Templeton Global Smaller Companies Fund NPORT-P Templeton Global Smaller Companies Fund (Nov 2020 report)

Templeton

Global

Smaller

Companies

Fund

Statement

of

Investments

(unaudited),

November

30,

2020

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

1

a

a

Industry

Shares

a

Value

a

Common

Stocks

91.3%

Bahamas

1.1%

OneSpaWorld

Holdings

Ltd.

........

Diversified

Consumer

Services

1,478,293

$

13,068,110

Belgium

1.5%

Barco

NV

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

Electronic

Equipment,

Instruments

&

Components

471,324

10,157,419

Fagron

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

Health

Care

Providers

&

Services

310,815

7,202,472

17,359,891

Brazil

1.3%

a

Camil

Alimentos

SA

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

Food

Products

4,891,600

10,167,161

a

M

Dias

Branco

SA

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

Food

Products

794,100

4,809,360

14,976,521

Canada

2.9%

Canaccord

Genuity

Group,

Inc.

......

Capital

Markets

1,492,300

10,272,310

a,b

Canada

Goose

Holdings,

Inc.

.......

Textiles,

Apparel

&

Luxury

Goods

209,400

6,963,608

Canadian

Western

Bank

...........

Banks

382,670

8,892,382

Finning

International,

Inc.

..........

Trading

Companies

&

Distributors

103,700

2,115,919

North

West

Co.,

Inc.

(The)

..........

Food

&

Staples

Retailing

198,400

5,132,812

33,377,031

China

0.9%

Haitian

International

Holdings

Ltd.

....

Machinery

3,678,000

9,964,431

Denmark

0.5%

a

Matas

A/S

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

Specialty

Retail

482,581

6,248,054

a

Finland

1.8%

Huhtamaki

OYJ

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

Containers

&

Packaging

411,460

20,606,284

France

1.2%

a,b

Solutions

30

SE

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

IT

Services

662,771

13,394,147

a

Germany

4.3%

Gerresheimer

AG

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

Life

Sciences

Tools

&

Services

116,571

13,600,995

Grand

City

Properties

SA

..........

Real

Estate

Management

&

Development

420,824

9,965,960

Jenoptik

AG

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

Electronic

Equipment,

Instruments

&

Components

368,495

10,959,541

b

Rational

AG

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

Machinery

16,473

14,637,887

49,164,383

Hong

Kong

3.1%

Johnson

Electric

Holdings

Ltd.

......

Auto

Components

5,036,250

11,864,643

Techtronic

Industries

Co.

Ltd.

.......

Machinery

1,403,290

17,914,567

VTech

Holdings

Ltd.

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

Communications

Equipment

775,800

5,976,097

35,755,307

Indonesia

0.1%

a,c,d

Sakari

Resources

Ltd.

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

Oil,

Gas

&

Consumable

Fuels

1,342,000

615,410

a

Italy

5.0%

a

Brunello

Cucinelli

SpA

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

Textiles,

Apparel

&

Luxury

Goods

243,755

9,568,709

a

Freni

Brembo

SpA

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

Auto

Components

436,393

5,649,562

Interpump

Group

SpA

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

Machinery

521,173

22,728,954

a,e

Technogym

SpA

,

144A,

Reg

S

......

Leisure

Products

1,872,324

20,291,822

58,239,047

Japan

11.0%

Asics

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

932,400

16,758,168

Templeton

Global

Smaller

Companies

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Japan

(continued)

Bunka

Shutter

Co.

Ltd.

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

Building

Products

685,600

$

5,974,665

en

-japan,

Inc.

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

Professional

Services

201,800

6,255,533

Idec

Corp.

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

Electrical

Equipment

529,700

9,335,068

IDOM,

Inc.

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

Specialty

Retail

1,813,600

9,861,410

Kobayashi

Pharmaceutical

Co.

Ltd.

...

Personal

Products

56,478

6,782,866

Matsumotokiyoshi

Holdings

Co.

Ltd.

..

Food

&

Staples

Retailing

166,600

7,776,495

Meitec

Corp.

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

Professional

Services

165,300

7,609,711

Nihon

Parkerizing

Co.

