Country | Shares | Value | |||
Common Stocks 97.8% | |||||
Air Freight & Logistics 0.7% | |||||
a,b | SF Holding Co. Ltd., A | China | 747,800 | $4,987,797 | |
Automobiles 0.0%† | |||||
Jiangling Motors Corp. Ltd., B | China | 88,413 | 50,977 | ||
Banks 5.7% | |||||
b | China Construction Bank Corp., A | China | 3,875,500 | 3,469,209 | |
China Construction Bank Corp., H | China | 6,359,272 | 5,200,516 | ||
b | China Merchants Bank Co. Ltd., A | China | 1,536,346 | 7,002,224 | |
China Merchants Bank Co. Ltd., H | China | 3,264,500 | 14,737,864 | ||
b | Industrial and Commercial Bank of China Ltd., A | China | 9,988,218 | 7,262,876 | |
37,672,689 | |||||
Beverages 1.7% | |||||
China Resources Beer Holdings Co. Ltd. | China | 1,082,000 | 4,940,608 | ||
b | Kweichow Moutai Co. Ltd., A | China | 39,445 | 6,187,560 | |
11,128,168 | |||||
Biotechnology 2.6% | |||||
a | BeiGene Ltd. | China | 436,600 | 4,299,744 | |
a | I-Mab, ADR | China | 18,922 | 245,986 | |
a,c,d | InnoCare Pharma Ltd., 144A, Reg S | China | 478,400 | 702,236 | |
a | Innovent Biologics Inc. | China | 2,356,900 | 9,941,198 | |
a,b | Jinyu Bio-Technology Co. Ltd., A | China | 806,700 | 2,428,358 | |
17,617,522 | |||||
Chemicals 1.4% | |||||
a,b | Jiangsu Yangnong Chemical Co. Ltd., A | China | 277,900 | 2,645,004 | |
a,b | Shenzhen Capchem Technology Co. Ltd., A | China | 1,064,210 | 5,371,762 | |
a,b | Shenzhen Senior Technology Material Co. Ltd., A | China | 383,240 | 1,418,786 | |
9,435,552 | |||||
Commercial Services & Supplies 3.3% | |||||
A-Living Services Co. Ltd., H | China | 3,400,000 | 16,533,701 | ||
b | Beijing Originwater Technology Co. Ltd., A | China | 3,973,300 | 5,172,443 | |
21,706,144 | |||||
Construction Materials 2.7% | |||||
Anhui Conch Cement Co. Ltd., H | China | 1,387,500 | 9,637,592 | ||
b | Beijing Oriental Yuhong Waterproof Technology Co. Ltd., A | China | 1,768,600 | 8,497,770 | |
18,135,362 | |||||
Containers & Packaging 1.4% | |||||
a,b | Shenzhen YUTO Packaging Technology Co. Ltd., A | China | 1,291,200 | 4,058,187 | |
b | Zhejiang Jiemei Electronic & Technology Co. Ltd., A | China | 988,250 | 4,993,924 | |
9,052,111 | |||||
Diversified Consumer Services 3.9% | |||||
a | GSX Techedu Inc., ADR | China | 182,676 | 7,738,156 | |
a | New Oriental Education & Technology Group Inc., ADR | China | 166,693 | 18,042,850 | |
25,781,006 |
Country | Shares | Value | |||
Common Stocks (continued) | |||||
Electrical Equipment 1.0% | |||||
a,b | Hongfa Technology Co. Ltd., A | China | 1,102,135 | $4,296,498 | |
a,b | Sunwoda Electronic Co. Ltd., A | China | 1,334,600 | 2,662,605 | |
6,959,103 | |||||
Electronic Equipment, Instruments & Components 3.4% | |||||
Flytech Technology Co. Ltd. | Taiwan | 405,000 | 794,895 | ||
b | Hangzhou Hikvision Digital Technology Co. Ltd., A | China | 556,800 | 2,193,395 | |
b | Luxshare Precision Industry Co. Ltd., A | China | 947,360 | 5,104,308 | |
a,b | Shenzhen Kinwong Electronic Co. Ltd., A | China | 600,260 | 3,707,924 | |
Sunny Optical Technology Group Co. Ltd. | China | 437,000 | 5,884,801 | ||
a,b | Wuhan Raycus Fiber Laser Technologies Co. Ltd. | China | 165,300 | 1,815,791 | |
a,b | WUS Printed Circuit Kunshan Co. Ltd., A | China | 1,028,870 | 3,439,978 | |
22,941,092 | |||||
Food & Staples Retailing 0.8% | |||||
Beijing Jingkelong Co. Ltd., H | China | 872,029 | 123,730 | ||
a,b | Laobaixing Pharmacy Chain JSC, A | China | 468,900 | 5,157,403 | |
5,281,133 | |||||
Food Products 1.5% | |||||
