Templeton Global Investment Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08226

Templeton Global Investment Trust

(Exact name of registrant as specified in charter)

300 S.E. 2^nd Street, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices) (Zip code)

Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: 954 527-7500

Date of fiscal year end: 8/31

Date of reporting period: 2/28/23

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report.

Not Applicable

.

Your

Fund’s

Expenses

Franklin

Templeton

SMACS:

Series

EM

1

franklintempleton.com

Semiannual

Report

Shareholders

of

mutual

funds

incur

ongoing

costs,

such

as

management

fees

(if

any),

custodian

fees

and

other

Fund

expenses,

which

are

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

the

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

Fund

costs

only

and

do

not

reflect

any

program

fees

that

you

may

pay.

Therefore,

the

table

is

useful

in

comparing

ongoing

costs

of

investing

in

the

Fund

only,

and

will

not

help

you

determine

the

relative

total

costs

of

participating

in

any

one

investment

program.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value.”

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration):

Divide

your

account

value

by

$1,000

(if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6).

Then

multiply

the

result

by

the

number

in

the

row

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

181/365

to

reflect

the

one-half

year

period.

Non-recurring

expenses

are

not

annualized.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Beginning

Account

Value

9/1/22

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period

9/1/22–2/28/23

1,2

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period

9/1/22–2/28/23

1,2

a

Net

Annualized

Expense

Ratio

2

$1,000

$1,060.70

$0.00

$1,024.80

$0.00

0.00%

TEMPLETON

GLOBAL

INVESTMENT

TRUST

Financial

Highlights

Franklin

Templeton

SMACS:

Series

EM

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

2

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

a

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$7.66

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.14

d

0.19

Net

realized

and

unrealized

gains

(losses)

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

0.32

(2.47)

Total

from

investment

operations

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

0.46

(2.28)

Less

distributions

from:

Net

investment

income

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

(0.30)

(0.06)

Net

asset

value,

end

of

period

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

$7.82

$7.66

Total

return

e

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

6.07%

(22.92)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

15.06%

17.93%

Expenses

net

of

waiver

and

payments

by

affiliates

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

—%

—%

Net

investment

income

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

3.62%

d

2.48%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$874

$849

Portfolio

turnover

rate

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

25.95%

31.11%

a

For

the

period

October

20,

2021

(commencement

of

operations)

to

August

31,

2022.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Net

investment

income

per

share

includes

approximately

$0.06

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

am

ount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.94%.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited),

February

28,

2023

Franklin

Templeton

SMACS:

Series

EM

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

98.6%

Brazil

0.1%

TOTVS

SA

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

Software

131

$

683

Cambodia

0.7%

a

NagaCorp

Ltd.

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

Hotels,

Restaurants

&

Leisure

8,363

6,608

China

21.4%

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

A

...........

Construction

Materials

1,780

8,820

Brilliance

China

Automotive

Holdings

Ltd.

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

Automobiles

57,440

28,685

China

Merchants

Bank

Co.

Ltd.,

A

....

Banks

8,878

47,799

China

Resources

Cement

Holdings

Ltd.

Construction

Materials

21,612

11,628

China

Resources

Land

Ltd.

.........

Real

Estate

Management

&

Development

985

4,377

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

9,554

6,219

b

Greentown

Service

Group

Co.

Ltd.,

Reg

S

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

Real

Estate

Management

&

Development

5,063

3,378

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

A

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

Chemicals

6,168

39,941

Health

&

Happiness

H&H

International

Holdings

Ltd.

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

Food

Products

5,214

8,800

Ping

An

Bank

Co.

Ltd.,

A

...........

Banks

5,362

10,639

Uni

-President

China

Holdings

Ltd.

....

Food

Products

18,509

16,228

186,514

Hungary

1.9%

Richter

Gedeon

Nyrt

.

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

Pharmaceuticals

808

16,936

India

9.6%

Bajaj

Holdings

&

Investment

Ltd.

.....

Diversified

Financial

Services

234

17,697

HDFC

Bank

Ltd.

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

Banks

1,800

34,822

a

One

97

Communications

Ltd.

