# EDGAR Filing Document

**Accession Number:** 0000225930
**File Stem:** 0001133228-26-007478
**Filing Date:** 2026-4
**Character Count:** 141963
**Document Hash:** 7dcafe825b7dd5ae3f32518f796e5256
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007478.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007478

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEMPLETON FUNDS
- **CENTRAL INDEX KEY:** 0000225930

**ORGANIZATION NAME:**
- **EIN:** 222169185
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02781
- **FILM NUMBER:** 26924153

**BUSINESS ADDRESS:**
- **STREET 1:** 300 S.E. 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923
- **BUSINESS PHONE:** 9545277500

**MAIL ADDRESS:**
- **STREET 1:** 300 S.E. 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TEMPLETON FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TEMPLETON WORLD FUND INC
- **DATE OF NAME CHANGE:** 19821115

## Series and Classes Contracts Data

### Templeton World Fund (Series ID: S000008745)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000023808 | Class A       | TEMWX           |
| C000023810 | Class C       | TEWTX           |
| C000033773 | Advisor Class | TWDAX           |
| C000128739 | Class R6      | FTWRX           |

### Templeton Foreign Fund (Series ID: S000008746)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000023811 | Class A       | TEMFX           |
| C000023813 | Class C       | TEFTX           |
| C000023814 | Advisor Class | TFFAX           |
| C000023815 | Class R       | TEFRX           |
| C000128740 | Class R6      | FTFGX           |

?xml version='1.0' encoding='ASCII'? 2026-03-1874200002100_TempletonForeignFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

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<sup>nd</sup> Street, Fort Lauderdale, FL 33301-1923**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **August 31**

Date of reporting period: **February 28, 2026**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Templeton Foreign Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [TEMFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton Foreign Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $59 | 1.10% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2646724703 |
| **Total Number of Portfolio Holdings** | 44 |
| **Portfolio Turnover Rate** | 21.21% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6683img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton Foreign Fund PAGE 1 104-STSR-0426

47.628.815.58.1 ------

---

| | |
|:---|:---|
| **Templeton Foreign Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [TEFTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton Foreign Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $100 | 1.85% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2646724703 |
| **Total Number of Portfolio Holdings** | 44 |
| **Portfolio Turnover Rate** | 21.21% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6684img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton Foreign Fund PAGE 1 204-STSR-0426

47.628.815.58.1 ------

---

| | |
|:---|:---|
| **Templeton Foreign Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [TEFRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton Foreign Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $73 | 1.35% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2646724703 |
| **Total Number of Portfolio Holdings** | 44 |
| **Portfolio Turnover Rate** | 21.21% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6689img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton Foreign Fund PAGE 1 804-STSR-0426

47.628.815.58.1 ------

---

| | |
|:---|:---|
| **Templeton Foreign Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTFGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton Foreign Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $40 | 0.74% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2646724703 |
| **Total Number of Portfolio Holdings** | 44 |
| **Portfolio Turnover Rate** | 21.21% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6687img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton Foreign Fund PAGE 1 340-STSR-0426

47.628.815.58.1 ------

---

| | |
|:---|:---|
| **Templeton Foreign Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [TFFAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton Foreign Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $46 | 0.85% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2646724703 |
| **Total Number of Portfolio Holdings** | 44 |
| **Portfolio Turnover Rate** | 21.21% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6682img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton Foreign Fund PAGE 1 604-STSR-0426

47.628.815.58.1 ------

---

| | |
|:---|:---|
| **Templeton World Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [TEMWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton World Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $53 | 1.03% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2863013729 |
| **Total Number of Portfolio Holdings** | 46 |
| **Portfolio Turnover Rate** | 43.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6713img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton World Fund PAGE 1 102-STSR-0426

52.629.917.20.3 ------

---

| | |
|:---|:---|
| **Templeton World Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [TEWTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton World Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $92 | 1.78% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2863013729 |
| **Total Number of Portfolio Holdings** | 46 |
| **Portfolio Turnover Rate** | 43.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6714img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton World Fund PAGE 1 202-STSR-0426

52.629.917.20.3 ------

---

| | |
|:---|:---|
| **Templeton World Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTWRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton World Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $39 | 0.76% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2863013729 |
| **Total Number of Portfolio Holdings** | 46 |
| **Portfolio Turnover Rate** | 43.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6715img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton World Fund PAGE 1 802-STSR-0426

52.629.917.20.3 ------

---

| | |
|:---|:---|
| **Templeton World Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [TWDAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton World Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $40 | 0.78% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2863013729 |
| **Total Number of Portfolio Holdings** | 46 |
| **Portfolio Turnover Rate** | 43.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6712img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton World Fund PAGE 1 602-STSR-0426

52.629.917.20.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Templeton

#### Funds

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

February 28, 2026

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 17
Notes

to

Financial

Statements

#### 21
Changes

In

and

Disagreements

with

Accountants

#### 34
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Templeton

Funds

Financial

Highlights

#### Templeton

#### Foreign

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.15

$8.60

$7.78

$6.32

$7.77

$6.22

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.03 0.17 0.18 0.16 0.13 0.18 c

Net

realized

and

unrealized

gains

(losses)

1.54 0.56 0.83 1.38 (1.28)

1.46 Total

from

investment

operations

........

1.57 0.73 1.01 1.54 (1.15)

1.64 Less

distributions

from:

Net

investment

income

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

(0.35)

(0.18)

(0.19)

(0.08)

(0.30)

(0.09)

Net

asset

value,

end

of

period

..........

$10.37

$9.15

$8.60

$7.78

$6.32

$7.77

Total

return

d

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

17.57%

8.91%

13.28%

24.57%

(15.25)%

26.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.13%

1.13%

1.13%

1.12%

1.16%

1.15%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.10%

1.10%

1.10%

1.10%

1.10%

1.07%

Net

investment

income

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

0.73%

1.99%

2.26%

2.20%

1.80%

2.45%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,725,801

$1,541,500

$1,606,239

$1,605,982

$1,418,293

$1,990,939

Portfolio

turnover

rate

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

21.21%

44.39%

f

42.01%

14.85%

29.07%

37.85%

f

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.23%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

Templeton

Funds

Financial

Highlights

#### Templeton

#### Foreign

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.16

$8.59

$7.76

$6.29

$7.70

$6.17

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(—)

c

0.10 0.12 0.10 0.07 0.13 d

Net

realized

and

unrealized

gains

(losses)

1.54 0.58 0.83 1.39 (1.27)

1.43 Total

from

investment

operations

........

