# EDGAR Filing Document

**Accession Number:** 0000225930
**File Stem:** 0001133228-25-011486
**Filing Date:** 2025-10
**Character Count:** 239085
**Document Hash:** 17e6db660ced896245f8d5f1f1b39e1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011486.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001133228-25-011486

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02781
- **FILM NUMBER:** 251432197

**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'? 2025-09-1174200002100_TempletonForeignFund_ClassA_TSRAnnual

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: **August 31, 2025**

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) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Foreign Fund for the period September 1, 2024, to August 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class A | $115 | 1.10% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class A shares of Templeton Foreign Fund returned 8.91%. The Fund compares its performance to the MSCI All Country World ex U.S. Index-NR, which returned 15.42% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Standard Chartered, an emerging market-focused bank, delivered a strong year overall, with shares supported by robust earnings growth and capital returns. The bank benefited from higher income in wealth and markets divisions, disciplined cost control, and multiple share buybacks through mid-2025, which bolstered investor confidence. |
| ↑ | Alibaba Group, China's leading e-commerce and cloud provider, saw shares recover strongly over the year as artificial intelligence (AI)-driven growth and cloud momentum boosted sentiment. Active buybacks and supportive policy measures added tailwinds, though volatility persisted amid regulatory uncertainty and competitive pressures. |
| ↑ | Dassault Aviation, the French aerospace and defense group behind Rafale jets and Falcon business aircraft, saw strong share gains over the year. Performance was supported by solid results, a healthy order backlog and a new buyback program, though supply chain issues and political uncertainty added some volatility. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Ørsted A/S, a Danish multinational energy company was the leading stock detractor. Much of its negative contribution related to developments late in the period which included an announcement of a rights issue to shore up its balance sheet along with a U.S. 'stop work' order on a major offshore wind project. |
| ↓ | Persimmon, one of the UK's largest housebuilders, saw its shares decline as higher mortgage rates and affordability challenges weighed on demand. Despite some improvement in its order book, persistent cost pressures and regulatory burdens kept margins under strain, leaving investor sentiment cautious. |
| ↓ | Stellantis, the multinational carmaker, saw its shares fall over the period as profits slumped and restructuring risks grew. Losses were driven by weaker sales, higher costs and large charges from program cancellations, while tariffs and a negative product mix added pressure. Investor confidence was further hit by suspended guidance and a credit outlook downgrade |

---

Templeton Foreign Fund PAGE 1 104-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 8/31/2015 — 8/31/2025

![image](ts4996img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 8.91 | 10.51 | 5.41 |
| **Class A (with sales charge)**  | 2.93 | 9.28 | 4.82 |
| **MSCI All Country World ex-U.S. Index-NR**  | 15.42 | 8.94 | 7.33 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2582933485 |
| **Total Number of Portfolio Holdings** | 46 |
| **Total Management Fee Paid** | $16809875 |
| **Portfolio Turnover Rate** | 44.39% |

---

Templeton Foreign Fund PAGE 2 104-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4996img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective December 31, 2024, Peter M. Moeschter retired and stepped down as a member of the Fund's portfolio management team.

This is a summary of a change to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Foreign Fund PAGE 3 104-ATSR-1025

945097771132511308998197051228410411129691469015999100001029212235126241221213227165161329214873175822029346.325.921.66.2 ------

---

| | |
|:---|:---|
| **Templeton Foreign Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [TEFTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Foreign Fund for the period September 1, 2024, to August 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class C | $193 | 1.85% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class C shares of Templeton Foreign Fund returned 8.13%. The Fund compares its performance to the MSCI All Country World ex U.S. Index-NR, which returned 15.42% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Standard Chartered, an emerging market-focused bank, delivered a strong year overall, with shares supported by robust earnings growth and capital returns. The bank benefited from higher income in wealth and markets divisions, disciplined cost control, and multiple share buybacks through mid-2025, which bolstered investor confidence. |
| ↑ | Alibaba Group, China's leading e-commerce and cloud provider, saw shares recover strongly over the year as artificial intelligence (AI)-driven growth and cloud momentum boosted sentiment. Active buybacks and supportive policy measures added tailwinds, though volatility persisted amid regulatory uncertainty and competitive pressures. |
| ↑ | Dassault Aviation, the French aerospace and defense group behind Rafale jets and Falcon business aircraft, saw strong share gains over the year. Performance was supported by solid results, a healthy order backlog and a new buyback program, though supply chain issues and political uncertainty added some volatility. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Ørsted A/S, a Danish multinational energy company was the leading stock detractor. Much of its negative contribution related to developments late in the period which included an announcement of a rights issue to shore up its balance sheet along with a U.S. 'stop work' order on a major offshore wind project. |
| ↓ | Persimmon, one of the UK's largest housebuilders, saw its shares decline as higher mortgage rates and affordability challenges weighed on demand. Despite some improvement in its order book, persistent cost pressures and regulatory burdens kept margins under strain, leaving investor sentiment cautious. |
| ↓ | Stellantis, the multinational carmaker, saw its shares fall over the period as profits slumped and restructuring risks grew. Losses were driven by weaker sales, higher costs and large charges from program cancellations, while tariffs and a negative product mix added pressure. Investor confidence was further hit by suspended guidance and a credit outlook downgrade |

---

Templeton Foreign Fund PAGE 1 204-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 8/31/2015 — 8/31/2025

![image](ts4997img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 8.13 | 9.66 | 4.61 |
| **Class C (with sales charge)**  | 7.13 | 9.66 | 4.61 |
| **MSCI All Country World ex-U.S. Index-NR**  | 15.42 | 8.94 | 7.33 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2582933485 |
| **Total Number of Portfolio Holdings** | 46 |
| **Total Management Fee Paid** | $16809875 |
| **Portfolio Turnover Rate** | 44.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4997img004.jpg)

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

Templeton Foreign Fund PAGE 2 204-ATSR-1025

------

**HOW HAS THE FUND CHANGED?**

Effective December 31, 2024, Peter M. Moeschter retired and stepped down as a member of the Fund's portfolio management team.

This is a summary of a change to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Foreign Fund PAGE 3 204-ATSR-1025

100001026411795117021025199011243010447129181452015700100001029212235126241221213227165161329214873175822029346.325.921.66.2 ------

---

| | |
|:---|:---|
| **Templeton Foreign Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [TEFRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Foreign Fund for the period September 1, 2024, to August 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R | $141 | 1.35% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R shares of Templeton Foreign Fund returned 8.63%. The Fund compares its performance to the MSCI All Country World ex U.S. Index-NR, which returned 15.42% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Standard Chartered, an emerging market-focused bank, delivered a strong year overall, with shares supported by robust earnings growth and capital returns. The bank benefited from higher income in wealth and markets divisions, disciplined cost control, and multiple share buybacks through mid-2025, which bolstered investor confidence. |
| ↑ | Alibaba Group, China's leading e-commerce and cloud provider, saw shares recover strongly over the year as artificial intelligence (AI)-driven growth and cloud momentum boosted sentiment. Active buybacks and supportive policy measures added tailwinds, though volatility persisted amid regulatory uncertainty and competitive pressures. |
| ↑ | Dassault Aviation, the French aerospace and defense group behind Rafale jets and Falcon business aircraft, saw strong share gains over the year. Performance was supported by solid results, a healthy order backlog and a new buyback program, though supply chain issues and political uncertainty added some volatility. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Ørsted A/S, a Danish multinational energy company was the leading stock detractor. Much of its negative contribution related to developments late in the period which included an announcement of a rights issue to shore up its balance sheet along with a U.S. 'stop work' order on a major offshore wind project. |
| ↓ | Persimmon, one of the UK's largest housebuilders, saw its shares decline as higher mortgage rates and affordability challenges weighed on demand. Despite some improvement in its order book, persistent cost pressures and regulatory burdens kept margins under strain, leaving investor sentiment cautious. |
| ↓ | Stellantis, the multinational carmaker, saw its shares fall over the period as profits slumped and restructuring risks grew. Losses were driven by weaker sales, higher costs and large charges from program cancellations, while tariffs and a negative product mix added pressure. Investor confidence was further hit by suspended guidance and a credit outlook downgrade |

---

Templeton Foreign Fund PAGE 1 804-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 8/31/2015 — 8/31/2025

![image](ts5004img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 8.63 | 10.24 | 5.14 |
| **MSCI All Country World ex-U.S. Index-NR**  | 15.42 | 8.94 | 7.33 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2582933485 |
| **Total Number of Portfolio Holdings** | 46 |
| **Total Management Fee Paid** | $16809875 |
| **Portfolio Turnover Rate** | 44.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts5004img004.jpg)

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

Templeton Foreign Fund PAGE 2 804-ATSR-1025

------

**HOW HAS THE FUND CHANGED?**

Effective December 31, 2024, Peter M. Moeschter retired and stepped down as a member of the Fund's portfolio management team.