.......

IT

Services

1,534

11,078

a

PB

Fintech

Ltd.

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

Insurance

866

5,841

a

Zomato

Ltd.

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

Internet

&

Direct

Marketing

Retail

21,823

14,092

83,530

Indonesia

1.8%

Astra

International

Tbk

.

PT

.........

Automobiles

39,004

15,602

Mexico

0.5%

a,b

Nemak

SAB

de

CV,

144A,

Reg

S

....

Auto

Components

15,599

3,955

Philippines

1.0%

BDO

Unibank

,

Inc.

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

Banks

4,083

9,096

Russia

0.0%

a,b,c,d

VK

Co.

Ltd.,

GDR,

Reg

S

..........

Interactive

Media

&

Services

458

—

South

Africa

1.2%

Netcare

Ltd.

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

Health

Care

Providers

&

Services

13,204

10,943

South

Korea

36.8%

Doosan

Bobcat,

Inc.

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

Machinery

278

7,971

Fila

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

525

15,492

Hankook

Tire

&

Technology

Co.

Ltd.

..

Auto

Components

103

2,902

L&F

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

16

3,171

a

LegoChem

Biosciences,

Inc.

........

Life

Sciences

Tools

&

Services

300

8,453

LG

Chem

Ltd.

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

Chemicals

15

7,712

LG

Corp.

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

Industrial

Conglomerates

787

49,044

NAVER

Corp.

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

Interactive

Media

&

Services

343

54,006

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

2,163

99,126

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

EM

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

4

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

South

Korea

(continued)

Samsung

Life

Insurance

Co.

Ltd.

.....

Insurance

799

$

41,213

Samsung

SDI

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

16

8,419

Soulbrain

Co.

Ltd.

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

Chemicals

139

24,567

322,076

Taiwan

18.7%

Hon

Hai

Precision

Industry

Co.

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

3,108

10,197

MediaTek

,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

2,695

62,754

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

5,503

90,290

163,241

Thailand

4.1%

Kasikornbank

PCL

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

Banks

5,401

21,004

Star

Petroleum

Refining

PCL

........

Oil,

Gas

&

Consumable

Fuels

25,454

7,939

Thai

Beverage

PCL

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

Beverages

15,479

7,350

36,293

United

Arab

Emirates

0.8%

a

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

16,540

7,115

Total

Common

Stocks

(Cost

$1,019,215)

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

862,592

Short

Term

Investments

3.3%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.3%

United

States

3.3%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.204%

.........

28,720

28,720

Total

Money

Market

Funds

(Cost

$28,720)

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

28,720

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$28,720

)

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

28,720

a

a

a

Total

Investments

(Cost

$1,047,935)

101.9%

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

$891,312

Other

Assets,

less

Liabilities

(1.9)%

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

(16,886)

Net

Assets

100.0%

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

$874,426

a

a

a

See

Abbreviations

on

page

15

.

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

February

28,

2023,

the

aggregate

value

of

these

securities

was

$7,333,

representing

0.8%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

9

regarding

fair

value

measurements.

d

See

Note

6

regarding

investments

in

Russian

securities.

e

See

Note

3(d)

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

Financial

Statements

Statement

of

Assets

and

Liabilities

February

28,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

5

Franklin

Templeton

SMACS:

Series

EM

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$1,019,215

Cost

-

Non-controlled

affiliates

(Note

3

d

)

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

28,720

Value

-

Unaffiliated

issuers

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

$862,592

Value

-

Non-controlled

affiliates

(Note

3

d

)

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

28,720

Foreign

currency,

at

value

(cost

$2,080)

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

1,959

Receivables:

Investment

securities

sold

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

763

Dividends

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

4,099

Affiliates

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

3,005

Total

assets

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

901,138

Liabilities:

Payables:

Transfer

agent

fees

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

97

Professional

fees

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

23,754

Trustees'

fees

and

expenses

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

7

Deferred

tax

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

1,749

Accrued

expenses

and

other

liabilities

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

1,105

Total

liabilities

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

26,712

Net

assets,

at

value

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

$874,426

Net

assets

consist

of:

Paid-in

capital

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

$1,117,493

Total

distributable

earnings

(losses)

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

(243,067)

Net

assets,

at

value

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

$874,426

Shares

outstanding

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

111,784

Net

asset

value

per

share

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

$7.82

TEMPLETON

GLOBAL

INVESTMENT

TRUST

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

February

28,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Franklin

Templeton

SMACS:

Series

EM

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$1,404)

Unaffiliated

issuers

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

$14,687

Non-controlled

affiliates

(Note

3

d

)

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

465

Other

income

a

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

19

Total

investment

income

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

15,171

Expenses:

Transfer

agent

fees

(Note

3

c

)

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

49

Custodian

fees

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

196

Reports

to

shareholders

fees

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

646

Registration

and

filing

fees

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

21,852

Professional

fees

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

29,702

Trustees'

fees

and

expenses

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

52

Organization

costs

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

1,010

Amortization

of

offering

costs

(Note

1e)

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

16,690

Other

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

1,894

Total

expenses

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

72,091

Expenses

waived/paid

by

affiliates

(Note

3

d

and

3

e

)

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

(72,091)

Net

expenses

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

—

Net

investment

income

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

15,171

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$543)

Unaffiliated

issuers

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

(66,570)

Foreign

currency

transactions

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

(558)

Net

realized

gain

(loss)

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

(67,128)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

104,499

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(273)

Change

in

deferred

taxes

on

unrealized

appreciation

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

(799)

Net

change

in

unrealized

appreciation

(depreciation)

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

103,427

Net

realized

and

unrealized

gain

(loss)

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

36,299

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$51,470

a

Other

income

includes

payments

by

Asset

Management

for

acquired

fund

fees

and

expenses

(See

Note

3e).

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

7

Franklin

Templeton

SMACS:

Series

EM

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

a

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$15,171

$21,227

Net

realized

gain

(loss)

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

(67,128)

(13,367)

Net

change

in

unrealized

appreciation

(depreciation)

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

103,427

(262,079)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

51,470

(254,219)

Distributions

to

shareholders

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

(33,406)

(6,912)

Capital

share

transactions

(Note

2

)

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

7,504

1,109,989

Net

increase

(decrease)

in

net

assets

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

25,568

848,858

Net

assets:

Beginning

of

period

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

848,858

—

End

of

period

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

$874,426

$848,858

a

For

the

period

October

20,

2021

(commencement

of

operations)

to

August

31,

2022.

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

Franklin

Templeton

SMACS:

Series

EM

8

franklintempleton.com

Semiannual

Report

1.

Organization

and

Significant

Accounting

Policies

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.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

Franklin

Templeton

SMACS:

Series

EM

(Fund)

is

included

in

this

report.

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

February

28,

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.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

9

franklintempleton.com

Semiannual

Report

Franklin

Templeton

SMACS:

Series

EM

(continued)

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Income

and

Deferred

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

February

28,

2023,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

10

franklintempleton.com

Semiannual

Report

Franklin

Templeton

SMACS:

Series

EM

(continued)

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

e.

Organization

and

Offering

Costs

Organization

costs

were

expensed

as

incurred.

Offering

costs

are

amortized

on

a

straight

line

basis

over

twelve

months.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust, on

behalf

of

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

February

28,

2023,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Trust

are

also

officers

and/or

directors

of

the

following

subsidiaries:

Six

Months

Ended

February

28,

2023

Year

Ended

August

31,

2022

a

Shares

Amount

Shares

Amount

Class

A

Shares

sold

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

960

$7,504

112,189

$1,122,500

Shares

redeemed

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

—

—

(1,365)

(12,511)

Net

increase

(decrease)

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

960

$7,504

110,824

$1,109,989

–

–

a

For

the

period

October

20,

2021

(commencement

of

operations)

to

August

31,

2022.

Subsidiary

Affiliation

Templeton

Asset

Management

Ltd.

(Asset

Management)

Investment

manager

Franklin

Templeton

Investment

Management

Ltd.

