Templeton Global Smaller Companies Fund NPORT-P Templeton Global Smaller Companies Fund (May 2023 report)

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,

2023

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

93.4%

Bahamas

1.7%

a

OneSpaWorld

Holdings

Ltd.

........

Diversified

Consumer

Services

1,478,293

$

15,418,596

Belgium

1.8%

Barco

NV

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

Electronic

Equipment,

Instruments

&

Components

607,543

15,770,505

Brazil

1.3%

Camil

Alimentos

SA

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

Food

Products

5,051,600

6,962,503

M

Dias

Branco

SA

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

Food

Products

575,400

4,378,284

11,340,787

Canada

1.9%

a,b

Canada

Goose

Holdings,

Inc.

.......

Textiles,

Apparel

&

Luxury

Goods

209,400

3,333,309

Canadian

Western

Bank

...........

Banks

453,434

8,263,384

North

West

Co.,

Inc.

(The)

..........

Consumer

Staples

Distribution

&

Retail

171,000

4,854,584

16,451,277

China

1.0%

Xtep

International

Holdings

Ltd.

......

Textiles,

Apparel

&

Luxury

Goods

8,838,500

8,883,759

Finland

1.5%

Huhtamaki

OYJ

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

Containers

&

Packaging

401,631

13,138,724

Germany

4.3%

Adesso

SE

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

IT

Services

28,932

3,518,473

Gerresheimer

AG

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

Life

Sciences

Tools

&

Services

123,682

13,623,526

Jenoptik

AG

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

Electronic

Equipment,

Instruments

&

Components

286,163

9,553,058

a,c

Montana

Aerospace

AG,

144A,

Reg

S

.

Aerospace

&

Defense

22,332

347,004

Rational

AG

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

Machinery

16,473

11,069,202

38,111,263

Hong

Kong

1.7%

Techtronic

Industries

Co.

Ltd.

.......

Machinery

1,143,790

10,592,301

VTech

Holdings

Ltd.

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

Communications

Equipment

775,800

4,658,494

15,250,795

Hungary

1.1%

Richter

Gedeon

Nyrt

.

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

Pharmaceuticals

402,078

10,137,128

India

0.8%

a

Exide

Industries

Ltd.

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

Automobile

Components

2,827,836

7,214,830

Italy

6.1%

Brunello

Cucinelli

SpA

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

Textiles,

Apparel

&

Luxury

Goods

184,168

15,966,269

c

Carel

Industries

SpA

,

144A,

Reg

S

...

Building

Products

186,983

5,203,476

Interpump

Group

SpA

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

Machinery

323,981

17,482,925

c

Technogym

SpA

,

144A,

Reg

S

......

Leisure

Products

1,634,415

14,992,112

53,644,782

Japan

8.7%

Asics

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

640,800

17,115,205

Bunka

Shutter

Co.

Ltd.

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

Building

Products

537,400

4,213,251

CKD

Corp.

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

Machinery

303,300

4,600,718

Digital

Garage,

Inc.

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

IT

Services

390,100

10,691,747

Idec

Corp.

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

Electrical

Equipment

231,500

5,083,110

IDOM,

Inc.

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

Specialty

Retail

1,432,500

8,451,132

Meitec

Corp.

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

Professional

Services

382,700

6,356,162

TechnoPro

Holdings,

Inc.

..........

Professional

Services

332,700

7,207,436

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

(continued)

Tsumura

&

Co.

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

Pharmaceuticals

644,700

$

12,771,468

76,490,229

Netherlands

2.1%

Flow

Traders

Ltd.

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

Capital

Markets

222,759

5,146,912

SBM

Offshore

NV

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

Energy

Equipment

&

Services

971,871

13,211,512

18,358,424

South

Korea

1.5%

BNK

Financial

Group,

Inc.

..........

Banks

1,415,028

7,176,783

DGB

Financial

Group,

Inc.

..........

Banks

1,178,608

6,245,365

13,422,148

Sweden

2.1%

c

Dometic

Group

AB,

144A

..........

Automobile

Components

1,320,778

7,720,007

c

Thule

Group

AB,

144A,

Reg

S

.......

Leisure

Products

436,184

11,083,686

18,803,693

Switzerland

5.8%

Bucher

Industries

AG

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

Machinery

37,115

15,594,037

b

Logitech

International

SA

..........

Technology

Hardware,

Storage

&

Peripherals

126,370

8,067,461

c

Medacta

Group

SA,

144A,

Reg

S

....