b | Inner Mongolia Yili Industrial Group Co. Ltd., A | China | 946,500 | 3,990,468 | |
a,b | Jonjee Hi-Tech Industrial and Commercial Holding Co. Ltd. | China | 914,600 | 6,172,662 | |
10,163,130 | |||||
Health Care Equipment & Supplies 1.0% | |||||
a,b | Autobio Diagnostics Co. Ltd., A | China | 121,300 | 1,995,092 | |
a,b | Shanghai Kinetic Medical Co. Ltd., A | China | 937,300 | 2,718,269 | |
a,b | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A | China | 45,900 | 1,696,016 | |
6,409,377 | |||||
Health Care Providers & Services 0.8% | |||||
a,b | Meinian Onehealth Healthcare Holdings Co. Ltd. | China | 2,118,139 | 3,531,976 | |
Sinopharm Group Co. Ltd., H | China | 898,000 | 2,020,099 | ||
5,552,075 | |||||
Hotels, Restaurants & Leisure 1.5% | |||||
a,b | Songcheng Performance Development Co. Ltd., A | China | 933,000 | 3,290,694 | |
Yum China Holdings Inc. | China | 155,335 | 6,621,931 | ||
9,912,625 | |||||
Household Durables 1.9% | |||||
b | Gree Electric Appliances Inc. of Zhuhai, A | China | 189,176 | 1,394,280 | |
b | Midea Group Co. Ltd., A | China | 1,067,516 | 7,298,147 | |
b | Suofeiya Home Collection Co. Ltd., A | China | 1,552,700 | 3,941,764 | |
12,634,191 | |||||
Industrial Conglomerates 0.4% | |||||
CK Hutchison Holdings Ltd. | Hong Kong | 366,000 | 2,469,065 | ||
Insurance 6.2% | |||||
AIA Group Ltd. | Hong Kong | 2,571,380 | 23,267,180 | ||
China Life Insurance Co. Ltd., H | China | 4,398,000 | 8,611,461 | ||
b | Ping An Insurance (Group) Co. of China Ltd., A | China | 636,950 | 6,220,661 |
Country | Shares | Value | |||
Common Stocks (continued) | |||||
Insurance (continued) | |||||
Ping An Insurance (Group) Co. of China Ltd., H | China | 332,000 | $3,261,053 | ||
41,360,355 | |||||
Interactive Media & Services 12.0% | |||||
a | Baidu Inc., ADR | China | 83,779 | 8,444,086 | |
Tencent Holdings Ltd. | China | 1,465,200 | 71,855,306 | ||
80,299,392 | |||||
Internet & Direct Marketing Retail 16.7% | |||||
a | Alibaba Group Holding Ltd., ADR | China | 340,010 | 66,125,145 | |
a,e | Baozun Inc., ADR | China | 377,058 | 10,535,001 | |
a | JD.com Inc., ADR | China | 352,983 | 14,295,811 | |
a,d | Meituan Dianping, B, Reg S | China | 727,800 | 8,791,635 | |
a | Trip.com Group Ltd., ADR | China | 145,300 | 3,407,285 | |
a | Vipshop Holdings Ltd., ADR | China | 524,166 | 8,166,506 | |
111,321,383 | |||||
IT Services 2.0% | |||||
a | GDS Holdings Ltd., ADR | China | 197,446 | 11,445,944 | |
TravelSky Technology Ltd., H | China | 951,059 | 1,678,199 | ||
13,124,143 | |||||
Life Sciences Tools & Services 2.5% | |||||
a | WuXi Biologics (Cayman) Inc. | China | 1,277,000 | 16,554,146 | |
Machinery 1.5% | |||||
b | Shenzhen Inovance Technology Co. Ltd., A | China | 758,900 | 2,769,864 | |
Weichai Power Co. Ltd., H | China | 4,574,940 | 7,364,611 | ||
10,134,475 | |||||
Oil, Gas & Consumable Fuels 1.0% | |||||
CNOOC Ltd. | China | 6,414,800 | 6,727,032 | ||
Paper & Forest Products 1.2% | |||||
Nine Dragons Paper Holdings Ltd. | China | 8,979,001 | 8,188,366 | ||
Pharmaceuticals 2.6% | |||||
CSPC Pharmaceutical Group Ltd. | China | 5,028,000 | 10,065,534 | ||
b | Jiangsu Hengrui Medicine Co. Ltd., A | China | 575,300 | 7,475,448 | |
17,540,982 | |||||
Real Estate Management & Development 4.8% | |||||
b | China Merchants Shekou Industrial Zone Holdings Co. Ltd., A | China | 600,658 | 1,397,649 | |
China Overseas Land & Investment Ltd. | China | 2,170,000 | 6,731,698 | ||
