Templeton Global Smaller Companies Fund NPORT-P Templeton Global Smaller Companies Fund (Nov 2024 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

103-Q1PH

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),

November

30,

2024

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

93.8%

Bahamas

1.9%

OneSpaWorld

Holdings

Ltd.

........

Diversified

Consumer

Services

916,879

$

17,411,532

Belgium

0.7%

Barco

NV

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

Electronic

Equipment,

Instruments

&

Components

581,204

6,228,218

Brazil

1.1%

Arcos

Dorados

Holdings,

Inc.,

A

.....

Hotels,

Restaurants

&

Leisure

483,496

3,911,483

Camil

Alimentos

SA

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

Food

Products

4,832,600

5,742,768

9,654,251

Canada

1.0%

Canaccord

Genuity

Group,

Inc.

......

Capital

Markets

1,198,200

9,260,044

China

1.2%

Haitian

International

Holdings

Ltd.

....

Machinery

2,001,000

5,105,219

Xtep

International

Holdings

Ltd.

......

Textiles,

Apparel

&

Luxury

Goods

8,177,678

5,558,317

10,663,536

Finland

1.1%

Huhtamaki

OYJ

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

Containers

&

Packaging

288,328

10,412,269

France

0.7%

Kaufman

&

Broad

SA

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

Household

Durables

178,798

5,946,531

Germany

3.0%

Gerresheimer

AG

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

Life

Sciences

Tools

&

Services

93,726

7,408,211

Jenoptik

AG

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

Electronic

Equipment,

Instruments

&

Components

264,567

5,871,725

Rational

AG

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

Machinery

14,285

13,378,955

26,658,891

Hong

Kong

2.4%

Techtronic

Industries

Co.

Ltd.

.......

Machinery

1,143,790

16,279,703

VTech

Holdings

Ltd.

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

Communications

Equipment

742,200

5,081,604

21,361,307

Hungary

0.8%

Richter

Gedeon

Nyrt

.

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

Pharmaceuticals

262,517

6,982,773

India

1.9%

CESC

Ltd.

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

Electric

Utilities

2,784,368

5,749,994

Exide

Industries

Ltd.

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

Automobile

Components

2,076,774

11,150,855

16,900,849

Italy

7.1%

Brunello

Cucinelli

SpA

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

Textiles,

Apparel

&

Luxury

Goods

144,209

14,284,156

a,b

Carel

Industries

SpA

,

144A,

Reg

S

...

Building

Products

201,236

3,993,682

b

Cromwell

European

Real

Estate

Investment

Trust,

Reg

S

..........

Diversified

REITs

2,581,800

4,419,843

Interpump

Group

SpA

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

Machinery

323,981

15,081,662

Sanlorenzo

SpA

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

Leisure

Products

272,907

9,004,268

b

Technogym

SpA

,

144A,

Reg

S

......

Leisure

Products

1,563,557

17,351,162

64,134,773

Japan

7.7%

Asics

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

863,800

17,451,677

Bunka

Shutter

Co.

Ltd.

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

Building

Products

368,800

4,601,629

CKD

Corp.

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

Machinery

290,200

4,872,769

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)

Idec

Corp.

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

Electrical

Equipment

221,500

$

3,533,297

IDOM,

Inc.

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

Specialty

Retail

860,300

6,284,252

MEITEC

Group

Holdings,

Inc.

.......

Professional

Services

265,600

5,018,934

Morinaga

&

Co.

Ltd.

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

Food

Products

239,100

4,376,757

TechnoPro

Holdings,

Inc.

..........

Professional

Services

392,900

7,218,928

Tsumura

&

Co.

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

Pharmaceuticals

479,300

15,444,292

68,802,535

Netherlands

1.0%

SBM

Offshore

NV

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

Energy

Equipment

&

Services

489,773

8,856,148

New

Zealand

0.7%

Summerset

Group

Holdings

Ltd.

.....

Health

Care

Providers

&

Services

800,931

6,089,478

Singapore

0.7%

Digital

Core

REIT

Management

Pte.

Ltd.

Specialized

REITs

10,873,600

6,684,128

South

Korea

1.3%

BNK

Financial

Group,

Inc.

..........

Banks

871,410

6,611,480

DGB

Financial

Group,

Inc.

..........

Banks

741,457

4,723,604

11,335,084

Sweden

2.2%

b

Dometic

Group

AB,

144A

..........

Automobile

Components

1,263,517

6,404,314

b

Thule

Group

AB,

144A,

Reg

S

.......

Leisure

Products

417,274

13,144,017

19,548,331

Switzerland

5.5%

Bucher

Industries

AG

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

Machinery

31,309

12,118,713

Logitech

International

SA

..........