This is a summary of a change to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Foreign Fund PAGE 3 804-ATSR-1025

1000010310119161187810458101401280610815134401519916511100001029212235126241221213227165161329214873175822029346.325.921.66.2 ------

---

| | |
|:---|:---|
| **Templeton Foreign Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTFGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Foreign Fund for the period September 1, 2024, to August 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R6 | $77 | 0.74% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R6 shares of Templeton Foreign Fund returned 9.31%. The Fund compares its performance to the MSCI All Country World ex U.S. Index-NR, which returned 15.42% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Standard Chartered, an emerging market-focused bank, delivered a strong year overall, with shares supported by robust earnings growth and capital returns. The bank benefited from higher income in wealth and markets divisions, disciplined cost control, and multiple share buybacks through mid-2025, which bolstered investor confidence. |
| ↑ | Alibaba Group, China's leading e-commerce and cloud provider, saw shares recover strongly over the year as artificial intelligence (AI)-driven growth and cloud momentum boosted sentiment. Active buybacks and supportive policy measures added tailwinds, though volatility persisted amid regulatory uncertainty and competitive pressures. |
| ↑ | Dassault Aviation, the French aerospace and defense group behind Rafale jets and Falcon business aircraft, saw strong share gains over the year. Performance was supported by solid results, a healthy order backlog and a new buyback program, though supply chain issues and political uncertainty added some volatility. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Ørsted A/S, a Danish multinational energy company was the leading stock detractor. Much of its negative contribution related to developments late in the period which included an announcement of a rights issue to shore up its balance sheet along with a U.S. 'stop work' order on a major offshore wind project. |
| ↓ | Persimmon, one of the UK's largest housebuilders, saw its shares decline as higher mortgage rates and affordability challenges weighed on demand. Despite some improvement in its order book, persistent cost pressures and regulatory burdens kept margins under strain, leaving investor sentiment cautious. |
| ↓ | Stellantis, the multinational carmaker, saw its shares fall over the period as profits slumped and restructuring risks grew. Losses were driven by weaker sales, higher costs and large charges from program cancellations, while tariffs and a negative product mix added pressure. Investor confidence was further hit by suspended guidance and a credit outlook downgrade |

---

Templeton Foreign Fund PAGE 1 340-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 8/31/2015 — 8/31/2025

![image](ts5001img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 9.31 | 10.90 | 5.83 |
| **MSCI All Country World ex-U.S. Index-NR**  | 15.42 | 8.94 | 7.33 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2582933485 |
| **Total Number of Portfolio Holdings** | 46 |
| **Total Management Fee Paid** | $16809875 |
| **Portfolio Turnover Rate** | 44.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts5001img004.jpg)

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

Templeton Foreign Fund PAGE 2 340-ATSR-1025

------

**HOW HAS THE FUND CHANGED?**

Effective December 31, 2024, Peter M. Moeschter retired and stepped down as a member of the Fund's portfolio management team.

This is a summary of a change to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Foreign Fund PAGE 3 340-ATSR-1025

1000010392121081213710760105041334211343141811612317625100001029212235126241221213227165161329214873175822029346.325.921.66.2 ------

---

| | |
|:---|:---|
| **Templeton Foreign Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [TFFAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Foreign Fund for the period September 1, 2024, to August 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Advisor Class | $89 | 0.85% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Advisor Class shares of Templeton Foreign Fund returned 9.14%. The Fund compares its performance to the MSCI All Country World ex U.S. Index-NR, which returned 15.42% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Standard Chartered, an emerging market-focused bank, delivered a strong year overall, with shares supported by robust earnings growth and capital returns. The bank benefited from higher income in wealth and markets divisions, disciplined cost control, and multiple share buybacks through mid-2025, which bolstered investor confidence. |
| ↑ | Alibaba Group, China's leading e-commerce and cloud provider, saw shares recover strongly over the year as artificial intelligence (AI)-driven growth and cloud momentum boosted sentiment. Active buybacks and supportive policy measures added tailwinds, though volatility persisted amid regulatory uncertainty and competitive pressures. |
| ↑ | Dassault Aviation, the French aerospace and defense group behind Rafale jets and Falcon business aircraft, saw strong share gains over the year. Performance was supported by solid results, a healthy order backlog and a new buyback program, though supply chain issues and political uncertainty added some volatility. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Ørsted A/S, a Danish multinational energy company was the leading stock detractor. Much of its negative contribution related to developments late in the period which included an announcement of a rights issue to shore up its balance sheet along with a U.S. 'stop work' order on a major offshore wind project. |
| ↓ | Persimmon, one of the UK's largest housebuilders, saw its shares decline as higher mortgage rates and affordability challenges weighed on demand. Despite some improvement in its order book, persistent cost pressures and regulatory burdens kept margins under strain, leaving investor sentiment cautious. |
| ↓ | Stellantis, the multinational carmaker, saw its shares fall over the period as profits slumped and restructuring risks grew. Losses were driven by weaker sales, higher costs and large charges from program cancellations, while tariffs and a negative product mix added pressure. Investor confidence was further hit by suspended guidance and a credit outlook downgrade |

---

Templeton Foreign Fund PAGE 1 604-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 8/31/2015 — 8/31/2025

![image](ts4995img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 9.14 | 10.78 | 5.66 |
| **MSCI All Country World ex-U.S. Index-NR**  | 15.42 | 8.94 | 7.33 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2582933485 |
| **Total Number of Portfolio Holdings** | 46 |
| **Total Management Fee Paid** | $16809875 |
| **Portfolio Turnover Rate** | 44.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4995img004.jpg)

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

Templeton Foreign Fund PAGE 2 604-ATSR-1025

------

**HOW HAS THE FUND CHANGED?**

Effective December 31, 2024, Peter M. Moeschter retired and stepped down as a member of the Fund's portfolio management team.

This is a summary of a change to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Foreign Fund PAGE 3 604-ATSR-1025

1000010365120331205310663103891318111206139891588417337100001029212235126241221213227165161329214873175822029346.325.921.66.2 ------

---

| | |
|:---|:---|
| **Templeton World Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [TEMWX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton World Fund for the period September 1, 2024, to August 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Class A | $112 | 1.05% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class A shares of Templeton World Fund returned 14.23%. The Fund compares its performance to the MSCI All Country World Index-NR, which returned 15.79% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Rolls-Royce Holdings saw shares surge over the year as its turnaround project continued to deliver profits and cash flow stepped up, distributions were reinstated alongside a buyback, and guidance was raised after a strong first half. Sentiment was further supported by civil-aerospace recovery, steady defense and progress on small modular reactors. |
| ↑ | A newly established position in Safran SA added value over the period as the company delivered strong results and maintained a positive outlook. Growth in its core businesses and steady demand for services supported confidence, while a favorable environment for aerospace and defense provided an additional boost. |
| ↑ | GE Vernova, a U.S.-based electrification and power-equipment provider (wind turbines, gas turbines and grid solutions), benefited from U.S. generation and grid build-out and rising data-center power demand, but the position was closed during the period on valuation after a strong run. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | UnitedHealth detracted as it shares sold off in the second quarter of 2025 after a first quarter earnings miss, higher-than-expected Medicare Advantage medical costs, a surprise CEO change, and news of a federal investigation; the Fund exited the position during the period as these developments undermined the original thesis. |
| ↓ | Also from the health care sector, Ireland-based ICON plc underperformed, with its share price declining after it reported weaker-than-expected first quarter 2025 results and lowered full-year guidance, and after it cited delays and cancellations in clinical trial activity—particularly among biotech clients—highlighting ongoing softness in the contract research market. |
| ↓ | From the energy sector, BP detracted due to timing rather than thesis. The Fund initiated the position mid-period and held it through a softer phase for the shares; then exited ahead of the late-August recovery, so the holding window captured the drawdown but not the subsequent rebound. |

---

Templeton World Fund PAGE 1 102-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 8/31/2015 — 8/31/2025

![image](ts4970img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 14.23 | 10.44 | 6.91 |
| **Class A (with sales charge)**  | 7.92 | 9.20 | 6.31 |
| **MSCI All Country World Index-NR**  | 15.79 | 12.00 | 11.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2797739781 |
| **Total Number of Portfolio Holdings** | 46 |
| **Total Management Fee Paid** | $18583845 |
| **Portfolio Turnover Rate** | 100.16% |

---

Templeton World Fund PAGE 2 102-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4970img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, Templeton Asset Management Ltd. no longer serves as sub-advisor to the Fund.

