Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
103-Q3PH
1
Schedule
of
Investments
(unaudited)
Templeton
Global
Smaller
Companies
Fund
2
Notes
to
Schedule
of
Investments
6
Templeton
Global
Smaller
Companies
Fund
Schedule
of
Investments
(unaudited),
May
31,
2022
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
94.3%
Bahamas
1.3%
a
OneSpaWorld
Holdings
Ltd.
........
Diversified
Consumer
Services
1,478,293
$
13,895,954
Belgium
2.3%
Barco
NV
......................
Electronic
Equipment,
Instruments
&
Components
520,224
12,194,553
Fagron
........................
Health
Care
Providers
&
Services
630,232
11,106,607
23,301,160
Brazil
1.4%
Camil
Alimentos
SA
...............
Food
Products
5,051,600
10,190,869
a
M
Dias
Branco
SA
................
Food
Products
794,100
4,328,190
14,519,059
Canada
2.0%
a
Canada
Goose
Holdings,
Inc.
.......
Textiles,
Apparel
&
Luxury
Goods
209,400
4,204,720
Canadian
Western
Bank
...........
Banks
436,036
10,444,595
North
West
Co.,
Inc.
(The)
..........
Food
&
Staples
Retailing
198,400
5,693,442
20,342,757
Denmark
0.5%
Matas
A/S
......................
Specialty
Retail
345,894
4,786,141
Finland
1.5%
Huhtamaki
OYJ
..................
Containers
&
Packaging
411,460
15,857,702
Germany
4.1%
a
Adesso
SE
.....................
IT
Services
28,932
5,514,790
a,b
flatexDEGIRO
AG
................
Capital
Markets
331,747
4,986,286
Gerresheimer
AG
................
Life
Sciences
Tools
&
Services
114,310
8,569,756
Jenoptik
AG
....................
Electronic
Equipment,
Instruments
&
Components
368,495
10,346,149
a,c
Montana
Aerospace
AG,
144A,
Reg
S
.
Aerospace
&
Defense
162,183
2,660,789
Rational
AG
....................
Machinery
16,473
10,725,328
42,803,098
Hong
Kong
1.8%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
978,290
12,779,744
VTech
Holdings
Ltd.
..............
Communications
Equipment
775,800
5,797,130
18,576,874
Hungary
0.8%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
402,078
7,853,438
Indonesia
0.0%
†
d,e
Sakari
Resources
Ltd.
.............
Oil,
Gas
&
Consumable
Fuels
1,342,000
120,167
Ireland
1.0%
a
ICON
plc
.......................
Life
Sciences
Tools
&
Services
46,872
10,489,485
Israel
0.7%
a,b
RADA
Electronic
Industries
Ltd.
......
Aerospace
&
Defense
630,700
7,593,628
Italy
4.7%
Brembo
SpA
....................
Auto
Components
436,393
5,071,032
Brunello
Cucinelli
SpA
.............
Textiles,
Apparel
&
Luxury
Goods
243,755
12,225,149
Interpump
Group
SpA
.............
Machinery
361,995
16,545,971
c
Technogym
SpA,
144A,
Reg
S
......
Leisure
Products
1,912,931
14,810,335
48,652,487
Templeton
Global
Smaller
Companies
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Japan
6.8%
Asics
Corp.
.....................
Textiles,
Apparel
&
Luxury
Goods
916,500
$
15,738,454
Bunka
Shutter
Co.
Ltd.
............
Building
Products
760,000
5,610,672
en
Japan,
Inc.
...................
Professional
Services
201,800
3,118,337
Idec
Corp.
......................
Electrical
Equipment
335,200
6,899,844
IDOM,
Inc.
.....................
Specialty
Retail
1,432,500
7,490,571
Meitec
Corp.
....................
Professional
Services
165,300
8,837,231
TechnoPro
Holdings,
Inc.
..........
Professional
Services
332,700
7,629,123
Tsumura
&
Co.
..................