1.54 0.68 0.95 1.49 (1.20)

1.56 Less

distributions

from:

Net

investment

income

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

(0.27)

(0.11)

(0.12)

(0.02)

(0.21)

(0.03)

Net

asset

value,

end

of

period

..........

$10.43

$9.16

$8.59

$7.76

$6.29

$7.70

Total

return

e

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

17.17%

8.13%

12.40%

23.65%

(15.95)%

25.55%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

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

1.88%

1.88%

1.87%

1.87%

1.91%

1.90%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.85%

1.85%

1.85%

1.85%

1.85%

1.82%

Net

investment

income

(loss)

..........

(0.01)%

1.17%

1.47%

1.41%

1.03%

1.81%

d

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$14,316

$13,876

$17,220

$21,611

$23,962

$39,083

Portfolio

turnover

rate

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

21.21%

44.39%

g

42.01%

14.85%

29.07%

37.85%

g

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.58%.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

Templeton

Funds

Financial

Highlights

#### Templeton

#### Foreign

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.91

$8.38

$7.58

$6.16

$7.58

$6.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.02 0.14 0.16 0.14 0.11 0.16 c

Net

realized

and

unrealized

gains

(losses)

1.50 0.55 0.82 1.35 (1.25)

1.42 Total

from

investment

operations

........

1.52 0.69 0.98 1.49 (1.14)

1.58 Less

distributions

from:

Net

investment

income

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

(0.33)

(0.16)

(0.18)

(0.07)

(0.28)

(0.08)

Net

asset

value,

end

of

period

..........

$10.10

$8.91

$8.38

$7.58

$6.16

$7.58

Total

return

d

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

17.42%

8.63%

13.09%

24.27%

(15.54)%

26.29%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.38%

1.39%

1.38%

1.37%

1.41%

1.40%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.35%

1.35%

1.35%

1.35%

1.35%

1.32%

Net

investment

income

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

0.48%

1.74%

2.03%

1.95%

1.57%

2.21%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$119,263

$113,063

$121,214

$116,518

$103,984

$123,744

Portfolio

turnover

rate

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

21.21%

44.39%

f

42.01%

14.85%

29.07%

37.85%

f

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.98%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

Templeton

Funds

Financial

Highlights

#### Templeton

#### Foreign

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.96

$8.43

$7.63

$6.20

$7.64

$6.12

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05 0.20 0.21 0.18 0.15 0.21 c

Net

realized

and

unrealized

gains

(losses)

1.50 0.54 0.81 1.36 (1.26)

1.43 Total

from

investment

operations

........

1.55 0.74 1.02 1.54 (1.11)

1.64 Less

distributions

from:

Net

investment

income

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

(0.38)

(0.21)

(0.22)

(0.11)

(0.33)

(0.12)

Net

asset

value,

end

of

period

..........

$10.13

$8.96

$8.43

$7.63

$6.20

$7.64

Total

return

d

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

17.77%

9.31%

13.69%

25.02%

(14.98)%

27.02%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.78%

0.78%

0.78%

0.77%

0.81%

0.79%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.74%

0.74%

0.74%

0.74%

0.73%

0.69%

Net

investment

income

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

1.08%

2.37%

2.72%

2.57%

2.13%

2.86%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$320,484

$368,372

$387,773

$341,058

$290,974

$531,344

Portfolio

turnover

rate

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

21.21%

44.39%

f

42.01%

14.85%

29.07%

37.85%

f

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.63%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

Templeton

Funds

Financial

Highlights

#### Templeton

#### Foreign

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.97

$8.44

$7.64

$6.21

$7.64

$6.12

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05 0.18 0.20 0.17 0.15 0.20 c

Net

realized

and

unrealized

gains

(losses)

1.50 0.55 0.81 1.36 (1.26)

1.43 Total

from

investment

operations

........

1.55 0.73 1.01 1.53 (1.11)

1.63 Less

distributions

from:

Net

investment

income

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

(0.37)

(0.20)

(0.21)

(0.10)

(0.32)

(0.11)

Net

asset

value,

end

of

period

..........

$10.15

$8.97

$8.44

$7.64

$6.21

$7.64

Total

return

d

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

17.73%

9.14%

13.55%

24.84%

(14.99)%

26.88%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.88%

0.88%

0.88%

0.87%

0.92%

0.90%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.85%

0.85%

0.85%

0.85%

0.85%

0.82%

Net

investment

income

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

0.97%

2.19%

2.54%

2.43%

2.06%

2.80%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$466,861

$546,122

$672,907

$680,297

$602,921

$620,885

Portfolio

turnover

rate

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

21.21%

44.39%

f

42.01%

14.85%

29.07%

37.85%

f

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.57%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

Templeton

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Templeton

#### Foreign

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 94.8%

#### China

#### 5.2%
a

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

2,914,483

$

52,742,645

Prosus

NV

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

Broadline

Retail

1,043,823

53,652,961

a

Tencent

Holdings

Ltd.

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

Interactive

Media

&

Services

491,046

32,307,799

138,703,405

#### Denmark

#### 1.1%
Novo

Nordisk

A/S

,

B

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

Pharmaceuticals

753,519

28,500,760

#### France

#### 7.9%
Carrefour

SA

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

Consumer

Staples

Distribution

&

Retail

5,940,126

112,656,483

Dassault

Aviation

SA

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

Aerospace

&

Defense

149,220

59,932,582

Kering

SA

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

Textiles,

Apparel

&

Luxury

Goods

111,215

37,294,704

209,883,769

#### Hong

#### Kong

#### 3.8%
AIA

Group

Ltd.

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

Insurance

2,701,248

29,798,909

Prudential

plc

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

Insurance

4,631,593

70,939,763

100,738,672

#### India

#### 3.1%
HDFC

Bank

Ltd.

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

Banks

8,478,372

82,876,101

#### Japan

#### 6.0%
Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

2,165,300

81,708,865

Toyota

Motor

Corp.

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

Automobiles

3,145,480

76,209,839

157,918,704

#### Netherlands

#### 8.3%
Akzo

Nobel

NV

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

Chemicals

449,582

31,582,626

b

Euronext

NV

,

144A

,

Reg

S

.........