(FTIML)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

11

franklintempleton.com

Semiannual

Report

Franklin

Templeton

SMACS:

Series

EM

(continued)

a.

Management

Fees

Asset

Management

provides

investment

management

services

to

the

Fund.

The

Fund

does

not

pay

a

fee

for

these

services.

Under

a

subadvisory

agreement,

FTIML,

an

affiliate

of

Asset

Management,

provides

subadvisory

services

to

the

Fund.

The

Fund

does

not

pay

a

fee

for

these

services.

b.

Administrative

Fees

Under

an

agreement

with

Asset

Management,

FT

Services

provides

administrative

services

to

the

Fund.

The

Fund

does

not

pay

a

fee

for

these

services.

c.

Transfer

Agent

Fees

The

Fund pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

Effective

October

1,

2022,

the

fees

are

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a

reduced

transaction

based

fee.

Prior

to

October

1,

2022,

the

fees

were

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

the

Fund reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and reimburses

shareholder

servicing

fees

paid

to

third

parties.

For

the

period

ended

February

28,

2023,

the

Fund

paid

transfer

agent

fees

of

$49,

which

were

retained

by

Investor

Services.

d.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Asset

Management

has

contractually

agreed

to

reimburse

expenses

of

the

Fund

in

an

amount

equal

to

fees

indirectly

borne

by

the

Fund

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations.

During

the

period

ended

February

28,

2023,

investments

in

affiliated

management

investment

companies

were

as

follows:

e.

Waiver

and

Expense

Reimbursements

Asset

Management

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating

expenses

(excluding

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations),

interest

expense

and

acquired

fund

fees

and

expenses

of

the

Fund

do

not

exceed

0.00%

based

on

the

average

net

assets

until

December

31,

2023.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

    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,

4.204%

$

72,154

$

212,989

$

(256,423)

$

—

$

—

$

28,720

28,720

$

465

Total

Affiliated

Securities

...

$72,154

$212,989

$(256,423)

$—

$—

$28,720

$465

3.

Transactions

with

Affiliates

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

12

franklintempleton.com

Semiannual

Report

Franklin

Templeton

SMACS:

Series

EM

(continued)

Acquired

fund

fees

and

expenses

are

indirect

expenses,

and

therefore

Asset

Management

may

make

payments,

if

necessary,

to

the

Fund

to

offset

these

estimated

indirect

expenses.

Payments

by

Asset

Management

for

the period

ended

February

28,

2023,

are

reflected

as

other

income

in

the

Statement

of

Operations.

f.

Other

Affiliated

Transactions

At

February

28,

2023,

Templeton

International,

Inc.

owned

100%

of

the

Fund's

outstanding

shares.

Investment

activities

of

this

shareholder

could

have

a

material

impact

on

the

Fund.

4.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains. 

At

August

31,

2022,

the

capital

loss

carryforwards

were

as

follows:

At

February

28,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions,

wash

sales

and

passive

foreign

investment

company

shares.

5.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

February

28,

2023,

aggregated

$235,828

and

$212,271,

respectively. 

6.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Investing

in

China

A

shares

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities.

In

general,

A

shares

are

issued

by

companies

incorporated

in

the

People’s

Republic

of

China

(PRC)

and

listed

on

the

Shanghai

and

Shenzhen

Stock

Exchanges

and

available

for

investment

by

domestic

(Chinese)

investors

and

holders

of

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$11,002

Cost

of

investments

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

$1,052,451

Unrealized

appreciation

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

$27,412

Unrealized

depreciation

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

(188,551)

Net

unrealized

appreciation

(depreciation)

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

$(161,139)

3.

Transactions

with

Affiliates

(continued)

e.

Waiver

and

Expense

Reimbursements

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

13

franklintempleton.com

Semiannual

Report

Franklin

Templeton

SMACS:

Series

EM

(continued)

a

Qualified

Foreign

Institutional

Investor

(QFII)

license

and,

in

the

case

of

certain

eligible

A

shares,

through

the

Shanghai

and

Shenzhen

Stock

Connect

programs.