Pharmaceuticals
644,700
14,694,419
70,018,651
Netherlands
0.7%
c
Flow
Traders,
144A,
Reg
S
.........
Capital
Markets
222,759
6,990,363
South
Korea
1.7%
BNK
Financial
Group,
Inc.
..........
Banks
1,415,028
8,981,895
DGB
Financial
Group,
Inc.
..........
Banks
1,178,608
8,244,560
17,226,455
Sweden
2.9%
b
BillerudKorsnas
AB
...............
Containers
&
Packaging
315,734
4,264,378
c
Dometic
Group
AB,
144A
..........
Auto
Components
1,482,092
11,460,656
c
Thule
Group
AB,
144A,
Reg
S
.......
Leisure
Products
436,184
14,627,125
30,352,159
Switzerland
3.9%
Bucher
Industries
AG
.............
Machinery
42,624
15,867,537
a
Landis+Gyr
Group
AG
.............
Electronic
Equipment,
Instruments
&
Components
120,862
7,054,709
b
Logitech
International
SA
..........
Technology
Hardware,
Storage
&
Peripherals
126,370
7,682,032
a
Siegfried
Holding
AG
..............
Life
Sciences
Tools
&
Services
14,855
10,054,008
40,658,286
Taiwan
8.0%
Catcher
Technology
Co.
Ltd.
........
Technology
Hardware,
Storage
&
Peripherals
1,089,000
6,124,137
a
Chicony
Electronics
Co.
Ltd.
........
Technology
Hardware,
Storage
&
Peripherals
5,455,432
16,139,402
Giant
Manufacturing
Co.
Ltd.
........
Leisure
Products
1,125,311
10,139,756
King
Yuan
Electronics
Co.
Ltd.
......
Semiconductors
&
Semiconductor
Equipment
11,061,000
17,363,123
Merida
Industry
Co.
Ltd.
...........
Leisure
Products
1,401,000
12,486,446
Nien
Made
Enterprise
Co.
Ltd.
......
Household
Durables
764,000
8,253,400
Tripod
Technology
Corp.
...........
Electronic
Equipment,
Instruments
&
Components
3,011,000
12,007,775
82,514,039
United
Kingdom
4.3%
a
Farfetch
Ltd.,
A
..................
Internet
&
Direct
Marketing
Retail
458,000
4,108,260
Greggs
plc
.....................
Hotels,
Restaurants
&
Leisure
336,674
9,588,216
a
Johnson
Service
Group
plc
.........
Commercial
Services
&
Supplies
3,345,013
4,921,320
Man
Group
plc
..................
Capital
Markets
5,801,779
18,717,232
Oxford
Instruments
plc
............
Electronic
Equipment,
Instruments
&
Components
258,403
7,220,736
44,555,764
United
States
43.9%
a
Acadia
Healthcare
Co.,
Inc.
.........
Health
Care
Providers
&
Services
223,800
15,927,846
Alamo
Group,
Inc.
................
Machinery
154,810
18,210,300
a
Avanos
Medical,
Inc.
..............
Health
Care
Equipment
&
Supplies
173,100
4,966,239
a
BrightView
Holdings,
Inc.
...........
Commercial
Services
&
Supplies
579,900
7,538,700
Columbia
Sportswear
Co.
..........
Textiles,
Apparel
&
Luxury
Goods
218,250
16,975,485
Templeton
Global
Smaller
Companies
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
States
(continued)
Crown
Holdings,
Inc.
..............
Containers
&
Packaging
178,800
$
18,673,872
Deluxe
Corp.
....................
Commercial
Services
&
Supplies
267,800
6,408,454
a,b
Freshpet,
Inc.
...................
Food
Products
147,400
10,608,378
Hillenbrand,
Inc.
.................
Machinery
475,410
19,891,154
Huntington
Bancshares,
Inc.
........
Banks
1,452,599
20,162,074
a
Integer
Holdings
Corp.
............
