Templeton Global Investment Trust NPORT-P Franklin Templeton SMACS Series EM (May 2024 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

5

Notes

to

Schedules

of

Investments

9

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited),

May

31,

2024

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

101.3%

Brazil

2.3%

a

Hypera

SA

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

Pharmaceuticals

1,014

$

5,243

a

Oncoclinicas

do

Brasil

Servicos

Medicos

SA

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

Health

Care

Providers

&

Services

6,292

10,725

TOTVS

SA

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

Software

1,079

5,902

21,870

Cambodia

0.5%

a

NagaCorp

Ltd.

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

Hotels,

Restaurants

&

Leisure

8,440

4,321

China

12.7%

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.

,

A

...........

Construction

Materials

2,601

5,294

Brilliance

China

Automotive

Holdings

Ltd.

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

Automobiles

10,709

8,452

b

Budweiser

Brewing

Co.

APAC

Ltd.

,

144A

,

Reg

S

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

Beverages

7,989

10,143

China

Merchants

Bank

Co.

Ltd.

,

A

....

Banks

100

473

China

Merchants

Bank

Co.

Ltd.

,

H

....

Banks

6,409

28,717

China

Resources

Building

Materials

Technology

Holdings

Ltd.

.........

Construction

Materials

21,612

3,882

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

8,558

5,933

b

Greentown

Service

Group

Co.

Ltd.

,

Reg

S

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

Real

Estate

Management

&

Development

5,063

2,469

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.

,

A

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

Chemicals

2,860

7,713

Haier

Smart

Home

Co.

Ltd.

,

D

.......

Household

Durables

6,074

10,422

Health

&

Happiness

H&H

International

Holdings

Ltd.

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

Food

Products

4,317

5,631

a,b

Kuaishou

Technology

,

144A

,

Reg

S

...

Interactive

Media

&

Services

1,244

8,883

Ping

An

Bank

Co.

Ltd.

,

A

...........

Banks

5,063

7,761

Uni-President

China

Holdings

Ltd.

....

Food

Products

18,484

16,214

121,987

Hungary

2.0%

Richter

Gedeon

Nyrt.

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

Pharmaceuticals

763

19,335

India

11.2%

ACC

Ltd.

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

Construction

Materials

416

12,704

Bajaj

Holdings

&

Investment

Ltd.

.....

Financial

Services

150

14,302

Federal

Bank

Ltd.

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

Banks

7,399

14,401

HDFC

Bank

Ltd.

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

Banks

2,497

45,873

Natco

Pharma

Ltd.

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

Pharmaceuticals

187

2,244

a

One

97

Communications

Ltd.

.......

Financial

Services

1,924

8,317

a

Zomato

Ltd.

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

Hotels,

Restaurants

&

Leisure

5,550

11,945

109,786

Indonesia

0.9%

Astra

International

Tbk.

PT

.........

Industrial

Conglomerates

30,783

8,142

Italy

0.9%

a,b

Wizz

Air

Holdings

plc

,

144A

,

Reg

S

...

Passenger

Airlines

301

8,878

Mexico

0.3%

a,b

Nemak

SAB

de

CV

,

144A

,

Reg

S

....

Automobile

Components

15,599

3,034

Philippines

0.9%

BDO

Unibank,

Inc.

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

Banks

3,907

8,670

South

Africa

2.7%

Discovery

Ltd.

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

Insurance

2,526

14,754

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

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

South

Africa

(continued)

Netcare

Ltd.

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

Health

Care

Providers

&

Services

18,976

$

11,437

26,191

South

Korea

35.7%

Doosan

Bobcat,

Inc.

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

Machinery

515

21,562

Fila

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

327

9,340

Hankook

Tire

&

Technology

Co.

Ltd.

..

Automobile

Components

103

3,268

LG

Corp.

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

Industrial

Conglomerates

581

34,229

a

LigaChem

Biosciences,

Inc.

........

Life

Sciences

Tools

&

Services

119

5,525

NAVER

Corp.

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

Interactive

Media

&

Services

372

46,111

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

1,907

101,166

Samsung

Life

Insurance

Co.

Ltd.

.....