In addition, effective December 31, 2024, Peter M. Moeschter stepped down as a member of the Fund's portfolio management team.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton World Fund PAGE 3 102-ATSR-1025

94509529110961196310740112211368210618126601614018436100001072412560139931395416260209171759420048247482865662.724.910.81.6 ------

---

| | |
|:---|:---|
| **Templeton World Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [TEWTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton World Fund for the period September 1, 2024, to August 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Class C | $192 | 1.80% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class C shares of Templeton World Fund returned 13.39%. The Fund compares its performance to the MSCI All Country World Index-NR, which returned 15.79% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Rolls-Royce Holdings saw shares surge over the year as its turnaround project continued to deliver profits and cash flow stepped up, distributions were reinstated alongside a buyback, and guidance was raised after a strong first half. Sentiment was further supported by civil-aerospace recovery, steady defense and progress on small modular reactors. |
| ↑ | A newly established position in Safran SA added value over the period as the company delivered strong results and maintained a positive outlook. Growth in its core businesses and steady demand for services supported confidence, while a favorable environment for aerospace and defense provided an additional boost. |
| ↑ | GE Vernova, a U.S.-based electrification and power-equipment provider (wind turbines, gas turbines and grid solutions), benefited from U.S. generation and grid build-out and rising data-center power demand, but the position was closed during the period on valuation after a strong run. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | UnitedHealth detracted as it shares sold off in the second quarter of 2025 after a first quarter earnings miss, higher-than-expected Medicare Advantage medical costs, a surprise CEO change, and news of a federal investigation; the Fund exited the position during the period as these developments undermined the original thesis. |
| ↓ | Also from the health care sector, Ireland-based ICON plc underperformed, with its share price declining after it reported weaker-than-expected first quarter 2025 results and lowered full-year guidance, and after it cited delays and cancellations in clinical trial activity—particularly among biotech clients—highlighting ongoing softness in the contract research market. |
| ↓ | From the energy sector, BP detracted due to timing rather than thesis. The Fund initiated the position mid-period and held it through a softer phase for the shares; then exited ahead of the late-August recovery, so the holding window captured the drawdown but not the subsequent rebound. |

---

Templeton World Fund PAGE 1 202-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 8/31/2015 — 8/31/2025

![image](ts4971img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 13.39 | 9.62 | 6.10 |
| **Class C (with sales charge)**  | 12.39 | 9.62 | 6.10 |
| **MSCI All Country World Index-NR**  | 15.79 | 12.00 | 11.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2797739781 |
| **Total Number of Portfolio Holdings** | 46 |
| **Total Management Fee Paid** | $18583845 |
| **Portfolio Turnover Rate** | 100.16% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4971img004.jpg)

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

Templeton World Fund PAGE 2 202-ATSR-1025

------

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, Templeton Asset Management Ltd. no longer serves as sub-advisor to the Fund.

In addition, effective December 31, 2024, Peter M. Moeschter stepped down as a member of the Fund's portfolio management team.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton World Fund PAGE 3 202-ATSR-1025

1000010011115721238411028114271383810654126081594818084100001072412560139931395416260209171759420048247482865662.724.910.81.6 ------

---

| | |
|:---|:---|
| **Templeton World Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTWRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton World Fund for the period September 1, 2024, to August 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R6 | $82 | 0.76% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R6 shares of Templeton World Fund returned 14.61%. The Fund compares its performance to the MSCI All Country World Index-NR, which returned 15.79% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Rolls-Royce Holdings saw shares surge over the year as its turnaround project continued to deliver profits and cash flow stepped up, distributions were reinstated alongside a buyback, and guidance was raised after a strong first half. Sentiment was further supported by civil-aerospace recovery, steady defense and progress on small modular reactors. |
| ↑ | A newly established position in Safran SA added value over the period as the company delivered strong results and maintained a positive outlook. Growth in its core businesses and steady demand for services supported confidence, while a favorable environment for aerospace and defense provided an additional boost. |
| ↑ | GE Vernova, a U.S.-based electrification and power-equipment provider (wind turbines, gas turbines and grid solutions), benefited from U.S. generation and grid build-out and rising data-center power demand, but the position was closed during the period on valuation after a strong run. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | UnitedHealth detracted as it shares sold off in the second quarter of 2025 after a first quarter earnings miss, higher-than-expected Medicare Advantage medical costs, a surprise CEO change, and news of a federal investigation; the Fund exited the position during the period as these developments undermined the original thesis. |
| ↓ | Also from the health care sector, Ireland-based ICON plc underperformed, with its share price declining after it reported weaker-than-expected first quarter 2025 results and lowered full-year guidance, and after it cited delays and cancellations in clinical trial activity—particularly among biotech clients—highlighting ongoing softness in the contract research market. |
| ↓ | From the energy sector, BP detracted due to timing rather than thesis. The Fund initiated the position mid-period and held it through a softer phase for the shares; then exited ahead of the late-August recovery, so the holding window captured the drawdown but not the subsequent rebound. |

---

Templeton World Fund PAGE 1 802-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 8/31/2015 — 8/31/2025

![image](ts4972img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 14.61 | 10.77 | 7.24 |
| **MSCI All Country World Index-NR**  | 15.79 | 12.00 | 11.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2797739781 |
| **Total Number of Portfolio Holdings** | 46 |
| **Total Management Fee Paid** | $18583845 |
| **Portfolio Turnover Rate** | 100.16% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4972img004.jpg)

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

Templeton World Fund PAGE 2 802-ATSR-1025

------

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, Templeton Asset Management Ltd. no longer serves as sub-advisor to the Fund.

In addition, effective December 31, 2024, Peter M. Moeschter stepped down as a member of the Fund's portfolio management team.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton World Fund PAGE 3 802-ATSR-1025

1000010118118251278711523120651475611489137291755320117100001072412560139931395416260209171759420048247482865662.724.910.81.6 ------

---

| | |
|:---|:---|
| **Templeton World Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [TWDAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton World Fund for the period September 1, 2024, to August 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Advisor Class | $86 | 0.80% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Advisor Class shares of Templeton World Fund returned 14.55%. The Fund compares its performance to the MSCI All Country World Index-NR, which returned 15.79% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Rolls-Royce Holdings saw shares surge over the year as its turnaround project continued to deliver profits and cash flow stepped up, distributions were reinstated alongside a buyback, and guidance was raised after a strong first half. Sentiment was further supported by civil-aerospace recovery, steady defense and progress on small modular reactors. |
| ↑ | A newly established position in Safran SA added value over the period as the company delivered strong results and maintained a positive outlook. Growth in its core businesses and steady demand for services supported confidence, while a favorable environment for aerospace and defense provided an additional boost. |
| ↑ | GE Vernova, a U.S.-based electrification and power-equipment provider (wind turbines, gas turbines and grid solutions), benefited from U.S. generation and grid build-out and rising data-center power demand, but the position was closed during the period on valuation after a strong run. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | UnitedHealth detracted as it shares sold off in the second quarter of 2025 after a first quarter earnings miss, higher-than-expected Medicare Advantage medical costs, a surprise CEO change, and news of a federal investigation; the Fund exited the position during the period as these developments undermined the original thesis. |
| ↓ | Also from the health care sector, Ireland-based ICON plc underperformed, with its share price declining after it reported weaker-than-expected first quarter 2025 results and lowered full-year guidance, and after it cited delays and cancellations in clinical trial activity—particularly among biotech clients—highlighting ongoing softness in the contract research market. |
| ↓ | From the energy sector, BP detracted due to timing rather than thesis. The Fund initiated the position mid-period and held it through a softer phase for the shares; then exited ahead of the late-August recovery, so the holding window captured the drawdown but not the subsequent rebound. |

---

Templeton World Fund PAGE 1 602-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 8/31/2015 — 8/31/2025

![image](ts4969img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 14.55 | 10.72 | 7.18 |
| **MSCI All Country World Index-NR**  | 15.79 | 12.00 | 11.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2797739781 |
| **Total Number of Portfolio Holdings** | 46 |
| **Total Management Fee Paid** | $18583845 |
| **Portfolio Turnover Rate** | 100.16% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4969img004.jpg)

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

Templeton World Fund PAGE 2 602-ATSR-1025

------

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, Templeton Asset Management Ltd. no longer serves as sub-advisor to the Fund.

