UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02781

Templeton Funds

(Exact name of registrant as specified in charter)

300 S.E. 2^nd Street, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices) (Zip code)

Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: 954 527-7500

Date of fiscal year end: 8/31

Date of reporting period: 2/29/24

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

Semiannual

Report

Templeton

Funds

February

29,

2024

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Templeton

World

Fund

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

changes

the

design

and

delivery

annual

and

semiannual

shareholder

reports

beginning

July

2024.

you

have

previously

elected

receive

shareholder

reports

electronically,

you

will

continue

and

need

not

take

any

action.

Otherwise,

paper

copies

the

Fund’s

shareholder

reports

will

mailed

you

beginning

July

2024.

you

would

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

mail,

you

may

make

that

request

any

time

contacting

your

financial

intermediary

(such

broker-dealer

bank)

or,

you

are

direct

investor,

enrolling

franklintempleton.com.

You

may

access

franklintempleton.com

scanning

the

code

below.

franklintempleton.com

Semiannual

Report

Contents

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Templeton

World

Fund

Financial

Highlights

and

Schedules

Investments

Financial

Statements

Notes

Financial

Statements

Shareholder

Information

Visit

franklintempleton.com

for

fund

updates,

access

your

account,

find

helpful

financial

planning

tools.

franklintempleton.com

Semiannual

Report

Templeton

Foreign

Fund

This

semiannual

report

for

Templeton

Foreign

Fund

covers

the

period

ended

February

29,

2024

Fund

Overview

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

growth.

Under

normal

market

conditions,

the

Fund

invests

least

80%

its

net

assets

foreign

securities.

These

securities

are

predominantly

equity

securities

companies

located

outside

the

U.S.,

including

developing

markets.

Performance

Overview

The

Fund’s

Class

posted

+2.87%

cumulative

total

return

for

the

six

months

under

review.

comparison,

the

MSCI

All

Country

World

Index

(ACWI)

USA

Index-NR,

which

measures

stock

performance

global

developed

and

emerging

markets

excluding

the

U.S.,

posted

+7.90%

cumulative

total

return.

Please

note

index

performance

information

provided

for

reference

and

not

attempt

track

the

index

but

rather

undertake

investments

the

basis

fundamental

research.

You

can

find

performance

data

the

Performance

Summary

beginning

page

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

gain

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

franklintempleton.com

call

(800)

342-5236

Geographic

Composition

2/29/24

Total

Net

Assets

Europe

55.4%

Asia

32.2%

North

America

9.1%

Short-Term

Investments

Other

Net

Assets

3.3%

Top

Industries

2/29/24

Total

Net

Assets

Banks

17.5%

Oil,

Gas

Consumable

Fuels

9.7%

Semiconductors

Semiconductor

Equipment

8.1%

Automobile

Components

5.8%

Chemicals

5.7%

Technology

Hardware,

Storage

Peripherals

5.5%

Broadline

Retail

4.8%

Household

Durables

4.2%

Aerospace

Defense

3.8%

Insurance

3.5%

Top

Countries

2/29/24

Total

Net

Assets

United

Kingdom

20.9%

South

Korea

11.7%

Netherlands

10.0%

United

States

9.1%

Germany

7.1%

France

6.7%

China

6.5%

Japan

5.1%

Hong

Kong

3.5%

Taiwan

3.5%

Source:

Morningstar.

The

index

unmanaged

and

includes

reinvestment

any

income

distributions.

does

not

reflect

any

fees,

expenses

sales

charges.

One

cannot

invest

directly

index,

and

index

not

representative

the

Fund’s

portfolio.

Net

Return

(NR)

reflects

deduction

for

fees,

expenses

taxes

but

are

net

dividend

tax

withholding.

Important

data

provider

notices

and

terms

available

www.franklintempletondatasources.com.

The

dollar

value,

number

principal

amount,

and

names

all

portfolio

holdings

are

listed

the

Fund’s

Schedule

Investments

(SOI).

The

SOI

begins

page

Templeton

Foreign

Fund

franklintempleton.com

Semiannual

Report

December

31,

2023,

subsequent

period-end,

Herbert

Arnett,

Jr.

(Portfolio

Manager)

left

the

firm

pursue

other

opportunities.

thank

Herbert

for

his

service

and

contributions

the

Fund.

Thank

you

for

your

continued

participation

Templeton

Foreign

Fund.

look

forward

serving

your

future

investment

needs.

Christopher

James

Peel,

CFA

Lead

Portfolio

Manager

Peter

Moeschter,

CFA

Warren

Pustam,

CFA

Portfolio

Management

Team

Top

Holdings

2/29/24

Company

Industry,

Country

Total

Net

Assets

Samsung

Electronics

Co.

Ltd.

5.5%

Technology

Hardware,

Storage

Peripherals,

South

Korea

plc

4.8%

Oil,

Gas

Consumable

Fuels,

United

Kingdom

Shell

plc

4.0%

Oil,

Gas

Consumable

Fuels,

Netherlands

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

3.5%

Semiconductors

Semiconductor

Equipment,

Taiwan

Lloyds

Banking

Group

plc

3.5%

Banks,

United

Kingdom

Smurfit

Kappa

Group

plc

3.0%

Containers

Packaging,

Ireland

Standard

Chartered

plc

3.0%

Banks,

United

Kingdom

Infineon

Technologies

2.9%

Semiconductors

Semiconductor

Equipment,

Germany

CRH

plc

2.9%

Construction

Materials,

United

States

ING

Groep

2.9%

Banks,

Netherlands

CFA

trademark

owned

CFA

Institute.

Performance

Summary

February

29,

2024

Templeton

Foreign

Fund

franklintempleton.com

Semiannual

Report

The

performance

table

does

not

reflect

any

taxes

that

shareholder

would

pay

Fund

dividends,

capital

gain

distributions,

any,

any

realized

gains

the

sale

Fund

shares.

Total

return

reflects

reinvestment

the

Fund’s

dividends

and

capital

gain

distributions,

any,

and

any

unrealized

gains

losses.

Your

dividend

income

will

vary

depending

dividends

interest

paid

securities

the

Fund’s

portfolio,

adjusted

for

operating

expenses

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

portfolio

securities.

Performance

2/29/24

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

the

size

the

investment

and

the

class

purchased.

The

maximum

5.50%

and

the

minimum

0%.

Class

5.50%

maximum

initial

sales

charge;

Advisor

Class:

sales

charges.

For

other

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

gain

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

franklintempleton.com

call

(800)

342-5236

Class

Cumulative

Total

Return

Average

Annual

Total

Return

–

6-Month

+2.87%

-2.75%

1-Year

+6.71%

+0.80%

5-Year

+21.70%

+2.84%

10-Year

+20.61%

+1.31%

Advisor

6-Month

+2.92%

1-Year

+6.98%

5-Year

+23.11%

+4.25%

10-Year

+23.64%

+2.15%

See

page

for

Performance

Summary

footnotes.

Templeton

Foreign

Fund

Performance

Summary

franklintempleton.com

Semiannual

Report

Each

class

available

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

described

the

prospectus.

Events

such

the

spread

deadly

diseases,

disasters,

and

financial,

political

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

principal.

International

investments

are

subject

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

emerging

markets.

the

extent

the

Fund

invests

companies

spe-

cific

country

region,

the

Fund

may

experience

greater

volatility

than

Fund

that

broadly

diversified

geographically.

Derivative

instruments

can

illiquid,

may

disproportionately

increase

losses,

and

have

potentially

large

impact

performance.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

the

research

investment

process;

however,

ESG

considerations

may

not

determinative

factor

security

selection.

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

identified

evaluated.

These

and

other

risks

are

discussed

the

Fund’s

prospectus.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

the

Fund’s

prospectus

available

the

time

publication.

Actual

expenses

may

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

terminated

prior

12/31/24

without

Board

consent.

Additional

amounts

may

voluntarily

waived

and/or

reimbursed

and

may

modified

discontinued

any

time

without

notice.

Cumulative

total

return

represents

the

change

value

investment

over

the

periods

indicated.

Average

annual

total

return

represents

the

average

annual

change

value

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

any,

has

not

been

annualized.

Prior

9/10/18

these

were

offered

higher

initial

sales

charge

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

reflect

the

current

maximum

initial

sales

charge

5.50%.

Figures

are

stated

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

this

report.

periods

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

become

higher

than

the

figures

shown.

Important

data

provider

notices

and

terms

available

www.franklintempletondatasources.com.

Distributions

(9/1/23–2/29/24)

Class

Net

Investment

Income

$0.1946

$0.1219

$0.1758

$0.2234

Advisor

$0.2146

Total

Annual

Operating

Expenses

Class

With

Fee

Waiver

Without

Fee

Waiver

1.10%

1.14%

Advisor

0.85%

0.89%

Your

Fund’s

Expenses

Templeton

Foreign

Fund

franklintempleton.com

Semiannual

Report

Fund

shareholder,

you

can

incur

two

types

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

operating

expenses.

The

table

below

shows

ongoing

costs

investing

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

other

mutual

funds.

