NPORT-EX 2 TGSCF.htm
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,
2025
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
92.9%
Australia
0.8%
a
National
Storage
REIT
............
Specialized
REITs
3,932,185
$
5,856,485
Austria
0.5%
b
DO
&
CO
AG
...................
Commercial
Services
&
Supplies
21,256
4,142,668
Bahamas
1.8%
OneSpaWorld
Holdings
Ltd.
........
Diversified
Consumer
Services
760,897
14,350,517
Belgium
1.1%
Barco
NV
......................
Electronic
Equipment,
Instruments
&
Components
581,204
8,528,387
Brazil
0.6%
Arcos
Dorados
Holdings,
Inc.
,
A
.....
Hotels,
Restaurants
&
Leisure
672,171
4,980,787
Canada
2.0%
b
Athabasca
Oil
Corp.
..............
Oil,
Gas
&
Consumable
Fuels
1,909,300
7,178,918
Canaccord
Genuity
Group,
Inc.
......
Capital
Markets
1,271,000
8,613,182
15,792,100
China
1.4%
Haitian
International
Holdings
Ltd.
....
Machinery
2,001,000
4,865,353
Xtep
International
Holdings
Ltd.
......
Textiles,
Apparel
&
Luxury
Goods
8,177,678
6,152,842
11,018,195
Finland
1.4%
Huhtamaki
OYJ
..................
Containers
&
Packaging
288,328
10,648,454
France
0.9%
Kaufman
&
Broad
SA
.............
Household
Durables
178,798
6,806,721
Germany
3.1%
Gerresheimer
AG
................
Life
Sciences
Tools
&
Services
93,726
6,744,035
Jenoptik
AG
....................
Electronic
Equipment,
Instruments
&
Components
264,567
5,813,017
Rational
AG
....................
Machinery
14,285
11,745,583
24,302,635
Hong
Kong
2.3%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
1,143,790
12,739,906
VTech
Holdings
Ltd.
..............
Communications
Equipment
742,200
4,932,830
17,672,736
India
1.9%
CESC
Ltd.
.....................
Electric
Utilities
2,784,368
5,287,255
Exide
Industries
Ltd.
..............
Automobile
Components
2,076,774
9,396,442
14,683,697
Italy
8.1%
a
Brunello
Cucinelli
SpA
.............
Textiles,
Apparel
&
Luxury
Goods
125,055
15,411,932
c
Carel
Industries
SpA
,
144A
,
Reg
S
...
Building
Products
201,236
4,729,614
Interpump
Group
SpA
.............
Machinery
323,981
12,636,612
a
Sanlorenzo
SpA
.................
Leisure
Products
272,907
9,446,168
c
Stoneweg
European
Real
Estate
Investment
Trust
,
Reg
S
..........
Diversified
REITs
3,577,100
6,151,898
c
Technogym
SpA
,
144A
,
Reg
S
......
Leisure
Products
1,097,784
14,873,642
63,249,866
Japan
9.1%
Asics
Corp.
.....................
Textiles,
Apparel
&
Luxury
Goods
655,400
15,795,864
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)
Bunka
Shutter
Co.
Ltd.
............
Building
Products
312,700
$
4,644,306
CKD
Corp.
.....................
Machinery
290,200
4,629,276
Idec
Corp.
......................
Electrical
Equipment
221,500
3,537,205
IDOM,
Inc.
.....................
Specialty
Retail
860,300
6,098,432
MEITEC
Group
Holdings,
Inc.
.......
Professional
Services
265,600
5,935,561
Morinaga
&
Co.
Ltd.
..............
Food
Products
239,100
3,957,890
Pigeon
Corp.
....................
Household
Products
330,100
4,267,397
TechnoPro
Holdings,
Inc.
..........
Professional
Services
392,900
10,663,227
Tsumura
&
Co.
..................
Pharmaceuticals
479,300
11,365,973
70,895,131
New
Zealand
0.9%
Summerset
Group
Holdings
Ltd.
.....
Health
Care
Providers
&
Services
1,045,221
6,892,117
Poland
0.5%
b
InPost
SA
......................
Air
Freight
&
Logistics
232,824
3,826,626
Singapore
0.7%
Digital
Core
REIT
Management
Pte.
Ltd.
Specialized
REITs
10,873,600
5,427,271
South
Korea
1.7%
BNK
Financial
Group,
Inc.
..........
Banks
871,410
6,977,757
iM
Financial
Group
Co.
Ltd.
.........
