Templeton Global Investment Trust NPORT-P Templeton Emerging Markets Small Cap Fund (May 2023 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TGIT-Q3PH

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),

May

31,

2023

Franklin

Templeton

SMACS:

Series

EM

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

100.4%

Brazil

0.1%

TOTVS

SA

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

Software

131

$

743

Cambodia

0.6%

a

NagaCorp

Ltd.

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

Hotels,

Restaurants

&

Leisure

8,440

5,283

China

17.8%

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

A

...........

Construction

Materials

1,780

6,573

Brilliance

China

Automotive

Holdings

Ltd.

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

Automobiles

51,850

19,926

China

Merchants

Bank

Co.

Ltd.,

A

....

Banks

8,478

38,514

China

Resources

Cement

Holdings

Ltd.

Construction

Materials

21,612

7,871

China

Resources

Land

Ltd.

.........

Real

Estate

Management

&

Development

985

3,687

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

8,558

5,388

b

Greentown

Service

Group

Co.

Ltd.,

Reg

S

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

Real

Estate

Management

&

Development

5,063

2,738

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

A

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

Chemicals

6,248

35,957

Haier

Smart

Home

Co.

Ltd.,

D

.......

Household

Durables

5,873

7,030

Health

&

Happiness

H&H

International

Holdings

Ltd.

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

Food

Products

5,214

7,069

Ping

An

Bank

Co.

Ltd.,

A

...........

Banks

5,362

8,757

a

Uni

-President

China

Holdings

Ltd.

....

Food

Products

18,509

16,086

159,596

Hungary

2.4%

Richter

Gedeon

Nyrt

.

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

Pharmaceuticals

856

21,581

India

10.7%

a

ACC

Ltd.

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

Construction

Materials

384

8,245

Bajaj

Holdings

&

Investment

Ltd.

.....

Financial

Services

190

16,681

HDFC

Bank

Ltd.

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

Banks

1,647

31,998

Hindalco

Industries

Ltd.

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

Metals

&

Mining

1,357

6,647

a

One

97

Communications

Ltd.

.......

Financial

Services

1,534

12,926

a

PB

Fintech

Ltd.

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

Insurance

645

4,719

a

Zomato

Ltd.

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

Hotels,

Restaurants

&

Leisure

17,747

14,792

96,008

Indonesia

1.7%

Astra

International

Tbk

.

PT

.........

Industrial

Conglomerates

35,148

15,100

Mexico

0.4%

a,b

Nemak

SAB

de

CV,

144A,

Reg

S

....

Automobile

Components

15,599

3,651

Philippines

1.1%

BDO

Unibank

,

Inc.

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

Banks

4,083

9,858

South

Africa

1.1%

Netcare

Ltd.

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

Health

Care

Providers

&

Services

14,481

10,073

South

Korea

39.9%

Doosan

Bobcat,

Inc.

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

Machinery

472

19,054

Fila

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

525

14,421

Hankook

Tire

&

Technology

Co.

Ltd.

..

Automobile

Components

103

2,684

a

LegoChem

Biosciences,

Inc.

........

Life

Sciences

Tools

&

Services

323

10,074

LG

Chem

Ltd.

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

Chemicals

15

7,845

LG

Corp.

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

Industrial

Conglomerates

762

49,594

NAVER

Corp.

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

Interactive

Media

&

Services

377

56,791

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

2,066

111,234

Samsung

Life

Insurance

Co.

Ltd.

.....

Insurance

799

40,054

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

EM

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

See

Abbreviations

on

page

11

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

South

Korea

(continued)

Samsung

SDI

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

37

$

20,058

Soulbrain

Co.

Ltd.

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

Chemicals

139

24,214

356,023

Taiwan

19.8%

Hon

Hai

Precision

Industry

Co.

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

3,108

10,756

MediaTek

,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

2,472

60,763

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

5,503

99,620

Yageo

Corp.

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

Electronic

Equipment,

Instruments

&

Components

312

5,143

176,282

Thailand

3.9%

Kasikornbank

PCL

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

Banks

5,536

20,654

Star

Petroleum

Refining

PCL

........

Oil,

Gas

&

Consumable

Fuels

25,454

6,045

Thai

Beverage

PCL

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

Beverages

19,273

7,977

34,676

United

Arab

Emirates

0.9%

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

16,540

7,701

Total

Common

Stocks

(Cost

$1,025,955)

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

896,575

Short

Term

Investments

3.0%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.0%

United

States

3.0%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.621%

.........