The

table

assumes

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

the

columns

under

the

heading

“Actual.”

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

Fund

expenses,

used

calculate

the

“Ending

Account

Value”

for

each

class

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

following

these

steps

(

course,

your

account

value

and

expenses

will

differ

from

those

this

illustration

Divide

your

account

value

$1,000

(

your

account

had

$8,600

value,

then

$8,600

$1,000

8.6

Then

multiply

the

result

the

number

the

row

for

your

class

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

$7.50

$64.50

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

the

table,

information

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

the

Fund’s

actual

expense

ratio

and

assumed

rate

return

per

year

before

expenses,

which

not

the

Fund’s

actual

return.

This

information

may

not

used

estimate

the

actual

ending

account

balance

expenses

you

paid

for

the

period,

but

can

help

you

compare

ongoing

costs

investing

the

Fund

with

those

other

funds.

so,

compare

this

hypothetical

example

for

the

class

you

hold

with

the

hypothetical

examples

that

appear

the

shareholder

reports

other

funds.

Please

note

that

expenses

shown

the

table

are

meant

highlight

ongoing

costs

and

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

useful

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

owning

different

funds.

addition,

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

Expenses

are

equal

the

annualized

expense

ratio

for

the

six-month

period

indicated

above—in

the

far

right

column—multiplied

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

182/366

reflect

the

one-half

year

period.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Class

Beginning

Account

Value

9/1/23

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period

9/1/23–2/29/24

1,2

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period

9/1/23–2/29/24

1,2

Net

Annualized

Expense

Ratio

$1,000

$1,028.70

$5.53

$1,019.41

$5.50

1.10%

$1,000

$1,024.60

$9.29

$1,015.69

$9.25

1.85%

$1,000

$1,027.00

$6.78

$1,018.17

$6.75

1.35%

$1,000

$1,030.40

$3.73

$1,021.19

$3.72

0.74%

Advisor

$1,000

$1,029.20

$4.27

$1,020.65

$4.25

0.85%

franklintempleton.com

Semiannual

Report

Templeton

International

Climate

Change

Fund

This

semiannual

report

for

Templeton

International

Climate

Change

Fund

covers

the

period

ended

February

29,

2024.

Fund

Overview

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

total

return

over

the

longer

term.

Under

normal

market

conditions,

the

Fund

invests

least

80%

its

net

assets

“non-U.S.

securities,”

defined

the

prospectus.

These

securities

are

predominantly

equity

securities

companies

located

outside

the

U.S.,

including

developing

markets.

Under

normal

market

conditions,

the

Fund

invests

predominantly

companies

that

determined

exhibit

superior

practices

identifying,

adapting

and

providing

solutions

the

consequences

climate

change

(i.e.,

companies

that,

based

our

fundamental

analysis

and

research,

are

able

successfully

transition

lower

carbon

economy).

Performance

Overview

The

Fund’s

Class

posted

+4.04%

cumulative

total

return

for

the

six

months

under

review.

comparison,

the

MSCI

All

Country

World

Index

(ACWI)

USA

Index-NR,

which

measures

stock

performance

global

developed

and

emerging

markets

excluding

the

U.S.,

posted

+7.90%

cumulative

total

return.

Please

note

index

performance

information

provided

for

reference

and

not

attempt

track

the

index

but

rather

undertake

investments

the

basis

fundamental

research.

You

can

find

performance

data

the

Performance

Summary

beginning

page

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

gain

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

franklintempleton.com

call

(800)

342-5236

Geographic

Composition

2/29/24

Total

Net

Assets

Europe

58.4%

Asia

21.4%

North

America

10.0%

Latin

America

Caribbean

1.4%

Short-Term

Investments

Other

Net

Assets

8.8%

Top

Industries

2/29/24

Total

Net

Assets

Electrical

Equipment

16.2%

Semiconductors

Semiconductor

Equipment

11.8%

Banks

11.8%

Automobiles

8.2%

Metals

Mining

7.7%

Electric

Utilities

6.6%

Multi-Utilities

6.5%

Containers

Packaging

5.5%

Building

Products

5.2%

Independent

Power

and

Renewable

Electricity

Producers

3.2%

Source:

Morningstar.

The

index

unmanaged

and

includes

reinvestment

any

income

distributions.

does

not

reflect

any

fees,

expenses

sales

charges.

One

cannot

invest

directly

index,

and

index

not

representative

the

Fund’s

portfolio.

Net

Return

(NR)

reflects

deduction

for

fees,

expenses

taxes

but

are

net

dividend

tax

withholding.

Important

data

provider

notices

and

terms

available

www.franklintempletondatasources.com.

The

dollar

value,

number

principal

amount,

and

names

all

portfolio

holdings

are

listed

the

Fund’s

Schedule

Investments

(SOI).

The

SOI

begins

page

Templeton

International

Climate

Change

Fund

franklintempleton.com

Semiannual

Report

December

31,

2023,

subsequent

period-end,

Herbert

Arnett,

Jr.

(Portfolio

Manager)

left

the

firm

pursue

other

opportunities.

thank

Herbert

for

his

service

and

contributions

the

Fund.

Thank

you

for

your

continued

participation

Templeton

International

Climate

Change

Fund.

look

forward

serving

your

future

investment

needs.

Craig

Cameron,

CFA

Tina

Sadler,

CFA

Portfolio

Management

Team

Top

Holdings

2/29/24

Company

Industry,

Country

Total

Net

Assets

Smurfit

Kappa

Group

plc

5.5%

Containers

Packaging,

Ireland

ING

Groep

5.2%

Banks,

Netherlands

Cie

Saint-Gobain

5.2%

Building

Products,

France

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

4.9%

Semiconductors

Semiconductor

Equipment,

Taiwan

Prysmian

SpA

4.7%

Electrical

Equipment,

Italy

Honda

Motor

Co.

Ltd.

4.3%

Automobiles,

Japan

Standard

Chartered

plc

4.1%

Banks,

United

Kingdom

Veolia

Environnement

4.0%

Multi-Utilities,

France

Infineon

Technologies

3.9%

Semiconductors

Semiconductor

Equipment,

Germany

Bayerische

Motoren

Werke

3.9%

Automobiles,

Germany

Top

Countries

2/29/24

Total

Net

Assets

France

11.4%

United

Kingdom

11.2%

Germany

10.2%

United

States

10.0%

Japan

7.3%

Denmark

6.1%

Ireland

5.5%

Netherlands

5.2%

Taiwan

4.9%

India

4.8%

Performance

Summary

February

29,

2024

Templeton

International

Climate

Change

Fund

franklintempleton.com

Semiannual

Report

The

performance

table

does

not

reflect

any

taxes

that

shareholder

would

pay

Fund

dividends,

capital

gain

distributions,

any,

any

realized

gains

the

sale

Fund

shares.

Total

return

reflects

reinvestment

the

Fund’s

dividends

and

capital

gain

distributions,

any,

and

any

unrealized

gains

losses.

Your

dividend

income

will

vary

depending

dividends

interest

paid

securities

the

Fund’s

portfolio,

adjusted

for

operating

expenses.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

portfolio

securities.

Performance

2/29/24

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

the

size

the

investment

and

the

class

purchased.

The

maximum

5.50%

and

the

minimum

0%.

Class

5.50%

maximum

initial

sales

charge;

Advisor

Class:

sales

charges.

For

other

classes,

visit

franklintempleton.com

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

gain

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

franklintempleton.com

call

(800)

342-5236

Class

Cumulative

Total

Return

Average

Annual

Total

Return

–

6-Month

+4.04%

-1.68%

1-Year

+6.34%

+0.49%

5-Year

+51.88%

+7.49%

Since

Inception

(6/1/18)

+39.02%

+4.86%

Advisor

6-Month

+4.25%

1-Year

+6.64%

5-Year

+53.96%

+9.01%

Since

Inception

(6/1/18)

+41.20%

+6.19%

See

page

for

Performance

Summary

footnotes.

Templeton

International

Climate

Change

Fund

Performance

Summary

franklintempleton.com

Semiannual

Report

Each

class

available

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

described

the

prospectus.

Events

such

the

spread

deadly

diseases,

disasters,

and

financial,

political

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

principal.

Equity

securities

are

subject

price

fluctuation

and

possible

loss

principal.

International

invest-

ments

are

subject

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

emerging

markets.

Derivative

instruments

can

illiquid,

may

disproportionately

increase

losses,

and

have

potentially

large

impact

performance.

The

managers’

en-

vironmental,

social

and

governance

(ESG)

strategies

may

limit

the

types

and

number

investments

available

and,

result,

may

forgo

favourable

market

opportunities

underperform

strategies

that

are

not

subject

such

criteria.

There

guarantee

that

the

strategy's

ESG

directives

will

successful

will

result

better

performance.

These

and

other

risks

are

discussed

the

Fund’s

prospectus.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

the

Fund's

prospectus

available

the

time

publication.

Actual

expenses

may

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

terminated

prior

12/31/24

without

Board

consent.