Banks
741,457
5,994,821
12,972,578
Sweden
2.0%
c
Dometic
Group
AB
,
144A
..........
Automobile
Components
1,183,107
4,580,208
c
Thule
Group
AB
,
144A
,
Reg
S
.......
Leisure
Products
417,274
11,010,155
15,590,363
Switzerland
6.4%
Bucher
Industries
AG
.............
Machinery
19,789
9,541,955
a
Logitech
International
SA
..........
Technology
Hardware,
Storage
&
Peripherals
124,175
10,276,723
c
Medacta
Group
SA
,
144A
,
Reg
S
....
Health
Care
Equipment
&
Supplies
70,626
11,603,594
b
Siegfried
Holding
AG
..............
Life
Sciences
Tools
&
Services
125,308
14,727,185
Tecan
Group
AG
.................
Life
Sciences
Tools
&
Services
17,824
3,554,196
49,703,653
Taiwan
2.0%
Merida
Industry
Co.
Ltd.
...........
Leisure
Products
1,175,000
4,577,313
Nien
Made
Enterprise
Co.
Ltd.
......
Household
Durables
390,000
5,580,049
Tripod
Technology
Corp.
...........
Electronic
Equipment,
Instruments
&
Components
717,000
5,062,352
15,219,714
United
Kingdom
6.1%
Fevertree
Drinks
plc
..............
Beverages
583,155
6,936,064
Greggs
plc
.....................
Hotels,
Restaurants
&
Leisure
296,291
8,245,424
Man
Group
plc
..................
Capital
Markets
4,319,556
10,207,880
Oxford
Instruments
plc
............
Electronic
Equipment,
Instruments
&
Components
200,088
4,834,981
Persimmon
plc
..................
Household
Durables
298,433
5,364,611
Savills
plc
......................
Real
Estate
Management
&
Development
370,962
4,872,716
Vesuvius
plc
....................
Machinery
809,182
3,927,086
b,c
Watches
of
Switzerland
Group
plc
,
144A
Specialty
Retail
591,731
3,421,785
47,810,547
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
37.6%
Advanced
Drainage
Systems,
Inc.
....
Building
Products
35,645
$
3,919,524
Alamo
Group,
Inc.
................
Machinery
81,215
16,083,819
Columbia
Sportswear
Co.
..........
Textiles,
Apparel
&
Luxury
Goods
119,088
7,595,433
a,b
Freshpet,
Inc.
...................
Food
Products
108,018
8,658,723
b
Guardian
Pharmacy
Services,
Inc.
,
A
..
Consumer
Staples
Distribution
&
Retail
278,704
5,900,164
b
Healthcare
Services
Group,
Inc.
.....
Commercial
Services
&
Supplies
565,737
7,976,892
Huntington
Bancshares,
Inc.
........
Banks
991,417
15,495,848
b
ICON
plc
.......................
Life
Sciences
Tools
&
Services
39,972
5,207,552
a,b
Integer
Holdings
Corp.
............
Health
Care
Equipment
&
Supplies
117,231
13,922,354
Janus
Henderson
Group
plc
........
Capital
Markets
333,825
12,127,862
JBT
Marel
Corp.
.................
Machinery
104,783
12,030,136
b
Jones
Lang
LaSalle,
Inc.
...........
Real
Estate
Management
&
Development
54,890
12,224,003
b
Knowles
Corp.
..................
Electronic
Equipment,
Instruments
&
Components
600,672
9,857,028
Lancaster
Colony
Corp.
............
Food
Products
47,843
8,008,918
Leonardo
DRS,
Inc.
..............
Aerospace
&
Defense
366,116
15,486,707
Levi
Strauss
&
Co.
,
A
.............
Textiles,
Apparel
&
Luxury
Goods
333,147
5,780,100
b
Lindblad
Expeditions
Holdings,
Inc.
...
Hotels,
Restaurants
&
Leisure
680,433
7,144,546
Lithia
Motors,
Inc.
,
A
..............
Specialty
Retail
14,886
4,717,522
ManpowerGroup,
Inc.
.............
Professional
Services
138,937
5,828,407
MGP
Ingredients,
Inc.
.............
Beverages
34,578
1,017,285
a,b
Middleby
Corp.
(The)
.............
Machinery
49,456
7,227,005
Miller
Industries,
Inc.
..............
Machinery
213,796
9,691,373
b
NCR
Atleos
Corp.
................
Financial
Services
254,946
6,758,618
Patrick
Industries,
Inc.
.............