The

Shanghai

and

Shenzhen

Stock

Exchanges

are,

however,

substantially

smaller,

less

liquid

and

more

volatile

than

the

major

securities

markets

in

the

United

States.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

To

the

extent

that

the

Fund

has

exposure

to

Russian

investments

or

investments

in

countries

affected

by

the

invasion,

the

Fund’s

ability

to

price,

buy,

sell,

receive

or

deliver

such

investments

was

impaired.

The

Fund

could

determine

at

any

time

that

certain

of

the

most

affected

securities

have

little

or

no

value.

In

addition,

any

exposure

that

the

Fund

may

have

to

counterparties

in

Russia

or

in

countries

affected

by

the

invasion

could

negatively

impact

the

Fund’s

portfolio.

The

extent

and

duration

of

Russia’s

military

actions

and

the

repercussions

of

such

actions

(including

any

retaliatory

actions

or

countermeasures

that

may

be

taken

by

those

subject

to

sanctions)

are

impossible

to

predict,

but

could

result

in

significant

market

disruptions,

including

in

the

oil

and

natural

gas

markets,

and

may

negatively

affect

global

supply

chains,

inflation

and

global

growth.

These

and

any

related

events

could

significantly

impact

the

Fund’s

performance

and

the

value

of

an

investment

in

the

Fund,

even

beyond

any

direct

exposure

the

Fund

may

have

to

Russian

issuers

or

issuers

in

other

countries

affected

by

the

invasion.

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

February

28,

2023.

7.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

8.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

2,

2024.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the Statement

of

Operations.

During

the

period

ended

February

28,

2023,

the Fund

did

not

use

the

Global

Credit

Facility.

6.

Concentration

of

Risk

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

14

franklintempleton.com

Semiannual

Report

Franklin

Templeton

SMACS:

Series

EM

(continued)

9.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

February

28,

2023,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

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.

10.

New

Accounting

Pronouncements

In June

2022,

the FASB

issued

Accounting

Standards

Update

(ASU)

No.

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions.

The

amendments

in

the

ASU

clarify

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

should

not

be

considered

in

measuring

fair

value.

The

ASU

is

effective

for

interim

and

annual

reporting

periods

beginning

after

December

15,

2023,

with

the

option

of

early

adoption.

Management

has

reviewed

the

requirements

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

Level

1

Level

2

Level

3

Total

Franklin

Templeton

SMACS:

Series

EM

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

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

$

683

$

—

$

—

$

683

Cambodia

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

—

6,608

—

6,608

China

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

28,685

157,829

—

186,514

Hungary

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

—

16,936

—

16,936

India

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

—

83,530

—

83,530

Indonesia

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

—

15,602

—

15,602

Mexico

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

3,955

—

—

3,955

Philippines

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

—

9,096

—

9,096

Russia

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

—

—

—

a

—

South

Africa

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

—

10,943

—

10,943

South

Korea

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

—

322,076

—

322,076

Taiwan

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

—

163,241

—

163,241

Thailand

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

—

36,293

—

36,293

United

Arab

Emirates

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

7,115

—

—

7,115

Short

Term

Investments

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

28,720

—

—

28,720

Total

Investments

in

Securities

...........

$69,158

$822,154

b

$—

$891,312

a

Includes

financial

instruments

determined

to

have

no

value

at

February

28,

2023.

b

Includes

foreign

securities

valued

at

$822,154,

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.

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

15

franklintempleton.com

Semiannual

Report

Franklin

Templeton

SMACS:

Series

EM

(continued)

11.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Selected

Portfolio

GDR

Global

Depositary

Receipt

TEMPLETON

GLOBAL

INVESTMENT

TRUST

Shareholder

Information

16

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Trust’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Trust’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Trust’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Schedule

of

Investments

The

Trust

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

each

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

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when

accompanied

or

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by

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and/or

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should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

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and

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please

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SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Templeton

Emerging

Markets

Small

Cap

Fund

A

Series

of

Templeton

Global

Investment

Trust

Februaury

28,

2023

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franklintempleton.com

Semiannual

Report

1

Shareholder

Letter

Dear

Shareholder:

Emerging

market

small-cap

equities

have

posted

positive

returns

in

the

period

under

coverage,

a

significant

improvement

from

the

near

double-digit

decline

in

the

prior

six-month

coverage

period.