Capital

Markets

334,845

55,322,044

Heineken

NV

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

Beverages

669,017

61,963,581

ING

Groep

NV

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

Banks

2,413,401

69,633,700

218,501,951

#### Poland

#### 1.0%
c,d

InPost

SA

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

Air

Freight

&

Logistics

1,490,340

26,751,458

#### Portugal

#### 1.2%
Galp

Energia

SGPS

SA

,

B

.........

Oil,

Gas

&

Consumable

Fuels

1,461,536

31,713,733

#### Singapore

#### 2.3%
STMicroelectronics

NV

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

Semiconductors

&

Semiconductor

Equipment

1,859,258

62,034,300

#### South

#### Korea

#### 3.9%
Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

681,917

102,063,427

#### Sweden

#### 1.6%
Securitas

AB

,

B

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

Commercial

Services

&

Supplies

2,365,697

42,099,058

#### Switzerland

#### 6.9%
Adecco

Group

AG

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

Professional

Services

1,669,931

46,947,740

d

Barry

Callebaut

AG

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

Food

Products

29,131

54,753,720

UBS

Group

AG

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

Capital

Markets

1,960,559

81,460,924

183,162,384

#### Taiwan

#### 5.3%
Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

2,257,544

140,866,668

Templeton

Funds

Schedule

of

Investments

(unaudited)

#### Templeton

#### Foreign

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### United

#### Kingdom

#### 21.2%
AstraZeneca

plc

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

Pharmaceuticals

461,879

$

97,194,411

Barratt

Redrow

plc

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

Household

Durables

9,587,007

46,936,599

JD

Sports

Fashion

plc

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

Specialty

Retail

53,315,515

58,733,742

Persimmon

plc

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

Household

Durables

2,747,119

55,717,661

SSE

plc

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

Electric

Utilities

3,012,804

108,898,975

Standard

Chartered

plc

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

Banks

3,024,053

74,595,538

Unilever

plc

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

Personal

Care

Products

1,140,170

83,782,047

c

Verisure

plc

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

Commercial

Services

&

Supplies

3,058,411

34,132,515

559,991,488

#### United

#### States

#### 16.0%
BP

plc

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

Oil,

Gas

&

Consumable

Fuels

13,427,667

87,030,205

CNH

Industrial

NV

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

Machinery

7,227,681

88,900,476

ManpowerGroup,

Inc.

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

Professional

Services

980,892

27,435,549

Sanofi

SA

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

Pharmaceuticals

728,335

71,232,155

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

1,483,686

62,141,035

Smurfit

Westrock

plc

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

Containers

&

Packaging

1,854,487

87,179,434

423,918,854

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 1,800,232,304

####)
....................................

#### 2,509,724,732

#### Short

#### Term

#### Investments

#### 8.4%
a

#### a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Time

#### Deposits

#### 6.5%

#### Canada

#### 3.3%
Bank

of

Montreal

,

3.62 %

,

3/02/26

....

37,000,000

37,000,000

National

Bank

of

Canada

,

3.58 %

,

3/02/26

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

49,200,000

49,200,000

86,200,000

#### France

#### 3.2%
Credit

Agricole

Corporate

and

Investment

Bank

SA

,

3.57 %

,

3/02/26

85,000,000

85,000,000

#### Total

#### Time

#### Deposits

#### (Cost

#### $

#### 171,200,000

####)
.......................................

#### 171,200,000

#### Shares
e

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 1.9%

#### Money

#### Market

#### Funds

#### 1.9%
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.583 %

......

50,254,961

50,254,961

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 50,254,961

####)
................................................................

#### 50,254,961
a

#### a
a

a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 221,454,961

####)
...............................

#### 221,454,961
a

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,021,687,265

####)
103.2 #### %
................................

#### $2,731,179,693

#### Other

#### Assets,

#### less

#### Liabilities

#### (3.2 ####)

#### %
...........................................

#### (84,454,990)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $2,646,724,703

#### a
Templeton

Funds

Schedule

of

Investments

(unaudited)

#### Templeton

#### Foreign

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

February

28,

2026,

the

aggregate

value

of

these

securities

was

$85,050,444,

representing

3.2%

of

net

assets.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

February

28,

2026,

the

value

of

this

security

was

$55,322,044,

representing

2.1%

of

net

assets.

c

Non-income

producing.

d

A

portion

or

all

of

the

security

is

on

loan

at

February

28,

2026. See

Note

1(c).

e

See

Note

1(c)

regarding

securities

on

loan.

f

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Funds

Financial

Highlights

#### Templeton

#### World

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$18.87

$17.62

$13.91

$11.85

$15.52

$12.71

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.02)

0.05 0.01 0.04 (—)

c

0.20 d

Net

realized

and

unrealized

gains

(losses)

1.61 2.31 3.79 2.21 (3.44)

2.61 Total

from

investment

operations

........

1.59 2.36 3.80 2.25 (3.44)

2.81 Less

distributions

from:

Net

investment

income

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

—

(—)

c

(0.09)

(0.05)

(0.23)

—

Net

realized

gains

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

(2.37)

(1.11)

—

(0.14)

—

—

Total

distributions

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

(2.37)

(1.11)

(0.09)

(0.19)

(0.23)

—

Net

asset

value,

end

of

period

..........

$18.09

$18.87

$17.62

$13.91

$11.85

$15.52

Total

return

e

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

8.72%

14.23%

27.48%

19.23%

(22.39)%

22.11%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

1.03%

g

1.05%

1.03%

g

1.04%

g

1.04%

1.03%

g

Net

investment

income

(loss)

..........

(0.23)%

0.26%

0.09%

0.32%

(—)%

h

1.42%

d

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$2,729,415

$2,667,444

$2,592,377

$2,289,332

$2,138,297

$3,060,714

Portfolio

turnover

rate

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

43.36%

100.16%

52.04%

47.28%

81.20%

41.83%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Net

investment

income

per

share

includes

approximately

$0.13

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.48%.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Rounds

to

less

than

0.01%.

Templeton

Funds

Financial

Highlights

#### Templeton

#### World

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$17.70

$16.71

$13.21

$11.30

$14.76

$12.18

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.09)

(0.08)

(0.10)

(0.06)

(0.10)

0.10 c

Net

realized

and

unrealized

gains

(losses)

1.51 2.18 3.60 2.11 (3.29)

2.48 Total

from

investment

operations

........

1.42 2.10 3.50 2.05 (3.39)

2.58 Less

distributions

from:

Net

investment

income

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

—

—

—

—

(0.07)

—

Net

realized

gains

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

(2.37)

(1.11)

—

(0.14)

—

—

Total

distributions

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

(2.37)

(1.11)

—

(0.14)

(0.07)

—

Net

asset

value,

end

of

period

..........