Technology

Hardware,

Storage

&

Peripherals

143,085

11,574,146

b

Medacta

Group

SA,

144A,

Reg

S

....

Health

Care

Equipment

&

Supplies

70,626

8,850,798

Siegfried

Holding

AG

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

Life

Sciences

Tools

&

Services

13,066

16,528,640

49,072,297

Taiwan

2.1%

King

Yuan

Electronics

Co.

Ltd.

......

Semiconductors

&

Semiconductor

Equipment

1,142,000

4,506,747

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

1,175,000

5,822,426

Nien

Made

Enterprise

Co.

Ltd.

......

Household

Durables

390,000

4,836,003

Tripod

Technology

Corp.

...........

Electronic

Equipment,

Instruments

&

Components

717,000

4,204,841

19,370,017

Thailand

0.1%

TOA

Paint

Thailand

PCL

...........

Chemicals

2,675,900

1,116,588

United

Kingdom

5.0%

Fevertree

Drinks

plc

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

Beverages

583,155

5,171,988

Greggs

plc

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

Hotels,

Restaurants

&

Leisure

296,291

10,186,958

Man

Group

plc

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

Capital

Markets

4,115,384

11,017,106

Oxford

Instruments

plc

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

Electronic

Equipment,

Instruments

&

Components

199,594

5,231,852

Persimmon

plc

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

Household

Durables

298,433

4,780,750

Savills

plc

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

Real

Estate

Management

&

Development

370,962

5,069,609

b,c

Watches

of

Switzerland

Group

plc,

144A

Specialty

Retail

591,731

3,503,563

44,961,826

United

States

44.6%

Academy

Sports

&

Outdoors,

Inc.

....

Specialty

Retail

66,392

3,269,806

a,c

Acadia

Healthcare

Co.,

Inc.

.........

Health

Care

Providers

&

Services

60,218

2,446,657

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)

Advanced

Drainage

Systems,

Inc.

....

Building

Products

35,645

$

4,822,412

Alamo

Group,

Inc.

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

Machinery

81,215

16,238,939

c

Avanos

Medical,

Inc.

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

Health

Care

Equipment

&

Supplies

227,405

4,357,080

Brunswick

Corp.

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

Leisure

Products

48,682

3,919,388

a

Columbia

Sportswear

Co.

..........

Textiles,

Apparel

&

Luxury

Goods

165,319

14,422,430

Crown

Holdings,

Inc.

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

Containers

&

Packaging

58,954

5,429,074

c

Deckers

Outdoor

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

22,887

4,484,937

a,c

Freshpet

,

Inc.

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

Food

Products

111,850

17,118,642

c

Healthcare

Services

Group,

Inc.

.....

Commercial

Services

&

Supplies

565,737

6,981,195

Hillenbrand,

Inc.

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

Machinery

359,542

12,235,214

Huntington

Bancshares,

Inc.

........

Banks

991,417

17,855,420

c

ICON

plc

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

Life

Sciences

Tools

&

Services

39,972

8,404,113

a,c

Integer

Holdings

Corp.

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

Health

Care

Equipment

&

Supplies

128,881

18,107,781

Janus

Henderson

Group

plc

........

Capital

Markets

333,825

15,115,596

a

John

Bean

Technologies

Corp.

......

Machinery

104,783

13,204,754

c

Jones

Lang

LaSalle,

Inc.

...........

Real

Estate

Management

&

Development

54,890

15,402,134

a,c

Knowles

Corp.

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

Electronic

Equipment,

Instruments

&

Components

600,672

11,689,077

Lancaster

Colony

Corp.

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

Food

Products

47,843

8,891,143

LCI

Industries

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

Automobile

Components

37,461

4,525,663

c

Leonardo

DRS,

Inc.

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

Aerospace

&

Defense

454,268

15,794,898

Levi

Strauss

&

Co.,

A

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

Textiles,

Apparel

&

Luxury

Goods

333,147

5,816,747

c

Lindblad

Expeditions

Holdings,

Inc.

...

Hotels,

Restaurants

&

Leisure

680,433

9,022,542

a

Lithia

Motors,

Inc.,

A

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

Specialty

Retail

14,886

5,759,393

ManpowerGroup,

Inc.

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

Professional

Services

138,937

8,943,375

MGP

Ingredients,

Inc.

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

Beverages

137,900

6,382,012

c

Middleby

Corp.

(The)

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

Machinery

45,537

6,529,550

Miller

Industries,

Inc.

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

Machinery

213,796

15,739,662

c

NCR

Atleos

Corp.

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

Financial

Services

254,946

8,364,778

a,c

NCR

Voyix

Corp.