China’s

reopening,

targeted

stimulus

and

easing

supply-chain

worries

have

contributed

to

the

improved

performance.

China’s

economic

reopening

has

proceeded

swiftly,

despite

the

spike

in

COVID-19

cases

in

early

January.

Investor

attention

has

recently

switched

to

the

reopening’s

impact

on

energy

prices.

In

contrast

to

Europe,

China

is

experiencing

a

bitterly

cold

winter,

which

is

increasing

demand

for

natural

gas,

the

majority

of

which

China

imports

from

overseas.

Liquid

natural

gas

(LNG)

prices

in

Asia

and

Europe

have

not

yet

reacted

to

the

frigid

weather

in

China,

as

Europe

is

experiencing

a

warmer-than-usual

winter.

We

believe

the

roll

out

of

pro-growth

policies

in

emerging

markets

(EMs)

could

be

a

significant

tailwind

to

domestic

demand

in

selected

markets.

Across

continents,

governments

have

introduced

measures

to

cushion

the

impact

of

inflation

and/or

to

spur

consumption,

and

in

turn,

economic

growth.

In

Latin

America,

Brazil

will

extend

social

welfare

payments

while

Mexico

and

Colombia

will

raise

the

minimum

wage,

alongside

Hungary

and

Poland

in

Europe.

Some

Asian

governments

are

implementing

tax

cuts—the

Philippines

is

reducing

taxes

on

food.

India

will

likely

continue

to

prioritize

capital

expenditure

to

improve

infrastructure.

We

believe

these

policies,

coupled

with

the

presence

of

companies

with

exposure

to

new

technologies

that

are

expected

to

drive

future

sustainable

economic

growth,

present

opportunities

for

the

EM

investor.

EMs

are

home

to

both

upstream

and

downstream

firms

in

key

technologies

for

the

future,

including

electric

vehicles,

solar

panels

and

semiconductors.

Our

focused

investment

approach

enables

our

on-the-ground

teams

to

identify

business

models

and

management

teams

that

display

agility

and

resilience

in

a

fast-changing

world.

We

are

committed

to

our

long-term

perspective

and

disciplined

investment

approach

as

we

conduct

a

rigorous,

fundamental

analysis

of

securities

with

a

regular

emphasis

on

investment

risk

management.

Historically,

patient

investors

have

achieved

rewarding

results

by

evaluating

their

goals,

diversifying

their

assets

globally

and

maintaining

a

disciplined

investment

program,

all

hallmarks

of

the

Templeton

investment

philosophy.

We

continue

to

recommend

investors

consult

financial

professionals

and

review

their

portfolios

to

design

a

long-term

strategy

and

portfolio

allocation

that

meet

their

individual

needs,

goals

and

risk

tolerance.

Templeton

Emerging

Markets

Small

Cap

Fund’s

semiannual

report

includes

more

detail

about

prevailing

conditions

and

a

discussion

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

investment

needs

in

the

years

ahead.

Sincerely,

Manraj

S.

Sekhon,

CFA

Chief

Investment

Officer

Franklin

Templeton

Emerging

Markets

Equity

This

letter

reflects

our

analysis

and

opinions

as

of

February

28,

2023,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

3

Performance

Summary

6

Your

Fund’s

Expenses

8

Financial

Highlights

and

Schedule

of

Investments

9

Financial

Statements

18

Notes

to

Financial

Statements

22

Shareholder

Information

32

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Templeton

Emerging

Markets

Small

Cap

Fund

This

semiannual

report

for

Templeton

Emerging

Markets

Small

Cap

Fund

covers

the

period

ended

February

28,

2023.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

appreciation.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

net

assets

in

securities

of

small-cap

companies

located

in

emerging

market

countries,

as

defined

in

the

Fund’s

prospectus.