In addition, effective December 31, 2024, Peter M. Moeschter stepped down as a member of the Fund's portfolio management team.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton World Fund PAGE 3 602-ATSR-1025

1000010112118041275811484120191469811431136631746320003100001072412560139931395416260209171759420048247482865662.724.910.81.6 ------

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

ITEM 2. CODE OF ETHICS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Ann Torre Bates and David W. Niemiec possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Ann Torre Bates and David W. Niemiec as the Audit Committee's financial experts. Ann Torre Bates and David W. Niemiec are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending August 31, 2024 and August 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $124,940 in August 31, 2024 and $97,689 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $6,000 in August 31, 2024 and $0 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in August 31, 2024 and $21,000 in August 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee were $140,000 in August 31, 2024 and $0 in August 31, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in August 31, 2024 and $0 in August 31, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $47,804 in August 31, 2024 and $0 in August 31, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $193,804 in August 31, 2024 and $218,343 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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

#### Annual
\|

August

31,

2025

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 15
Notes

to

Financial

Statements

#### 19
Report

of

Independent

Registered

Public

Accounting

Firm

#### 31
Tax

Information

#### 32
Changes

In

and

Disagreements

with

Accountants

#### 33
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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.60

$7.78

$6.32

$7.77

$6.22

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.17 0.18 0.16 0.13 0.18 c

Net

realized

and

unrealized

gains

(losses)

...........

0.56 0.83 1.38 (1.28)

1.46 Total

from

investment

operations

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

0.73 1.01 1.54 (1.15)

1.64 Less

distributions

from:

Net

investment

income

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

(0.18)

(0.19)

(0.08)

(0.30)

(0.09)

Net

asset

value,

end

of

year

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

$9.15

$8.60

$7.78

$6.32

$7.77

Total

return

d

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

8.91%

13.28%

24.57%

(15.25)%

26.57%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

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%

1.07%

Net

investment

income

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

1.99%

2.26%

2.20%

1.80%

2.45%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,541,500

$1,606,239

$1,605,982

$1,418,293

$1,990,939

Portfolio

turnover

rate

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

44.39%

e

42.01%

14.85%

29.07%

37.85%

e

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.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3h

for

current

year

information.

Templeton

Funds

Financial

Highlights

#### Templeton

#### Foreign

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.59

$7.76

$6.29

$7.70

$6.17

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.10 0.12 0.10 0.07 0.13 c

Net

realized

and

unrealized

gains

(losses)

...........

0.58 0.83 1.39 (1.27)

1.43 Total

from

investment

operations

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

0.68 0.95 1.49 (1.20)

1.56 Less

distributions

from:

Net

investment

income

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

(0.11)

(0.12)

(0.02)

(0.21)

(0.03)

Net

asset

value,

end

of

year

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

$9.16

$8.59

$7.76

$6.29

$7.70

Total

return

d

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

8.13%

12.40%

23.65%

(15.95)%

25.55%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

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%

1.82%

Net

investment

income

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

1.17%

1.47%

1.41%

1.03%

1.81%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$13,876

$17,220

$21,611

$23,962

$39,083

Portfolio

turnover

rate

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

44.39%

e

42.01%

14.85%

29.07%

37.85%

e

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

0.58%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3h

for

current

year

information.

Templeton

Funds

Financial

Highlights

#### Templeton

#### Foreign

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.38

$7.58

$6.16

$7.58

$6.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.14 0.16 0.14 0.11 0.16 c

Net

realized

and

unrealized

gains

(losses)

...........

0.55 0.82 1.35 (1.25)

1.42 Total

from

investment

operations

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

0.69 0.98 1.49 (1.14)

1.58 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.18)

(0.07)

(0.28)

(0.08)

Net

asset

value,

end

of

year

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

$8.91

$8.38

$7.58

$6.16

$7.58

Total

return

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

8.63%

13.09%

24.27%

(15.54)%

26.29%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

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%

1.32%

Net

investment

income

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

1.74%

2.03%

1.95%

1.57%

2.21%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$113,063

$121,214

$116,518

$103,984

$123,744

Portfolio

turnover

rate

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

44.39%

d

42.01%

14.85%

29.07%

37.85%

d

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

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3h

for

current

year

information.

Templeton

Funds

Financial

Highlights

#### Templeton

#### Foreign

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.43

$7.63

$6.20

$7.64

$6.12

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.20 0.21 0.18 0.15 0.21 c

Net

realized

and

unrealized

gains

(losses)

...........

0.54 0.81 1.36 (1.26)

1.43 Total

from

investment

operations

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

0.74 1.02 1.54 (1.11)

1.64 Less

distributions

from:

Net

investment

income

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

(0.21)

(0.22)

(0.11)

(0.33)

(0.12)

Net

asset

value,

end

of

year

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

$8.96

$8.43

$7.63

$6.20

$7.64

Total

return

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

9.31%

13.69%

25.02%

(14.98)%

27.02%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.78%

0.78%

0.77%

0.81%

0.79%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.74%

0.74%

0.74%

0.73%

0.69%

Net

investment

income

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

2.37%

2.72%

2.57%

2.13%

2.86%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$368,372

$387,773

$341,058

$290,974

$531,344

Portfolio

turnover

rate

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

44.39%

d

42.01%

14.85%

29.07%

37.85%

d

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

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3h

for

current

year

information.

Templeton

Funds

Financial

Highlights

#### Templeton

#### Foreign

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.44

$7.64

$6.21

$7.64

$6.12

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.20 0.17 0.15 0.20 c

Net

realized

and

unrealized

gains

(losses)

...........

0.55 0.81 1.36 (1.26)

1.43 Total

from

investment

operations

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

0.73 1.01 1.53 (1.11)

1.63 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.21)

(0.10)

(0.32)

(0.11)

Net

asset

value,

end

of

year

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

$8.97

$8.44

$7.64

$6.21

$7.64

Total

return

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

9.14%

13.55%

24.84%

(14.99)%

26.88%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

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%

0.82%

Net

investment

income

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

2.19%

2.54%

2.43%

2.06%

2.80%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$546,122

$672,907

$680,297

$602,921

$620,885

Portfolio

turnover

rate

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

44.39%

d

42.01%

14.85%

29.07%

37.85%

d

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

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3h

for

current

year

information.

Templeton

Funds

Schedule

of

Investments,

August

31,

2025

#### Templeton

#### Foreign

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 94.7%

#### China

#### 5.5%
a

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

4,634,725

$

76,740,245

a

Tencent

Holdings

Ltd.

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

Interactive

Media

&

Services

833,937

64,583,841

141,324,086

#### Denmark

#### 1.9%
Novo

Nordisk

A/S

,

B

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

Pharmaceuticals

877,179

49,568,874

#### France

#### 11.6%
BNP

Paribas

SA

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

Banks

930,639

83,631,690

Carrefour

SA

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

Consumer

Staples

Distribution

&

Retail

7,529,059

109,004,591

Dassault

Aviation

SA

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

Aerospace

&

Defense

166,989

52,714,122

Kering

SA

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

Textiles,

Apparel

&

Luxury

Goods

201,448

53,980,847

299,331,250

#### Germany

#### 1.0%
Continental

AG

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

Automobile

Components

300,310

26,332,723

#### Hong

#### Kong

#### 3.9%
AIA

Group

Ltd.

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

Insurance

2,768,066

26,308,685

Prudential

plc

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

Insurance

5,682,639

75,793,853

102,102,538

#### India

#### 2.8%
HDFC

Bank

Ltd.

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

Banks

6,651,352

71,790,884

#### Japan

#### 5.2%
Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

3,065,687

83,495,812

Toyota

Motor

Corp.

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

Automobiles

2,633,070

50,982,650

134,478,462

#### Netherlands

#### 8.0%
Akzo

Nobel

NV

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

Chemicals

808,055

55,856,628

ASM

International

NV

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

Semiconductors

&

Semiconductor

Equipment

81,190

38,985,025

Heineken

NV

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

Beverages

483,760

39,237,761

ING

Groep

NV

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

Banks

3,026,876

72,266,617

206,346,031

#### Portugal

#### 2.0%
Galp

Energia

SGPS

SA

,

B

.........