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

Software

509,893

7,398,547

a

Patrick

Industries,

Inc.

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

Automobile

Components

96,084

12,912,729

Seacoast

Banking

Corp.

of

Florida

...

Banks

164,557

4,930,128

Sealed

Air

Corp.

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

Containers

&

Packaging

243,467

8,910,892

c

Skechers

USA,

Inc.,

A

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

Textiles,

Apparel

&

Luxury

Goods

80,592

5,143,381

a,c

Sonos,

Inc.

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

Household

Durables

579,824

7,891,405

c

Texas

Capital

Bancshares,

Inc.

......

Banks

176,282

15,592,143

TriMas

Corp.

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

Containers

&

Packaging

565,191

14,932,346

TrustCo

Bank

Corp.

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

Banks

441,870

16,455,239

Voya

Financial,

Inc.

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

Financial

Services

135,674

11,260,942

a

Winnebago

Industries,

Inc.

.........

Automobiles

66,549

3,895,778

400,597,942

Total

Common

Stocks

(Cost

$560,874,926)

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

842,049,348

Units

a

a

a

a

a

Limited

Partnerships

1.5%

United

States

1.5%

AllianceBernstein

Holding

LP

.......

Capital

Markets

382,165

13,861,125

Total

Limited

Partnerships

(Cost

$4,956,429)

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

13,861,125

Total

Long

Term

Investments

(Cost

$565,831,355)

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

855,910,473

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

1.7%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.7%

United

States

1.7%

d

FHLB,

12/02/24

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

15,000,000

$

14,994,494

Total

U.S.

Government

and

Agency

Securities

(Cost

$14,998,142)

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

14,994,494

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$14,998,142

)

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

14,994,494

a

a

a

Total

Investments

(Cost

$580,829,497)

97.0%

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

$870,904,967

Other

Assets,

less

Liabilities

3.0%

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

27,095,908

Net

Assets

100.0%

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

$898,000,875

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

A

portion

or

all

of

the

security

is

on

loan

at

November

30,

2024.

b

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,

2024,

the

aggregate

value

of

these

securities

was

$57,667,379,

representing

6.4%

of

net

assets.

c

Non-income

producing.

d

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

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

order

Templeton

Global

Smaller

Companies

Fund

Notes

to

Schedule

of

Investments

(unaudited)

7

Quarterly

Schedule

of

Investments

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

November

30,

2024,

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

November

30,

2024,

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

November

30,

2024,

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

,

4.369

%

$210,176

$20,769,933

$(20,980,109)

$—

$—

$—

—

$5,082

Total

Affiliated

Securities

...

$210,176

$20,769,933

$(20,980,109)

$—

$—

$—

$5,082

2. Financial

Instrument

Valuation

(continued)

Templeton

Global

Smaller

Companies

Fund

Notes

to

Schedule

of

Investments

(unaudited)

8

Quarterly

Schedule

of

Investments

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Global

Smaller

Companies

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Bahamas

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

$

17,411,532

$

—

$

—

$

17,411,532

Belgium

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

—

6,228,218

—

6,228,218

Brazil

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

9,654,251

—

—

9,654,251

Canada

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

9,260,044

—

—

9,260,044

China

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

—

10,663,536

—

10,663,536

Finland

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

—

10,412,269

—

10,412,269

France

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

—

5,946,531

—

5,946,531

Germany

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

—

26,658,891

—

26,658,891

Hong

Kong

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

—

21,361,307

—

21,361,307

Hungary

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

—

6,982,773

—

6,982,773

India

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

—

16,900,849

—

16,900,849

Italy

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

3,993,682

60,141,091

—

64,134,773

Japan

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

—

68,802,535

—

68,802,535

Netherlands

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

—

8,856,148

—

8,856,148

New

Zealand

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

—

6,089,478

—

6,089,478

Singapore

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

—

6,684,128

—

6,684,128

South

Korea

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

—

11,335,084

—

11,335,084

Sweden

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

—

19,548,331

—

19,548,331

Switzerland

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

20,424,944

28,647,353

—

49,072,297

Taiwan

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

—

19,370,017

—

19,370,017

Thailand

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

—

1,116,588

—

1,116,588

United

Kingdom

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

25,660,407

19,301,419

—

44,961,826

United

States

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

400,597,942

—

—

400,597,942

Limited

Partnerships

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

13,861,125

—

—

13,861,125

Short

Term

Investments

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

—

14,994,494

—

14,994,494

Total

Investments

in

Securities

...........

$500,863,927

$370,041,040

a

$—

$870,904,967

a

Includes

foreign

securities

valued

at

$355,046,546,

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

REIT

Real

Estate

Investment

Trust

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.