China Resources Land Ltd. | China | 2,250,000 | 9,287,147 | ||
b | Poly Developments and Holdings Group Co. Ltd., A | China | 2,617,200 | 5,494,919 | |
Shimao Property Holdings Ltd. | China | 2,559,400 | 9,012,611 | ||
31,924,024 | |||||
Semiconductors & Semiconductor Equipment 7.0% | |||||
Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan | 5,019,136 | 45,130,845 | ||
a,b | Will Semiconductor Ltd., A | China | 75,200 | 1,655,302 | |
46,786,147 |
Country | Shares | Value | |||
Common Stocks (continued) | |||||
Specialty Retail 0.7% | |||||
b | China International Travel Service Corp. Ltd., A | China | 462,900 | $4,392,076 | |
Textiles, Apparel & Luxury Goods 3.4% | |||||
Anta Sports Products Ltd. | China | 3,092,000 | 22,713,446 | ||
Wireless Telecommunication Services 0.5% | |||||
China Mobile Ltd. | China | 437,000 | 3,249,605 | ||
Total Common Stocks (Cost $489,737,127) | 652,204,691 | ||||
Short Term Investments 2.5% | |||||
Money Market Funds (Cost $11,164,026) 1.7% | |||||
f,g | Institutional Fiduciary Trust Money Market Portfolio, 0.32% | United States | 11,164,026 | 11,164,026 | |
Investments from Cash Collateral Received for Loaned Securities 0.8% | |||||
Money Market Funds (Cost $5,137,415) 0.8% | |||||
f,g | Institutional Fiduciary Trust Money Market Portfolio, 0.32% | United States | 5,137,415 | 5,137,415 | |
Total Investments (Cost $506,038,568) 100.3% | 668,506,132 | ||||
Other Assets, less Liabilities (0.3)% | (1,879,907) | ||||
Net Assets 100.0% | $666,626,225 |
†Rounds to less than 0.1% of net assets. |
aNon-income producing. |
bThe security is owned by Templeton China Opportunities Fund, Ltd., a wholly-owned subsidiary of the Fund. See Note 5. |
cSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2020, the value of this security was $702,236 representing 0.1% of net assets. |
dSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At March 31, 2020, the aggregate value of these securities was $9,493,871, representing 1.4% of net assets. |
eA portion or all of the security is on loan at March 31, 2020. |
fSee Note 5 regarding investments in affiliated management investment companies. |
gThe rate shown is the annualized seven-day effective yield at period end. |
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 | |
Non-Controlled Affiliates | ||||||||
Dividends | ||||||||
Institutional Fiduciary Trust Money Market Portfolio, 0.32% | $21,610,576 | $72,340,445 | $(82,786,995) | $ — | $ — | $11,164,026 | 11,164,026 | $54,100 |
Income from securities loaned | ||||||||
Institutional Fiduciary Trust Money Market Portfolio, 0.32% | — | 9,520,714 | (4,383,299) | — | — | 5,137,415 | 5,137,415 | 10,135 |
Total Affiliated Securities | $21,610,576 | $81,861,159 | $(87,170,294) | $ — | $ — | $16,301,441 | $64,235 |
• | 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) |
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Investments in Securities:a | ||||
Equity Investments: | ||||
Electronic Equipment, Instruments & Components | $22,146,197 | $794,895 | $— | $22,941,092 |
Semiconductors & Semiconductor Equipment | 1,655,302 | 45,130,845 | — | 46,786,147 |
All Other Equity Investments | 582,477,452 | — | — | 582,477,452 |
Short Term Investments | 16,301,441 | — | — | 16,301,441 |
Total Investments in Securities | $622,580,392 | $45,925,740 | $ — | $668,506,132 |
aFor detailed categories, see the accompanying Consolidated Statement of Investments. |
Selected Portfolio | |
ADR | American Depositary Receipt |