For

this

Fund,

small-cap

companies

are

companies

with

a

market

capitalization

at

the

time

of

purchase

within

the

range

of

the

market

capitalizations

of

companies

included

in

the

MSCI

Emerging

Markets

(EM)

Small

Cap

Index.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+2.39%

cumulative

total

return

for

the

six

months

under

review.

In

comparison,

the

Fund’s

benchmark,

the

MSCI

EM

Small

Cap

Index-NR,

which

measures

stock

performance

of

small-cap

stocks

in

emerging

markets,

posted

a

+0.18%

cumulative

total

return.

1

Please

note

index

performance

information

is

provided

for

reference

and

we

do

not

attempt

to

track

any

index

but

rather

undertake

investments

on

the

basis

of

fundamental

research.

In

addition,

the

Fund’s

return

reflects

the

effect

of

fees

and

expenses

for

professional

management,

while

an

index

does

not

have

such

costs.

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

6

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Economic

and

Market

Overview

Growth

in

emerging

market

economies

slowed

during

the

six

months

ended

February

28,

2023,

as

countries

across

the

world

grappled

with

high

inflation.

Most

emerging

markets’

central

banks—with

the

notable

exception

of

China—raised

their

benchmark

interest

rates

to

stem

inflation.

Emerging

market

equities

were

hurt

in

September

2022

by

rising

inflation

and

interest-rate

hikes.

Lower-than-expected

inflation

in

2022’s

fourth

quarter

and

January

2023,

along

with

China’s

easing

of

COVID-19

restrictions,

boosted

equities

in

the

middle

of

the

period.

However,

renewed

high

inflation

levels

and

signals

of

future

rate

hikes

by

the

U.S.

Federal

Reserve

led

equities

to

slump

again

in

February.

Regarding

individual

countries,

China’s

year-on-year

economic

growth

rate

accelerated

in

2022’s

third

quarter,

due

in

part

to

supportive

government

policies.

Growth

then

moderated

in

the

fourth

quarter,

during

which

the

country’s

unemployment

rate

hit

a

six-month

high

and

industrial

output

weakened.

Taiwan’s

year-on-year

growth

rate

accelerated

in

2022’s

third

quarter,

spurred

by

strong

private

spending.

Growth

then

contracted

in

the

fourth

quarter—the

first

decline

since

2016—as

exports

shrank

due

to

weak

global

demand

and

private

spending.

South

Korea’s

year-on-year

growth

rate

slightly

accelerated

in

the

third

quarter

before

moderating

in

the

fourth

quarter

as

the

economy

was

hurt

by

weak

private

spending.

India’s

year-on-year

growth

rate

moderated

in

the

third

and

fourth

quarters

as

inflation

and

rising

interest

rates

hurt

domestic

demand

and

weak

global

demand

hurt

exports.

Hungary’s

year-on-year

growth

rate

moderated

in

2022’s

third

and

fourth

quarters,

largely

due

to

slowing

growth

in

the

services

sector.

Brazil’s

year-on-year

growth

rate

was

mostly

steady

in

the

third

quarter

before

moderating

significantly

in

the

fourth

quarter,

which

saw

weak

private

and

public

spending.

Turning

to

specific

countries’

monetary

policies,

the

People’s

Bank

of

China

kept

its

benchmark

interest

rate

unchanged.

The

central

bank

of

Brazil

also

left

its

benchmark

rate

Geographic

Composition

2/28/23

%

of

Total

Net

Assets

Asia

80.7%

Latin

America

&

Caribbean

9.3%

Europe

4.2%

Middle East & Africa

2.5%

Short-Term

Investments

&

Other

Net

Assets

3.3%

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

14

.

Templeton

Emerging

Markets

Small

Cap

Fund

4

franklintempleton.com

Semiannual

Report

unchanged

during

the

period,

which

came

on

the

heels

of

an

aggressive

cycle

of

tightening

that

started

in

March

2021.

Hungary’s

central

bank

raised

its

benchmark

rate

only

once

early

in

the

period,

signaling

an

end

to

its

own

aggressive

cycle

of

tightening.

In

contrast,

the

central

banks

of

Taiwan,

South

Korea

and

India

raised

their

benchmark

interest

rates

multiple

times

to

stem

rising

inflation.