Ltd.

..........

Chemicals

529,300

5,537,622

Rinnai

Corp.

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

Household

Durables

108,300

12,636,199

Seria

Co.

Ltd.

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

Multiline

Retail

132,900

4,690,144

TechnoPro

Holdings,

Inc.

..........

Professional

Services

110,900

9,357,529

Tsumura

&

Co.

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

Pharmaceuticals

644,700

18,761,012

Zojirushi

Corp.

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

Household

Durables

308,800

5,588,215

126,924,637

Netherlands

2.3%

Aalberts

NV

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

Machinery

148,409

6,401,559

a

Arcadis

NV

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

Construction

&

Engineering

431,206

13,169,273

e

Flow

Traders,

144A,

Reg

S

.........

Capital

Markets

222,759

7,169,821

26,740,653

South

Korea

1.3%

BNK

Financial

Group,

Inc.

..........

Banks

1,415,028

7,184,673

DGB

Financial

Group,

Inc.

..........

Banks

1,178,608

7,747,446

14,932,119

Sweden

4.4%

BillerudKorsnas

AB

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

Containers

&

Packaging

315,734

5,073,824

Cloetta

AB,

B

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

Food

Products

1,638,654

4,602,675

a,e

Dometic

Group

AB,

144A

..........

Auto

Components

1,649,518

20,764,264

a,e

Thule

Group

AB,

144A,

Reg

S

.......

Leisure

Products

602,179

20,276,930

50,717,693

Switzerland

6.1%

Bucher

Industries

AG

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

Machinery

42,624

17,974,987

a

Landis+Gyr

Group

AG

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

Electronic

Equipment,

Instruments

&

Components

120,862

8,703,191

Logitech

International

SA

..........

Technology

Hardware,

Storage

&

Peripherals

224,570

20,278,671

a

Siegfried

Holding

AG

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

Life

Sciences

Tools

&

Services

20,321

14,267,927

Tecan

Group

AG

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

Life

Sciences

Tools

&

Services

21,832

9,598,660

70,823,436

Taiwan

7.7%

Catcher

Technology

Co.

Ltd.

........

Technology

Hardware,

Storage

&

Peripherals

1,089,000

7,170,706

Chicony

Electronics

Co.

Ltd.

........

Technology

Hardware,

Storage

&

Peripherals

5,455,432

16,297,787

Giant

Manufacturing

Co.

Ltd.

........

Leisure

Products

1,590,311

15,697,239

King

Yuan

Electronics

Co.

Ltd.

......

Semiconductors

&

Semiconductor

Equipment

11,061,000

13,691,582

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

1,652,000

14,420,954

Nien

Made

Enterprise

Co.

Ltd.

......

Household

Durables

764,000

8,996,819

Tripod

Technology

Corp.

...........

Electronic

Equipment,

Instruments

&

Components

3,011,000

12,920,102

89,195,189

United

Kingdom

3.5%

a

Greggs

plc

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

Hotels,

Restaurants

&

Leisure

336,674

7,536,140

Janus

Henderson

Group

plc

........

Capital

Markets

355,733

10,149,062

Man

Group

plc

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

Capital

Markets

6,323,155

9,893,204

Templeton

Global

Smaller

Companies

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

Kingdom

(continued)

a

Oxford

Instruments

plc

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

Electronic

Equipment,

Instruments

&

Components

497,260

$

12,250,476

39,828,882

United

States

31.3%

Alamo

Group,

Inc.

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

Machinery

163,210

22,150,861

a

BrightView

Holdings,

Inc.

...........

Commercial

Services

&

Supplies

579,900

7,909,836

Columbia

Sportswear

Co.

..........

Textiles,

Apparel

&

Luxury

Goods

223,250

18,290,873

a

Crown

Holdings,

Inc.

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

Containers

&

Packaging

230,800

21,752,900

Deluxe

Corp.

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

Commercial

Services

&

Supplies

182,900

4,707,846

a

Ferro

Corp.

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

Chemicals

1,109,840

15,881,810

a

Freshpet

,

Inc.

