Templeton Global Investment Trust NPORT-P Templeton Emerging Markets Small Cap Fund (Nov 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TGIT-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

EM

2

Templeton

Emerging

Markets

Small

Cap

Fund

4

Notes

to

Schedules

of

Investments

8

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Templeton

SMACS:

Series

EM

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

99.4%

Brazil

0.6%

Americanas

SA

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

Internet

&

Direct

Marketing

Retail

1,949

$

3,965

TOTVS

SA

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

Software

131

779

4,744

Cambodia

0.7%

a

NagaCorp

Ltd.

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

Hotels,

Restaurants

&

Leisure

8,441

6,131

China

22.1%

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

A

...........

Construction

Materials

1,900

8,927

a

Brilliance

China

Automotive

Holdings

Ltd.

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

Automobiles

60,000

34,184

China

Merchants

Bank

Co.

Ltd.,

A

....

Banks

3,681

18,271

China

Merchants

Bank

Co.

Ltd.,

H

....

Banks

6,419

32,603

China

Resources

Cement

Holdings

Ltd.

Construction

Materials

21,612

11,732

China

Resources

Land

Ltd.

.........

Real

Estate

Management

&

Development

1,027

4,770

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

9,554

7,254

b

Greentown

Service

Group

Co.

Ltd.,

Reg

S

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

Real

Estate

Management

&

Development

5,063

3,497

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

A

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

Chemicals

6,343

40,889

Health

&

Happiness

H&H

International

Holdings

Ltd.

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

Food

Products

5,563

6,770

Ping

An

Bank

Co.

Ltd.,

A

...........

Banks

6,500

12,051

Uni

-President

China

Holdings

Ltd.

....

Food

Products

20,099

17,642

198,590

Hungary

1.9%

Richter

Gedeon

Nyrt

.

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

Pharmaceuticals

786

16,913

India

8.8%

Bajaj

Holdings

&

Investment

Ltd.

.....

Diversified

Financial

Services

260

20,203

HDFC

Bank

Ltd.

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

Banks

1,920

38,109

a

PB

Fintech

Ltd.

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

Insurance

927

5,186

a

Zomato

Ltd.

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

Internet

&

Direct

Marketing

Retail

20,014

16,313

79,811

Indonesia

1.6%

Astra

International

Tbk

.

PT

.........

Automobiles

37,610

14,551

Mexico

0.5%

a,b

Nemak

SAB

de

CV,

144A,

Reg

S

....

Auto

Components

16,156

4,816

Philippines

0.9%

BDO

Unibank

,

Inc.

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

Banks

3,516

8,149

Russia

0.0%

a,b,c

VK

Co.

Ltd.,

GDR,

Reg

S

..........

Interactive

Media

&

Services

458

—

South

Africa

0.9%

Netcare

Ltd.

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

Health

Care

Providers

&

Services

9,842

8,523

South

Korea

38.1%

Fila

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

685

17,632

Hankook

Tire

&

Technology

Co.

Ltd.

..

Auto

Components

103

2,720

a

LegoChem

Biosciences,

Inc.

........

Life

Sciences

Tools

&

Services

260

7,811

LG

Chem

Ltd.

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

Chemicals

16

9,234

LG

Corp.

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

Industrial

Conglomerates

857

55,880

NAVER

Corp.

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

Interactive

Media

&

Services

387

56,879

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

2,532

123,007

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

EM

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

3

See

Abbreviations

on

page

11

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

South

Korea

(continued)

Samsung

Life

Insurance

Co.

Ltd.

.....

Insurance

782

$

44,386

Soulbrain

Co.

Ltd.

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

Chemicals

151

25,097

342,646

Taiwan

18.3%

Hon

Hai

Precision

Industry

Co.

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

3,405

11,193

MediaTek

,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

3,231

78,379

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

4,706

75,873

165,445

Thailand

4.3%

Kasikornbank

PCL

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

Banks

5,963

24,662

Star

Petroleum

Refining

PCL

........