$16.75

$17.70

$16.71

$13.21

$11.30

$14.76

Total

return

d

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

8.32%

13.39%

26.50%

18.33%

(23.01)%

21.18%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

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

1.78%

f

1.80%

1.79%

f

1.79%

f

1.81%

1.80%

f

Net

investment

income

(loss)

..........

(0.98)%

(0.50)%

(0.67)%

(0.48)%

(0.77)%

0.70%

c

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$5,392

$5,360

$6,187

$6,476

$7,348

$12,585

Portfolio

turnover

rate

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

43.36%

100.16%

52.04%

47.28%

81.20%

41.83%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.13

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

(0.24)%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Funds

Financial

Highlights

#### Templeton

#### World

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$18.90

$17.64

$13.92

$11.86

$15.53

$12.69

Income

from

investment

operations

a

:

Net

investment

income

b

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

—

c

0.10 0.06 0.08 0.04 0.24 d

Net

realized

and

unrealized

gains

(losses)

1.61 2.32 3.79 2.19 (3.43)

2.60 Total

from

investment

operations

........

1.61 2.42 3.85 2.27 (3.39)

2.84 Less

distributions

from:

Net

investment

income

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

—

(0.05)

(0.13)

(0.07)

(0.28)

—

Net

realized

gains

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

(2.37)

(1.11)

—

(0.14)

—

—

Total

distributions

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

(2.37)

(1.16)

(0.13)

(0.21)

(0.28)

—

Net

asset

value,

end

of

period

..........

$18.14

$18.90

$17.64

$13.92

$11.86

$15.53

Total

return

e

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

8.82%

14.61%

27.85%

19.50%

(22.14)%

22.38%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

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

0.78%

0.78%

0.78%

0.77%

0.78%

0.78%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.76%

0.76%

0.75%

0.75%

0.76%

0.76%

Net

investment

income

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

0.05%

0.55%

0.41%

0.61%

0.29%

1.68%

d

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$27,819

$25,997

$26,493

$38,834

$34,238

$42,010

Portfolio

turnover

rate

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

43.36%

100.16%

52.04%

47.28%

81.20%

41.83%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Net

investment

income

per

share

includes

approximately

$0.13

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.74%.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Funds

Financial

Highlights

#### Templeton

#### World

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$18.91

$17.65

$13.93

$11.86

$15.54

$12.70

Income

from

investment

operations

a

:

Net

investment

income

b

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

—

c

0.09 0.05 0.07 0.03 0.24 d

Net

realized

and

unrealized

gains

(losses)

1.61 2.33 3.80 2.21 (3.44)

2.60 Total

from

investment

operations

........

1.61 2.42 3.85 2.28 (3.41)

2.84 Less

distributions

from:

Net

investment

income

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

—

(0.05)

(0.13)

(0.07)

(0.27)

—

Net

realized

gains

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

(2.37)

(1.11)

—

(0.14)

—

—

Total

distributions

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

(2.37)

(1.16)

(0.13)

(0.21)

(0.27)

—

Net

asset

value,

end

of

period

..........

$18.15

$18.91

$17.65

$13.93

$11.86

$15.54

Total

return

e

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

8.82%

14.55%

27.81%

19.52%

(22.22)%

22.36%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.78%

g

0.80%

0.79%

g

0.79%

g

0.81%

0.80%

g

Net

investment

income

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

0.03%

0.51%

0.33%

0.57%

0.24%

1.64%

d

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$100,387

$98,938

$93,548

$99,935

$86,424

$115,823

Portfolio

turnover

rate

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

43.36%

100.16%

52.04%

47.28%

81.20%

41.83%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Net

investment

income

per

share

includes

approximately

$0.13

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.70%.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Templeton

#### World

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 99.0%

#### China

#### 2.4%
a

BYD

Co.

Ltd.

,

H

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

Automobiles

3,645,330

$

43,944,840

b

Tencent

Holdings

Ltd.

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

Interactive

Media

&

Services

363,559

23,919,940

67,864,780

#### France

#### 9.3%
Airbus

SE

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

Aerospace

&

Defense

259,637

56,380,936

LVMH

Moet

Hennessy

Louis

Vuitton

SE

Textiles,

Apparel

&

Luxury

Goods

70,552

45,084,188

Safran

SA

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

Aerospace

&

Defense

282,132

113,625,492

Vinci

SA

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

Construction

&

Engineering

309,124

51,310,301

266,400,917

#### Germany

#### 5.3%
Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

529,940

28,561,024

Siemens

Energy

AG

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

Electrical

Equipment

630,260

122,067,354

150,628,378

#### Hong

#### Kong

#### 1.2%
a

AIA

Group

Ltd.

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

Insurance

3,154,057

34,794,087

#### India

#### 1.6%
HDFC

Bank

Ltd.

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

Banks

4,728,370

46,219,825

#### Japan

#### 1.1%
Mizuho

Financial

Group,

Inc.

........

Banks

715,869

31,937,788

#### Netherlands

#### 3.5%
ASML

Holding

NV

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

Semiconductors

&

Semiconductor

Equipment

20,445

29,735,371

ING

Groep

NV

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

Banks

2,446,797

70,597,273

100,332,644

#### Singapore

#### 1.3%
c

Sea

Ltd.

,

ADR

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

Broadline

Retail

345,586

37,478,802

#### South

#### Korea

#### 2.6%
Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

500,429

74,899,876

#### Taiwan

#### 6.8%
Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

1,575,195

98,289,322

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

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

Semiconductors

&

Semiconductor

Equipment

186,546

69,876,401

Wiwynn

Corp.

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

Technology

Hardware,

Storage

&

Peripherals

215,206

27,045,214

195,210,937

#### United

#### Kingdom

#### 11.6%
AstraZeneca

plc

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

Pharmaceuticals

305,520

64,291,376

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

6,119,587

110,042,902

SSE

plc

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

Electric

Utilities

2,383,853

86,165,296

Unilever

plc

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

Personal

Care

Products

976,350

71,744,215

332,243,789

#### United

#### States

#### 52.3%
Alcon

AG

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

Health

Care

Equipment

&

Supplies

337,695

29,274,221

Alphabet,

Inc.

,

A

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

Interactive

Media

&

Services

370,209

115,416,358

c

Amazon.com,

Inc.

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

Broadline

Retail

538,478

113,080,380

Apple,

Inc.