Insurance

799

48,882

Samsung

SDI

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

101

27,629

SK

Hynix,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

239

32,973

Soulbrain

Co.

Ltd.

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

Chemicals

61

14,614

345,299

Taiwan

24.9%

Hon

Hai

Precision

Industry

Co.

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

7,621

40,482

MediaTek,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

1,246

47,593

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

5,503

140,560

Yageo

Corp.

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

Electronic

Equipment,

Instruments

&

Components

632

12,941

241,576

Thailand

4.8%

Kasikornbank

PCL

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

Banks

6,565

23,388

Minor

International

PCL

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

Hotels,

Restaurants

&

Leisure

12,735

10,654

a

Star

Petroleum

Refining

PCL

........

Oil,

Gas

&

Consumable

Fuels

25,454

5,855

Thai

Beverage

PCL

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

Beverages

18,151

6,665

46,562

United

Arab

Emirates

1.5%

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

21,605

9,000

a

Spinneys

1961

Holding

plc

.........

Consumer

Staples

Distribution

&

Retail

14,094

5,871

14,871

Total

Common

Stocks

(Cost

$

1,003,357

)

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

980,522

Rights

a

a

Rights

0.0%

†

Brazil

0.0%

†

a

Oncoclinicas

do

Brasil

Servicos

Medicos

SA

,

6/26/24

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

Health

Care

Providers

&

Services

1,428

8

Total

Rights

(Cost

$

–

)

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

8

Total

Long

Term

Investments

(Cost

$

1,003,357

)

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

980,530

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

EM

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

See

Abbreviations

on

page

12

.

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

,

5.006

%

.........

28,838

$

28,838

Total

Money

Market

Funds

(Cost

$

28,838

)

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

28,838

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

28,838

)

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

28,838

a

a

a

Total

Investments

(Cost

$

1,032,195

)

104.3

%

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

$1,009,368

Other

Assets,

less

Liabilities

(

4.3

)

%

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

(41,279)

Net

Assets

100.0%

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

$968,089

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$33,407,

representing

3.5%

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,

2024

Templeton

Emerging

Markets

Small

Cap

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Industry

Shares

a

Value

a

Common

Stocks

98.0%

Brazil

2.4%

Arezzo

Industria

e

Comercio

SA

.....

Textiles,

Apparel

&

Luxury

Goods

372,378

$

3,503,399

a

Grupo

Mateus

SA

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

Consumer

Staples

Distribution

&

Retail

2,247,901

3,330,699

a

Oncoclinicas

do

Brasil

Servicos

Medicos

SA

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

Health

Care

Providers

&

Services

767,873

1,308,854

8,142,952

Cambodia

0.6%

a

NagaCorp

Ltd.

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

Hotels,

Restaurants

&

Leisure

3,946,104

2,020,195

Chile

0.4%

Aguas

Andinas

SA

,

A

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

Water

Utilities

4,267,311

1,264,340

China

5.8%

Asia

Cement

China

Holdings

Corp.

...

Construction

Materials

1,364,069

573,788

Chervon

Holdings

Ltd.

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

Household

Durables

647,586

1,987,387

b

China

Education

Group

Holdings

Ltd.

,

Reg

S

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

Diversified

Consumer

Services

2,764,988

1,799,672

a

Daqo

New

Energy

Corp.

,

ADR

......

Semiconductors

&

Semiconductor

Equipment

150,350

3,385,882

Health

&

Happiness

H&H

International

Holdings

Ltd.

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

Food

Products

2,202,619

2,872,853

Huaxin

Cement

Co.

Ltd.

,

H

.........

Construction

Materials

1,117,830

1,147,797

b

JNBY

Design

Ltd.

,

Reg

S

..........

Textiles,

Apparel

&

Luxury

Goods

1,428,758

2,681,372

a

Longshine

Technology

Group

Co.

Ltd.

,

A

Software

476,889

707,845

Noah

Holdings

Ltd.

,

ADR

..........

Capital

Markets

148,038

1,527,752

Uni-President

China

Holdings

Ltd.

....

Food

Products

3,645,351

3,197,697

19,882,045

Georgia

0.8%

a

Georgia

Capital

plc

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

Capital

Markets

224,199

2,714,545

Greece

0.6%

a

Piraeus

Financial

Holdings

SA

.......