Health
Care
Equipment
&
Supplies
199,400
15,908,132
Janus
Henderson
Group
plc
........
Capital
Markets
355,733
9,999,655
a
Jones
Lang
LaSalle,
Inc.
...........
Real
Estate
Management
&
Development
86,500
17,068,180
a
Knowles
Corp.
..................
Electronic
Equipment,
Instruments
&
Components
880,010
16,913,792
LCI
Industries
...................
Auto
Components
85,380
10,204,618
Lear
Corp.
.....................
Auto
Components
76,400
10,769,344
b
Levi
Strauss
&
Co.,
A
.............
Textiles,
Apparel
&
Luxury
Goods
854,300
15,514,088
a
LivaNova
plc
....................
Health
Care
Equipment
&
Supplies
153,400
10,441,938
ManpowerGroup,
Inc.
.............
Professional
Services
57,400
5,143,614
MGP
Ingredients,
Inc.
.............
Beverages
202,700
19,633,522
a
Middleby
Corp.
(The)
.............
Machinery
47,600
7,209,496
Miller
Industries,
Inc.
..............
Machinery
203,700
5,027,316
MillerKnoll,
Inc.
..................
Commercial
Services
&
Supplies
346,500
10,464,300
a
NCR
Corp.
.....................
Software
533,000
18,489,770
Patrick
Industries,
Inc.
.............
Auto
Components
110,235
6,626,226
a
RealReal,
Inc.
(The)
..............
Internet
&
Direct
Marketing
Retail
447,100
1,466,488
a
Sabre
Corp.
....................
IT
Services
1,438,000
10,799,380
Sealed
Air
Corp.
.................
Containers
&
Packaging
260,500
16,197,890
a
Skechers
USA,
Inc.,
A
.............
Textiles,
Apparel
&
Luxury
Goods
490,600
19,329,640
a
Sonos,
Inc.
.....................
Household
Durables
606,100
13,412,993
Spirit
AeroSystems
Holdings,
Inc.,
A
..
Aerospace
&
Defense
120,600
3,789,252
a
Texas
Capital
Bancshares,
Inc.
......
Banks
184,270
10,416,783
a
ThredUp,
Inc.,
A
.................
Internet
&
Direct
Marketing
Retail
375,600
1,570,008
TriMas
Corp.
....................
Containers
&
Packaging
646,250
18,211,325
TrustCo
Bank
Corp.
..............
Thrifts
&
Mortgage
Finance
612,340
19,723,471
Voya
Financial,
Inc.
...............
Diversified
Financial
Services
175,800
12,061,638
a
Wheels
Up
Experience,
Inc.
........
Airlines
1,229,000
3,109,370
Winnebago
Industries,
Inc.
.........
Automobiles
101,310
5,009,780
453,874,511
Total
Common
Stocks
(Cost
$780,340,800)
.....................................
974,982,178
Rights
a
a
Rights
0.0%
Sweden
0.0%
a
BillerudKorsnas
AB
,
6/17/22
........
Containers
&
Packaging
315,734
—
Total
Rights
(Cost
$–)
........................................................
—
Warrants
a
a
a
Warrants
0.1%
Bahamas
0.1%
a
OneSpaWorld
Holdings
Ltd.
,
3/19/24
..
Diversified
Consumer
Services
314,014
675,130
Total
Warrants
(Cost
$–)
......................................................
675,130
Templeton
Global
Smaller
Companies
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
9
.
a
a
Industry
Units
a
Value
a
a
a
a
a
a
Private
Limited
Partnership
Funds
1.9%
United
States
1.9%
AllianceBernstein
Holding
LP
.......
Capital
Markets
473,565
$
20,145,455
Total
Private
Limited
Partnership
Funds
(Cost
$6,164,831)
.......................
20,145,455
Total
Long
Term
Investments
(Cost
$786,505,631)
...............................
995,802,763
Short
Term
Investments
2.5%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.1%
United
States
2.1%
f
FFCB,
6/01/22
..................