26,821

26,821

Total

Money

Market

Funds

(Cost

$26,821)

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

26,821

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$26,821

)

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

26,821

a

a

a

Total

Investments

(Cost

$1,052,776)

103.4%

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

$923,396

Other

Assets,

less

Liabilities

(3.4)%

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

(30,656)

Net

Assets

100.0%

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

$892,740

a

a

a

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

May

31,

2023,

the

aggregate

value

of

these

securities

was

$6,389,

representing

0.7%

of

net

assets.

c

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Templeton

Emerging

Markets

Small

Cap

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Industry

Shares

a

Value

a

Common

Stocks

93.0%

Brazil

2.3%

Arezzo

Industria

e

Comercio

SA

.....

Textiles,

Apparel

&

Luxury

Goods

265,999

$

3,869,181

a

Dexco

SA

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

Paper

&

Forest

Products

1,551,585

2,707,560

Grendene

SA

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

Textiles,

Apparel

&

Luxury

Goods

1,174,611

1,611,991

8,188,732

Cambodia

0.8%

a

NagaCorp

Ltd.

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

Hotels,

Restaurants

&

Leisure

4,393,448

2,750,318

Chile

0.9%

Aguas

Andinas

SA,

A

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

Water

Utilities

9,806,183

3,196,070

China

9.5%

Asia

Cement

China

Holdings

Corp.

...

Construction

Materials

3,155,500

1,362,049

a,b

Baozun,

Inc.,

ADR

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

Broadline

Retail

312,447

1,227,917

Chervon

Holdings

Ltd.

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

Household

Durables

657,700

2,883,281

c

China

Education

Group

Holdings

Ltd.,

Reg

S

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

Diversified

Consumer

Services

2,602,300

2,111,560

a,b

Daqo

New

Energy

Corp.,

ADR

......

Semiconductors

&

Semiconductor

Equipment

191,357

6,879,284

Health

&

Happiness

H&H

International

Holdings

Ltd.

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

Food

Products

3,162,449

4,287,825

Huaxin

Cement

Co.

Ltd.,

H

.........

Construction

Materials

2,054,694

1,668,194

c

JNBY

Design

Ltd.,

Reg

S

..........

Textiles,

Apparel

&

Luxury

Goods

2,634,676

2,581,630

Longshine

Technology

Group

Co.

Ltd.,

A

Software

1,270,164

3,625,838

a,c

Luye

Pharma

Group

Ltd.,

144A,

Reg

S

Pharmaceuticals

2,104,038

938,307

a,c

Mobvista,

Inc.,

144A,

Reg

S

........

Media

2,333,422

1,103,297

a,b

Noah

Holdings

Ltd.,

ADR

..........

Capital

Markets

121,040

1,878,541

a

Uni-President

China

Holdings

Ltd.

....

Food

Products

3,554,571

3,089,149

33,636,872

Georgia

0.7%

a

Georgia

Capital

plc

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

Capital

Markets

245,985

2,508,739

Hong

Kong

2.8%

Luk

Fook

Holdings

International

Ltd.

..

Specialty

Retail

1,244,761

3,399,640

Pacific

Basin

Shipping

Ltd.

.........

Marine

Transportation

22,978,240

6,713,540

10,113,180

Hungary

2.4%

Richter

Gedeon

Nyrt.

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

Pharmaceuticals

337,019

8,496,871

India

24.9%

a

Affle

India

Ltd.

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

Media

428,964

4,966,978

Ajanta

Pharma

Ltd.

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

Pharmaceuticals

176,143

2,784,351

Bajaj

Holdings

&

Investment

Ltd.

.....

Financial

Services

232,776

20,436,500

City

Union

Bank

Ltd.

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

Banks

2,400,814

3,628,350

Dalmia

Bharat

Ltd.

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

Construction

Materials

354,006

9,113,649

EPL

Ltd.

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

Containers

&

Packaging

1,617,896

3,542,085

Federal

Bank

Ltd.

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

Banks

6,764,851

10,230,490

a,b

MakeMyTrip

Ltd.

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

Hotels,

Restaurants

&

Leisure

212,059

5,528,378

a

Max

Financial

Services

Ltd.

.........

Insurance

365,708

3,121,495

a

One

97

Communications

Ltd.

.......

Financial

Services

384,601

3,240,753

a

PB

Fintech

Ltd.

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

Insurance

709,823

5,192,732

Redington

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

4,101,977

8,631,720

Tata

Consumer

Products

Ltd.

.......

Food

Products

203,974

1,968,646

a

Zomato

Ltd.