Additional

amounts

may

voluntarily

waived

and/or

reimbursed

and

may

modified

discontinued

any

time

without

notice.

Cumulative

total

return

represents

the

change

value

investment

over

the

periods

indicated.

Average

annual

total

return

represents

the

average

annual

change

value

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

any,

has

not

been

annualized.

Effective

6/3/22,

the

Fund

began

offering

Class

shares.

Class

performance

shown

has

been

calculated

follows:

(a)

for

periods

prior

6/3/22,

restated

figure

used

based

the

Fund’s

Advisor

Class

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

and

Advisor

Class;

and

(b)

for

periods

after

6/3/22,

actual

Class

performance

used,

reflecting

all

charges

and

fees

applicable

that

class.

Figures

are

stated

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

this

report.

periods

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

become

higher

than

the

figures

shown.

Important

data

provider

notices

and

terms

available

www.franklintempletondatasources.com.

Distributions

(9/1/23–2/29/24)

Class

Net

Investment

Income

$0.2079

$0.2047

$0.2168

Advisor

$0.2137

Total

Annual

Operating

Expenses

Class

With

Fee

Waiver

Without

Fee

Waiver

1.25%

6.28%

Advisor

1.00%

6.03%

Your

Fund’s

Expenses

Templeton

International

Climate

Change

Fund

franklintempleton.com

Semiannual

Report

Fund

shareholder,

you

can

incur

two

types

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

operating

expenses.

The

table

below

shows

ongoing

costs

investing

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

other

mutual

funds.

The

table

assumes

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

the

columns

under

the

heading

“Actual.”

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

Fund

expenses,

used

calculate

the

“Ending

Account

Value”

for

each

class

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

following

these

steps

(of

course,

your

account

value

and

expenses

will

differ

from

those

this

illustration

Divide

your

account

value

$1,000

(

your

account

had

$8,600

value,

then

$8,600

$1,000

8.6

Then

multiply

the

result

the

number

the

row

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

$7.50

$64.50

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

the

table,

information

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

the

Fund’s

actual

expense

ratio

and

assumed

rate

return

per

year

before

expenses,

which

not

the

Fund’s

actual

return.

This

information

may

not

used

estimate

the

actual

ending

account

balance

expenses

you

paid

for

the

period,

but

can

help

you

compare

ongoing

costs

investing

the

Fund

with

those

other

funds.

so,

compare

this

hypothetical

example

for

the

class

you

hold

with

the

hypothetical

examples

that

appear

the

shareholder

reports

other

funds.

Please

note

that

expenses

shown

the

table

are

meant

highlight

ongoing

costs

and

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

useful

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

owning

different

funds.

addition,

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

Expenses

are

equal

the

annualized

expense

ratio

for

the

six-month

period

indicated

above—in

the

far

right

column—multiplied

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

182/366

reflect

the

one-half

year

period.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Class

Beginning

Account

Value

9/1/23

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period

9/1/23–2/29/24

1,2

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period

9/1/23–2/29/24

1,2

Net

Annualized

Expense

Ratio

$1,000

$1,040.40

$6.07

$1,018.91

$6.01

1.20%

$1,000

$1,039.20

$7.44

$1,017.57

$7.36

1.47%

$1,000

$1,042.80

$4.77

$1,020.19

$4.72

0.94%

Advisor

$1,000

$1,042.50

$4.75

$1,020.22

$4.69

0.93%

franklintempleton.com

Semiannual

Report

Templeton

World

Fund

This

semiannual

report

for

Templeton

World

Fund

covers

the

period

ended

February

29,

2024.

Fund

Overview

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

growth.

Under

normal

market

conditions,

the

Fund

invests

primarily

the

equity

securities

companies

located

anywhere

the

world,

including

developing

markets.

Under

normal

circumstances,

the

Fund

will

invest

issuers

located

least

three

different

countries

(including

the

U.S.).

Performance

Overview

The

Fund’s

Class

posted

+17.35%

cumulative

total

return

for

the

six

months

under

review.

comparison,

the

Fund’s

benchmark,

the

MSCI

All

Country

World

Index

(ACWI)-NR,

which

measures

stock

performance

global

developed

and

emerging

markets,

posted

+11.66%

cumulative

total

return.

Please

note

index

performance

information

provided

for

reference

and

not

attempt

track

the

index

but

rather

undertake

investments

the

basis

fundamental

research.

You

can

find

performance

data

the

Performance

Summary

beginning

page

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

gain

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

franklintempleton.com

call

(800)

342-5236

Geographic

Composition

2/29/24

Total

Net

Assets

North

America

68.5%

Europe

17.4%

Asia

13.1%

Short-Term

Investments

Other

Net

Assets

1.0%

Top

Industries

2/29/24

Total

Net

Assets

Semiconductors

Semiconductor

Equipment

14.6%

Software

12.2%

Interactive

Media

Services

8.8%

Life

Sciences

Tools

Services

6.8%

Broadline

Retail

6.7%

Aerospace

Defense

5.8%

Oil,

Gas

Consumable

Fuels

5.5%

Health

Care

Providers

Services

4.1%

Capital

Markets

3.8%

Textiles,

Apparel

Luxury

Goods

3.7%

Top

Holdings

2/29/24

Company

Industry,

Country

Total

Net

Assets

Amazon.com,

Inc.

6.7%

Broadline

Retail,

United

States

Rolls-Royce

Holdings

plc

5.7%

Aerospace

Defense,

United

Kingdom

Microsoft

Corp.

4.9%

Software,

United

States

Alphabet,

Inc.

4.8%

Interactive

Media

Services,

United

States

Meta

Platforms,

Inc.

............

Interactive

Media

Services

215,782

105,761,232

Micron

Technology,

Inc.

............

Semiconductors

Semiconductor

Equipment

827,576

74,986,661

Microsoft

Corp.

..................

Software

318,930

131,922,205

Salesforce,

Inc.

..................

Software

340,364

105,111,210

Schneider

Electric

.............

Electrical

Equipment

295,530

67,177,927

Target

Corp.

....................

Consumer

Staples

Distribution

Retail

196,163

29,997,246

Thermo

Fisher

Scientific,

Inc.

.......

Life

Sciences

Tools

Services

173,317

98,821,887

T-Mobile

US,

Inc.

................

Wireless

Telecommunication

Services

228,277

37,277,634

Union

Pacific

Corp.

...............

Ground

Transportation

302,613

76,769,892

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

Services

138,626

68,425,794

Templeton

Funds

Schedule

Investments

Templeton

World

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Industry

Value

Common

Stocks

(continued)

United

States

(continued)

Visa,

Inc.

.....................

Financial

Services

287,959

81,388,732

Zimmer

Biomet

Holdings,

Inc.

.......

Health

Care

Equipment

Supplies

196,932

24,490,464

1,827,001,049

Total

Common

Stocks

(Cost

1,911,380,386

)

....................................

2,640,453,857

Short

Term

Investments

1.5%

Industry

Principal

Amount

Value

Time

Deposits

1.5%

Canada

1.5%

National

Bank

Canada

5.31

3/01/24

......................

40,000,000

Total

Time

Deposits

(Cost

40,000,000

)

........................................

40,000,000

Total

Short

Term

Investments

(Cost

40,000,000

)

................................

40,000,000

Total

Investments

(Cost

1,951,380,386

)

100.5

................................

$2,680,453,857

Other

Assets,

less

Liabilities

(

0.5

)

...........................................

(12,592,099)

Net

Assets

100.0%

...........................................................

$2,667,861,758

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

Non-income

producing.

portion

all

the

security

loan

February

29,

2024.

See

Note

1(c).

Templeton

Funds

Financial

Statements

Assets

and

Liabilities

February

29,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Templeton

World

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

.................................

$2,305,142,642

$2,362,200

$1,951,380,386

Cost

Non-controlled

affiliates

(Note

)

......................

—

320,746

—

Value

Unaffiliated

issuers

................................

$2,665,724,763

$2,879,745

$2,680,453,857

Value

Non-controlled

affiliates

(Note

)

......................

—

320,746

—

Cash

..................................................

62,510

—

85,904

Foreign

currency,

value

(cost

$1,

$36

and

$–

respectively)

........

—

Receivables:

Investment

securities

sold

.................................

10,485,526

2,312

—

Capital

sold

......................................

4,758,377

11,781

568,759

Dividends

and

interest

...................................

12,515,629

4,717

5,395,625

European

Union

tax

reclaims

(Note

)

.......................

372,462

—

804,682

Affiliates

..............................................

—

11,924

—

Total

assets

........................................

2,693,919,267

3,231,261

2,687,308,827

Liabilities:

Payables:

Investment

securities

purchased

............................

7,990,720

—

Capital

redeemed

.................................

2,955,424

—

1,986,295

Management

fees

.......................................

1,363,941

—

1,435,395

Distribution

fees

........................................

365,385

126

492,355

Transfer

agent

fees

......................................

1,161,449

—

367,120

Registration

and

filing

fees

................................

—

34,614

—

Professional

fees

.......................................

—

23,371

—

Trustees'

fees

and

expenses

...............................