Banks

553,544

2,174,726

Hong

Kong

1.5%

Luk

Fook

Holdings

International

Ltd.

..

Specialty

Retail

564,051

1,384,789

Pacific

Basin

Shipping

Ltd.

.........

Marine

Transportation

10,525,523

3,705,394

5,090,183

Hungary

2.2%

Richter

Gedeon

Nyrt.

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

Pharmaceuticals

291,872

7,396,367

India

29.9%

a

Affle

India

Ltd.

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

Media

381,059

5,203,101

Ajanta

Pharma

Ltd.

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

Pharmaceuticals

123,800

3,459,579

b

Aster

DM

Healthcare

Ltd.

,

144A

,

Reg

S

Health

Care

Providers

&

Services

165,807

724,767

Bajaj

Holdings

&

Investment

Ltd.

.....

Financial

Services

209,557

19,981,082

City

Union

Bank

Ltd.

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

Banks

2,634,434

4,522,166

Coforge

Ltd.

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

IT

Services

66,622

3,984,406

Crompton

Greaves

Consumer

Electricals

Ltd.

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

Household

Durables

311,456

1,464,248

Dalmia

Bharat

Ltd.

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

Construction

Materials

304,167

6,481,173

EPL

Ltd.

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

Containers

&

Packaging

896,215

1,960,862

a,b

Eris

Lifesciences

Ltd.

,

144A

,

Reg

S

...

Pharmaceuticals

346,989

3,813,011

Federal

Bank

Ltd.

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

Banks

5,231,639

10,182,929

a

Honasa

Consumer

Ltd.

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

Personal

Care

Products

848,333

4,489,688

a

MakeMyTrip

Ltd.

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

Hotels,

Restaurants

&

Leisure

84,947

6,421,144

a

Max

Financial

Services

Ltd.

.........

Insurance

440,080

4,847,147

a

One

97

Communications

Ltd.

.......

Financial

Services

130,995

566,220

a

PB

Fintech

Ltd.

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

Insurance

456,670

7,080,322

Redington

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

1,896,792

4,517,282

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)

India

(continued)

a

Restaurant

Brands

Asia

Ltd.

........

Hotels,

Restaurants

&

Leisure

2,002,427

$

2,457,004

Tata

Consumer

Products

Ltd.

.......

Food

Products

152,381

1,938,703

a

Zomato

Ltd.

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

Hotels,

Restaurants

&

Leisure

3,483,559

7,497,337

101,592,171

Indonesia

1.1%

Avia

Avian

Tbk.

PT

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

Chemicals

109,085,200

3,591,420

Italy

2.3%

a,b,c

Wizz

Air

Holdings

plc

,

144A

,

Reg

S

...

Passenger

Airlines

270,010

7,964,054

Kazakhstan

1.1%

b

Halyk

Savings

Bank

of

Kazakhstan

JSC

,

GDR

,

Reg

S

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

Banks

213,908

3,828,953

Mexico

1.7%

Bolsa

Mexicana

de

Valores

SAB

de

CV

Capital

Markets

2,840,643

5,207,319

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

,

B

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

Transportation

Infrastructure

51,274

523,459

5,730,778

Peru

1.0%

Intercorp

Financial

Services,

Inc.

.....

Banks

136,058

3,274,916

Philippines

5.6%

a

Bloomberry

Resorts

Corp.

..........

Hotels,

Restaurants

&

Leisure

19,513,000

3,530,559

Century

Pacific

Food,

Inc.

..........

Food

Products

7,174,166

4,588,814

International

Container

Terminal

Services,

Inc.

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

Transportation

Infrastructure

1,850,915

10,792,397

18,911,770

Saudi

Arabia

2.5%

a

Jahez

International

Co.

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

Hotels,

Restaurants

&

Leisure

538,483

4,468,837

Mouwasat

Medical

Services

Co.

.....

Health

Care

Providers

&

Services

137,726

3,929,049

8,397,886

South

Africa

0.9%

Netcare

Ltd.

