.00100000 NS USD 0.00000000 0.000000 Long STIV RF US N 1 N N N New Oriental Education & Technology Group, Inc. 529900NHZVBZQZ8EKN29 New Oriental Education & Technology Group, Inc. N/A 121763.00000000 NS 970731.34000000 1.529511142915 Long EC CORP KY N 2 N N N WUS Printed Circuit Kunshan Co. Ltd. N/A WUS Printed Circuit Kunshan Co. Ltd., Class A N/A 150794.00000000 NS 653249.27000000 1.029277614099 Long EC CORP CN N 2 N N N 2024-07-01 Templeton China World Fund Monica Krogh Monica Krogh 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,
2024
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
100.0%
Advertising
4.4%
Focus
Media
Information
Technology
Co.
Ltd.
,
A
..............
China
2,949,427
$
2,579,487
a,b,c
Mobvista,
Inc.
,
144A
,
Reg
S
.............................
China
631,000
237,024
2,816,511
Air
Freight
&
Logistics
0.9%
SF
Holding
Co.
Ltd.
,
A
..................................
China
108,541
551,873
Apparel,
Accessories
&
Luxury
Goods
2.4%
ANTA
Sports
Products
Ltd.
..............................
China
139,011
1,489,193
Application
Software
0.8%
Hundsun
Technologies,
Inc.
,
A
............................
China
172,973
480,111
Automobile
Manufacturers
0.7%
BYD
Co.
Ltd.
,
H
......................................
China
16,028
449,737
Automotive
Parts
&
Equipment
2.2%
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
A
.....................
China
193,000
1,232,343
c
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
H
,
144A
,
Reg
S
..........
China
25,000
141,476
1,373,819
Brewers
1.2%
China
Resources
Beer
Holdings
Co.
Ltd.
....................
China
181,980
732,366
Broadline
Retail
15.4%
Alibaba
Group
Holding
Ltd.
..............................
China
649,755
6,344,598
a
PDD
Holdings,
Inc.
,
ADR
................................
China
23,007
3,445,988
9,790,586
Commodity
Chemicals
0.8%
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
,
A
.............
China
178,643
481,773
Distillers
&
Vintners
4.7%
Kweichow
Moutai
Co.
Ltd.
,
A
.............................
China
8,550
1,945,780
Wuliangye
Yibin
Co.
Ltd.
,
A
..............................
China
51,121
1,032,372
2,978,152
Distributors
1.2%
a,b
GigaCloud
Technology,
Inc.
,
A
............................
Hong
Kong
24,768
771,276
a
Diversified
Banks
7.1%
China
Construction
Bank
Corp.
,
H
.........................
China
4,012,000
2,847,432
China
Merchants
Bank
Co.
Ltd.
,
H
.........................
China
370,731
1,661,131
4,508,563
Education
Services
2.3%
a
New
Oriental
Education
&
Technology
Group,
Inc.
.............
China
121,763
970,731
a
New
Oriental
Education
&
Technology
Group,
Inc.
,
ADR
........
China
6,000
479,580
1,450,311
Electrical
Components
&
Equipment
0.8%
Contemporary
Amperex
Technology
Co.
Ltd.
,
A
...............
China
6,178
168,282
GoodWe
Technologies
Co.
Ltd.
,
A
.........................
China
23,220
331,211
499,493
Electronic
Components
1.0%
WUS
Printed
Circuit
Kunshan
Co.
Ltd.
,
A
....................
China
150,794
653,249
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)
Electronic
Equipment
&
Instruments
0.3%
Wasion
Holdings
Ltd.
..................................
Hong
Kong
230,000
$
216,142
Health
Care
Equipment
1.0%
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
,
A
..........
China
16,200
648,670
Health
Care
Facilities
1.0%
Aier
Eye
Hospital
Group
Co.
Ltd.
,
A
........................
China
359,177
600,419
Health
Care
Services
0.4%
a,b,c,d
New
Horizon
Health
Ltd.
,
144A
,
Reg
S
.....................
China
153,923
278,309
a
Heavy
Electrical
Equipment
2.3%
NARI
Technology
Co.
Ltd.
,
A
.............................
China
477,698
1,482,645
Hotels,
Resorts
&
Cruise
Lines
3.0%
a
Trip.com
Group
Ltd.
...................................
China
33,050
1,689,165
a
Trip.com
Group
Ltd.
,
ADR
...............................
China
3,800
195,738
1,884,903
Industrial
Gases
0.6%
Hangzhou
Oxygen
Plant
Group
Co.
Ltd.
,
A
..................
China
105,706
365,178
Integrated
Oil
&
Gas
2.9%
PetroChina
Co.
Ltd.
,
H
.................................
China
1,789,092
1,834,472
Interactive
Home
Entertainment
4.3%
NetEase,
Inc.
........................................
China
154,907
2,754,850
Interactive
Media
&
Services
16.8%
a
Baidu,
Inc.
,
A
.........................................
China
95,424
1,156,356
Tencent
Holdings
Ltd.
..................................
China
204,309
9,478,689
10,635,045
Life
&
Health
Insurance
1.5%
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
H
................
China
192,003
976,584
Movies
&
Entertainment
0.5%
a,b,c
Maoyan
Entertainment
,
144A
,
Reg
S
.......................
China
292,190
333,691
a
Packaged
Foods
&
Meats
2.3%
c
China
Feihe
Ltd.
,
144A
,
Reg
S
...........................