30,238

586

16,892

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

)

.............................................

21,888,293

—

14,339,844

Deferred

tax

.............................................

1,425,619

10,442

536,263

Accrued

expenses

and

other

liabilities

.........................

472,145

3,016

272,905

Total

liabilities

.......................................

37,653,214

72,155

19,447,069

Net

assets,

value

...............................

$2,656,266,053

$3,159,106

$2,667,861,758

Net

assets

consist

of:

Paid-in

capital

...........................................

$2,682,262,061

$2,740,681

$2,092,139,479

Total

distributable

earnings

(losses)

...........................

(25,996,008)

418,425

575,722,279

Net

assets,

value

...............................

$2,656,266,053

$3,159,106

$2,667,861,758

Templeton

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

February

29,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Templeton

World

Fund

Class

Net

assets,

value

.....................................

$1,549,806,576

$567,508

$2,518,409,215

outstanding

......................................

198,545,717

47,951

155,255,463

Net

asset

value

per

a,b

................................

$7.81

$11.83

$16.22

Maximum

offering

price

per

(net

asset

value

per

94.50%)

..............................................

$8.26

$12.53

$17.16

Class

Net

assets,

value

.....................................

$18,341,114

$14,716

$6,345,255

outstanding

......................................

2,342,164

1,243

410,849

Net

asset

value

and

maximum

offering

price

per

a,b

..........

$7.83

$11.84

$15.44

Class

Net

assets,

value

.....................................

$114,692,780

$—

outstanding

......................................

15,061,993

—

Net

asset

value

and

maximum

offering

price

per

...........

$7.61

$—

Class

R6:

Net

assets,

value

.....................................

$336,318,389

$5,196

$25,244,072

outstanding

......................................

44,017,912

437

1,556,466

Net

asset

value

and

maximum

offering

price

per

...........

$7.64

$11.89

$16.22

Advisor

Class:

Net

assets,

value

.....................................

$637,107,194

$2,571,686

$117,863,216

outstanding

......................................

83,267,032

216,224

7,264,340

Net

asset

value

and

maximum

offering

price

per

...........

$7.65

$11.89

$16.22

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Templeton

Funds

Financial

Statements

Operations

for

the

six

months

ended

February

29,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Templeton

World

Fund

Investment

income:

Dividends:

(net

foreign

taxes

$1,481,959,

$1,660

and

$301,875,

respectively)

Unaffiliated

issuers

......................................

$25,142,499

$11,917

$9,988,197

Non-controlled

affiliates

(Note

3f)

...........................

—

6,498

—

Interest:

Unaffiliated

issuers

......................................

5,451,542

—

1,127,659

Income

from

securities

loaned:

Unaffiliated

entities

(net

fees

and

rebates)

...................

36,982

—

29,780

Non-controlled

affiliates

(Note

)

...........................

28,951

—

528

Other

income

(Note

)

....................................

11,479

—

3,659,599

Less:

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

)

...............................................

(600,332)

—

(395,512)

Total

investment

income

.................................

30,071,121

18,415

14,410,251

Expenses:

Management

fees

(Note

)

.................................

9,160,190

11,926

8,399,083

Distribution

fees:

(Note

)

Class

..............................................

1,936,671

1,148

2,662,474

Class

..............................................

97,526

31,436

Class

..............................................

283,045

—

Transfer

agent

fees:

(Note

)

Class

..............................................

1,058,924

127

762,524

Class

..............................................

13,338

2,103

Class

..............................................

77,378

—

Class

.............................................

77,744

5,868

Advisor

Class

..........................................

425,220

337

33,706

Custodian

fees

...........................................

117,473

497

43,998

Reports

shareholders

fees

................................

117,108

953

51,521

Registration

and

filing

fees

..................................

55,961

27,837

38,896

Professional

fees

.........................................

37,067

24,824

47,289

Trustees'

fees

and

expenses

................................

174,629

792

152,703

Other

..................................................

79,884

6,676

35,029

Total

expenses

.......................................

13,712,158

75,167

12,266,630

Expenses

waived/paid

affiliates

(Note

and

3g)

............

(429,565)

(58,116)

(2,065)

Net

expenses

.......................................

13,282,593

17,051

12,264,565

Net

investment

income

..............................

16,788,528

1,364

2,145,686

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

foreign

taxes

$–,

$1,543

and

$497,287

respectively)

Unaffiliated

issuers

....................................

(70,439,135)

(26,138)

(121,255,185)

Foreign

currency

transactions

..............................

(75,572)

1,947

(98,914)

Net

realized

gain

(loss)

................................

(70,514,707)

(24,191)

(121,354,099)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

124,780,095

164,829

519,734,038

Translation

other

assets

and

liabilities

denominated

foreign

currencies

...........................................

(85,407)

(8,604)

Change

deferred

taxes

unrealized

appreciation

.............

767,672

(6,672)

(536,263)

Net

change

unrealized

appreciation

(depreciation)

..........

125,462,360

158,171

519,189,171

Net

realized

and

unrealized

gain

(loss)

..........................

54,947,653

133,980

397,835,072

Net

increase

(decrease)

net

assets

resulting

from

operations

........

$71,736,181

$135,344

$399,980,758

Templeton

Funds

Financial

Statements

Changes

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$16,788,528

$59,940,318

$1,364

$65,413

Net

realized

gain

(loss)

............

(70,514,707)

90,928,670

(24,191)

(50,264)

Net

change

unrealized

appreciation

(depreciation)

.................

125,462,360

417,063,152

158,171

508,176

Net

increase

(decrease)

net

assets

resulting

from

operations

71,736,181

567,932,140

135,344

523,325

Distributions

shareholders:

Class

........................

(38,812,451)

(17,674,304)

(19,768)

(6,003)

Class

........................

(295,894)

(51,405)

(266)

(235)

Class

........................

(2,632,847)

(1,094,380)

—

Class

.......................

(9,644,844)

(4,832,491)

(95)

(246)

Advisor

Class

...................

(17,081,011)

(8,718,598)

(46,008)

(113,511)

Total

distributions

shareholders

.....

(68,467,047)

(32,371,178)

(66,137)

(119,995)

Capital

transactions:

(Note

)

Class

........................

(60,372,693)

(127,590,385)

(415,229)

941,636

Class

........................

(3,421,330)

(6,998,992)

2,782

6,454

Class

........................

(2,191,808)

(10,994,510)

—

Class

.......................

(4,703,709)

(15,350,359)

—

Advisor

Class

...................

(41,779,459)

(49,294,028)

11,926

158,680

Total

capital

transactions

.......

(112,468,999)

(210,228,274)

(400,521)

1,106,770

Net

increase

(decrease)

net

assets

.....................

(109,199,865)

325,332,688

(331,314)

1,510,100

Net

assets:

Beginning

period

................

2,765,465,918

2,440,133,230

3,490,420

1,980,320

End

period

.....................

$2,656,266,053

$2,765,465,918

$3,159,106

$3,490,420

Templeton

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Templeton

World

Fund

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

.................................................

$2,145,686

$7,436,986

Net

realized

gain

(loss)

.................................................

(121,354,099)

1,027,156

Net

change

unrealized

appreciation

(depreciation)

...........................

519,189,171

393,255,988

Net

increase

(decrease)

net

assets

resulting

from

operations

................

399,980,758

401,720,130

Distributions

shareholders:

Class

.............................................................

(14,953,871)

(31,728,587)

Class

.............................................................

—

(79,288)

Class

............................................................

(205,885)

(605,219)

Advisor

Class

........................................................

(895,055)

(1,357,839)

Total

distributions

shareholders

..........................................

(16,054,811)

(33,770,933)

Capital

transactions:

(Note

)

Class

.............................................................

(134,908,817)

(197,637,235)

Class

.............................................................

(1,127,261)

(1,899,715)

Class

............................................................

(16,221,465)

(1,391,055)

Advisor

Class

........................................................

1,615,733

1,248,719

Total

capital

transactions

............................................

(150,641,810)

(199,679,286)

Net

increase

(decrease)

net

assets

...................................

233,284,137

168,269,911

Net

assets:

Beginning

period

.....................................................

2,434,577,621

2,266,307,710

End

period

..........................................................

$2,667,861,758

$2,434,577,621

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Organization

and

Significant

Accounting

Policies

Templeton

Funds (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company,

consisting

of three separate

funds

(Funds).

The

Funds

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

classes

offered

within

each

the

Funds

are

indicated

below.

Class

automatically

convert

Class

monthly

basis,

after

they

have

been

held

for

years.

Each

class

may

differ

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

Class

Advisor

Class

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Class

Advisor

Class

Templeton

World

Fund

The

following

summarizes

the Funds'

significant

accounting

policies

Financial

Instrument

Valuation

The Funds'

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier. Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds'

administrator

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded,

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Investments

open-end

mutual

funds

are

valued

the

closing

NAV.

Investments

time

deposits

are

valued

cost,

which

approximates

fair

value.

The

Funds

have

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Funds'

business

day.