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

Technology

Hardware,

Storage

&

Peripherals

248,463

65,638,955

Broadcom,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

307,435

98,240,854

Charles

Schwab

Corp.

(The)

........

Capital

Markets

304,909

29,027,337

CRH

plc

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

Construction

Materials

622,955

74,742,141

Templeton

Funds

Schedule

of

Investments

(unaudited)

#### Templeton

#### World

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### United

#### States
(continued)

Eli

Lilly

&

Co.

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

Pharmaceuticals

64,393

$

67,740,792

Ferguson

Enterprises,

Inc.

.........

Trading

Companies

&

Distributors

163,383

42,603,751

HCA

Healthcare,

Inc.

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

Health

Care

Providers

&

Services

99,610

52,763,417

c

Illumina,

Inc.

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

Life

Sciences

Tools

&

Services

301,570

40,549,102

Linde

plc

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

Chemicals

57,390

29,158,711

Meta

Platforms,

Inc.

,

A

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

Interactive

Media

&

Services

132,909

86,148,956

Microsoft

Corp.

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

Software

360,526

141,592,981

c

MongoDB,

Inc.

,

A

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

IT

Services

77,395

25,421,936

c

Netflix,

Inc.

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

Entertainment

682,160

65,651,078

NVIDIA

Corp.

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

Semiconductors

&

Semiconductor

Equipment

971,460

172,132,997

Schneider

Electric

SE

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

Electrical

Equipment

201,935

65,994,343

Smurfit

Westrock

plc

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

Containers

&

Packaging

1,122,850

52,785,179

Thermo

Fisher

Scientific,

Inc.

.......

Life

Sciences

Tools

&

Services

90,296

47,054,149

Visa,

Inc.

,

A

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

Financial

Services

129,510

41,461,331

Wells

Fargo

&

Co.

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

Banks

501,522

40,848,967

1,497,327,936

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 2,070,019,208

####)
....................................

#### 2,835,339,759

#### Short

#### Term

#### Investments

#### 0.3%
a

#### a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Time

#### Deposits

#### 0.3%

#### Canada

#### 0.3%
National

Bank

of

Canada

,

3.58 %

,

3/02/26

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

7,800,000

7,800,000

#### Total

#### Time

#### Deposits

#### (Cost

#### $

#### 7,800,000

####)
.........................................

#### 7,800,000

#### Shares
d

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.0%

#### †

#### Money

#### Market

#### Funds

#### 0.0%

#### †
e,f

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.583 %

......

116,500

116,500

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 116,500

####)
...................................................................

#### 116,500
a

#### a
a

a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 7,916,500

####)
.................................

#### 7,916,500
a

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,077,935,708

####)
99.3 #### %
..................................

#### $2,843,256,259

#### Other

#### Assets,

#### less

#### Liabilities
0.7 #### %
.............................................

#### 19,757,470

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $2,863,013,729

#### a
Templeton

Funds

Schedule

of

Investments

(unaudited)

#### Templeton

#### World

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

page

33. \*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

A

portion

or

all

of

the

security

is

on

loan

at

February

28,

2026. See

Note

1(c).

b

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

February

28,

2026,

the

value

of

this

security

was

$23,919,940,

represent-

ing

0.8%

of

net

assets.

c

Non-income

producing.

d

See

Note

1(c)

regarding

securities

on

loan.

e

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$1,971,432,304

$2,077,819,208

Cost

-

Non-controlled

affiliates

(Note

f)

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

50,254,961

116,500

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$

72,736,893

and

$

10,393,321

,

respectively)

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

$2,680,924,732

$2,843,139,759

Value

-

Non-controlled

affiliates

(Note

f)

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

50,254,961

116,500

Cash

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

71,866

407,586

Receivables:

Investment

securities

sold

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

—

51,136,165

Capital

shares

sold

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

739,303

1,042,269

Dividends

and

interest

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

10,440,308

6,184,853

European

Union

tax

reclaims

(Note

d)

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

—

753,025

Total

assets

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

2,742,431,170

2,902,780,157

Liabilities:

Payables:

Investment

securities

purchased

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

5,164,330

27,477,691

Capital

shares

redeemed

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

32,301,610

2,331,568

Management

fees

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

1,359,837

1,528,007

Distribution

fees

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

384,936

528,076

Transfer

agent

fees

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

971,807

400,332

Trustees'

fees

and

expenses

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

13,868

5,709

Payable

upon

return

of

securities

loaned

(Note

c)

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

50,254,961

116,500

Deferred

taxes

on

unrealized

appreciation

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

4,943,775

6,040,422

Accrued

expenses

and

other

liabilities

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

311,343

1,338,123

Total

liabilities

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

95,706,467

39,766,428

Net

assets,

at

value

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

$2,646,724,703

$2,863,013,729

Net

assets

consist

of:

Paid-in

capital

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

$1,939,995,835

$1,991,636,521

Total

distributable

earnings

(losses)

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

706,728,868

871,377,208

Net

assets,

at

value

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

$2,646,724,703

$2,863,013,729

Templeton

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$1,725,800,877

$2,729,415,367

Shares

outstanding

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

166,437,094

150,888,939

Net

asset

value

per

share

a

,b

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

$10.37

$18.09

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

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

$10.97

$19.14

#### Class

#### C:
Net

assets,

at

value

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

$14,315,600

$5,392,402

Shares

outstanding

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

1,372,524

321,973

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$10.43

$16.75

#### Class

#### R:
Net

assets,

at

value

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

$119,263,402

$—

Shares

outstanding

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

11,809,034

—

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.10

$—

#### Class

#### R6:
Net

assets,

at

value

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

$320,483,973

$27,819,345

Shares

outstanding

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

31,627,494

1,533,410

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.13

$18.14

#### Advisor

#### Class:
Net

assets,

at

value

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

$466,860,851

$100,386,615

Shares

outstanding

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

45,987,642

5,530,484

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.15

$18.15

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Templeton

Funds

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$1,013,426

and

$1,239,317,

respectively)

Unaffiliated

issuers

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

$21,274,243

$10,496,738

Interest:

Unaffiliated

issuers

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

1,954,412

984,042

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(269,949)

(50,359)

Non-controlled

affiliates

(Note

f)

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

358,696

56,530

Other

income

(Note

1d)

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

—

19,836

Total

investment

income

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

23,317,402

11,506,787

Expenses:

Management

fees

(Note

a)

