Franklin Balance Sheet Investment Fund March 31, 2018

SecurityIdentifier

SecurityName

Shares/Positions Held

Market Value

% ofTNA

CouponRate

MaturityDate

G0177J108 ALLERGAN PLC 82,000 $13,799,780 1.44% N/A N/A

026874784 AMERICAN INTERNATIONAL GROUP INC 256,700 $13,969,614 1.46% N/A N/A

B58C6H1 APERAM SA 213,700 $10,209,408 1.07% N/A N/A

039380407 ARCH COAL INC 127,000 $11,668,760 1.22% N/A N/A

039483102 ARCHER-DANIELS-MIDLAND CO 297,300 $12,893,901 1.35% N/A N/A

046224101 ASTEC INDUSTRIES INC 87,800 $4,844,804 0.51% N/A N/A

060505104 BANK OF AMERICA CORP 1,186,600 $35,586,134 3.71% N/A N/A

064058100 BANK OF NEW YORK MELLON CORP 275,000 $14,170,750 1.48% N/A N/A

090572207 BIO-RAD LABORATORIES INC 68,428 $17,112,474 1.79% N/A N/A

G16962105 BUNGE LTD 201,500 $14,898,910 1.55% N/A N/A

14040H105 CAPITAL ONE FINANCIAL CORP 116,000 $11,115,120 1.16% N/A N/A

166764100 CHEVRON CORP 178,600 $20,367,544 2.12% N/A N/A

H1467J104 CHUBB LTD 86,132 $11,780,273 1.23% N/A N/A

125581801 CIT GROUP INC 235,600 $12,133,400 1.27% N/A N/A

172967424 CITIGROUP INC 310,500 $20,958,750 2.19% N/A N/A

174610105 CITIZENS FINANCIAL GROUP INC 371,300 $15,587,174 1.63% N/A N/A

216831107 COOPER TIRE & RUBBER CO 225,200 $6,598,360 0.69% N/A N/A

219350105 CORNING INC 1,279,000 $35,658,520 3.72% N/A N/A

25470F302 DISCOVERY INC 126,400 $2,467,328 0.26% N/A N/A

257559203 DOMTAR CORP 178,200 $7,580,628 0.79% N/A N/A

262037104 DRIL-QUIP INC 57,800 $2,589,440 0.27% N/A N/A

23334L102 DSW INC 746,863 $16,774,542 1.75% N/A N/A

30040W108 EVERSOURCE ENERGY 89,200 $5,255,664 0.55% N/A N/A

B4JSZL8 FABRINET 237,100 $7,440,198 0.78% N/A N/A

308243104 FARMERS & MERCHANTS BANK OFLONG BEACH 1,475 $11,726,250 1.22% N/A N/A

302941109 FTI CONSULTING INC 170,400 $8,249,064 0.86% N/A N/A

37045V100 GENERAL MOTORS CO 620,200 $22,538,068 2.35% N/A N/A

March 31, 2018Franklin Balance SheetInvestment FundPortfolio Holdings

The following portfolio data for the Franklin Templeton funds is made available to the public under our PortfolioHoldings Release Policy and is "as of" the date indicated.This portfolio data should not be relied upon as a complete listing of a fund's holdings (or of a fund's top holdings) asinformation on particular holdings may be withheld if it is in the fund's interest to do so. Additionally, foreign currencyforwards are not included in the portfolio data. Instead, the net market value of all currency forward contracts is includedin cash and other net assets of the fund. Further, portfolio holdings data of over-the-counter derivative investments suchas Credit Default Swaps, Interest Rate Swaps or other Swap contracts list only the name of counterparty to thederivative contract, not the details of the derivative. Complete portfolio data can be found in the semi- and annualfinancial statements of the fund.

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Franklin Balance Sheet Investment Fund March 31, 2018