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

Food

Products

161,100

22,051,368

Hillenbrand,

Inc.

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

Machinery

500,410

18,750,363

Huntington

Bancshares,

Inc.

........

Banks

1,466,399

17,714,100

a

Integer

Holdings

Corp.

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

Health

Care

Equipment

&

Supplies

36,201

2,609,730

a

Jones

Lang

LaSalle,

Inc.

...........

Real

Estate

Management

&

Development

86,500

11,443,085

a

Knowles

Corp.

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

Electronic

Equipment,

Instruments

&

Components

896,610

15,224,438

LCI

Industries

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

Auto

Components

85,380

10,739,096

Lear

Corp.

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

Auto

Components

74,800

10,692,660

b

Levi

Strauss

&

Co.,

A

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

Textiles,

Apparel

&

Luxury

Goods

868,100

15,964,359

a

LivaNova

plc

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

Health

Care

Equipment

&

Supplies

153,400

8,107,190

a

Livent

Corp.

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

Chemicals

539,600

8,185,732

MGP

Ingredients,

Inc.

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

Beverages

262,500

11,447,625

Patrick

Industries,

Inc.

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

Auto

Components

140,635

8,865,630

a

PRA

Health

Sciences,

Inc.

..........

Life

Sciences

Tools

&

Services

147,700

16,571,940

Sealed

Air

Corp.

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

Containers

&

Packaging

260,500

11,738,130

a

Sonos

,

Inc.

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

Household

Durables

1,085,700

24,145,968

a

Texas

Capital

Bancshares,

Inc.

......

Banks

153,070

8,556,613

a

TriMas

Corp.

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

Machinery

646,250

17,274,263

TrustCo

Bank

Corp.

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

Thrifts

&

Mortgage

Finance

1,229,300

7,461,851

United

Insurance

Holdings

Corp.

.....

Insurance

148,949

659,844

US

Ecology,

Inc.

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

Commercial

Services

&

Supplies

152,500

5,168,225

Voya

Financial,

Inc.

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

Diversified

Financial

Services

175,800

10,131,354

Winnebago

Industries,

Inc.

.........

Automobiles

147,910

7,828,876

362,026,566

Total

Common

Stocks

(Cost

$715,830,699)

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

1,053,957,791

Management

Investment

Companies

1.4%

United

States

1.4%

iShares

Russell

1000

ETF

..........

Capital

Markets

80,905

16,523,228

Total

Management

Investment

Companies

(Cost

$16,438,514)

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

16,523,228

Preferred

Stocks

0.5%

Brazil

0.5%

a

Alpargatas

SA,

0.14%

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

Textiles,

Apparel

&

Luxury

Goods

759,387

5,688,690

a

Total

Preferred

Stocks

(Cost

$2,101,134)

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

5,688,690

Warrants

a

a

a

a

a

Warrants

0.1%

Bahamas

0.1%

a

OneSpaWorld

Holdings

Ltd.

,

3/19/24

..

Diversified

Consumer

Services

314,014

745,783

Total

Warrants

(Cost

$–)

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

745,783

Templeton

Global

Smaller

Companies

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

4

See

Abbreviations

on

page

8

.

a

a

Industry

Units

a

Value

a

a

a

a

a

a

Private

Limited

Partnership

Funds

1.8%

United

States

1.8%

AllianceBernstein

Holding

LP

.......

Capital

Markets

657,065

$

20,940,662

Total

Private

Limited

Partnership

Funds

(Cost

$8,653,606)

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

20,940,662

Total

Long

Term

Investments

(Cost

$743,023,953)

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

1,097,856,154

Short

Term

Investments

7.4%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

5.1%

United

States

5.1%

f

FHLB,

12/01/20

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

58,300,000

58,300,000

Total

U.S.