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

8,883,569

9,900,707

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

1,989,338

3,395,437

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

69,630

27,310

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

283,440

—

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

1,152,334

803,745

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

10,075

1,616

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

82,051

—

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

86,527

7,643

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

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

343,002

29,286

Custodian

fees

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

80,972

46,475

Reports

to

shareholders

fees

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

97,500

60,163

Registration

and

filing

fees

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

41,261

58,756

Professional

fees

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

58,131

57,721

Trustees'

fees

and

expenses

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

155,245

163,232

Other

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

51,494

46,798

Total

expenses

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

13,384,569

14,598,889

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

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

(395,831)

(6,107)

Net

expenses

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

12,988,738

14,592,782

Net

investment

income

(loss)

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

10,328,664

(3,085,995)

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

132,347,355

165,896,766

Foreign

currency

transactions

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

269,164

(6,901)

Net

realized

gain

(loss)

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

132,616,519

165,889,865

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

277,297,445

75,290,283

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(54,912)

36,543

Change

in

deferred

taxes

on

unrealized

appreciation

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

1,111,718

621,884

Net

change

in

unrealized

appreciation

(depreciation)

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

278,354,251

75,948,710

Net

realized

and

unrealized

gain

(loss)

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

410,970,770

241,838,575

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$421,299,434

$238,752,580

Templeton

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

.......

$10,328,664

$52,719,497

$(3,085,995)

$7,289,113

Net

realized

gain

(loss)

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

132,616,519

129,871,782

165,889,865

397,555,118

Net

change

in

unrealized

appreciation

(depreciation)

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

278,354,251

21,201,442

75,948,710

(46,449,257)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

421,299,434

203,792,721

238,752,580

358,394,974

Distributions

to

shareholders:

Class

A

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

(57,268,704)

(32,084,926)

(325,153,474)

(158,900,136)

Class

C

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

(377,446)

(199,047)

(698,632)

(382,723)

Class

R

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

(3,886,174)

(2,255,243)

—

—

Class

R6

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

(14,615,493)

(9,520,094)

(3,299,351)

(1,680,416)

Advisor

Class

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

(18,375,080)

(13,240,139)

(11,806,783)

(6,032,030)

Total

distributions

to

shareholders

.....

(94,522,897)

(57,299,449)

(340,958,240)

(166,995,305)

Capital

share

transactions:

(Note

2)

Class

A

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

(20,899,257)

(154,386,205)

159,568,215

(107,578,857)

Class

C

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

(1,404,443)

(4,109,409)

294,613

(1,117,407)

Class

R

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

(8,444,414)

(15,048,062)

—

—

Class

R6

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

(93,335,946)

(42,582,011)

2,792,594

(2,258,995)

Advisor

Class

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

(138,901,259)

(152,786,832)

4,824,186

(1,309,258)

Total

capital

share

transactions

.......

(262,985,319)

(368,912,519)

167,479,608

(112,264,517)

Net

increase

(decrease)

in

net

assets

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

63,791,218

(222,419,247)

65,273,948

79,135,152

Net

assets:

Beginning

of

period

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

2,582,933,485

2,805,352,732

2,797,739,781

2,718,604,629

End

of

period

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

$2,646,724,703

$2,582,933,485

$2,863,013,729

$2,797,739,781

Templeton

Funds

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Templeton

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of two separate

funds

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

classes

of

shares

offered

within

each

of

the

Funds

are

indicated

below.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

#### Class

#### A,

#### Class

#### C,

#### Class

#### R,

#### Class

#### R6

#### &

#### Advisor

#### Class
Templeton

Foreign

Fund

#### A,

#### Class

#### C,

#### Class

#### R6

#### &

#### Advisor

#### Class
Templeton

World

Fund

The

following

summarizes

the Funds'

significant

accounting

policies

.

a. #### Financial

#### Instrument

#### Valuation
The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

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

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Investments

in time

deposits are

valued

at

cost,

which

approximates

fair

value.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds'

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds'

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

February

28,

2026,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Lending
Certain

or

all

Funds

participate

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Funds.

Additionally,

at

February

28,

2026,

Templeton

Foreign

Fund

and

Templeton

World

Fund

held

$27,141,712

and

$11,540,986,

respectively,

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

segregated

accounts

with

the

Funds'

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

the

Statements

of

Assets

and

Liabilities. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

by

a

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

d. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which the

Funds invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

In

some

cases,

the

Funds

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Statements

of

Assets

and

Liabilities

and

dividend

income

in

the

Statements

of

Operations.

In

many

cases,

however,

the

Funds

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, certain

or

all

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

In

the

event

that

EU

reclaims

received

by

the Funds

during a

fiscal

year

exceed

foreign

withholding

taxes

paid

by

the

Funds,

and

the

Funds previously

passed

through to

its

shareholders

foreign

taxes

incurred

by

the

Funds

to

be

used

as

a

credit

or

deduction

on

a

shareholder's

income

tax

return,

the Funds

will enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the Funds'

shareholders.

The

Funds

previously

determined

to

enter

into

a

closing

agreement

with

the

IRS

and

recorded

any

adjustments

to

estimated

payments

as

other

income,

as

reflected

in

the

Statements

of

Operations.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

February

28,

2026, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis. Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds. Distributions

to

shareholders

are recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Securities

#### Lending
(continued)

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

February

28,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

a

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

5,218,639

$51,014,735

3,456,770

$65,365,470

Shares

issued

in

reinvestment

of

distributions

..........

5,775,629

54,175,399

17,284,774

305,594,806

Shares

redeemed

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

(13,083,036)

(126,089,391)

(11,181,841)

(211,392,061)

Net

increase

(decrease)

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

(2,088,768)

$(20,899,257)

9,559,703

$159,568,215

Year

ended

August

31,

2025

Shares

sold

a

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

8,146,651

$68,114,745

5,103,637

$89,005,165

Shares

issued

in

reinvestment

of

distributions

..........

3,989,681

30,321,574

8,899,573

149,067,843

Shares

redeemed

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

(30,400,498)

(252,822,524)

(19,822,496)

(345,651,865)

Net

increase

(decrease)

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

(18,264,166)

$(154,386,205)

(5,819,286)

$(107,578,857)

Class

C

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

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

141,943

$1,376,645

19,882

$354,349

Shares

issued

in

reinvestment

of

distributions

..........