700,000
700,000
f
FHLB,
6/01/22
..................
21,000,000
21,000,000
21,700,000
Total
U.S.
Government
and
Agency
Securities
(Cost
$21,700,000)
.................
21,700,000
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.4%
Money
Market
Funds
0.4%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.437%
.........
4,268,400
4,268,400
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$4,268,400)
.................................................................
4,268,400
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$25,968,400
)
................................
25,968,400
a
a
a
Total
Investments
(Cost
$812,474,031)
98.8%
...................................
$1,021,771,163
Other
Assets,
less
Liabilities
1.2%
.............................................
12,439,872
Net
Assets
100.0%
...........................................................
$1,034,211,035
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2022.
c
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
May
31,
2022,
the
aggregate
value
of
these
securities
was
$50,549,268,
representing
4.9%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
e
See
Note
3
regarding
restricted
securities.
f
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
g
See
Note
4
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
Notes
to
Schedule
of
Investments
(unaudited)
6
Quarterly
Schedule
of
Investments
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
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
Schedule
of
Investments
(unaudited)
7
Quarterly
Schedule
of
Investments
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
May
31,
2022,
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
(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
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.
Restricted
Securities
At
May
31,
2022,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933
(1933
Act),
were
as
follows:
4.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
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
Fund
does
not
invest for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
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
$
120,167
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$2,478,736
$120,167
†
Rounds
to
less
than
0.1%
of
net
assets.
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,
0.437%
$264,494
$142,890,558
$(138,886,652)
$—
$—
$4,268,400
4,268,400
$1,972
Total
Affiliated
Securities
...
$264,494
$142,890,558
$(138,886,652)
$—
$—
$4,268,400
$1,972
2. Financial
Instrument
Valuation
(continued)
Templeton
Global
Smaller
Companies
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
5. 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.
A
summary
of
inputs
used
as
of
May
31,
2022,
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.
Level
1
Level
2
Level
3
Total
Templeton
Global
Smaller
Companies
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Bahamas
.............................
$
13,895,954
$
—
$
—
$
13,895,954
Belgium
..............................
—
23,301,160
—
23,301,160
Brazil
................................
14,519,059
—
—
14,519,059
Canada
..............................
20,342,757
—
—
20,342,757
Denmark
.............................
—
4,786,141
—
4,786,141
Finland
..............................
—
15,857,702
—
15,857,702
Germany
.............................
—
42,803,098
—
42,803,098
Hong
Kong
...........................
—
18,576,874
—
18,576,874
Hungary
.............................
—
7,853,438
—
7,853,438
Indonesia
............................
—
—
120,167
120,167
Ireland
...............................
10,489,485
—
—
10,489,485
Israel
................................
7,593,628
—
—
7,593,628
Italy
.................................
—
48,652,487
—
48,652,487
Japan
...............................
—
70,018,651
—
70,018,651
Netherlands
...........................
—
6,990,363
—
6,990,363
South
Korea
..........................
—
17,226,455
—
17,226,455
Sweden
..............................
—
30,352,159
—
30,352,159
Switzerland
...........................
7,682,032
32,976,254
—
40,658,286
Taiwan
...............................
—
82,514,039
—
82,514,039
United
Kingdom
........................
4,108,260
40,447,504
—
44,555,764
United
States
..........................
453,874,511
—
—
453,874,511
Rights
................................
—
—
—
—
Warrants
..............................
675,130
—
—
675,130
Private
Limited
Partnership
Funds
............
20,145,455
—
—
20,145,455
Short
Term
Investments
...................
4,268,400
21,700,000
—
25,968,400
Total
Investments
in
Securities
...........
$557,594,671
$464,056,325
a
$120,167
$1,021,771,163
a
Includes
foreign
securities
valued
at
$442,356,325,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Templeton
Global
Smaller
Companies
Fund
Notes
to
Schedule
of
Investments
(unaudited)
9
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLB
Federal
Home
Loan
Banks
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.