Events

can occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Funds.

result,

differences

may

arise

between

the

value

the

Funds'

portfolio

securities

determined

the

foreign

market

and

the

latest

indications

value

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

p.m.

Eastern

time.

order

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Funds'

portfolio

securities

the

latest

indications

fair

value

p.m.

Eastern

time.

February

29,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Funds'

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Funds'

portfolio

securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Funds

for

financial

reporting

purposes.

Foreign

Currency

Translation

Portfolio

securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

based

the

exchange

rate

such

currencies

against

U.S.

dollars

the

date

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

facilitate

transactions

denominated

foreign

currency.

Purchases

and

sales

securities,

income

and

expense

items

denominated

foreign

currencies

are

translated

into

U.S.

dollars

the

exchange

rate

effect

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

foreign

currencies

contain

risks

that

those

currencies

will

decline

value

relative

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

reliability

foreign

exchange

rates

used

convert

the

U.S.

dollar

equivalent

value.

such

event

occurs,

the

foreign

exchange

rate

will

valued

fair

value

using

procedures

established

and

approved

the

Board.

The

Funds

not

separately

report

the

effect

changes

foreign

exchange

rates

from

changes

market

prices

securities

held.

Such

changes

are

included

net

realized

and

unrealized

gain

loss

from

investments

the

Statements

Operations.

Realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions

and

the

difference

between

the

recorded

amounts

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

foreign

exchange

rates

foreign

denominated

assets

and

liabilities

other

than

investments

securities

held

the

end

the

reporting

period.

Securities

Lending

Certain

all

Funds

participate

agency based

securities

lending

program

earn

additional

income.

The

Fund

receives

collateral

the

form

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

amount

equal

least

102%

the

fair

value

the

loaned

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

100%

the

fair

value

loaned

securities,

determined

the

Fund

business

each

day;

any

additional

collateral

required

due

changes

security

values

delivered

the

Fund

the

business

day.

Any

cash

collateral

received

deposited

into

joint

cash

account

with

other

funds

and

used

invest

money

market

fund

managed

Franklin

Advisers,

Inc.,

affiliate

the

Funds.

Additionally,

February

2024

Templeton

Foreign

Fund

and

Templeton

World

Fund

held

$50,821,086

and

$31,440,319,

respectively,

U.S.

Government

and

Agency

securities

collateral.

These

securities

are

held

collateral

segregated

accounts

with

the

Funds’

custodian.

The

Fund

cannot

repledge

resell

these

securities

held

collateral.

such,

the

non-cash

collateral

excluded

from

the

Statements

Assets

and

Liabilities.

The

Fund

may

receive

income

from

the

investment

cash

collateral,

addition

lending

fees

and

rebates

paid

the

borrower.

Income

from

securities

loaned,

net

fees

paid

the

securities

lending

agent

and/or

third-party

vendor,

reported

separately

the

Statements

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent may

default

its

obligations

the

Fund.

the

borrower

defaults

its

obligation

return

the

securities

loaned,

the

Fund

has

the

right

repurchase

the

securities

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

indemnify

the

Fund

the

event

default

Organization

and

Significant

Accounting

Policies

(continued)

Financial

Instrument

Valuation

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

third

party

borrower.

February

2024

Templeton

International

Climate

Change

Fund

had

securities

loan.

Income

and

Deferred

Taxes

is each

Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

distribute

shareholders

substantially

all

its

taxable

income

and

net

realized

gains

relieve

from

federal

income

and excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

The

Funds

may

subject

foreign

taxation

income

received,

capital

gains

the

sale

securities

and

certain

foreign

currency

transactions

the

foreign

jurisdictions

which

the

Funds

invest.

Foreign

taxes,

any,

are

recorded

based

the

tax

regulations

and

rates

that

exist

the

foreign

markets

which

the

Funds

invest.

When

capital

gain

tax

determined

apply,

certain

all

Funds

record

estimated

deferred

tax

liability

amount

that

would

payable

the

securities

were

disposed

the

valuation

date.

result

several

court

cases,

certain

countries

across

the

European

Union,

certain

all

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

dividends

earned

those

countries

(EU

reclaims). Income

recognized,

any,

for

reclaims

reflected

other

income

the

Statements of

Operations

and

any

receivable,

any,

reflected

European

Union

tax

reclaims

the

Statements

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

other

expenses

the

Statements

Operations.

When

uncertainty

exists

the

ultimate

resolution

these

proceedings,

the

likelihood

receipt

these

reclaims,

and

the

potential

timing

payment,

amounts

are

reflected

the

financial

statements.

For

U.S.

income

tax

purposes,

reclaims

received

the

Funds,

any,

reduce

the

amount

foreign

taxes

Fund

shareholders

can

use

tax

deductions

or credits

their income

tax

returns.

the

event

that

reclaims

received

the

Funds during a

fiscal

year

exceed

foreign

withholding

taxes

paid

the

Funds,

and

the Funds

previously

passed through

its

shareholders

foreign

taxes

incurred

the

Funds

used

credit

deduction

shareholder’s

income

tax

return,

the

Funds will

enter

into

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

order

pay

the

associated

tax

liability

behalf

the Funds'

shareholders.

Templeton

Foreign

Fund

and

Templeton

World

Fund

determined

enter

into

closing

agreements

with

the

IRS

and

recorded

the

estimated

payments

reduction

income,

reflected

the

Statements

Operations.

Each

Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

February

29,

2024, each

Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

Open

tax

years

are

those

that

remain

subject

examination

and

are

based

the

statute

limitations

each

jurisdiction

which

the

Fund

invests.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis. Interest

income

(including

interest

income

from

payment-in-kind

securities,

any)

and

estimated

expenses

are

accrued

daily.

Dividend

income

recorded

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

not

available.

such cases,

the

dividend

recorded

soon

the

information

received

the

Funds. Distributions

shareholders

are recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

Organization

and

Significant

Accounting

Policies

(continued)

Securities

Lending

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Beneficial

Interest

February

29,

2024,

there

were

unlimited

number

authorized

(without

par value).

Transactions

the

Funds'

were

follows:

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Amount

Class

Six

Months

ended

February

29,

2024

sold

...................................

5,773,875

$44,011,720

71,561

$818,965

issued

reinvestment

distributions

..........

4,666,811

36,681,131

1,662

19,677

redeemed

...............................

(18,383,341)

(141,065,544)

(109,409)

(1,253,871)

Net

increase

(decrease)

..........................

(7,942,655)

$(60,372,693)

(36,186)

$(415,229)

Year

ended

August

31,

2023

sold

...................................

18,464,161

$134,477,091

121,328

$1,361,086

issued

reinvestment

distributions

..........

2,451,683

16,720,477

559

5,758

redeemed

...............................

(38,885,805)

(278,787,953)

(38,187)

(425,208)

Net

increase

(decrease)

..........................

(17,969,961)

$(127,590,385)

83,700

$941,636

Class

Organization

and

Significant

Accounting

Policies

(continued)

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Amount

Class

Six

Months

ended

February

29,

2024

sold

...................................

132,931

$1,023,363

337

$3,829

issued

reinvestment

distributions

..........

36,830

290,964

177

redeemed

..............................

(612,364)

(4,735,657)

(104)

(1,224)

Net

increase

(decrease)

..........................

(442,603)

$(3,421,330)

248

$2,782

Year

ended

August

31,

2023

sold

...................................

634,917

$4,603,951

558

$6,454

issued

reinvestment

distributions

..........

7,484

51,192

—

redeemed

..............................

(1,666,045)

(11,654,135)

—

Net

increase

(decrease)

..........................

(1,023,644)

$(6,998,992)

558

$6,454

Class

Six

Months

ended

February

29,

2024

sold

...................................

827,171

$6,216,199

—

$—

issued

reinvestment

distributions

..........

342,528

2,627,190

—

redeemed

...............................

(1,473,280)

(11,035,197)

—

Net

increase

(decrease)

..........................

(303,581)

$(2,191,808)

—

$—

Six

Months

ended

August

31,

2023

sold

...................................

2,067,697

$14,539,898

—

$—

issued

reinvestment

distributions

..........

163,984

1,092,131

—

redeemed

...............................

(3,736,121)

(26,626,539)

—

Net

increase

(decrease)

..........................

(1,504,440)

$(10,994,510)

—

$—

Class

Six

Months

ended

February

29,

2024

sold

...................................

4,408,032

$33,221,163

—

$—

issued

reinvestment

distributions

..........

1,089,371

8,377,264

—

redeemed

...............................

(6,171,651)

(46,302,136)

—

Net

increase

(decrease)

..........................

(674,248)

$(4,703,709)

—

$—

Year

ended

August

31,

2023

sold

...................................

11,025,849

$78,141,072

—

$—

issued

reinvestment

distributions

..........

634,986

4,241,705

—

redeemed

...............................

(13,888,696)

(97,733,136)

—

Net

increase

(decrease)

..........................

(2,227,861)

$(15,350,359)

—

$—

Advisor

Class

Beneficial

Interest

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Amount

Advisor

Class

Six

Months

ended

February

29,

2024

sold

...................................