Health

Care

Equipment

&

Supplies

86,356

10,609,708

Siegfried

Holding

AG

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

Life

Sciences

Tools

&

Services

21,358

16,953,480

51,224,686

Taiwan

6.1%

Catcher

Technology

Co.

Ltd.

........

Technology

Hardware,

Storage

&

Peripherals

798,000

4,811,834

Chicony

Electronics

Co.

Ltd.

........

Technology

Hardware,

Storage

&

Peripherals

3,924,432

13,534,142

Giant

Manufacturing

Co.

Ltd.

........

Leisure

Products

585,311

3,913,851

King

Yuan

Electronics

Co.

Ltd.

......

Semiconductors

&

Semiconductor

Equipment

6,331,000

11,098,305

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

1,329,000

8,395,745

Nien

Made

Enterprise

Co.

Ltd.

......

Household

Durables

534,000

6,115,303

Tripod

Technology

Corp.

...........

Electronic

Equipment,

Instruments

&

Components

1,416,000

5,918,139

53,787,319

United

Kingdom

4.2%

Greggs

plc

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

Hotels,

Restaurants

&

Leisure

351,438

11,744,304

Johnson

Service

Group

plc

.........

Commercial

Services

&

Supplies

3,345,013

4,501,510

Man

Group

plc

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

Capital

Markets

4,470,960

12,236,219

Oxford

Instruments

plc

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

Electronic

Equipment,

Instruments

&

Components

258,923

8,904,281

37,386,314

United

States

39.7%

Academy

Sports

&

Outdoors,

Inc.

....

Specialty

Retail

69,400

3,397,824

Advanced

Drainage

Systems,

Inc.

....

Building

Products

55,000

5,322,350

Alamo

Group,

Inc.

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

Machinery

91,264

15,191,805

a

Avanos

Medical,

Inc.

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

Health

Care

Equipment

&

Supplies

290,200

7,109,900

Columbia

Sportswear

Co.

..........

Textiles,

Apparel

&

Luxury

Goods

197,612

14,589,694

b

Crown

Holdings,

Inc.

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

Containers

&

Packaging

173,800

13,248,774

a

Deckers

Outdoor

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

12,088

5,741,800

a,b

Freshpet

,

Inc.

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

Food

Products

147,400

8,808,624

Hillenbrand,

Inc.

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

Machinery

356,659

17,108,932

Huntington

Bancshares,

Inc.

........

Banks

1,132,756

11,678,714

a

ICON

plc

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

Life

Sciences

Tools

&

Services

46,872

9,985,142

a,b

Integer

Holdings

Corp.

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

Health

Care

Equipment

&

Supplies

199,400

16,322,884

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)

Janus

Henderson

Group

plc

........

Capital

Markets

348,953

$

9,170,485

b

John

Bean

Technologies

Corp.

......

Machinery

104,783

11,170,916

a,b

Jones

Lang

LaSalle,

Inc.

...........

Real

Estate

Management

&

Development

83,800

11,760,492

a

Knowles

Corp.

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

Electronic

Equipment,

Instruments

&

Components

839,510

15,094,390

LCI

Industries

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

Automobile

Components

85,380

9,224,455

Lear

Corp.

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

Automobile

Components

76,400

9,371,224

a,b

Leonardo

DRS,

Inc.

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

Aerospace

&

Defense

630,700

9,523,570

b

Levi

Strauss

&

Co.,

A

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

Textiles,

Apparel

&

Luxury

Goods

834,800

11,044,404

Lithia

Motors,

Inc.,

A

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

Specialty

Retail

20,867

4,867,854

ManpowerGroup

,

Inc.

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

Professional

Services

102,322

7,179,935

b

MGP

Ingredients,

Inc.

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

Beverages

137,900

13,108,774

a

Middleby

Corp.

(The)

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

Machinery

47,600

6,283,200

Miller

Industries,

Inc.

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

Machinery

203,700

6,693,582

a,b

NCR

Corp.

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

Software

533,000

12,632,100

Patrick

Industries,

Inc.

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

Automobile

Components

110,235

7,223,700

Sealed

Air

Corp.

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

Containers

&

Packaging

254,500

9,632,825

a

Skechers

USA,

Inc.,

A

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

Textiles,

Apparel

&

Luxury

Goods

92,076

4,729,944

a,b

Sonos

,

Inc.

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

Household

Durables

606,100

8,806,633

b

Spirit

AeroSystems

Holdings,

Inc.,

A

..

Aerospace

&

Defense

120,600

3,206,754

a

Texas

Capital

Bancshares,

Inc.