Oil,

Gas

&

Consumable

Fuels

19,621

6,510

Thai

Beverage

PCL

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

Beverages

15,644

7,326

38,498

United

Arab

Emirates

0.7%

a,d

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

16,540

6,034

Total

Common

Stocks

(Cost

$1,068,747)

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

894,851

Short

Term

Investments

0.0%

†

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.0%

†

United

States

0.0%

†

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.446%

.........

184

184

Total

Money

Market

Funds

(Cost

$184)

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

184

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$184

)

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

184

a

a

a

Total

Investments

(Cost

$1,068,931)

99.4%

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

$895,035

Other

Assets,

less

Liabilities

0.6%

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

4,852

Net

Assets

100.0%

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

$899,887

a

a

a

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

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,

2022,

the

aggregate

value

of

these

securities

was

$8,313,

representing

0.9%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

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

Investment

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Templeton

Emerging

Markets

Small

Cap

Fund

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Industry

Shares

a

Value

a

Common

Stocks

93.9%

Brazil

2.9%

Arezzo

Industria

e

Comercio

SA

.....

Textiles,

Apparel

&

Luxury

Goods

236,100

$

4,073,716

Dexco

SA

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

Paper

&

Forest

Products

2,000,900

3,218,430

Grendene

SA

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

Textiles,

Apparel

&

Luxury

Goods

1,174,611

1,500,168

Iguatemi

SA

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

Real

Estate

Management

&

Development

521,639

1,901,181

a,b

Ser

Educacional

SA,

144A,

Reg

S

....

Diversified

Consumer

Services

231,800

246,482

10,939,977

Cambodia

0.9%

a

NagaCorp

Ltd.

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

Hotels,

Restaurants

&

Leisure

4,352,867

3,161,750

Chile

0.8%

Aguas

Andinas

SA,

A

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

Water

Utilities

12,646,388

2,925,498

China

11.6%

Asia

Cement

China

Holdings

Corp.

...

Construction

Materials

3,155,500

1,284,652

a

Baozun

,

Inc.,

A

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

Internet

&

Direct

Marketing

Retail

1,104,817

1,571,588

c

Chervon

Holdings

Ltd.

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

Household

Durables

440,600

2,523,440

b

China

Education

Group

Holdings

Ltd.,

Reg

S

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

Diversified

Consumer

Services

3,523,955

3,769,934

a

Daqo

New

Energy

Corp.,

ADR

......

Semiconductors

&

Semiconductor

Equipment

191,357

10,890,127

Health

&

Happiness

H&H

International

Holdings

Ltd.

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

Food

Products

3,657,800

4,451,375

Huaxin

Cement

Co.

Ltd.,

H

.........

Construction

Materials

2,054,694

2,180,976

b

JNBY

Design

Ltd.,

Reg

S

..........

Textiles,

Apparel

&

Luxury

Goods

2,755,500

2,859,664

Longshine

Technology

Group

Co.

Ltd.,

A

Software

1,270,164

4,676,979

a,b,c

Luye

Pharma

Group

Ltd.,

144A,

Reg

S

Pharmaceuticals

7,104,060

2,786,937

a,b

Mobvista

,

Inc.,

144A,

Reg

S

........

Media

3,057,861

1,608,275

a

Noah

Holdings

Ltd.,

ADR

..........

Capital

Markets

88,657

1,300,598

Uni

-President

China

Holdings

Ltd.

....

Food

Products

3,554,571

3,120,117

43,024,662

Egypt

0.2%

b

Integrated

Diagnostics

Holdings

plc,

144A,

Reg

S

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

Health

Care

Providers

&

Services

1,014,300

731,879

Georgia

0.8%

a

Georgia

Capital

plc

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

Capital

Markets

330,985

3,012,968

Hong

Kong

3.3%

Luk

Fook

Holdings

International

Ltd.

..