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

Health

Care

Providers

&

Services

4,874,221

2,937,813

South

Korea

8.2%

Fila

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

203,965

5,825,612

a

Hugel,

Inc.

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

Biotechnology

45,732

6,325,450

LEENO

Industrial,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

28,603

5,550,144

LX

Semicon

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

55,258

2,857,142

Shin

Heung

Energy

&

Electronics

Co.

Ltd.

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

Electrical

Equipment

219,215

1,379,488

Soulbrain

Co.

Ltd.

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

Chemicals

18,300

4,384,141

Vieworks

Co.

Ltd.

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

Health

Care

Equipment

&

Supplies

81,147

1,658,687

27,980,664

Taiwan

14.9%

Eclat

Textile

Co.

Ltd.

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

Textiles,

Apparel

&

Luxury

Goods

200,590

3,002,081

Kinsus

Interconnect

Technology

Corp.

.

Semiconductors

&

Semiconductor

Equipment

1,124,850

3,290,161

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

741,434

5,237,533

momo.com,

Inc.

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

Broadline

Retail

349,437

4,733,450

Novatek

Microelectronics

Corp.

......

Semiconductors

&

Semiconductor

Equipment

586,366

10,782,284

Poya

International

Co.

Ltd.

.........

Broadline

Retail

413,414

6,466,055

Primax

Electronics

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

1,016,762

3,172,042

Shin

Zu

Shing

Co.

Ltd.

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

Machinery

168,825

1,032,267

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

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Taiwan

(continued)

Synnex

Technology

International

Corp.

Electronic

Equipment,

Instruments

&

Components

4,340,424

$

11,285,243

Visual

Photonics

Epitaxy

Co.

Ltd.

....

Semiconductors

&

Semiconductor

Equipment

366,128

1,600,426

50,601,542

Thailand

2.5%

Dynasty

Ceramic

PCL

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

Building

Products

25,815,997

1,401,900

Major

Cineplex

Group

PCL

.........

Entertainment

6,519,860

2,284,801

Tisco

Financial

Group

PCL

.........

Banks

1,852,072

4,919,236

8,605,937

United

Arab

Emirates

3.7%

Americana

Restaurants

International

plc

Hotels,

Restaurants

&

Leisure

4,126,558

3,597,687

Burjeel

Holdings

plc

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

Health

Care

Providers

&

Services

3,008,432

2,252,434

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

4,786,580

1,993,865

a

Spinneys

1961

Holding

plc

.........

Consumer

Staples

Distribution

&

Retail

5,684,491

2,367,893

Taaleem

Holdings

PJSC

...........

Diversified

Consumer

Services

2,133,071

2,201,018

12,412,897

Vietnam

8.3%

Asia

Commercial

Bank

JSC

........

Banks

3,097,525

3,007,127

FPT

Corp.

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

IT

Services

2,735,392

14,516,205

Military

Commercial

Joint

Stock

Bank

.

Banks

2,980,000

2,556,919

Mobile

World

Investment

Corp.

......

Specialty

Retail

3,248,849

8,153,268

28,233,519

Total

Common

Stocks

(Cost

$

253,920,978

)

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

332,749,673

a

Preferred

Stocks

2.4%

Brazil

1.1%

d

Bradespar

SA

,

9.31

%

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

Metals

&

Mining

978,972

3,579,729

Chile

1.3%

d

Embotelladora

Andina

SA

,

A

,

6.71

%

..

Beverages

603,894

1,489,482

d

Embotelladora

Andina

SA

,

B

,

5.91

%

..

Beverages

963,231

2,970,269

4,459,751

Total

Preferred

Stocks

(Cost

$

9,524,704

)

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

8,039,480

Rights

a

a

Rights

0.0%

†

Brazil

0.0%

†

a

Oncoclinicas

do

Brasil

Servicos

Medicos

SA

,

6/26/24

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

Health

Care

Providers

&

Services

172,085

983

Total

Rights

(Cost

$

–

)

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

983

Total

Long

Term

Investments

(Cost

$

263,445,682

)

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

340,790,136

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.

8

See

Abbreviations

on

page

12

.

Short

Term

Investments

0.5%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.5%

United

States

0.5%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.006

%

.........