Automobile
Components
144,126
12,374,658
Seacoast
Banking
Corp.
of
Florida
...
Banks
222,740
5,753,374
Sealed
Air
Corp.
.................
Containers
&
Packaging
122,355
3,939,831
b
SharkNinja,
Inc.
.................
Household
Durables
48,440
4,453,089
b
Sonos,
Inc.
.....................
Household
Durables
579,824
5,960,591
b
Texas
Capital
Bancshares,
Inc.
......
Banks
176,282
12,637,657
a
TriMas
Corp.
....................
Containers
&
Packaging
565,191
14,904,087
TrustCo
Bank
Corp.
..............
Banks
441,870
13,715,645
Utz
Brands,
Inc.
.................
Food
Products
138,984
1,838,758
a,b
Vita
Coco
Co.,
Inc.
(The)
...........
Beverages
169,345
6,026,989
Voya
Financial,
Inc.
...............
Financial
Services
135,674
9,025,034
293,289,532
Total
Common
Stocks
(Cost
$
515,119,785
)
.....................................
723,660,780
Units
a
a
a
a
a
Limited
Partnerships
1.9%
United
States
1.9%
AllianceBernstein
Holding
LP
.......
Capital
Markets
375,765
15,011,812
Total
Limited
Partnerships
(Cost
$
4,871,867
)
...................................
15,011,812
Total
Long
Term
Investments
(Cost
$
519,991,652
)
...............................
738,672,592
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
6.3%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
5.0%
Canada
5.0%
Royal
Bank
of
Canada
,
4.3
%
,
6/02/25
.
39,000,000
$
39,000,000
Total
Time
Deposits
(Cost
$
39,000,000
)
........................................
39,000,000
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.3%
Money
Market
Funds
1.3%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.079
%
.........
10,253,820
10,253,820
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
10,253,820
)
................................................................
10,253,820
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
49,253,820
)
................................
49,253,820
a
a
a
Total
Investments
(Cost
$
569,245,472
)
101.1
%
..................................
$787,926,412
Other
Assets,
less
Liabilities
(
1.1
)
%
...........................................
(8,543,519)
Net
Assets
100.0%
...........................................................
$779,382,893
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
May
31,
2025.
b
Non-income
producing.
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,
2025,
the
aggregate
value
of
these
securities
was
$56,370,896,
representing
7.2%
of
net
assets.
d
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
e
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,
2025,
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,
2025,
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,
2025,
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
,
4.079
%
$210,176
$82,967,195
$(72,923,551)
$—
$—
$10,253,820
10,253,820
$94,033
Total
Affiliated
Securities
...
$210,176
$82,967,195
$(72,923,551)
$—
$—
$10,253,820
$94,033
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
:
Australia
.............................
$
—
$
5,856,485
$
—
$
5,856,485
Austria
...............................
—
4,142,668
—
4,142,668
Bahamas
.............................
14,350,517
—
—
14,350,517
Belgium
..............................
—
8,528,387
—
8,528,387
Brazil
................................
4,980,787
—
—
4,980,787
Canada
..............................
15,792,100
—
—
15,792,100
China
...............................
—
11,018,195
—
11,018,195
Finland
..............................
—
10,648,454
—
10,648,454
France
...............................
—
6,806,721
—
6,806,721
Germany
.............................
—
24,302,635
—
24,302,635
Hong
Kong
...........................
—
17,672,736
—
17,672,736
India
................................
—
14,683,697
—
14,683,697
Italy
.................................
—
63,249,866
—
63,249,866
Japan
...............................
—
70,895,131
—
70,895,131
New
Zealand
..........................
—
6,892,117
—
6,892,117
Poland
...............................
—
3,826,626
—
3,826,626
Singapore
............................
—
5,427,271
—
5,427,271
South
Korea
..........................
—
12,972,578
—
12,972,578
Sweden
..............................
—
15,590,363
—
15,590,363
Switzerland
...........................
10,276,723
39,426,930
—
49,703,653
Taiwan
...............................
—
15,219,714
—
15,219,714
United
Kingdom
........................
3,927,086
43,883,461
—
47,810,547
United
States
..........................
293,289,532
—
—
293,289,532
Limited
Partnerships
......................
15,011,812
—
—
15,011,812
Short
Term
Investments
...................
10,253,820
39,000,000
—
49,253,820
Total
Investments
in
Securities
...........
$367,882,377
$420,044,035
a
$—
$787,926,412
a
Includes
foreign
securities
valued
at
$381,044,035,
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
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.