Specialty

Retail

1,523,013

3,692,388

Pacific

Basin

Shipping

Ltd.

.........

Marine

25,259,444

8,529,617

12,222,005

Hungary

2.0%

Richter

Gedeon

Nyrt

.

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

Pharmaceuticals

344,688

7,417,128

India

22.4%

a

Affle

India

Ltd.

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

Media

443,966

6,924,935

Bajaj

Holdings

&

Investment

Ltd.

.....

Diversified

Financial

Services

266,700

20,723,143

Dalmia

Bharat

Ltd.

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

Construction

Materials

369,006

8,272,731

b

Dilip

Buildcon

Ltd.,

144A,

Reg

S

.....

Construction

&

Engineering

313,039

908,165

EPL

Ltd.

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

Containers

&

Packaging

1,617,896

3,247,015

Federal

Bank

Ltd.

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

Banks

9,556,507

15,542,572

a,c

MakeMyTrip

Ltd.

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

Hotels,

Restaurants

&

Leisure

212,059

6,296,032

a

Max

Financial

Services

Ltd.

.........

Insurance

315,475

2,734,569

a

PB

Fintech

Ltd.

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

Insurance

492,010

2,752,294

Redington

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

4,259,477

9,457,195

Tata

Consumer

Products

Ltd.

.......

Food

Products

252,809

2,548,564

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

5

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

India

(continued)

a

Zomato

Ltd.

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

Internet

&

Direct

Marketing

Retail

4,872,750

$

3,971,711

83,378,926

Kazakhstan

0.4%

b

Halyk

Savings

Bank

of

Kazakhstan

JSC,

GDR,

Reg

S

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

Banks

141,651

1,515,666

Mexico

1.5%

Bolsa

Mexicana

de

Valores

SAB

de

CV

Capital

Markets

2,928,266

5,754,839

Peru

2.1%

c

Intercorp

Financial

Services,

Inc.

.....

Banks

319,071

7,849,147

Philippines

4.3%

Century

Pacific

Food,

Inc.

..........

Food

Products

12,693,200

5,663,397

International

Container

Terminal

Services,

Inc.

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

Transportation

Infrastructure

2,819,928

10,281,904

15,945,301

Saudi

Arabia

0.7%

Mouwasat

Medical

Services

Co.

.....

Health

Care

Providers

&

Services

47,834

2,418,659

South

Africa

1.4%

Netcare

Ltd.

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

Health

Care

Providers

&

Services

5,900,000

5,109,612

South

Korea

12.1%

Fila

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

285,264

7,342,711

Hankook

Tire

&

Technology

Co.

Ltd.

..

Auto

Components

79,062

2,087,728

a

Hugel

,

Inc.

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

Biotechnology

56,384

5,016,563

i

-SENS,

Inc.

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

Health

Care

Equipment

&

Supplies

112,523

2,867,399

a

L&F

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

35,073

6,114,807

LEENO

Industrial,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

36,958

4,957,009

Lock&Lock

Co.

Ltd.

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

Household

Durables

399,574

2,023,116

LX

Semicon

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

42,084

2,903,321

NeoPharm

Co.

Ltd.

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

Personal

Products

64,000

917,777

RFHIC

Corp.

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

Semiconductors

&

Semiconductor

Equipment

26,038

469,876

Shin

Heung

Energy

&

Electronics

Co.

Ltd.

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

Electrical

Equipment

32,891

1,336,750

Soulbrain

Co.

Ltd.

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

Chemicals

29,000

4,819,916

Vieworks

Co.

Ltd.

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

Health

Care

Equipment

&

Supplies

121,335

2,980,161

Zinus

,

Inc.

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

Household

Durables

45,156

1,126,330

44,963,464

Sri

Lanka

0.1%

Hemas

Holdings

plc

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

Industrial

Conglomerates

3,019,274

460,470

Switzerland

1.4%

a,b

Wizz

Air

Holdings

plc,

144A,

Reg

S

...