......

Banks

184,270

8,715,971

b

TriMas

Corp.

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

Containers

&

Packaging

590,803

14,953,224

TrustCo

Bank

Corp.

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

Banks

461,894

12,762,131

Voya

Financial,

Inc.

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

Financial

Services

147,684

10,012,975

Winnebago

Industries,

Inc.

.........

Automobiles

86,227

4,797,670

350,473,651

Total

Common

Stocks

(Cost

$647,886,391)

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

825,308,910

Warrants

a

a

a

a

a

Warrants

0.1%

Bahamas

0.1%

a

OneSpaWorld

Holdings

Ltd.

,

3/19/24

..

Diversified

Consumer

Services

314,014

601,337

Total

Warrants

(Cost

$–)

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

601,337

Units

Limited

Partnerships

1.7%

United

States

1.7%

AllianceBernstein

Holding

LP

.......

Capital

Markets

422,465

14,689,108

Total

Limited

Partnerships

(Cost

$5,488,905)

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

14,689,108

Total

Long

Term

Investments

(Cost

$653,375,296)

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

840,599,355

Short

Term

Investments

4.7%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

4.6%

United

States

4.6%

d

FHLB,

6/01/23

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

40,600,000

40,600,000

Total

U.S.

Government

and

Agency

Securities

(Cost

$40,600,000)

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

40,600,000

Templeton

Global

Smaller

Companies

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

See

Abbreviations

on

page

8

.

Short

Term

Investments

(continued)

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.621%

.........

1,226,940

$

1,226,940

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$1,226,940)

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

1,226,940

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$41,826,940

)

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

41,826,940

a

a

a

Total

Investments

(Cost

$695,202,236)

99.9%

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

$882,426,295

Other

Assets,

less

Liabilities

0.1%

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

622,831

Net

Assets

100.0%

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

$883,049,126

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

May

31,

2023.

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,

2023,

the

aggregate

value

of

these

securities

was

$49,955,993,

representing

5.7%

of

net

assets.

d

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

e

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

f

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.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

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

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

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,

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

Templeton

Global

Smaller

Companies

Fund

Notes

to

Schedule

of

Investments

(unaudited)

7

Quarterly

Schedule

of

Investments

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

May

31,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

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.

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,

2023,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

4. 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,

2023,

in

valuing

the Fund's

assets

carried

at

fair

value,

is

as

follows:  

    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,

4.621%

$27,614

$12,921,377

$(11,722,051)

$—

$—

$1,226,940

1,226,940

$14,303

Total

Affiliated

Securities

...

$27,614

$12,921,377

$(11,722,051)

$—

$—

$1,226,940

$14,303

2. Financial

Instrument

Valuation

(continued)

Templeton

Global

Smaller

Companies

Fund

Notes

to

Schedule

of

Investments

(unaudited)

8

Quarterly

Schedule

of

Investments

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.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Global

Smaller

Companies

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Bahamas

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

$

15,418,596

$

—

$

—

$

15,418,596

Belgium

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

—

15,770,505

—

15,770,505

Brazil

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

11,340,787

—

—

11,340,787

Canada

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

16,451,277

—

—

16,451,277

China

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

—

8,883,759

—

8,883,759

Finland

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

—

13,138,724

—

13,138,724

Germany

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

—

38,111,263

—

38,111,263

Hong

Kong

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

—

15,250,795

—

15,250,795

Hungary

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

—

10,137,128

—

10,137,128

India

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

—

7,214,830

—

7,214,830

Italy

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

—

53,644,782

—

53,644,782

Japan

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

—

76,490,229

—

76,490,229

Netherlands

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

5,146,912

13,211,512

—

18,358,424

South

Korea

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

—

13,422,148

—

13,422,148

Sweden

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

—

18,803,693

—

18,803,693

Switzerland

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

8,067,461

43,157,225

—

51,224,686

Taiwan

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

—

53,787,319

—

53,787,319

United

Kingdom

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

13,405,791

23,980,523

—

37,386,314

United

States

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

350,473,651

—

—

350,473,651

Warrants

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

601,337

—

—

601,337

Limit

ed

Partnerships

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

14,689,108

—

—

14,689,108

Short

Term

Investments

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

1,226,940

40,600,000

—

41,826,940

Total

Investments

in

Securities

...........

$436,821,860

$445,604,435

a

$—

$882,426,295

a

Includes

foreign

securities

valued

at

$405,004,435,

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.

Selected

Portfolio

FHLB

Federal

Home

Loan

Banks

4. 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.