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

Hotels,

Restaurants

&

Leisure

7,013,475

5,845,642

88,231,769

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Kazakhstan

0.6%

c

Halyk

Savings

Bank

of

Kazakhstan

JSC,

GDR,

Reg

S

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

Banks

166,691

$

2,140,312

Mexico

1.7%

Bolsa

Mexicana

de

Valores

SAB

de

CV

Capital

Markets

2,928,266

6,180,316

Peru

1.6%

Intercorp

Financial

Services,

Inc.

.....

Banks

264,348

5,617,395

Philippines

3.8%

Century

Pacific

Food,

Inc.

..........

Food

Products

13,550,000

5,613,479

International

Container

Terminal

Services,

Inc.

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

Transportation

Infrastructure

2,261,974

7,826,430

13,439,909

Saudi

Arabia

0.8%

Mouwasat

Medical

Services

Co.

.....

Health

Care

Providers

&

Services

47,834

2,868,702

South

Africa

1.1%

Netcare

Ltd.

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

Health

Care

Providers

&

Services

5,564,266

3,870,460

South

Korea

10.7%

Fila

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

258,549

7,102,019

Hankook

Tire

&

Technology

Co.

Ltd.

..

Automobile

Components

70,000

1,824,149

a

Hugel,

Inc.

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

Biotechnology

56,776

4,671,351

L&F

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

29,824

6,060,751

LEENO

Industrial,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

36,958

3,620,074

Lock&Lock

Co.

Ltd.

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

Household

Durables

399,574

1,770,966

LX

Semicon

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

45,010

3,946,272

NeoPharm

Co.

Ltd.

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

Personal

Care

Products

943

14,366

Shin

Heung

Energy

&

Electronics

Co.

Ltd.

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

Electrical

Equipment

32,891

1,146,966

Soulbrain

Co.

Ltd.

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

Chemicals

27,302

4,756,021

Vieworks

Co.

Ltd.

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

Health

Care

Equipment

&

Supplies

106,067

2,609,320

Zinus,

Inc.

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

Household

Durables

23,373

533,255

38,055,510

Switzerland

2.2%

a,c

Wizz

Air

Holdings

plc,

144A,

Reg

S

...

Passenger

Airlines

220,220

7,649,377

Taiwan

17.1%

Eclat

Textile

Co.

Ltd.

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

Textiles,

Apparel

&

Luxury

Goods

186,082

2,829,839

Kinsus

Interconnect

Technology

Corp.

.

Semiconductors

&

Semiconductor

Equipment

1,499,838

5,669,532

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

1,239,613

7,831,057

momo.com,

Inc.

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

Broadline

Retail

307,942

6,983,186

Novatek

Microelectronics

Corp.

......

Semiconductors

&

Semiconductor

Equipment

750,000

10,357,595

Poya

International

Co.

Ltd.

.........

Broadline

Retail

391,729

6,789,137

Primax

Electronics

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

1,626,472

3,415,277

Shin

Zu

Shing

Co.

Ltd.

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

Machinery

1,253,807

3,805,003

Synnex

Technology

International

Corp.

Electronic

Equipment,

Instruments

&

Components

4,477,445

9,305,140

Visual

Photonics

Epitaxy

Co.

Ltd.

....

Semiconductors

&

Semiconductor

Equipment

1,112,846

3,773,847

60,759,613

Thailand

2.6%

Dynasty

Ceramic

PCL

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

Building

Products

28,599,840

1,648,643

Major

Cineplex

Group

PCL

.........

Entertainment

6,139,300

2,741,084

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Thailand

(continued)

Tisco

Financial

Group

PCL

.........

Banks

1,803,350

$

5,015,087

9,404,814

United

Arab

Emirates

0.7%

a

ADNOC

Logistics

&

Services

........

Marine

Transportation

219,424

120,080

Americana

Restaurants

International

plc

Hotels,

Restaurants

&

Leisure

1,457,714

1,526,901

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

2,026,297

943,388

2,590,369

Vietnam

5.8%

FPT

Corp.

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

IT

Services

2,919,379

10,447,208

Hoa

Phat

Group

JSC

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

Metals

&

Mining

2,116,891

1,908,758

Mobile

World

Investment

Corp.

......

Specialty

Retail

3,317,700

5,531,810

a

Vincom

Retail

JSC

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

Real

Estate

Management

&

Development

2,195,854

2,530,389

20,418,165

Total

Common

Stocks

(Cost

$305,359,795)

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

330,117,493

a

Preferred

Stocks

3.1%

Brazil

1.6%

d

Bradespar

SA,

9.63%

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

Metals

&

Mining

1,323,067

5,554,140

Chile

1.5%

d

Embotelladora

Andina

SA,

A,

8.14%

..