Airlines

195,550

5,340,287

Taiwan

16.1%

Eclat

Textile

Co.

Ltd.

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

Textiles,

Apparel

&

Luxury

Goods

186,082

2,806,891

Kinsus

Interconnect

Technology

Corp.

.

Semiconductors

&

Semiconductor

Equipment

1,397,838

5,696,694

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

1,425,648

8,661,794

momo.com,

Inc.

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

Internet

&

Direct

Marketing

Retail

309,761

6,135,002

Novatek

Microelectronics

Corp.

......

Semiconductors

&

Semiconductor

Equipment

894,509

8,798,954

Poya

International

Co.

Ltd.

.........

Multiline

Retail

518,494

7,639,955

Primax

Electronics

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

1,626,472

3,081,147

Shin

Zu

Shing

Co.

Ltd.

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

Machinery

1,253,807

3,474,270

Synnex

Technology

International

Corp.

Electronic

Equipment,

Instruments

&

Components

5,226,772

9,978,303

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Taiwan

(continued)

Visual

Photonics

Epitaxy

Co.

Ltd.

....

Semiconductors

&

Semiconductor

Equipment

1,451,808

$

3,767,336

60,040,346

Thailand

2.7%

Dynasty

Ceramic

PCL

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

Building

Products

28,599,840

2,234,759

Major

Cineplex

Group

PCL

.........

Entertainment

5,443,800

3,053,413

Tisco

Financial

Group

PCL

.........

Banks

1,681,050

4,680,545

9,968,717

United

Arab

Emirates

0.3%

a

Americana

Restaurants

International

plc

Hotels,

Restaurants

&

Leisure

1,357,714

967,925

Vietnam

5.9%

FPT

Corp.

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

IT

Services

2,919,379

8,892,744

Hoa

Phat

Group

JSC

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

Metals

&

Mining

4,234,547

3,186,566

Mobile

World

Investment

Corp.

......

Specialty

Retail

3,117,700

5,610,253

a

Vincom

Retail

JSC

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

Real

Estate

Management

&

Development

3,389,152

4,243,678

21,933,241

Total

Common

Stocks

(Cost

$337,328,987)

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

349,082,467

a

Preferred

Stocks

2.6%

Brazil

1.6%

d

Bradespar

SA,

32.31%

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

Metals

&

Mining

1,125,110

6,133,574

Chile

1.0%

d

Embotelladora

Andina

SA,

A,

17.52%

.

Beverages

1,250,500

1,980,017

d

Embotelladora

Andina

SA,

B,

15.87%

.

Beverages

873,588

1,678,996

3,659,013

Total

Preferred

Stocks

(Cost

$13,871,827)

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

9,792,587

Total

Long

Term

Investments

(Cost

$351,200,814)

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

358,875,054

Short

Term

Investments

3.9%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.9%

United

States

3.9%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.446%

.........

14,407,250

14,407,250

Total

Money

Market

Funds

(Cost

$14,407,250)

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

14,407,250

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$14,407,250

)

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

14,407,250

a

a

a

Total

Investments

(Cost

$365,608,064)

100.4%

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

$373,282,304

Other

Assets,

less

Liabilities

(0.4)%

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

(1,502,165)

Net

Assets

100.0%

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

$371,780,139

a

a

a

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

7

See

Abbreviations

on

page

11

.

a

Non-income

producing.

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,

2022,

the

aggregate

value

of

these

securities

was

$19,767,289,

representing

5.3%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

November

30,

2022.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

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

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

8

Quarterly

Schedules

of

Investments

1.

Organization

Templeton

Global

Investment

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of three

separate

funds,

two

of

which

are

included

in

this

report

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

2. Financial

Instrument

Valuation

The

Funds’

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

Funds

calculate

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

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds’

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC). The

Funds

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. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

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

Funds’ 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

Funds’

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

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

November

30,

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

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

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

Funds for

financial

reporting

purposes.

