UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07876
Templeton China World Fund
(Exact name of registrant as specified in charter)
300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices) (Zip code)
Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant's telephone number, including area code: 954 527-7500
Date of fiscal year end: 8/31
Date of reporting period: 2/29/24
Item 1. Reports to Stockholders.
a.)
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1.)
b.)
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Templeton
China
World
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
February
29,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semianual
Report
13
Templeton
China
World
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$62,974,084
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
1,566,074
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$590,399)
...................................
$61,557,751
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
1,566,074
Receivables:
Investment
securities
sold
...................................................................
2,033,414
Capital
shares
sold
........................................................................
168,454
Total
assets
..........................................................................
65,325,693
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,728,162
Capital
shares
redeemed
...................................................................
93,235
Management
fees
.........................................................................
96,873
Distribution
fees
..........................................................................
9,348
Transfer
agent
fees
........................................................................
43,791
Trustees'
fees
and
expenses
.................................................................
1,766
Payable
upon
return
of
securities
loaned
(Note
1
c
)
..................................................
547,834
Accrued
expenses
and
other
liabilities
...........................................................
103,562
Total
liabilities
.........................................................................
2,624,571
Net
assets,
at
value
.................................................................
$62,701,122
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$92,612,352
Total
distributable
earnings
(losses)
.............................................................
(29,911,230)
Net
assets,
at
value
.................................................................
$62,701,122
Templeton
China
World
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
29,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semianual
Report
15
Templeton
China
World
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$14,795)
Unaffiliated
issuers
........................................................................
$296,900
Non-controlled
affiliates
(Note
3
f
)
.............................................................
13,456
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
630
Non-controlled
affiliates
(Note
3
f
)
.............................................................
4,942
Total
investment
income
...................................................................
315,928
Expenses:
Management
fees
(Note
3
a
)
...................................................................
392,511
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
59,202
Class
C
................................................................................
8,128
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
57,511
Class
C
................................................................................
1,974
Class
R6
...............................................................................
1,017
Advisor
Class
............................................................................
25,220
Custodian
fees
.............................................................................
4,602
Reports
to
shareholders
fees
..................................................................
13,595
Registration
and
filing
fees
....................................................................
40,922
Professional
fees
...........................................................................
32,758
Trustees'
fees
and
expenses
..................................................................
6,141
Other
....................................................................................
5,181
Total
expenses
.........................................................................
648,762
Expenses
waived/paid
by
affiliates
(Not
e
3f
and
3g)
..............................................
(13,092)
Net
expenses
.........................................................................
635,670
Net
investment
income
(loss)
............................................................
(319,742)
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(8,407,095)
Foreign
currency
transactions
................................................................
(5,170)
Net
realized
gain
(loss)
..................................................................
(8,412,265)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(5,535,063)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
21
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(5,535,042)
Net
realized
and
unrealized
gain
(loss)
............................................................
(13,947,307)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(14,267,049)
Templeton
China
World
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semianual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Templeton
China
World
Fund
Six
Months
Ended
February
29,
2024
(unaudited)
Year
Ended
August
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
(loss)
............................................
$(319,742)
$(488,193)
Net
realized
gain
(loss)
.................................................
(8,412,265)
(18,820,455)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(5,535,042)
(1,227,883)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(14,267,049)
(20,536,531)
Distributions
to
shareholders:
Class
A
.............................................................
(39,847)
(750,683)
Class
C
.............................................................
-
(27,875)
Class
R6
............................................................
(11,560)
(20,046)
Advisor
Class
........................................................
(83,113)
(303,358)
Total
distributions
to
shareholders
..........................................
(134,520)
(1,101,962)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(5,057,279)
(9,562,016)
Class
C
.............................................................
(270,923)
(404,918)
Class
R6
............................................................
(203,943)
48,457
Advisor
Class
........................................................
(3,107,896)
(2,413,523)
Total
capital
share
transactions
............................................
(8,640,041)
(12,332,000)
Net
increase
(decrease)
in
net
assets
...................................
(23,041,610)
(33,970,493)
Net
assets:
Beginning
of
period
.....................................................
85,742,732
119,713,225
End
of
period
..........................................................
$62,701,122
$85,742,732
Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f)Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
(2) The audit committee financial experts are Ann Torre Bates and David W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
Item 4.
Principal Accountant Fees and Services. N/A
Item 5. Audit Committee
of Listed Registrants.
N/A
Item 6. Schedule of Investments.
N/A
Item 7
. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A
Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. N/A
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
Item 11. Controls and Procedures.
(a)
Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant's filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant's management, including the Registrant's principal executive officer and the Registrant's principal financial officer, of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures. Based on such evaluation, the Registrant's principal executive officer and principal financial officer concluded that the Registrant's disclosure controls and procedures are effective.
(b)
Changes in Internal Controls:
There have been no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company. N/A
Item 13. Recovery of Erroneously Awarded Compensation.
(a) N/A
(b) N/A
Item 14. Exhibits.
(a)(1) Code of Ethics
codeofethics
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
section302
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(2)(2) There was no change in the Registrant's independent public accountant during the period covered by the report.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
section906
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TEMPLETON CHINA WORLD FUND
By S\CHRISTOPHER KINGS _________________
Christopher Kings
Chief Executive Officer - Finance and Administration
Date April 29, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By S\CHRISTOPHER KINGS _________________
Christopher Kings
Chief Executive Officer - Finance and Administration
Date April 29, 2024
By S\JEFFREY WHITE______________________
Jeffrey White
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date April 29, 2024