SecurityIdentifier

SecurityName

Shares/Positions Held

Market Value

% ofTNA

CouponRate

MaturityDate

6102331 GRAINCORP LTD 459,436 $3,007,543 0.31% N/A N/A

416515104 HARTFORD FINANCIAL SERVICESGROUP INC 224,300 $11,555,936 1.21% N/A N/A

422819102 HEIDRICK & STRUGGLESINTERNATIONAL INC 297,800 $9,306,250 0.97% N/A N/A

2623836 HUSKY ENERGY INC 557,100 $7,973,087 0.83% N/A N/A

451107106 IDACORP INC 61,500 $5,428,605 0.57% N/A N/A

8611239C3 IFT-MONEY MARKET PORTFOLIO 135,163,799 $135,163,799 14.10% N/A N/A

36172H108 IRIDIUM COMMUNICATIONS INC 771,883 $8,683,683 0.91% N/A N/A

46269C409 IRIDIUM COMMUNICATIONS INC 20,000 $7,732,600 0.81% N/A 02/01/49

BY7QL61 JOHNSON CONTROLS INTERNATIONALPLC 208,100 $7,333,444 0.77% N/A N/A

46625H100 JPMORGAN CHASE & CO 360,200 $39,611,194 4.13% N/A N/A

49456B101 KINDER MORGAN INC 773,900 $11,654,934 1.22% N/A N/A

501242101 KULICKE & SOFFA INDUSTRIES INC 314,100 $7,855,641 0.82% N/A N/A

580037109 MCDERMOTT INTERNATIONAL INC 2,086,400 $12,706,176 1.33% N/A N/A

55306N104 MKS INSTRUMENTS INC 50,489 $5,839,052 0.61% N/A N/A

617446448 MORGAN STANLEY 435,000 $23,472,600 2.45% N/A N/A

61945C103 MOSAIC CO 332,700 $8,077,956 0.84% N/A N/A

624756102 MUELLER INDUSTRIES INC 23,712 $620,305 0.06% N/A N/A

624756AE2 MUELLER INDUSTRIES INC 1,490,000 $1,495,587 0.16% 6.00% 03/01/27

638517102 NATIONAL WESTERN LIFE GROUP INC 47,200 $14,390,336 1.50% N/A N/A

65249B208 NEWS CORP 1,085,700 $17,479,770 1.82% N/A N/A

674599105 OCCIDENTAL PETROLEUM CORP 247,600 $16,084,096 1.68% N/A N/A

675232102 OCEANEERING INTERNATIONAL INC 224,000 $4,152,960 0.43% N/A N/A

719405102 PHOTRONICS INC 466,606 $3,849,499 0.40% N/A N/A

726503105 PLAINS ALL AMERICAN PIPELINE LP 115,800 $2,551,074 0.27% N/A N/A

693475105 PNC FINANCIAL SERVICES GROUP INC 123,100 $18,617,644 1.94% N/A N/A

744320102 PRUDENTIAL FINANCIAL INC 155,400 $16,091,670 1.68% N/A N/A

758750103 REGAL BELOIT CORP 169,200 $12,410,820 1.29% N/A N/A

759509102 RELIANCE STEEL & ALUMINUM CO 129,700 $11,120,478 1.16% N/A N/A

B840261 ROWAN COS PLC 828,520 $9,561,120 1.00% N/A N/A

B03MM62 ROYAL DUTCH SHELL PLC 520,100 $33,187,581 3.46% N/A N/A

807066105 SCHOLASTIC CORP 242,578 $9,421,729 0.98% N/A N/A

7538515 TENARIS SA 350,500 $6,015,765 0.63% N/A N/A

880779103 TEREX CORP 329,800 $12,337,818 1.29% N/A N/A

88162G103 TETRA TECH INC 155,000 $7,587,250 0.79% N/A N/A

88650V208 TIER REIT INC 289,900 $5,357,352 0.56% N/A N/A

889478103 TOLL BROTHERS INC 552,000 $23,874,000 2.49% N/A N/A

89417E109 TRAVELERS COS INC 56,500 $7,845,590 0.82% N/A N/A

89656D101 TRINITY PLACE HOLDINGS INC 499,834 $3,248,921 0.34% N/A N/A

91879Q109 VAIL RESORTS INC 69,500 $15,408,150 1.61% N/A N/A

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Franklin Balance Sheet Investment Fund March 31, 2018

SecurityIdentifier

SecurityName

Shares/Positions Held

Market Value

% ofTNA

CouponRate

MaturityDate

91913Y100 VALERO ENERGY CORP 40,900 $3,794,293 0.40% N/A N/A

BH4HKS3 VODAFONE GROUP PLC 4,826,600 $13,152,033 1.37% N/A N/A

95082P105 WESCO INTERNATIONAL INC 230,300 $14,290,115 1.49% N/A N/A

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Franklin Balance Sheet Investment Fund March 31, 2018

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© 2018 Franklin Templeton Investments. All rights reserved.

• Portfolio holdings are subject to change without notice and may not represent current or future portfolio composition.

Important Legal Information

The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information.

• The net market value of all currency forward contracts is included in cash and other net assets, reflected in the base currency of the fund. The net market value of any Credit Default, Interest Rate and/or other Swap contract positions are displayed as exposure to the issuing counterparty (i.e. "Citibank") .

• Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year.

• The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other investments.

• Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. To obtain a prospectus, which contains this and other information, talk to your financial advisor, call us at 1-800/DIAL BEN (1-800/342-5236) or visit our website at franklintempleton.com. Please read the prospectus carefully before investing. Franklin Templeton Distributors Inc., One Franklin Parkway, San Mateo, CA 94403.

One Franklin Parkway San Mateo, CA 94403(800) DIAL BEN/342-5236

Franklin Templeton Distributors, Inc.

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