39,398

372,315

42,623

698,589

Shares

redeemed

a

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

(323,606)

(3,153,403)

(43,339)

(758,325)

Net

increase

(decrease)

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

(142,265)

$(1,404,443)

19,166

$294,613

Year

ended

August

31,

2025

Shares

sold

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

174,802

$1,466,613

37,667

$624,154

Shares

issued

in

reinvestment

of

distributions

..........

25,725

196,796

23,995

378,875

Shares

redeemed

a

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

(689,398)

(5,772,818)

(129,129)

(2,120,436)

Net

increase

(decrease)

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

(488,871)

$(4,109,409)

(67,467)

$(1,117,407)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

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

300,728

$2,856,247

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

425,136

3,885,743

—

—

Shares

redeemed

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

(1,610,657)

(15,186,404)

—

—

Net

increase

(decrease)

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

(884,793)

$(8,444,414)

—

$—

Year

ended

August

31,

2025

Shares

sold

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

1,050,534

$8,499,430

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

304,180

2,253,972

—

—

Shares

redeemed

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

(3,128,651)

(25,801,464)

—

—

Net

increase

(decrease)

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

(1,773,937)

$(15,048,062)

—

$—

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

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

2,294,327

$21,766,897

162,419

$3,113,793

Shares

issued

in

reinvestment

of

distributions

..........

1,392,869

12,758,679

176,187

3,122,038

Shares

redeemed

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

(13,174,431)

(127,861,522)

(180,840)

(3,443,237)

Net

increase

(decrease)

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

(9,487,235)

$(93,335,946)

157,766

$2,792,594

Year

ended

August

31,

2025

Shares

sold

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

8,400,845

$68,212,528

231,637

$4,057,103

Shares

issued

in

reinvestment

of

distributions

..........

1,137,609

8,452,433

95,503

1,598,721

Shares

redeemed

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

(14,411,793)

(119,246,972)

(453,337)

(7,914,819)

Net

increase

(decrease)

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

(4,873,339)

$(42,582,011)

(126,197)

$(2,258,995)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
Templeton

Foreign

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Global

Advisors based

on the

average

daily

net

assets

of

the

Fund

as

follows:

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

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

4,016,429

$37,804,539

565,594

$10,666,561

Shares

issued

in

reinvestment

of

distributions

..........

1,790,065

16,432,798

619,617

10,985,813

Shares

redeemed

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

(20,697,972)

(193,138,596)

(887,720)

(16,828,188)

Net

increase

(decrease)

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

(14,891,478)

$(138,901,259)

297,491

$4,824,186

Year

ended

August

31,

2025

Shares

sold

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

13,045,343

$105,600,853

977,752

$17,085,499

Shares

issued

in

reinvestment

of

distributions

..........

1,587,795

11,813,196

336,737

5,640,353

Shares

redeemed

in-kind

(Not

e

3h)

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

(14,642,321)

(116,113,608)

—

—

Shares

redeemed

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

(18,843,371)

(154,087,273)

(1,383,044)

(24,035,110)

Net

increase

(decrease)

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

(18,852,554)

$(152,786,832)

(68,555)

$(1,309,258)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Templeton

Global

Advisors

Limited

(Global

Advisors)

Investment

manager

Templeton

Asset

Management

Ltd

(Asset

Management)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.705%

Up

to

and

including

$1

billion

0.690%

Over

$1

billion,

up

to

and

including

$5

billion

0.675%

Over

$5

billion,

up

to

and

including

$10

billion

0.655%

Over

$10

billion,

up

to

and

including

$15

billion

0.635%

Over

$15

billion,

up

to

and

including

$20

billion

0.615%

Over

$20

billion,

up

to

and

including

$25

billion

0.605%

Over

$25

billion,

up

to

and

including

$30

billion

0.595%

Over

$30

billion,

up

to

and

including

$35

billion

0.585%

In

excess

of

$35

billion

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

World

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Global

Advisors based

on the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

February

28,

2026,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

Under

a

subadvisory

agreement,

Asset

Management,

an

affiliate

of

Global

Advisors,

provides

subadvisory

services

to

Templeton

World

Fund.

The

subadvisory

fee

is

paid

by Global

Advisors based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Global

Advisors,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Global Advisors

based

on

the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.705%

Up

to

and

including

$1

billion

0.690%

Over

$1

billion,

up

to

and

including

$5

billion

0.675%

Over

$5

billion,

up

to

and

including

$10

billion

0.655%

Over

$10

billion,

up

to

and

including

$15

billion

0.635%

Over

$15

billion,

up

to

and

including

$20

billion

0.615%

In

excess

of

$20

billion

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Gross

effective

investment

management

fee

rate

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

0.696%

0.695%

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Class

A

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

0.25%

0.25%

Class

C

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

1.00%

1.00%

Class

R

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

0.50%

—%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

February

28,

2026,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

February

28,

2026,

investments

in

affiliated

management

investment

companies

were

as

follows:

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$20,317

$14,030

CDSC

retained

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

$1,631

$(22)

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Transfer

agent

fees

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

$410,448

$325,820

3. #### Transactions

#### with

#### Affiliates
(continued)

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Global

Advisors has contractually

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by Templeton

Foreign

Fund

so

that

the

operating expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.85%,

and

for

R6

do

not

exceed

0.74%,

based

on

the

average

net

assets

of

each

class

until

December

31,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Funds have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

December

31,

2026. h. #### Other

#### Affiliated

#### Transactions
During

the year

ended August

31,

2025,

the

New

Jersey

Better

Educational

Savings

Trust

Program

–

Franklin

Templeton

Managed

Investments

Options

(529

Portfolios)

redeemed

out

of

Templeton

Foreign

Fund.

As

a

result,

on

November

22,

2024,

the

Fund

delivered

portfolio

securities

and

cash

that

were

transferred

in-kind

to

the

529

Portfolios,

which

included

$1,397,640

of

net

realized

gains.