China
1,040,000
516,153
a
China
Mengniu
Dairy
Co.
Ltd.
............................
China
495,000
912,802
1,428,955
Pharmaceuticals
2.6%
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.
,
A
.................
China
284,600
1,663,893
Property
&
Casualty
Insurance
2.4%
PICC
Property
&
Casualty
Co.
Ltd.
,
H
......................
China
1,180,865
1,538,878
Renewable
Electricity
5.4%
China
Yangtze
Power
Co.
Ltd.
,
A
..........................
China
935,900
3,438,989
Restaurants
5.5%
a,c
Meituan
Dianping
,
B
,
144A
,
Reg
S
........................
China
201,697
2,748,378
Yum
China
Holdings,
Inc.
,
(
HKD
Traded)
....................
China
3,300
114,478
Yum
China
Holdings,
Inc.
,
(
USD
Traded)
....................
China
17,360
620,794
3,483,650
Templeton
China
World
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
1.3%
a,c
Xiaomi
Corp.
,
B
,
144A
,
Reg
S
............................
China
368,088
$
824,209
a
Total
Common
Stocks
(Cost
$
61,155,444
)
......................................
63,416,495
Short
Term
Investments
0.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.2%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
128,290
128,290
Total
Money
Market
Funds
(Cost
$
128,290
)
.....................................
128,290
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
Money
Market
Funds
0.5%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
339,062
339,062
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
339,062
)
...................................................................
339,062
Total
Short
Term
Investments
(Cost
$
467,352
)
..................................
467,352
a
Total
Investments
(Cost
$
61,622,796
)
100.7
%
...................................
$63,883,847
Other
Assets,
less
Liabilities
(
0.7
)
%
...........................................
(439,966)
Net
Assets
100.0%
...........................................................
$63,443,881
See
Abbreviations
on
page
8
.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2024.
c
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,
2024,
the
aggregate
value
of
these
securities
was
$5,079,240,
representing
8.0%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
e
See
Note
3
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
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,
2024,
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,
2024,
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,
2024,
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,
5.006%
$378
$14,599,856
$(14,471,944)
$—
$—
$128,290
128,290
$30,067
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$—
$4,431,876
$(4,092,814)
$—
$—
$339,062
339,062
$4,929
Total
Affiliated
Securities
...
$378
$19,031,732
$(18,564,758)
$—
$—
$467,352
$34,996
2. Financial
Instrument
Valuation
(continued)
Templeton
China
World
Fund
Notes
to
Schedule
of
Investments
(unaudited)
7
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
Level
1
Level
2
Level
3
Total
Templeton
China
World
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Advertising
...........................
$
—
$
2,816,511
$
—
$
2,816,511
Air
Freight
&
Logistics
...................
—
551,873
—
551,873
Apparel,
Accessories
&
Luxury
Goods
.......
—
1,489,193
—
1,489,193
Application
Software
....................
—
480,111
—
480,111
Automobile
Manufacturers
...............
—
449,737
—
449,737
Automotive
Parts
&
Equipment
............
1,232,343
141,476
—
1,373,819
Brewers
.............................
—
732,366
—
732,366
Broadline
Retail
.......................
3,445,988
6,344,598
—
9,790,586
Commodity
Chemicals
..................
—
481,773
—
481,773
Distillers
&
Vintners
.....................
—
2,978,152
—
2,978,152
Distributors
...........................
771,276
—
—
771,276
Diversified
Banks
......................
—
4,508,563
—
4,508,563
Education
Services
.....................
479,580
970,731
—
1,450,311
Electrical
Components
&
Equipment
........
—
499,493
—
499,493
Electronic
Components
..................
—
653,249
—
653,249
Electronic
Equipment
&
Instruments
........
—
216,142
—
216,142
Health
Care
Equipment
..................
—
648,670
—
648,670
Health
Care
Facilities
...................
—
600,419
—
600,419
Health
Care
Services
...................
—
—
278,309
278,309
Heavy
Electrical
Equipment
..............
—
1,482,645
—
1,482,645
Hotels,
Resorts
&
Cruise
Lines
............
195,738
1,689,165
—
1,884,903
Industrial
Gases
.......................
—
365,178
—
365,178
Integrated
Oil
&
Gas
....................
—
1,834,472
—
1,834,472
Interactive
Home
Entertainment
...........
—
2,754,850
—
2,754,850
Interactive
Media
&
Services
..............
—
10,635,045
—
10,635,045
Life
&
Health
Insurance
..................
—
976,584
—
976,584
Movies
&
Entertainment
.................
—
333,691
—
333,691
Packaged
Foods
&
Meats
................
—
1,428,955
—
1,428,955
Pharmaceuticals
.......................
—
1,663,893
—
1,663,893
Property
&
Casualty
Insurance
............
—
1,538,878
—
1,538,878
Renewable
Electricity
...................
3,438,989
—
—
3,438,989
Restaurants
..........................
620,794
2,862,856
—
3,483,650
Technology
Hardware,
Storage
&
Peripherals
.
—
824,209
—
824,209
Short
Term
Investments
...................
467,352
—
—
467,352
Total
Investments
in
Securities
...........
$10,652,060
$52,953,478
a
$278,309
$63,883,847
a
Includes
foreign
securities
valued
at
$52,953,478,
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.
4. Fair
Value
Measurements 
(continued)
Templeton
China
World
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
Abbreviations
Cu
r
rency
HKD
Hong
Kong
Dollar
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.