Oil,

Gas

&

Consumable

Fuels

2,669,290

51,885,013

#### Singapore

#### 2.4%
STMicroelectronics

NV

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

Semiconductors

&

Semiconductor

Equipment

2,269,625

61,850,393

#### South

#### Korea

#### 3.4%
Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

1,749,374

87,398,370

#### Sweden

#### 1.5%
Securitas

AB

,

B

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

Commercial

Services

&

Supplies

2,484,955

38,027,612

#### Switzerland

#### 2.3%
Adecco

Group

AG

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

Professional

Services

1,856,598

59,473,191

#### Taiwan

#### 3.0%
Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

2,067,724

77,439,183

#### United

#### Kingdom

#### 18.4%
AstraZeneca

plc

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

Pharmaceuticals

573,668

91,450,950

Barratt

Redrow

plc

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

Household

Durables

9,964,049

48,440,888

JD

Sports

Fashion

plc

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

Specialty

Retail

59,095,260

76,707,784

Templeton

Funds

Schedule

of

Investments

#### Templeton

#### Foreign

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### United

#### Kingdom
(continued)

Lloyds

Banking

Group

plc

..........

Banks

23,432,935

$

25,137,298

Persimmon

plc

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

Household

Durables

3,145,867

45,200,213

SSE

plc

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

Electric

Utilities

2,731,763

63,836,752

Standard

Chartered

plc

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

Banks

3,911,296

73,288,259

Unilever

plc

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

Personal

Care

Products

832,670

52,529,081

476,591,225

#### United

#### States

#### 21.8%
BP

plc

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

Oil,

Gas

&

Consumable

Fuels

18,543,706

108,473,714

CNH

Industrial

NV

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

Machinery

6,964,088

79,738,808

CRH

plc

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

Construction

Materials

183,509

20,690,264

Freeport-McMoRan,

Inc.

...........

Metals

&

Mining

584,741

25,962,500

b

ICON

plc

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

Life

Sciences

Tools

&

Services

148,848

26,486,013

ManpowerGroup,

Inc.

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

Professional

Services

721,924

30,609,578

Sanofi

SA

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

Pharmaceuticals

662,103

65,688,576

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

1,822,771

67,113,279

Smurfit

WestRock

plc

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

Containers

&

Packaging

1,821,480

86,265,293

Stellantis

NV

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

Automobiles

2,615,571

25,044,873

Swiss

Re

AG

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

Insurance

143,782

26,059,642

562,132,540

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 2,013,877,392

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

#### 2,446,072,375

#### Short

#### Term

#### Investments

#### 6.3%
a

#### a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Time

#### Deposits

#### 6.3%

#### Canada

#### 3.8%
National

Bank

of

Canada

,

4.33 %

,

9/02/25

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

55,000,000

55,000,000

Royal

Bank

of

Canada

,

4.3 %

,

9/02/25

.

42,200,000

42,200,000

97,200,000

#### France

#### 2.5%
Credit

Agricole

Corporate

and

Investment

Bank

SA

,

4.31 %

,

9/02/25

65,000,000

65,000,000

#### Total

#### Time

#### Deposits

#### (Cost

#### $

#### 162,200,000

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

#### 162,200,000
a

#### a
a

a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 162,200,000

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

#### 162,200,000
a

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,176,077,392

####)
101.0 #### %
................................

#### $2,608,272,375

#### Other

#### Assets,

#### less

#### Liabilities

#### (1.0 ####)

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

#### (25,338,890)

#### Net

#### Assets

#### 100.0%

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

#### $2,582,933,485

#### a
\*

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

August

31,

2025,

the

aggregate

value

of

these

securities

was

$141,324,086,

representing

5.5%

of

net

assets.

b

Non-income

producing.

Templeton

Funds

Financial

Highlights

#### Templeton

#### World

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.62

$13.91

$11.85

$15.52

$12.71

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

0.05 0.01 0.04 (—)

c

0.20 d

Net

realized

and

unrealized

gains

(losses)

...........

2.31 3.79 2.21 (3.44)

2.61 Total

from

investment

operations

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

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

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

(1.11)

—

(0.14)

—

—

Total

distributions

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

(1.11)

(0.09)

(0.19)

(0.23)

—

Net

asset

value,

end

of

year

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

$18.87

$17.62

$13.91

$11.85

$15.52

Total

return

e

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

14.23%

27.48%

19.23%

(22.39)%

22.11%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

1.05%

1.03%

f

1.04%

f

1.04%

1.03%

f

Net

investment

income

(loss)

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

0.26%

0.09%

0.32%

(—)%

g

1.42%

d

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$2,667,444

$2,592,377

$2,289,332

$2,138,297

$3,060,714

Portfolio

turnover

rate

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

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.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Rounds

to

less

than

0.01%.

Templeton

Funds

Financial

Highlights

#### Templeton

#### World

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.71

$13.21

$11.30

$14.76

$12.18

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.08)

(0.10)

(0.06)

(0.10)

0.10 c

Net

realized

and

unrealized

gains

(losses)

...........

2.18 3.60 2.11 (3.29)

2.48 Total

from

investment

operations

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

2.10 3.50 2.05 (3.39)

2.58 Less

distributions

from:

Net

investment

income

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

—

—

—

(0.07)

—

Net

realized

gains

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

(1.11)

—

(0.14)

—

—

Total

distributions

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

(1.11)

—

(0.14)

(0.07)

—

Net

asset

value,

end

of

year

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

$17.70

$16.71

$13.21

$11.30

$14.76

Total

return

d

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

13.39%

26.50%

18.33%

(23.01)%

21.18%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

1.80%

1.79%

e

1.79%

e

1.81%

1.80%

e

Net

investment

income

(loss)

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

(0.50)%

(0.67)%

(0.48)%

(0.77)%

0.70%

c

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$5,360

$6,187

$6,476

$7,348

$12,585

Portfolio

turnover

rate

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

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.

e

Benefit

of

waiver

and

payments

by

affiliates

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.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.64

$13.92

$11.86

$15.53

$12.69

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.10 0.06 0.08 0.04 0.24 c

Net

realized

and

unrealized

gains

(losses)

...........

2.32 3.79 2.19 (3.43)

2.60 Total

from

investment

operations

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

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

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

(1.11)

—

(0.14)

—

—

Total

distributions

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

(1.16)

(0.13)

(0.21)

(0.28)

—

Net

asset

value,

end

of

year

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

$18.90

$17.64

$13.92

$11.86

$15.53

Total

return

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

14.61%

27.85%

19.50%

(22.14)%

22.38%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.78%

0.78%

0.77%

0.78%

0.78%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.76%

0.75%

0.75%

0.76%

0.76%

Net

investment

income

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

0.55%

0.41%

0.61%

0.29%

1.68%

c

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$25,997

$26,493

$38,834

$34,238

$42,010

Portfolio

turnover

rate

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

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

0.74%.

Templeton

Funds

Financial

Highlights

#### Templeton

#### World

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.65

$13.93

$11.86

$15.54

$12.70

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.09 0.05 0.07 0.03 0.24 c

Net

realized

and

unrealized

gains

(losses)

...........

2.33 3.80 2.21 (3.44)

2.60 Total

from

investment

operations

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

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

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

(1.11)

—

(0.14)

—

—

Total

distributions

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

(1.16)

(0.13)

(0.21)

(0.27)

—

Net

asset

value,

end

of

year

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

$18.91

$17.65

$13.93

$11.86

$15.54

Total

return

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

14.55%

27.81%

19.52%

(22.22)%

22.36%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

0.80%

0.79%

d

0.79%

d

0.81%

0.80%

d

Net

investment

income

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

0.51%

0.33%

0.57%

0.24%

1.64%

c

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$98,938

$93,548

$99,935

$86,424

$115,823

Portfolio

turnover

rate

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

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

0.70%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Funds

Schedule

of

Investments,

August

31,

2025

#### Templeton

#### World

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 98.7%

#### China

#### 1.9%
a

Tencent

Holdings

Ltd.

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

Interactive

Media

&

Services

695,703

$

53,878,377

#### France

#### 11.4%
Airbus

SE

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

Aerospace

&

Defense

389,677

81,469,416

LVMH

Moet

Hennessy

Louis

Vuitton

SE

Textiles,

Apparel

&

Luxury

Goods

73,989

43,685,634

Safran

SA

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

Aerospace

&

Defense

401,262

133,350,810

Vinci

SA

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

Construction

&

Engineering

444,925

60,345,859

318,851,719

#### Germany

#### 3.6%
SAP

SE

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

Software

236,887

64,479,786

Siemens

AG

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

Industrial

Conglomerates

133,153

36,910,738

101,390,524

#### India

#### 2.0%
HDFC

Bank

Ltd.

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

Banks

5,121,974

55,283,654

#### Japan

#### 1.6%
Mizuho

Financial

Group,

Inc.