Government

and

Agency

Securities

(Cost

$58,300,000)

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

58,300,000

Industry

Shares

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

2.3%

Money

Market

Funds

2.3%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

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

26,808,653

26,808,653

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$26,808,653)

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

26,808,653

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$85,108,653

)

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

85,108,653

a

a

a

a

Total

Investments

(Cost

$828,132,606)

102.5%

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

$1,182,964,807

Other

Assets,

less

Liabilities

(2.5)%

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

(28,125,252)

Net

Assets

100.0%

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

$1,154,839,555

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

November

30,

2020.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

d

See

Note

5

regarding

restricted

securities.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2020,

the

aggregate

value

of

these

securities

was

$68,502,837,

representing

5.9%

of

net

assets.

f

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

g

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Global

Smaller

Companies

Fund

5

Notes

to

Statement

of

Investments

(unaudited)

1.

Organization

Templeton

Global

Smaller

Companies

Fund

(Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Fund's 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

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

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

Fund’s

Board

of

Trustees

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

exchange

traded

funds

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

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

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. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

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

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

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

Fund’s

portfolio securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

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

Fund's

Templeton

Global

Smaller

Companies

Fund

Notes

to

Statement

of

Investments

(unaudited)

6

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m

Eastern

time.

At

November

30,

2020,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy.

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

Fund’s

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

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

Fund for

financial

reporting

purposes.

3.

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.

Current

political

and

financial

uncertainty

surrounding

the

European

Union

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

Europe.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities. 

4. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

5.

Restricted

Securities

At

November

30,

2020,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

Shares

Issuer

Acquisition

Date

Cost

Value

Templeton

Global

Smaller

Companies

Fund

1,342,000

Sakari

Resources

Ltd

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

1/18/12-2/23/12

$

2,478,736

$

615,410

2. Financial

Instrument

Valuation

(continued)

Templeton

Global

Smaller

Companies

Fund

Notes

to

Statement

of

Investments

(unaudited)

7

6.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

November

30,

2020,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

7. Fair

Value

Measurements 

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Fund's

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.

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Global

Smaller

Companies

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$13,747,178

$48,513,976

$(35,452,501)

$

—

$

—

$26,808,653

26,808,653

$—

Total

Affiliated

Securities

....

$13,747,178

$48,513,976

$(35,452,501)

$—

$—

$26,808,653

$—

Templeton

Global

Smaller

Companies

Fund

Notes

to

Statement

of

Investments

(unaudited)

8

A

summary

of

inputs

used

as

of

November

30,

2020,

in

valuing

the Fund's

assets

carried

at

fair

value,

is

as

follows:  

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

8.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Statement

of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Global

Smaller

Companies

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Bahamas

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

$

13,068,110

$

—

$

—

$

13,068,110

Belgium

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

—

17,359,891

—

17,359,891

Brazil

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

14,976,521

—

—

14,976,521

Canada

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

33,377,031

—

—

33,377,031

China

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

—

9,964,431

—

9,964,431

Denmark

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

6,248,054

—

—

6,248,054

Finland

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

—

20,606,284

—

20,606,284

France

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

—

13,394,147

—

13,394,147

Germany

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

14,637,887

34,526,496

—

49,164,383

Hong

Kong

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

—

35,755,307

—

35,755,307

Indonesia

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

—

—

615,410

615,410

Italy

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

—

58,239,047

—

58,239,047

Japan

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

—

126,924,637

—

126,924,637

Netherlands

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

—

26,740,653

—

26,740,653

South

Korea

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

—

14,932,119

—

14,932,119

Sweden

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

—

50,717,693

—

50,717,693

Switzerland

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

20,278,671

50,544,765

—

70,823,436

Taiwan

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

—

89,195,189

—

89,195,189

United

Kingdom

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

10,149,062

29,679,820

—

39,828,882

United

States

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

362,026,566

—

—

362,026,566

Management

Investment

Companies

.........

16,523,228

—

—

16,523,228

Preferred

Stocks

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

5,688,690

—

—

5,688,690

Warrants

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

745,783

—

—

745,783

Private

Limited

Partnership

Funds

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

20,940,662

—

—

20,940,662

Short

Term

Investments

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

26,808,653

58,300,000

—

85,108,653

Total

Investments

in

Securities

...........

$545,468,918

$636,880,479

$615,410

$1,182,964,807

Selected

Portfolio

ETF

Exchange-Traded

Fund

FHLB

Federal

Home

Loan

Banks

7. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.