As

such

gains

are

not

taxable

to

the

Fund

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gains

to

paid-in

capital.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income
a&nbsp;&nbsp;&nbsp;&nbsp;

a

a

a

a

a

a

a

#### Templeton

#### Foreign

#### Fund

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.583%

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

$—

$257,513,737

$(207,258,776)

$—

$—

$50,254,961

50,254,961

$358,696

#### Total

#### Affiliated

#### Securities

#### ...
$—

$257,513,737

$(207,258,776)

$—

$—

$50,254,961

$358,696

#### Templeton

#### World

#### Fund

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.583%

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

$—

$117,793,433

$(117,676,933)

$—

$—

$116,500

116,500

$56,530

#### Total

#### Affiliated

#### Securities

#### ...
$—

$117,793,433

$(117,676,933)

$—

$—

$116,500

$56,530

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

At

February

28,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

passive

foreign

investment

company

shares,

foreign

capital

gains

tax,

corporate

actions

and

in-kind

transactions.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

February

28,

2026,

were

as

follows:

At

February

28,

2026,

in

connection

with

securities

lending

transactions,

certain

or

all

Funds

loaned

investments

and

received

cash

collateral

as

follows:

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

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

$

124,369,053

$

—

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
a

a

a

Cost

of

investments

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

$2,033,001,444

$2,088,250,962

Unrealized

appreciation

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

$791,279,599

$798,139,360

Unrealized

depreciation

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

(93,101,350)

(43,134,063)

Net

unrealized

appreciation

(depreciation)

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

$698,178,249

$755,005,297

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Purchases

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

$524,469,170

$1,226,000,107

Sales

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

$870,588,276

$1,393,202,767

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### Securities

#### lending

#### transactions

#### a

#### :
Equity

investments

b

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

$50,254,961

$116,500

a

The

agreements

can

be

terminated

at

any

time.

b

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statements

of

Assets

and

Liabilities.

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

6. #### Concentration

#### of

#### Risk
Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Certain

investments

in

Chinese

companies

are

made

through

a

special

structure

known

as

a

VIE.

In

a

VIE

structure,

foreign

investors,

such

as

Templeton

Foreign

Fund

and

Templeton

World

Fund,

will

only

own

stock

in

a

shell

company

rather

than

directly

in

the

VIE,

which

must

be

owned

by

Chinese

nationals

(and/or

Chinese

companies)

to

obtain

the

licenses

and/or

assets

required

to

operate

in

a

restricted

or

prohibited

sector

in

China.

The

value

of

the

shell

company

is

derived

from

its

ability

to

consolidate

the

VIE

into

its

financials

pursuant

to

contractual

arrangements

that

allow

the

shell

company

to

exert

a

degree

of

control

over,

and

obtain

economic

benefits

arising

from,

the

VIE

without

formal

legal

ownership.

While

VIEs

are

a

longstanding

industry

practice

and

are

well

known

by

Chinese

officials

and

regulators,

the

structure

historically

has

not

been

formally

recognized

under

Chinese

law

and

it

is

uncertain

whether

Chinese

officials

or

regulators

will

withdraw

their

implicit

acceptance

of

the

structure.

It

is

also

uncertain

whether

the

contractual

arrangements,

which

may

be

subject

to

conflicts

of

interest

between

the

legal

owners

of

the

VIE

and

foreign

investors,

would

be

enforced

by

Chinese

courts

or

arbitration

bodies.

Prohibitions

of

these

structures

by

the

Chinese

government,

or

the

inability

to

enforce

such

contracts,

from

which

the

shell

company

derives

its

value,

would

likely

cause

the

VIE-structured

holding(s)

to

suffer

significant,

detrimental,

and

possibly

permanent

losses,

and

in

turn,

adversely

affect

the Funds'

returns

and

net

asset

value.

7. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

February

28,

2026,

the

Funds

did

not

use

the

Global

Credit

Facility.

8. #### Fair

#### Value

#### Measurements
The Funds

follow

a

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

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

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

in

determining

the

fair

value

of

financial

instruments)

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

February

28,

2026,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Templeton

#### Foreign

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

China

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

$

—

$

138,703,405

$

—

$

138,703,405

Denmark

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

—

28,500,760

—

28,500,760

France

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

—

209,883,769

—

209,883,769

Hong

Kong

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

—

100,738,672

—

100,738,672

India

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

—

82,876,101

—

82,876,101

Japan

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

—

157,918,704

—

157,918,704

Netherlands

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

—

218,501,951

—

218,501,951

Poland

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

—

26,751,458

—

26,751,458

Portugal

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

—

31,713,733

—

31,713,733

Singapore

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

—

62,034,300

—

62,034,300

South

Korea

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

—

102,063,427

—

102,063,427

Sweden

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

—

42,099,058

—

42,099,058

Switzerland

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

—

183,162,384

—

183,162,384

Taiwan

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

—

140,866,668

—

140,866,668

United

Kingdom

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

34,132,515

525,858,973

—

559,991,488

United

States

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

203,515,459

220,403,395

—

423,918,854

Short

Term

Investments

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

50,254,961

171,200,000

—

221,454,961

Total

Investments

in

Securities

...........

$287,902,935

$2,443,276,758

b

$—

$2,731,179,693

#### Templeton

#### World

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

China

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

—

67,864,780

—

67,864,780

France

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

—

266,400,917

—

266,400,917

Germany

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

—

150,628,378

—

150,628,378

Hong

Kong

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

—

34,794,087

—

34,794,087

India

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

—

46,219,825

—

46,219,825

Japan

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

—

31,937,788

—

31,937,788

Netherlands

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

—

100,332,644

—

100,332,644

Singapore

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

37,478,802

—

—

37,478,802

South

Korea

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

—

74,899,876

—

74,899,876

Taiwan

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

69,876,401

125,334,536

—

195,210,937

United

Kingdom

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

—

332,243,789

—

332,243,789

United

States

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

1,402,059,372

95,268,564

—

1,497,327,936

Short

Term

Investments

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

116,500

7,800,000

—

7,916,500

Total

Investments

in

Securities

...........

$1,509,531,075

$1,333,725,184

c

$—

$2,843,256,259

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$2,272,076,758,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$1,325,925,184,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

8. #### Fair

#### Value

#### Measurements
(continued)

Templeton

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

9. #### Operating

#### Segments
Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

chief

investment

officer

of

the

Funds'

investment

manager

serves

as

the

Chief

Operating

Decision

Maker

("CODM")

and is

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

in

accordance

with each

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

10. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

Templeton

Funds

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Funds'

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

TLF-SFSOI

04/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | 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 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](tf-efp23849_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](tf-efp23849_ex99906cert.htm)

Exhibit 99.906CERT

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, there unto duly authorized.

**Templeton Funds**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | April 30, 2026 |

---

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 30, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | April 30, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Templeton Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change 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 registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: April 30, 2026 |
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer - Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Templeton Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change 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 registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: April 30, 2026 |
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer - Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer, of **Templeton Funds (the "Registrant"), each certify to the best of** their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **February 28, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Templeton Funds | Templeton Funds |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: April 30, 2026 | Date: April 30, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.