1,620,991

$

1,620,991

Total

Money

Market

Funds

(Cost

$

1,620,991

)

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

1,620,991

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

1,620,991

)

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

1,620,991

a

a

a

Total

Investments

(Cost

$

265,066,673

)

100.9

%

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

$342,411,127

Other

Assets,

less

Liabilities

(

0.9

)

%

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

(2,823,221)

Net

Assets

100.0%

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

$339,587,906

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

May

31,

2024,

the

aggregate

value

of

these

securities

was

$20,811,829,

representing

6.1%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

May

31,

2024.

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

9

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

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,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

10

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,

2024,

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

,

5.006

%

$33,791

$209,694

$(214,647)

$—

$—

$28,838

28,838

$1,376

Total

Affiliated

Securities

...

$33,791

$209,694

$(214,647)

$—

$—

$28,838

$1,376

Templeton

Emerging

Markets

Small

Cap

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.006

%

$13,955,515

$73,796,735

$(86,131,259)

$—

$—

$1,620,991

1,620,991

$276,762

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.006

%

$—

$5,447,935

$(5,447,935)

$—

$—

$—

—

$28,093

Total

Affiliated

Securities

...

$13,955,515

$79,244,670

$(91,579,194)

$—

$—

$1,620,991

$304,855

2. Financial

Instrument

Valuation

(continued)

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

11

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,

2024,

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

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

$

21,870

$

—

$

—

$

21,870

Cambodia

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

—

4,321

—

4,321

China

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

32,267

89,720

—

121,987

Hungary

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

19,335

—

—

19,335

India

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

8,317

101,469

—

109,786

Indonesia

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

—

8,142

—

8,142

Italy

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

—

8,878

—

8,878

Mexico

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

3,034

—

—

3,034

Philippines

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

8,670

—

—

8,670

South

Africa

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

14,754

11,437

—

26,191

South

Korea

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

—

345,299

—

345,299

Taiwan

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

—

241,576

—

241,576

Thailand

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

—

46,562

—

46,562

United

Arab

Emirates

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

14,871

—

—

14,871

Rights

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

8

—

—

8

Short

Term

Investments

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

28,838

—

—

28,838

Total

Investments

in

Securities

...........

$151,964

$857,404

a

$—

$1,009,368

Templeton

Emerging

Markets

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

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

8,142,952

—

—

8,142,952

Cambodia

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

—

2,020,195

—

2,020,195

Chile

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

1,264,340

—

—

1,264,340

China

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

14,119,368

5,762,677

—

19,882,045

Georgia

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

2,714,545

—

—

2,714,545

Greece

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

—

2,174,726

—

2,174,726

Hong

Kong

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

—

5,090,183

—

5,090,183

Hungary

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

7,396,367

—

—

7,396,367

India

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

6,987,364

94,604,807

—

101,592,171

Indonesia

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

3,591,420

—

—

3,591,420

Italy

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

—

7,964,054

—

7,964,054

Kazakhstan

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

3,828,953

—

—

3,828,953

Mexico

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

5,730,778

—

—

5,730,778

Peru

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

3,274,916

—

—

3,274,916

Philippines

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

14,322,956

4,588,814

—

18,911,770

Saudi

Arabia

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

3,929,049

4,468,837

—

8,397,886

South

Africa

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

—

2,937,813

—

2,937,813

South

Korea

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

—

27,980,664

—

27,980,664

Taiwan

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

—

50,601,542

—

50,601,542

Thailand

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

1,401,900

7,204,037

—

8,605,937

United

Arab

Emirates

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

12,412,897

—

—

12,412,897

Vietnam

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

—

28,233,519

—

28,233,519

4. Fair

Value

Measurements 

(continued)

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

12

Quarterly

Schedules

of

Investments

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Preferred

Stocks

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

$

8,039,480

$

—

$

—

$

8,039,480

Rights

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

983

—

—

983

Short

Term

Investments

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

1,620,991

—

—

1,620,991

Total

Investments

in

Securities

...........

$98,779,259

$243,631,868

b

$—

$342,411,127

a

Includes

foreign

securities

valued

at

$857,404,

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

$243,058,080,

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

PJSC

Public

Joint

Stock

Company

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.