........

Banks

1,388,119

45,666,201

#### Netherlands

#### 4.7%
Akzo

Nobel

NV

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

Chemicals

542,741

37,516,855

ASM

International

NV

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

Semiconductors

&

Semiconductor

Equipment

69,226

33,240,268

ING

Groep

NV

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

Banks

1,190,857

28,431,692

Universal

Music

Group

NV

.........

Entertainment

1,115,052

31,521,749

130,710,564

#### Taiwan

#### 5.3%
Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

3,020,074

113,106,035

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

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

Semiconductors

&

Semiconductor

Equipment

155,074

35,801,934

148,907,969

#### United

#### Kingdom

#### 5.3%
AstraZeneca

plc

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

Pharmaceuticals

317,369

50,593,194

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

6,688,866

96,455,792

147,048,986

#### United

#### States

#### 62.9%
Alcon

AG

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

Health

Care

Equipment

&

Supplies

344,458

27,450,884

Alphabet,

Inc.

,

A

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

Interactive

Media

&

Services

495,737

105,547,365

b

Amazon.com,

Inc.

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

Broadline

Retail

756,012

173,126,748

Apple,

Inc.

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

Technology

Hardware,

Storage

&

Peripherals

260,525

60,478,274

AT&T,

Inc.

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

Diversified

Telecommunication

Services

1,529,890

44,810,478

Bank

of

America

Corp.

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

Banks

563,225

28,578,037

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

5,017

28,090,434

b

Builders

FirstSource,

Inc.

..........

Building

Products

314,250

43,580,190

Charles

Schwab

Corp.

(The)

........

Capital

Markets

592,679

56,802,355

CRH

plc

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

Construction

Materials

622,955

70,362,767

Eli

Lilly

&

Co.

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

Pharmaceuticals

64,107

46,963,506

Ferguson

Enterprises,

Inc.

.........

Trading

Companies

&

Distributors

306,573

70,864,349

HCA

Healthcare,

Inc.

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

Health

Care

Providers

&

Services

67,638

27,323,047

b

ICON

plc

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

Life

Sciences

Tools

&

Services

360,448

64,138,117

Intercontinental

Exchange,

Inc.

......

Capital

Markets

175,210

30,942,086

Intuit,

Inc.

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

Software

53,142

35,445,714

KeyCorp

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

Banks

1,496,539

28,972,995

Meta

Platforms,

Inc.

,

A

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

Interactive

Media

&

Services

64,687

47,784,287

Microsoft

Corp.

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

Software

389,946

197,581,739

Templeton

Funds

Schedule

of

Investments

#### Templeton

#### World

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

page

30. a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### United

#### States
(continued)

b

MongoDB,

Inc.

,

A

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

IT

Services

95,294

$

30,075,739

NIKE,

Inc.

,

B

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

Textiles,

Apparel

&

Luxury

Goods

724,800

56,077,776

NVIDIA

Corp.

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

Semiconductors

&

Semiconductor

Equipment

978,282

170,397,159

b

Pinterest,

Inc.

,

A

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

Interactive

Media

&

Services

1,278,808

46,842,737

Salesforce,

Inc.

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

Software

307,072

78,687,200

Schneider

Electric

SE

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

Electrical

Equipment

146,756

36,055,961

Smurfit

WestRock

plc

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

Containers

&

Packaging

871,754

41,286,269

Thermo

Fisher

Scientific,

Inc.

.......

Life

Sciences

Tools

&

Services

65,375

32,211,570

Wells

Fargo

&

Co.

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

Banks

970,182

79,729,557

1,760,207,340

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 2,071,915,066

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

#### 2,761,945,334

#### Short

#### Term

#### Investments

#### 1.6%
a

#### a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Time

#### Deposits

#### 1.6%

#### Canada

#### 1.6%
National

Bank

of

Canada

,

4.33 %

,

9/02/25

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

45,800,000

45,800,000

#### Total

#### Time

#### Deposits

#### (Cost

#### $

#### 45,800,000

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

#### 45,800,000
a

#### a
a

a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 45,800,000

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

#### 45,800,000
a

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,117,715,066

####)
100.3 #### %
.................................

#### $2,807,745,334

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.3 ####)

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

#### (10,005,553)

#### Net

#### Assets

#### 100.0%

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

#### $2,797,739,781

#### a
\*

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

August

31,

2025,

the

value

of

this

security

was

$53,878,377,

representing

1.9%

of

net

assets.

b

Non-income

producing.

Templeton

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$2,176,077,392

$2,117,715,066

Value

-

Unaffiliated

issuers

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

$2,608,272,375

$2,807,745,334

Cash

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

68,388

83,890

Foreign

currency,

at

value

(cost

$

16,148,428

and

$

12,594,669

,

respectively)

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

16,148,429

12,594,669

Receivables:

Investment

securities

sold

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

29,792,115

—

Capital

shares

sold

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

845,048

312,205

Dividends

and

interest

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

13,678,972

5,763,428

European

Union

tax

reclaims

(Note

d)

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

—

725,647

Other

assets

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

38,833

—

Total

assets

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

2,668,844,160

2,827,225,173

Liabilities:

Payables:

Investment

securities

purchased

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

74,983,722

17,433,037

Capital

shares

redeemed

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

1,536,162

1,308,595

Management

fees

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

1,654,015

1,653,985

Distribution

fees

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

387,474

571,574

Transfer

agent

fees

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

991,777

499,511

Trustees'

fees

and

expenses

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

8,354

9,279

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

d)

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

—

1,110,522

Deferred

taxes

on

unrealized

appreciation

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

6,055,493

6,662,306

Accrued

expenses

and

other

liabilities

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

293,678

236,583

Total

liabilities

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

85,910,675

29,485,392

Net

assets,

at

value

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

$2,582,933,485

$2,797,739,781

Net

assets

consist

of:

Paid-in

capital

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

$2,202,981,154

$1,824,156,913

Total

distributable

earnings

(losses)

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

379,952,331

973,582,868

Net

assets,

at

value

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

$2,582,933,485

$2,797,739,781

Templeton

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$1,541,500,072

$2,667,444,244

Shares

outstanding

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

168,525,862

141,329,236

Net

asset

value

per

share

a

,b

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

$9.15

$18.87

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

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

$9.68

$19.97

#### Class

#### C:
Net

assets,

at

value

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

$13,876,145

$5,360,465

Shares

outstanding

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

1,514,789

302,807

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$9.16

$17.70

#### Class

#### R:
Net

assets,

at

value

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

$113,063,195

$—

Shares

outstanding

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

12,693,827

—

Net

asset

value

and

maximum

offering

price

per

share

b

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

$8.91

$—

#### Class

#### R6:
Net

assets,

at

value

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

$368,372,411

$25,997,370

Shares

outstanding

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

41,114,729

1,375,644

Net

asset

value

and

maximum

offering

price

per

share

b

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

$8.96

$18.90

#### Advisor

#### Class:
Net

assets,

at

value

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

$546,121,662

$98,937,702

Shares

outstanding

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

60,879,120

5,232,993

Net

asset

value

and

maximum

offering

price

per

share

b

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

$8.97

$18.91

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

year

ended

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$5,000,998

and

$1,832,575,

respectively)

Unaffiliated

issuers

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

$75,265,064

$32,051,911

Interest:

Unaffiliated

issuers

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

3,093,956

2,945,101

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

9,346

46,253

Non-controlled

affiliates

(Note

3f)

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

9,554

—

Other

income

(Note

d)

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

—

Total

investment

income

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

78,377,920

35,043,690

Expenses:

Management

fees

(Note

a)

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

17,710,122

18,583,845

Distribution

fees:

(Note

3c)

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

A

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

3,727,053

6,369,243

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

C

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

148,404

56,253

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

R

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

565,845

—

Transfer

agent

fees:

(Note

3e)

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

A

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

2,083,291

1,695,270

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

C

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

20,770

3,712

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

R

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

158,404

—

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

R6

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

145,962

12,237

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

Class

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

776,709

61,860

Custodian

fees

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

172,858

101,369

Reports

to

shareholders

fees

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

186,163

142,735

Registration

and

filing

fees

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

142,700

122,033

Professional

fees

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

111,999

134,513

Trustees'

fees

and

expenses

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

330,546

345,061

Other

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

304,725

131,059

Total

expenses

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

26,585,551

27,759,190

Expenses

waived/paid

by

affiliates

(Note

g)

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

(927,128)

(4,613)

Net

expenses

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

25,658,423

27,754,577

Net

investment

income

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

52,719,497

7,289,113

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

\*

(net

of

foreign

taxes

of

$506,113

and

$7,422,945,

respectively)

Unaffiliated

issuers

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

129,830,998

397,875,600

Foreign

currency

transactions

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

40,784

(320,482)

Net

realized

gain

(loss)

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

129,871,782

397,555,118

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

24,670,661

(41,058,703)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(253,458)

156,155

Change

in

deferred

taxes

on

unrealized

appreciation

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

(3,215,761)

(5,546,709)

Net

change

in

unrealized

appreciation

(depreciation)

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

21,201,442

(46,449,257)

Net

realized

and

unrealized

gain

(loss)

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

151,073,224

351,105,861

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$203,792,721

$358,394,974

\*

Includes

gains

from

redemption

in-kind

(Note

3h).