9,722,394

$72,733,903

1,233

$14,738

issued

reinvestment

distributions

..........

2,040,870

15,714,698

275

3,267

redeemed

...............................

(17,567,121)

(130,228,060)

(524)

(6,079)

Net

increase

(decrease)

..........................

(5,803,857)

$(41,779,459)

984

$11,926

Year

ended

August

31,

2023

sold

...................................

23,938,302

$170,152,009

18,449

$219,837

issued

reinvestment

distributions

..........

1,223,343

8,184,167

118

1,212

redeemed

...............................

(33,228,043)

(227,630,204)

(5,425)

(62,369)

Net

increase

(decrease)

..........................

(8,066,398)

$(49,294,028)

13,142

$158,680

Templeton

World

Fund

Amount

Class

Six

Months

ended

February

29,

2024

sold

...................................

3,211,586

$46,224,512

issued

reinvestment

distributions

..........

928,168

13,616,230

redeemed

...............................

(13,444,342)

(194,749,559)

Net

increase

(decrease)

..........................

(9,304,588)

$(134,908,817)

Year

ended

August

31,

2023

sold

...................................

11,879,311

$152,104,842

issued

reinvestment

distributions

..........

2,535,772

29,423,758

redeemed

...............................

(30,260,078)

(379,165,835)

Net

increase

(decrease)

..........................

(15,844,995)

$(197,637,235)

Class

Six

Months

ended

February

29,

2024

sold

...................................

32,086

$429,372

redeemed

..............................

(111,439)

(1,556,633)

Net

increase

(decrease)

..........................

(79,353)

$(1,127,261)

Year

ended

August

31,

2023

sold

...................................

181,830

$2,243,324

issued

reinvestment

distributions

..........

7,104

78,786

redeemed

..............................

(348,831)

(4,221,825)

Net

increase

(decrease)

..........................

(159,897)

$(1,899,715)

Class

Beneficial

Interest

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

Certain

officers

and

trustees

the

Trust

are

also

officers

and/or

directors

the

following

subsidiaries:

Templeton

World

Fund

Amount

Class

Six

Months

ended

February

29,

2024

sold

...................................

177,139

$2,521,763

issued

reinvestment

distributions

..........

13,687

200,657

redeemed

...............................

(1,423,534)

(18,943,885)

Net

increase

(decrease)

..........................

(1,232,708)

$(16,221,465)

Year

ended

August

31,

2023

sold

...................................

464,419

$5,841,348

issued

reinvestment

distributions

..........

27,679

320,529

redeemed

...............................

(590,728)

(7,552,932)

Net

increase

(decrease)

..........................

(98,630)

$(1,391,055)

Advisor

Class

Advisor

Class

Six

Months

ended

February

29,

2024

sold

...................................

795,088

$11,619,816

issued

reinvestment

distributions

..........

57,657

845,823

redeemed

...............................

(762,010)

(10,849,906)

Net

increase

(decrease)

..........................

90,735

$1,615,733

Year

ended

August

31,

2023

sold

...................................

3,260,778

$42,886,023

issued

reinvestment

distributions

..........

109,395

1,268,495

redeemed

...............................

(3,482,114)

(42,905,799)

Net

increase

(decrease)

..........................

(111,941)

$1,248,719

May

include

portion

Class

that

were

automatically

converted

Class

Subsidiary

Affiliation

Franklin

Templeton

Investments

Corp.

(FTIC)

Investment

manager

Franklin

Templeton

Investment

Management

Ltd.

(FTIML)

Investment

manager

Templeton

Global

Advisors

Limited

(Global

Advisors)

Investment

manager

Templeton

Asset

Management

Ltd

(Asset

Management)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Beneficial

Interest

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Management

Fees

Templeton

Foreign

Fund

pays

investment

management

fee,

calculated

daily

and

paid

monthly,

Global

Advisors

based

the

average

daily

net

assets

the

Fund

follows:

Templeton

International

Climate

Change

Fund

pays

investment

management

fee,

calculated

daily

and

paid

monthly,

FTIC

based

the

average

daily

net

assets

the

Fund

follows:

Templeton

World

Fund

pays

investment

management

fee,

calculated

daily

and

paid

monthly,

Global

Advisors

based

the

average

daily

net

assets

the

Fund

follows:

For

the

period

ended

February

29,

2024,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

average

daily

net

assets

was

follows:

Annualized

Fee

Rate

Net

Assets

0.705%

and

including

billion

0.690%

Over

billion,

and

including

billion

0.675%

Over

billion,

and

including

$10

billion

0.655%

Over

$10

billion,

and

including

$15

billion

0.635%

Over

$15

billion,

and

including

$20

billion

0.615%

Over

$20

billion,

and

including

$25

billion

0.605%

Over

$25

billion,

and

including

$30

billion

0.595%

Over

$30

billion,

and

including

$35

billion

0.585%

excess

$35

billion

Annualized

Fee

Rate

Net

Assets

0.705%

and

including

$500

million

0.690%

Over

$500

million,

and

including

billion

0.675%

Over

billion,

and

including

billion

0.655%

Over

billion,

and

including

$10

billion

0.635%

Over

$10

billion,

and

including

$15

billion

0.615%

Over

$15

billion,

and

including

$20

billion

0.605%

Over

$20

billion,

and

including

$25

billion

0.595%

Over

$25

billion,

and

including

$30

billion

0.585%

excess

$30

billion

Annualized

Fee

Rate

Net

Assets

0.705%

and

including

billion

0.690%

Over

billion,

and

including

billion

0.675%

Over

billion,

and

including

$10

billion

0.655%

Over

$10

billion,

and

including

$15

billion

0.635%

Over

$15

billion,

and

including

$20

billion

0.615%

excess

$20

billion

Transactions

with

Affiliates

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Under

subadvisory

agreement,

FTIML

and

Global

Advisors,

affiliates

FTIC,

provide

subadvisory

services

Templeton

International

Climate

Change

Fund.

The

subadvisory

fee

paid

FTIC

based

the

Fund’s

average

daily

net

assets,

and

not

additional

expense

the

Fund.

Effective

March

31,

2024,

under

subadvisory

agreement,

Asset

Management,

affiliate

Global

Advisors,

will

provide

subadvisory

services

Templeton

World

Fund.

The

subadvisory

fee

will

paid

Global

Advisors

based

the

Fund’s

average

daily

net

assets,

and

not

additional

expense

the

Fund.

Administrative

Fees

Under

agreement

with

Global

Advisors,

Services

provides

administrative

services

Templeton

Foreign

Fund

and

Templeton

World

Fund.

The

fee

paid

Global

Advisors

based

the

Funds’

average

daily

net

assets,

and

not

additional

expense

the

Funds.

Under

agreement

with

FTIC,

Services

provides

administrative

services

Templeton

International

Climate

Change

Fund.

The

fee

paid

FTIC

based

the

Fund's

average

daily

net

assets,

and

not

additional

expense

the

Fund.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

class,

with

the

exception

Class

and

Advisor

Class

shares,

pursuant

Rule

12b-1

under

the

1940

Act.

Under

the

Funds’

Class A reimbursement

distribution

plan,

the

Funds

reimburse

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

each

Fund's

the

maximum

annual

plan

rate.

Under

the

Class

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

reimbursed

subsequent

periods.

addition,

under

the

Funds’

Class C

and

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

each

Funds'

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

monitoring

compliance

with

the

maximum

annual

plan

rates,

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

the

average

daily

net

assets,

for

each

class,

are

follows:

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Templeton

World

Fund

Gross

effective

investment

management

fee

rate

........

0.695%

0.705%

0.696%

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Templeton

World

Fund

Class

...............................

0.25%

Class

...............................

1.00%

Class

...............................

0.50%

—%

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

not

represent

expenses

the

Funds.

These

charges

are

deducted

from

the

proceeds

sales

fund

prior

investment

from

redemption

proceeds

prior

remittance,

applicable.

Distributors

has

advised

the

Funds

the

following

commission

transactions

the

sales

and

redemptions

the

Funds'

for

the

period:

Transfer

Agent

Fees

Each

class

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

shareholder

servicing

obligations.

Effective

October

2023,

the

fees

are

based

fixed

margin

earned

Investor

Services

and

are

allocated

the

Funds based

upon

relative

assets

and

relative

transactions.

Prior

October

2023,

the

fees

were

based

annualized

asset

based

fee

0.016%

plus

transaction

based

fee.

addition,

each

class

reimburses

Investor

Services

for

out

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

third

parties.

These

fees

paid

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

such

classes'

aggregate

net

assets.

Class

pays

Investor

Services

transfer

agent

fees

allocated specifically

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period ended

February

29,

2024,

the

Funds

paid

transfer

agent

fees

noted

the

Statements

Operations

which

the

following

amounts

were

retained

Investor

Services:

Investments

Affiliated

Management

Investment

Companies

Certain

all

Funds

invest

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Funds

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

Management

fees

paid

the

Funds

are

waived

assets

invested

the

affiliated

management

investment

companies,

noted

the

Statements

Operations,

amount

not

exceed

the

management

and

administrative

fees

paid

directly

indirectly

each

affiliate.

