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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanofi SA</name>
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        <invCountry>FR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>adidas AG</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Danish Krone</name>
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        <invCountry>DK</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lloyds Banking Group plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Royal Bank of Canada</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Akzo Nobel NV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co. Ltd.</name>
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        <title>Taiwan Semiconductor Manufacturing Co. Ltd.</title>
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          <isin value="TW0002330008"/>
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        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cie de Saint-Gobain SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prudential plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Novo Nordisk A/S</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Daiwa Securities Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BP plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Smurfit Westrock plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Tencent Holdings Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Diageo plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>STMicroelectronics NV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Indian Rupee</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JD Sports Fashion plc</name>
        <lei>213800HROV6Y9MUU8375</lei>
        <title>JD Sports Fashion plc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Shell plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SK Hynix, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Toyota Motor Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Carrefour SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Standard Chartered plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Persimmon plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CNH Industrial NV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AstraZeneca plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SK Hynix, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AIA Group Ltd.</name>
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        <title>AIA Group Ltd.</title>
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        <invCountry>HK</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Dassault Aviation SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Taiwan Dollar</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Booking Holdings, Inc.</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Heineken NV</name>
        <lei>724500K5PTPSST86UQ23</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Heidelberg Materials AG</name>
        <lei>LZ2C6E0W5W7LQMX5ZI37</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>JD.com, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Prosus NV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Barratt Redrow plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verisure plc</name>
        <lei>636700ZY9PP0NGXTA943</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Swedish Krona</name>
        <lei>N/A</lei>
        <title>Swedish Krona</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency Code" value="SEK"/>
        </identifiers>
        <balance>-0.01000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="SEK" exchangeRt="9.57765000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSE plc</name>
        <lei>549300KI75VYLLMSK856</lei>
        <title>SSE plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007908733"/>
          <other otherDesc="Inhouse Asset ID" value="29210"/>
        </identifiers>
        <balance>1901037.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800738"/>
        <valUSD>62491943.58000000</valUSD>
        <pctVal>2.555431321224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co. Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <other otherDesc="Inhouse Asset ID" value="19148"/>
        </identifiers>
        <balance>470241.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1368.60000000"/>
        <valUSD>88773455.92000000</valUSD>
        <pctVal>3.630139450869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smurfit Westrock plc</name>
        <lei>635400EGSEOPDW2EXS14</lei>
        <title>Smurfit Westrock plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00028FXN24"/>
          <other otherDesc="Inhouse Asset ID" value="1369005"/>
        </identifiers>
        <balance>34738.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1629212.20000000</valUSD>
        <pctVal>0.066622025917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Templeton Funds</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