Templeton

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$52,719,497

$64,339,019

$7,289,113

$2,583,412

Net

realized

gain

(loss)

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

129,871,782

103,748,878

397,555,118

100,666,254

Net

change

in

unrealized

appreciation

(depreciation)

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

21,201,442

171,507,654

(46,449,257)

520,751,727

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

203,792,721

339,595,551

358,394,974

624,001,393

Distributions

to

shareholders:

Class

A

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

(32,084,926)

(38,812,451)

(158,900,136)

(14,953,871)

Class

C

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

(199,047)

(295,894)

(382,723)

—

Class

R

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

(2,255,243)

(2,632,847)

—

—

Class

R6

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

(9,520,094)

(9,644,844)

(1,680,416)

(205,885)

Advisor

Class

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

(13,240,139)

(17,081,011)

(6,032,030)

(895,055)

Total

distributions

to

shareholders

.....

(57,299,449)

(68,467,047)

(166,995,305)

(16,054,811)

Capital

share

transactions:

(Note

2)

Class

A

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

(154,386,205)

(157,603,357)

(107,578,857)

(272,123,294)

Class

C

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

(4,109,409)

(6,197,267)

(1,117,407)

(1,777,651)

Class

R

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

(15,048,062)

(7,085,712)

—

—

Class

R6

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

(42,582,011)

9,999,335

(2,258,995)

(17,165,412)

Advisor

Class

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

(152,786,832)

(70,354,689)

(1,309,258)

(32,853,217)

Total

capital

share

transactions

.......

(368,912,519)

(231,241,690)

(112,264,517)

(323,919,574)

Net

increase

(decrease)

in

net

assets

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

(222,419,247)

39,886,814

79,135,152

284,027,008

Net

assets:

Beginning

of

year

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

2,805,352,732

2,765,465,918

2,718,604,629

2,434,577,621

End

of

year

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

$2,582,933,485

$2,805,352,732

$2,797,739,781

$2,718,604,629

Templeton

Funds

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

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

franklintempleton.com

Annual

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

August

31,

2025,

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. 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

by

a

third

party

borrower.

At

August

31,

2025,

the

Funds

had

no

securities

on

loan.

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Templeton

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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.

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.

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

August

31,

2025, 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).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

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.

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Templeton

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

August

31,

2025,

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:
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)

Year

ended

August

31,

2024

Shares

sold

a

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

9,555,624

$75,231,692

6,353,386

$99,358,967

Shares

issued

in

reinvestment

of

distributions

..........

4,666,810

36,681,131

928,168

13,616,230

Shares

redeemed

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

(33,920,778)

(269,516,180)

(24,693,083)

(385,098,491)

Net

increase

(decrease)

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

(19,698,344)

$(157,603,357)

(17,411,529)

$(272,123,294)

Class

C

#### Class

#### C

#### Shares:
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)

Year

ended

August

31,

2024

Shares

sold

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

265,488

$2,125,389

56,191

$817,772

Shares

issued

in

reinvestment

of

distributions

..........

36,831

290,964

—

—

Shares

redeemed

a

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

(1,083,426)

(8,613,620)

(176,119)

(2,595,423)

Net

increase

(decrease)

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

(781,107)

$(6,197,267)

(119,928)

$(1,777,651)

Class

R

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Accounting

#### Estimates
(continued)

Templeton

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
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)

—

$—

Year

ended

August

31,

2024

Shares

sold

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

1,479,757

$11,427,166

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

342,528

2,627,190

—

—

Shares

redeemed

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

(2,720,095)

(21,140,068)

—

—

Net

increase

(decrease)

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

(897,810)

$(7,085,712)

—

$—

Class

R6

#### Class

#### R6

#### Shares:
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)

Year

ended

August

31,

2024

Shares

sold

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

13,717,923

$107,363,530

309,898

$4,753,315

Shares

issued

in

reinvestment

of

distributions

..........

1,089,371

8,377,264

13,688

200,657

Shares

redeemed

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

(13,511,386)

(105,741,459)

(1,610,919)

(22,119,384)

Net

increase

(decrease)

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

1,295,908

$9,999,335

(1,287,333)

$(17,165,412)

Advisor

Class

#### Advisor

#### Class

#### Shares:
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

(Note

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)

Year

ended

August

31,

2024

Shares

sold

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

15,356,768

$118,242,979

1,505,746

$23,667,750

Shares

issued

in

reinvestment

of

distributions

..........

2,040,870

15,714,698

57,657

845,823

Shares

redeemed

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

(26,736,853)

(204,312,366)

(3,435,460)

(57,366,790)

Net

increase

(decrease)

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

(9,339,215)

$(70,354,689)

(1,872,057)

$(32,853,217)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Templeton

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

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

year

ended

August

31,

2025,

each

Fund's

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

#### 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

#### 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%

0.696%

Templeton

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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.

Effective

August

1,

2025,

the

subadvisory

agreement

was

terminated

for

Templeton

World

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:

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

year:

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

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Class

A

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

0.25%

0.25%

Class

C

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

1.00%

1.00%

Class

R

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

0.50%

—%

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$31,437

$24,485

CDSC

retained

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

$3,035

$610

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Templeton

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

year

ended

August

31,

2025,

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

year

ended

August

31,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

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,

2025. 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,

2025. #### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Transfer

agent

fees

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

$845,622

$608,983

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

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

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

a

a

a

a

a

a

a

#### Templeton

#### Foreign

#### Fund

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.25%

.

$—

$23,768,717

$(23,768,717)

$—

$—

$—

—

$9,554

#### Total

#### Affiliated

#### Securities

#### ...
$—

$23,768,717

$(23,768,717)

$—

$—

$—

$9,554

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Transfer

#### Agent

#### Fees
(continued)

Templeton

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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.

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:

During

the

year

ended August

31,

2025,

the

utilized

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

August

31,

2025

and

2024,

was

as

follows:

At

August

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

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
Capital

loss

utilized

carryforwards

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

$78,264,738

$—

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$57,299,449

$68,467,047

$42,362,374

$16,054,811

Long

term

capital

gain

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

—

—

124,632,931

—

$57,299,449

$68,467,047

$166,995,305

$16,054,811

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
a

a

a

Cost

of

investments

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

$2,187,391,571

$2,128,030,320

Unrealized

appreciation

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

$530,136,751

$704,708,154

Unrealized

depreciation

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

(109,255,947)

(24,993,140)

Net

unrealized

appreciation

(depreciation)

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

$420,880,804

$679,715,014

Distributable

earnings:

Undistributed

ordinary

income

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

$89,219,069

$—

Undistributed

long

term

capital

gains

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

—

306,794,156

Total

distributable

earnings

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

$89,219,069

$306,794,156

3. #### Transactions

#### with

#### Affiliates
(continued)

Templeton

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

year

ended

August

31,

2025,

were

as

follows:

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,

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 Fund's

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

30,

2026. 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

year ended

August

31,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Purchases

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

$1,100,513,218

$2,641,417,872

Sales

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

$1,443,917,515

$2,941,095,846

4. #### Income

#### Taxes
(continued)

Templeton

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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)

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

August

31,

2025,

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:

Common

Stocks

:

China

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

$

—

$

141,324,086

$

—

$

141,324,086

Denmark

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

—

49,568,874

—

49,568,874

France

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

—

299,331,250

—

299,331,250

Germany

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

—

26,332,723

—

26,332,723

Hong

Kong

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

—

102,102,538

—

102,102,538

India

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

—

71,790,884

—

71,790,884

Japan

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

—

134,478,462

—

134,478,462

Netherlands

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

—

206,346,031

—

206,346,031

Portugal

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

—

51,885,013

—

51,885,013

Singapore

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

—

61,850,393

—

61,850,393

South

Korea

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

—

87,398,370

—

87,398,370

Sweden

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

—

38,027,612

—

38,027,612

Switzerland

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

—

59,473,191

—

59,473,191

Taiwan

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

—

77,439,183

—

77,439,183

United

Kingdom

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

—

476,591,225

—

476,591,225

United

States

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

249,062,192

313,070,348

—

562,132,540

Short

Term

Investments

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

—

162,200,000

—

162,200,000

Total

Investments

in

Securities

...........