During

the

period

ended

February

29,

2024,

investments

affiliated

management

investment

companies

were

follows:

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Templeton

World

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$20,876

$122

$16,612

CDSC

retained

...........................

$2,441

$—

$121

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Templeton

World

Fund

Transfer

agent

fees

........................

$553,038

$476

$331,795

Transactions

with

Affiliates

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Waiver

and

Expense

Reimbursements

Global

Advisors

has

contractually

agreed

advance

waive

limit

its

fees

and

assume

its

own

expense

certain

expenses

otherwise

payable

Templeton

Foreign

Fund

that

the

operating

expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses,

and

certain

non-routine

expenses

costs,

including

those

relating

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

the

Fund

not

exceed

0.85%,

based

the

average

net

assets

each

class

until

December

31,

2024.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Fund's

fiscal

year

end.

FTIC

has

contractually

agreed

advance

waive

limit

its

fees

and

assume

its

own

expense

certain

expenses

otherwise

payable

Templeton

International

Climate

Change

Fund

that

the

operating

expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

costs,

including

those

relating

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

the

Fund

does

not

exceed

0.97%

based

the

average

net

assets

each

class

until

December

31,

2024.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Fund's

fiscal

year

end.

Transfer

agent

fees

Class

the

Funds have

been

capped

that

transfer

agent

fees

for

that

class

not

exceed

0.03%

based

the

average

net

assets

the

class

until

December

31,

2024.

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Templeton

Foreign

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.984%

$—

$22,751,798

$(22,751,798)

$—

—

$28,951

Total

Affiliated

Securities

...

$—

$22,751,798

$(22,751,798)

$—

$28,951

Templeton

International

Climate

Change

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.984%

$289,072

$774,323

$(742,649)

$—

$320,746

320,746

$6,498

Total

Affiliated

Securities

...

$289,072

$774,323

$(742,649)

$—

$320,746

$6,498

Templeton

World

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.984%

$—

$585,625

$(585,625)

$—

—

$528

Total

Affiliated

Securities

...

$—

$585,625

$(585,625)

$—

$528

Transactions

with

Affiliates

(continued)

Investments

Affiliated

Management

Investment

Companies

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Other

Affiliated

Transactions

February

29,

2024,

Franklin

Resources,

Inc.

owned

75.2%

Templeton

International

Climate

Change

Fund's

outstanding

shares.

Investment

activities

this

shareholder

could

have

material

impact

the

Fund.

Income

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset

future

capital

gains.

August

31,

2023,

the

capital

loss

carryforwards

were

follows:

For

tax

purposes,

the

Funds

may

elect

defer

any

portion

post-October

capital

loss

late-year

ordinary

loss

the

first

day

the

following

fiscal

year.

August

31,

2023,

Templeton

World

Fund

deferred

post-October

capital

losses

$15,884,478.

February

29,

2024,

the

cost

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

wash

sales,

passive

foreign

investment

company

and

corporate

actions.

Investment

Transactions

Purchases

and

sales

investments

(excluding

short

term

securities)

for

the

period

ended

February

29,

2024,

were

follows:

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Capital

loss

carryforwards

not

subject

expiration:

Long

term

.............................

282,123,323

40,703

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Templeton

World

Fund

Cost

investments

.......................

$2,343,315,550

$2,707,990

$1,967,898,808

Unrealized

appreciation

.....................

$585,149,388

$671,833

$753,559,673

Unrealized

depreciation

.....................

(262,740,175)

(179,332)

(41,004,624)

Net

unrealized

appreciation

(depreciation)

.......

$322,409,213

$492,501

$712,555,049

Templeton

Foreign

Fund

Templeton

International

Climate

Change

Fund

Templeton

World

Fund

Purchases

..............................

$494,680,334

$242,725

$479,891,107

Sales

..................................

$490,640,051

$781,379

$631,200,308

Transactions

with

Affiliates

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Concentration

Risk

Investing

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

U.S.

securities,

such

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

greater

market

volatility.

Political

and

financial

uncertainty

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

investing

foreign

securities.

addition,

certain

foreign

securities

may

not

liquid

U.S.

securities.

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

Franklin

Templeton,

are

borrowers

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

January

31,

2025.

This

Global

Credit

Facility

provides

source

funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

Under

the

terms

the

Global

Credit

Facility,

the

Funds

shall,

addition

interest

charged

any

borrowings

made

the

Funds

and

other

costs

incurred

the

Funds,

pay

their

fees

and

expenses

incurred

connection

with

the

implementation

and

maintenance

the

Global

Credit

Facility,

based

upon

their

relative

the

aggregate

net

assets

all

the

Borrowers,

including

annual

commitment

fee

0.15%

based

upon

the

unused

portion

the

Global

Credit

Facility.

These

fees

are

reflected

other

expenses

the

Statements

Operations.

During

the

period ended

February

29,

2024,

the

Funds

did

not

use

the

Global

Credit

Facility.

Fair

Value

Measurements

The Funds

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

determining

the

value

the Funds' financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

February

29,

2024,

valuing

the

Funds'

assets

carried

fair

value,

follows:

Level

Total

Templeton

Foreign

Fund

Assets:

Investments

Securities:

Common

Stocks

China

...............................

44,555,079

126,866,270

—

171,421,349

Denmark

.............................

—

53,520,264

—

53,520,264

France

...............................

—

178,882,798

—

178,882,798

Germany

.............................

—

189,470,261

—

189,470,261

Hong

Kong

...........................

—

93,927,762

—

93,927,762

India

................................

—

50,845,833

—

50,845,833

Ireland

...............................

—

79,853,795

—

79,853,795

Japan

...............................

—

136,441,421

—

136,441,421

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Level

Total

Templeton

Foreign

Fund

(continued)

Assets:

(continued)

Investments

Securities:

Common

Stocks:

Netherlands

...........................

—

266,693,038

—

266,693,038

Portugal

..............................

—

23,067,118

—

23,067,118

South

Korea

..........................

—

309,741,325

—

309,741,325

Spain

................................

—

20,492,561

—

20,492,561

Sweden

..............................

—

59,309,266

—

59,309,266

Switzerland

...........................

—

44,870,602

—

44,870,602

Taiwan

...............................

—

92,702,081

—

92,702,081

United

Kingdom

........................

—

555,389,029

—

555,389,029

United

States

..........................

164,643,124

77,153,136

—

241,796,260

Short

Term

Investments

...................

—

97,300,000

—

97,300,000

Total

Investments

Securities

...........

$209,198,203

$2,456,526,560

$—

$2,665,724,763

Templeton

International

Climate

Change

Fund

Assets:

Investments

Securities:

Common

Stocks

Chile

................................

—

43,448

—

43,448

Denmark

.............................

—

192,373

—

192,373

France

...............................

—

359,547

—

359,547

Germany

.............................

—

322,740

—

322,740

India

................................

—

153,204

—

153,204

Ireland

...............................

—

173,667

—

173,667

Italy

.................................

—

148,434

—

148,434

Japan

...............................

—

231,408

—

231,408

Netherlands

...........................

—

165,103

—

165,103

Norway

..............................

—

104,550

—

104,550

Singapore

............................

—

95,273

—

95,273

South

Korea

..........................

—

41,087

—

41,087

Spain

................................

—

24,478

—

24,478

Taiwan

...............................

154,147

—

154,147

United

Kingdom

........................

—

354,155

—

354,155

United

States

..........................

78,942

237,189

—

316,131

Short

Term

Investments

...................

320,746

—

320,746

Total

Investments

Securities

...........

$553,835

$2,646,656

$—

$3,200,491

Templeton

World

Fund

Assets:

Investments

Securities:

Common

Stocks

China

...............................

—

32,453,112

—

32,453,112

France

...............................

—

90,795,375

—

90,795,375

Germany

.............................

—

133,357,788

—

133,357,788

India

................................

—

140,152,989

—

140,152,989

Japan

...............................

—

91,145,847

—

91,145,847

Netherlands

...........................

—

25,784,941

—

25,784,941

Taiwan

...............................

—

85,924,476

—

85,924,476

United

Kingdom

........................

—

213,838,280

—

213,838,280

United

States

..........................

1,759,823,122

67,177,927

—

1,827,001,049

Short

Term

Investments

...................

—

40,000,000

—

40,000,000

Total

Investments

Securities

...........

$1,759,823,122

$920,630,735

$—

$2,680,453,857

Includes

foreign

securities

valued

$2,359,226,560,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Fair

Value

Measurements

(continued)

Templeton

Funds

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

10.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

the financial

statements

and

determined

that

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

the

financial

statements.