Beverages

1,250,500

2,598,940

d

Embotelladora

Andina

SA,

B,

7.28%

..

Beverages

1,043,125

2,665,747

5,264,687

Total

Preferred

Stocks

(Cost

$15,161,654)

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

10,818,827

Total

Long

Term

Investments

(Cost

$320,521,449)

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

340,936,320

Short

Term

Investments

4.6%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

4.6%

United

States

4.6%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.621%

.........

16,173,018

16,173,018

Total

Money

Market

Funds

(Cost

$16,173,018)

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

16,173,018

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$16,173,018

)

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

16,173,018

a

a

a

Total

Investments

(Cost

$336,694,467)

100.7%

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

$357,109,338

Other

Assets,

less

Liabilities

(0.7)%

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

(2,179,621)

Net

Assets

100.0%

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

$354,929,717

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

Schedule

of

Investments

7

See

Abbreviations

on

page

11

.

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

$16,524,483,

representing

4.7%

of

net

assets.

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).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

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

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,

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

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.

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

9

Quarterly

Schedules

of

Investments

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.

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

May

31,

2023,

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.)

    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,

4.621%

$

72,154

$

255,982

$

(301,315)

$

—

$

—

$

26,821

26,821

$

773

Total

Affiliated

Securities

...

$72,154

$255,982

$(301,315)

$—

$—

$26,821

$773

Templeton

Emerging

Markets

Small

Cap

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.621%

$10,045,248

$80,246,718

$

(74,118,948)

$—

$—

$16,173,018

16,173,018

$280,060

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.621%

$—

$1,758,753

$(1,758,753)

$—

$—

$—

—

$5,288

Total

Affiliated

Securities

...

$10,045,248

$82,005,471

$(75,877,701)

$—

$—

$16,173,018

$285,348

2. Financial

Instrument

Valuation

(continued)

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

10

Quarterly

Schedules

of

Investments

• 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. 

A

summary

of

inputs

used

as

of

May

31,

2023,

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

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

$

743

$

—

$

—

$

743

Cambodia

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

—

5,283

—

5,283

China

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

7,030

152,566

—

159,596

Hungary

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

—

21,581

—

21,581

India

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

—

96,008

—

96,008

Indonesia

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

—

15,100

—

15,100

Mexico

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

3,651

—

—

3,651

Philippines

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

—

9,858

—

9,858

South

Africa

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

10,073

—

—

10,073

South

Korea

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

—

356,023

—

356,023

Taiwan

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

—

176,282

—

176,282

Thailand

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

—

34,676

—

34,676

United

Arab

Emirates

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

7,701

—

—

7,701

Short

Term

Investments

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

26,821

—

—

26,821

Total

Investments

in

Securities

...........

$56,019

$867,377

a

$—

$923,396

Templeton

Emerging

Markets

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

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

8,188,732

—

—

8,188,732

Cambodia

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

—

2,750,318

—

2,750,318

Chile

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

3,196,070

—

—

3,196,070

China

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

11,347,791

22,289,081

—

33,636,872

Georgia

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

2,508,739

—

—

2,508,739

Hong

Kong

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

—

10,113,180

—

10,113,180

Hungary

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

—

8,496,871

—

8,496,871

India

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

5,528,378

82,703,391

—

88,231,769

Kazakhstan

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

2,140,312

—

—

2,140,312

Mexico

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

6,180,316

—

—

6,180,316

Peru

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

5,617,395

—

—

5,617,395

Philippines

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

5,613,479

7,826,430

—

13,439,909

Saudi

Arabia

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

—

2,868,702

—

2,868,702

South

Africa

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

3,870,460

—

—

3,870,460

South

Korea

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

—

38,055,510

—

38,055,510

Switzerland

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

—

7,649,377

—

7,649,377

Taiwan

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

—

60,759,613

—

60,759,613

Thailand

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

1,648,643

7,756,171

—

9,404,814

United

Arab

Emirates

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

943,388

1,646,981

—

2,590,369

Vietnam

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

—

20,418,165

—

20,418,165

Preferred

Stocks

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

10,818,827

—

—

10,818,827

Short

Term

Investments

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

16,173,018

—

—

16,173,018

Total

Investments

in

Securities

...........

$83,775,548

$273,333,790

b

$—

$357,109,338

4. Fair

Value

Measurements 

(continued)

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

11

Quarterly

Schedules

of

Investments

Abbreviations

a

Includes

foreign

securities

valued

at

$867,377,

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.

b

Includes

foreign

securities

valued

at

$273,213,710,

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.