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

9

Quarterly

Schedules

of

Investments

3.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

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

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

November

30,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows: 

4. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

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

Funds'

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. 

    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  

Franklin

Templeton

SMACS

:

Series

EM

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.446%

$

72,154

$

99,940

$

(171,910)

$

—

$

—

$

184

184

$

261

Total

Affiliated

Securities

...

$72,154

$99,940

$(171,910)

$—

$—

$184

$261

Templeton

Emerging

Markets

Small

Cap

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.446%

$

10,045,248

$

16,058,083

$

(11,696,081)

$

—

$

—

$

14,407,250

14,407,250

$

63,295

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.446%

$—

$295,910

$(295,910)

$—

$—

$—

—

$272

Total

Affiliated

Securities

...

$10,045,248

$16,353,993

$(11,991,991)

$—

$—

$14,407,250

$63,567

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

10

Quarterly

Schedules

of

Investments

A

summary

of

inputs

used

as

of

November

30,

2022,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

Templeton

SMACS:

Series

EM

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

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

$

4,744

$

—

$

—

$

4,744

Cambodia

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

—

6,131

—

6,131

China

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

34,184

164,406

—

198,590

Hungary

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

—

16,913

—

16,913

India

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

—

79,811

—

79,811

Indonesia

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

—

14,551

—

14,551

Mexico

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

4,816

—

—

4,816

Philippines

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

—

8,149

—

8,149

Russia

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

—

—

—

a

—

South

Africa

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

—

8,523

—

8,523

South

Korea

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

—

342,646

—

342,646

Taiwan

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

—

165,445

—

165,445

Thailand

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

—

38,498

—

38,498

United

Arab

Emirates

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

6,034

—

—

6,034

Short

Term

Investments

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

184

—

—

184

Total

Investments

in

Securities

...........

$49,962

$845,073

b

$—

$895,035

Templeton

Emerging

Markets

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

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

$10,939,977

$—

$—

$

10,939,977

Cambodia

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

—

3,161,750

—

3,161,750

Chile

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

2,925,498

—

—

2,925,498

China

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

12,190,725

30,833,937

—

43,024,662

Egypt

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

—

731,879

—

731,879

Georgia

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

3,012,968

—

—

3,012,968

Hong

Kong

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

—

12,222,005

—

12,222,005

Hungary

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

—

7,417,128

—

7,417,128

India

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

6,296,032

77,082,894

—

83,378,926

Kazakhstan

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

1,515,666

—

—

1,515,666

Mexico

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

5,754,839

—

—

5,754,839

Peru

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

7,849,147

—

—

7,849,147

Philippines

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

5,663,397

10,281,904

—

15,945,301

Saudi

Arabia

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

—

2,418,659

—

2,418,659

South

Africa

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

—

5,109,612

—

5,109,612

South

Korea

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

—

44,963,464

—

44,963,464

Sri

Lanka

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

460,470

—

—

460,470

Switzerland

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

—

5,340,287

—

5,340,287

Taiwan

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

—

60,040,346

—

60,040,346

Thailand

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

—

9,968,717

—

9,968,717

United

Arab

Emirates

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

—

967,925

—

967,925

Vietnam

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

—

21,933,241

—

21,933,241

Preferred

Stocks

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

9,792,587

—

—

9,792,587

Short

Term

Investments

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

14,407,250

—

—

14,407,250

Total

Investments

in

Securities

...........

$80,808,556

$292,473,748

c

$—

$373,282,304

a

The

Valuation

Committee

determined

that

based

on

their

analysis

of

the

market

and

access

to

market

participants,

the

Russian

financial

instruments

held

by

the

Fund

had

little

or

no

value

at

November

30,

2022.

b

Includes

foreign

securities

valued

at

$845,073,

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.

4. Fair

Value

Measurements 

(continued)

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

11

Quarterly

Schedules

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

c

Includes

foreign

securities

valued

at

$291,505,823,

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

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

4. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.