Abbreviations

Includes

foreign

securities

valued

$2,646,656,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Includes

foreign

securities

valued

$880,630,735,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Currency

GBP

British

Pound

HKD

Hong

Kong

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

Fair

Value

Measurements

(continued)

Templeton

Funds

Shareholder

Information

franklintempleton.com

Semiannual

Report

Board

Approval

Investment

Management

Agreements

TEMPLETON

FUNDS

Templeton

World

Fund

(Fund)

in-person

meeting

held

February

26,

2024

(Meeting),

the

Board

Trustees

(Board)

Templeton

Funds

(Trust),

including

majority

the

trustees

who

are

not

“interested

persons”

defined

the

Investment

Company

Act

1940)

(Independent

Trustees),

reviewed

and

approved

new

investment

sub-advisory

agreement

between

Templeton

Global

Advisors

Limited

(Manager),

the

Fund’s

investment

manager,

and

Templeton

Asset

Management

Ltd.

(Sub-Adviser),

affiliate

the

Manager,

behalf

the

Fund

(Sub-Advisory

Agreement),

for

initial

two-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

considering

whether

approve

the

Sub-Advisory

Agreement.

The

Board

reviewed

and

considered

information

provided

the

Manager

the

Meeting

with

respect

the

Sub-Advisory

Agreement.

The

Board

also

reviewed

and

considered

the

factors

deemed

relevant

approving

the

Sub-Advisory

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent,

and

quality

the

services

provided

the

Sub-

Adviser;

and

(ii)

the

costs

the

services

provided

the

Sub-Adviser.

The

Board

further

reviewed

and

considered

information

provided

management

showing

the

expected

impact

hiring

the

Sub-Adviser

the

Manager’s

profitability

consistent

with

the

Order

(as

defined

below).

The

Board

also

considered

that

management

proposed

that

the

Board

approve

the

Sub-Advisory

Agreement

order

facilitate

portfolio

management

team

changes,

effective

March

31,

2024.

The

Board

reviewed

and

further

considered

the

form

Sub-Advisory

Agreement

and

the

terms

the

Sub-Advisory

Agreement,

which

were

discussed

the

Meeting,

noting

that

the

terms

and

conditions

the

Sub-

Advisory

Agreement

were

identical

(except

with

respect

the

sub-advisory

fee)

the

terms

and

conditions

sub-

advisory

agreements

for

other

Franklin

Templeton

(FT)

mutual

funds.

approving

the

Sub-Advisory

Agreement,

the

Board,

including

majority

the

Independent

Trustees,

determined

that

the

hiring

the

Sub-Adviser

the

best

interests

the

Fund

and

its

shareholders

and

does

not

involve

conflict

interest

from

which

the

Manager

Sub-Adviser

derives

inappropriate

advantage.

The

Board

also

determined

that

the

terms

the

Sub-Advisory

Agreement

are

fair

and

reasonable.

While

attention

was

given

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

the

Board’s

determination.

Nature,

Extent

and

Quality

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

investment

management

services

provided

the

Sub-Adviser

and

currently

being

provided

the

Manager

and

its

affiliates

the

Fund

and

its

shareholders.

doing

so,

the

Board

noted

that

the

Fund

employs

“manager

managers”

structure

pursuant

exemptive

order

(Order)

granted

the

Manager

the

U.S.

Securities

and

Exchange

Commission,

whereby

the

Manager

and

the

Fund

may,

without

shareholder

approval,

enter

into

sub-advisory

agreements

with

sub-advisers

that

are

indirect

direct

wholly

owned

subsidiaries

Franklin

Resources,

Inc.

(FRI).

particular,

with

respect

the

Sub-Adviser,

the

Board

took

into

account

that

the

new

portfolio

manager

proposed

serve

portfolio

manager

for

the

Fund

employee

the

Sub-Adviser.

The

Board

reviewed

and

considered

information

regarding

the

nature,

quality

and

extent

investment

sub-advisory

services

provided

the

Sub-Adviser

the

Fund

and

its

shareholders

under

the

Sub-Advisory

Agreement;

the

Sub-Adviser’s

experience

manager

other

funds

and

accounts,

including

those

within

the

organization;

the

personnel,

operations,

financial

condition,

and

investment

management

capabilities,

methodologies

and

resources

the

Sub-Adviser

and

the

Sub-Adviser’s

capabilities,

demonstrated

by,

among

other

things,

its

policies

and

procedures

reasonably

designed

prevent

violations

the

federal

securities

laws.

The

Board

also

reviewed

and

considered

the

benefits

provided

Fund

shareholders

investing

fund

that

part

the

family

funds.

The

Board

noted

the

financial

position

FRI,

the

parent

the

Manager

and

the

Sub-

Adviser,

and

its

commitment

the

mutual

fund

business

evidenced

its

reassessment

fund

offerings

response

the

market

environment

and

project

initiatives

and

capital

Templeton

Funds

Shareholder

Information

franklintempleton.com

Semiannual

Report

investments

relating

the

services

provided

the

Fund

the

organization.

The

Board

specifically

noted

FT’s

commitment

technological

innovation

and

advancement

and

investments

promote

alternative

investing.

Following

consideration

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

services

provided

the

Sub-Adviser

the

Fund

and

its

shareholders.

Fund

Performance

The

Board

noted

its

review

and

consideration

and

conclusions

made

regarding

the

performance

results

the

Fund

connection

with

the

2023

annual

contract

renewals

(“Annual

Contract

Renewal”)

the

Fund’s

investment

management

agreement

and

regular

Board

meetings

throughout

the

year.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

investment

sub-advisory

fee

charged

the

Sub-Adviser.

The

Board

noted

that

the

addition

the

Sub-

Adviser

will

have

impact

the

amount

management

fees

that

are

currently

paid

the

Fund

the

Sub-Adviser

will

paid

the

Manager

out

the

management

fee

that

the

Manager

receives

from

the

Fund.

The

Board

further

noted

that

the

allocation

the

fee

between

the

Manager

and

the

Sub-Adviser

reflected

the

services

provided

the

Sub-Adviser.

The

Board

concluded

that

the

proposed

investment

sub-advisory

fee

paid

the

Sub-Adviser

reasonable.

Management

Profitability

and

Economies

Scale

The

Board

noted

management’s

belief

that

the

Manager’s

profitability

not

expected

materially

change

result

the

addition

the

Sub-Adviser.

The

Board

determined

that

its

conclusions

regarding

profitability

and

economies

scale

reached

connection

with

the

Annual

Contract

Renewal

the

investment

management

agreement

with

the

Manager

had

not

changed

result

the

proposal

approve

the

Sub-Advisory

Agreement.

Conclusion

Based

its

review,

consideration

and

evaluation

all

factors

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

Sub-Advisory

Agreement

for

initial

two-year

period.

Proxy

Voting

Policies

and

Procedures

The

Trust’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Trust

uses

determine

how

vote

proxies

relating

portfolio

securities.

Shareholders

may

view

the

Trust’s

complete

Policies

online

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

the

Policies

free

charge

calling

the

Proxy

Group

collect

(954)

527-

7678

sending

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

33301,

Attention:

Proxy

Group.

Copies

the

Trust’s

proxy

voting

records

are

also

made

available

online

franklintempleton.com

and

posted

the

U.S.

Securities

and

Exchange

Commission’s

website

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Schedule

Investments

The

Trust

files

complete

schedule

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

exhibit

its

report

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

visiting

the

Commission’s

website

sec.

gov.

The

filed

form

may

also

viewed

and

copied

the

Commission’s

Public

Reference

Room

Washington,

DC.

Information

regarding

the

operations

the

Public

Reference

Room

may

obtained

calling

(800)

SEC-0330.

Householding

Reports

and

Prospectuses

You

will

receive,

receive

notice

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

addition,

you

will

receive

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

reduce

Fund

expenses,

try

identify

shareholders

household

and

send

only

one

copy

the

financial

reports

(to

the

extent

received

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

otherwise.

you

prefer

not

have

these

documents

householded,

please

call

(800)

632-2301.

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

our

website.

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

TLF

04/24

2024

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

preceded

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

prospectus

contains

this

and

other

information;

please

read

carefully

before

investing.

help

ensure

provide

you

with

quality

service,

all

calls

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

Templeton

Funds

Investment

Manager

Distributor

Shareholder

Services

Franklin

Templeton

Investments

Corp.

Templeton

Global

Advisors

Limited

Franklin

Distributors,

LLC

(800)

DIAL

BEN

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial experts are Ann Torre Bates and

David W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.

Principal Accountant Fees and Services. N/A

Item 5. Audit Committee

of Listed Registrants.

N/A

Item 6. Schedule of Investments.

N/A

Item 7

. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)

Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company. N/A

Item 13. Recovery of Erroneously Awarded Compensation.

(a) N/A

(b) N/A

Item 14. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TEMPLETON FUNDS

By S\CHRISTOPHER KINGS _________________

Christopher Kings

Chief Executive Officer - Finance and Administration

Date April 29, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\CHRISTOPHER KINGS _________________

Christopher Kings

Chief Executive Officer - Finance and Administration

Date April 29, 2024

By S\JEFFREY WHITE______________________

Jeffrey White

Chief Financial Officer, Chief Accounting Officer and Treasurer

Date April 29, 2024

Templeton Funds N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549