$249,062,192

$2,359,210,183

a

$—

$2,608,272,375

#### Templeton

#### World

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

China

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

—

53,878,377

—

53,878,377

France

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

—

318,851,719

—

318,851,719

Germany

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

—

101,390,524

—

101,390,524

India

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

—

55,283,654

—

55,283,654

Japan

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

—

45,666,201

—

45,666,201

Netherlands

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

—

130,710,564

—

130,710,564

Taiwan

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

35,801,934

113,106,035

—

148,907,969

United

Kingdom

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

—

147,048,986

—

147,048,986

United

States

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

1,696,700,495

63,506,845

—

1,760,207,340

Short

Term

Investments

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

—

45,800,000

—

45,800,000

Total

Investments

in

Securities

...........

$1,732,502,429

$1,075,242,905

b

$—

$2,807,745,334

Templeton

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

9. #### Operating

#### Segments
The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

or

results

of

operations.

Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

chief

investment

officer

of

each

Fund's

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. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

11. #### 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
a

Includes

foreign

securities

valued

at

$2,197,010,183,

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.

b

Includes

foreign

securities

valued

at

$1,029,442,905,

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.

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

8. #### Fair

#### Value

#### Measurements
(continued)

Templeton

Funds

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Templeton

Funds

and

Shareholders

of

Templeton

World

Fund

and

Templeton

Foreign

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Templeton

World

Fund

and

Templeton

Foreign

Fund

(constituting

Templeton

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

August

31,

2025,

the

related

statements

of

operations

for

the

year

ended

August

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

August

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

August

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

August

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2025

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

October

20,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Templeton

Funds

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

below

hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

August

31,

2025:

Under

Section

853

of

the

Internal

Revenue

Code,

the

Funds

below intend

to

elect

to

pass

through

to

their

shareholders

the

following

amounts,

or

amounts

as

finally

determined,

of

foreign

taxes

paid

and

foreign

source

income

earned

by

the

Funds

during

the

fiscal

year

ended

August

31,

2025:

#### Pursuant

#### to:

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

—

$139,259,889

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$1,933,756

$13,890,112

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$72,791,684

$30,676,444

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

—

$36,298,814

Section

163(j)

Interest

Dividends

Earned

§163(j)

$2,367,924

$1,743,774

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
Foreign

Taxes

Paid

$3,700,503

—

Foreign

Source

Income

Earned

$57,506,029

—

Templeton

Funds

franklintempleton.com

Annual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(unaudited)

#### TEMPLETON

#### FUNDS

#### Templeton

#### Foreign

#### Fund

#### Templeton

#### World

#### Fund
(each

a

Fund)

At

an

in-person

meeting

held

on

May

29,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Templeton

Funds

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

(i) the

investment

management

agreement

between

Templeton

Global

Advisors

Limited

(TGAL)

and

the

Trust,

on

behalf

of

each

Fund

(Investment

Management

Agreement);

and

(ii) the

investment

sub-advisory

agreement

between

TGAL

and

Templeton

Asset

Management

Ltd

(Sub-Adviser),

an

affiliate

of

TGAL,

on

behalf

of

Templeton

World

Fund

(Sub-Advisory

Agreement)

for

an

additional

one-year

period.

The

Board

also

considered

and

approved

an

amendment

to

the

Sub-Advisory

Agreement

between

TGAL

and

the

Sub-Adviser

on

behalf

of

Templeton

World

Fund

(Sub-Advisory

Agreement

Amendment,

together

with

the

Sub-Advisory

Agreement,

the

Amended

Sub-Advisory

Agreement).

The

Investment

Management

Agreement

and

the

Amended

Sub-Advisory

Agreement

are

each

referred

to

as

a

Management

Agreement.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

each

Management

Agreement.

TGAL

and

the

Sub-Adviser

are

each

referred

to

herein

as

a

Manager.

In

considering

the

continuance

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

each

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Managers

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

#### 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

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Templeton

Funds

franklintempleton.com

Annual

Report

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

each

Manager;

(ii) the

investment

performance

of

each

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

each

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreements

are

fair

and

reasonable

and

that

the

continuance

of

each

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

each

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

each

Manager;

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

each

Manager

and

its

affiliates;

and

management

fees

charged

by

each

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Managers'

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

each

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund's

performance

results

is

below.

Templeton

Funds

franklintempleton.com

Annual

Report

*Templeton* 

*Foreign* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

international

multi-cap

value

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

three-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

this

performance

with

management

and

management

explained

that

the

Fund's

deeper

value

strategy

and

lower

quality

characteristics

versus

the

Performance

Universe

negatively

impacted

the

Fund's

relative

returns

given

the

challenging

market

environment

for

the

Fund's

value

investment

style

over

the

one-

and

five-year

periods.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

changes

to

the

Fund's

portfolio

positioning.

Management

further

discussed

its

conviction

in

the

Fund's

current

portfolio

positioning

and

investment

processes

and

its

view

that,

despite

the

recent

market

environment,

it

believes

the

Fund's

current

portfolio

positioning

will

positively

impact

the

Fund's

performance

over

the

longer

term.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-

year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*Templeton* 

*World* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

global

multi-cap

value

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

three-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

was

positive

for

all

periods

with

a

one-year

return

of

18.11%

that

fell

within

the

first

quintile

of

the

Fund's

Performance

Universe.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

each

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

the

Templeton

World

Fund

and

Templeton

Foreign

Fund

and

for

each

other

fund

in

their

applicable

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

*Templeton* 

*Foreign* 

*Fund*

-

The

Expense

Group

for

the

Fund

included

the

Fund,

four

other

international

multi-cap

value

funds,

three

international

multi-cap

core

funds,

and

three

international

multi-cap

growth

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

below

the

medians

and

in

the

first

quintile

(least

expensive)

of

its

Expense

Group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

*Templeton* 

*World* 

*Fund*

-

The

Expense

Group

for

the

Fund

included

the

Fund

and

five

other

global

multi-cap

value

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

below

the

medians

of

its

Expense

Group.

The

Board

reviewed

and

considered

information

from

the

Managers

with

respect

to

the

Sub-Advisory

Agreement

Amendment,

which

included

information

on

an

increase

to

the

sub-advisory

fee

paid

by

TGAL

to

the

Sub-Adviser

from

25%

to

33%

of

the

"net

advisory

fee"

paid

by

the

Fund

to

TGAL,

in

light

of

the

retirement

of

a

portfolio

manager

of

the

Fund

employed

by

TGAL

and

the

reallocation

of

responsibilities

as

between

TGAL

and

the

Sub-Adviser.

The

Board

also

noted

that

the

amended

sub-advisory

fee

does

not

impact

the

amount

of

management

fees

that

are

currently

paid

by

the

Fund

as

Templeton

Funds

franklintempleton.com

Annual

Report

the

Sub-Adviser

is

paid

by

TGAL

out

of

the

management

fee

that

TGAL

receives

from

the

Fund.

The

Board

further

noted

that

the

allocation

of

the

fee

between

TGAL

and

the

Sub-Adviser

reflects

the

services

provided

by

the

Sub-Adviser

pursuant

to

the

Sub-Advisory

Agreement.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

and

the

sub-advisory

fee

paid

to

the

Sub-Adviser

are

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

TGAL

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds'

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds'

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

each

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

each

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

each

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

each

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

each

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

a

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Managers'

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Managers

incur

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

each

Manager

and

its

affiliates,

each

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

each

Management

Agreement

for

an

additional

one-year

period.

TLF-AFSOI

10/25©

2025

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) Code of Ethics attached hereto.](tfftwf-efp18137_ex99code.htm)

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.](tfftwf-efp18137_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.](tfftwf-efp18137_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** | **Templeton Funds** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | October 29, 2025 |

---

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: | October 29, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | October 29, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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: | October 29, 2025 |
| /s/ Christopher Kings | /s/ Christopher Kings |
| Christopher Kings | Christopher Kings |
| Chief Executive Officer – Finance and Administration | 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: | October 29, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer | 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 **August 31, 2025** (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: October 29, 2025 | Date: October 29, 2025 |

---

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.