In

this

environment,

emerging

market

small

cap

stocks,

as

measured

by

the

MSCI

EM

Small

Cap

Index-NR,

posted

a

+0.18%

total

return

for

the

six

months

ended

February

28,

2023.

1

Chinese

small

cap

equities

rose

during

the

period,

benefiting

from

government

stimulus

measures

and

the

dismantling

of

its

zero-COVID

policy.

Taiwanese

small

cap

equities

also

rose,

though

gains

were

held

back

by

weak

global

semiconductor

demand,

which

hurt

the

country’s

export-dependent

economy.

Hungarian

small

cap

equities

rose

significantly

during

the

period.

Brazilian

small

cap

equities

declined

significantly,

as

high

inflation

late

in

the

period

wiped

away

earlier

gains.

Investment

Strategy

Our

investment

strategy

employs

a

fundamental

research,

bottom-up,

long-term

approach.

We

focus

on

the

market

price

of

a

company’s

securities

relative

to

our

evaluation

of

the

company’s

long-term

earnings,

asset

value

and

cash

flow

potential.

We

also

consider

a

company’s

profit

and

loss

outlook,

balance

sheet

strength,

cash

flow

trends

and

asset

value

in

relation

to

the

current

price

of

the

company’s

securities.

Manager’s

Discussion

During

the

six

months

under

review,

key

contributors

to

the

Fund’s

absolute

performance

included

Novatek

Microelectronics,

Poya

International

and

Bajaj

Holdings

&

Investment.

Novatek

Microelectronics

is

a

Taiwanese

chip

designer

specializing

in

integrated

circuits

for

display

panels.

Novatek’s

shares

rose

due

to

the

strength

of

its

financial

results—earnings

for

2022’s

third

quarter

exceeded

market

consensus

and

fourth

quarter

sales

surpassed

its

previous

guidance

and

market

consensus.

A

positive

outlook

due

to

expectations

of

restocking

demand

for

computer

and

TV

displays

along

with

recommendation

upgrades

from

several

analysts

also

had

a

favorable

impact.

Poya

International

is

a

Taiwanese

beauty

product

retailer.

Poya

saw

its

shares

rise

on

an

earnings

beat

for

the

third

quarter

of

2022,

driven

by

a

recovery

in

store

traffic

and

revenues.

Poya

is

expanding

its

store

network

and

has

launched

a

new

POYA

Beauty

format

which

could

help

it

grow

its

operations

in

Taiwan.

Bajaj

Holdings

&

Investment

is

an

Indian

investment

company

with

stakes

in

Bajaj

Auto

(not

a

Fund

holding)

and

Bajaj

Finserv

(not

a

Fund

holding).

Bajaj

Holdings

&

Investment

advanced

sharply

through

the

first

half

of

September

2022.

The

share

price

had

been

trading

at

a

significant

discount

to

net

asset

value,

but

this

started

to

narrow

during

the

period

under

review

due

to

increasing

interest

towards

Indian

holding

companies

among

investors.

The

company

also

benefited

from

a

declaration

of

an

interim

dividend.

We

retain

our

conviction

in

the

stock,

which

we

believe

offers

an

attractively

valued

exposure

to

a

diversified

range

of

businesses

in

lending,

insurance

and

automobiles.

Conversely,

major

detractors

from

absolute

performance

included

Mobile

World

Investment,

Daqo

New

Energy

and

Merida

Industry.

Mobile

World

Investment

is

a

Vietnamese

electronics

retailer.

Performance

was

pressured

by

weakness

in

the

Vietnamese

equity

market

and

a

cloudy

outlook

marred

by

lower

consumption,

interest-rate

hikes

and

a

liquidity

crunch

originating

from

the

bond

market.

A

disappointing

set

of

results

for

2022’s

fourth

quarter

also

impacted

the

stock

negatively.

Top

10

Countries

2/28/23

a

%

of

Total

Net

Assets

a

a

India

22.2%

Taiwan

16.9%

South

Korea

12.1%

China

11.4%

Vietnam

6.2%

Philippines

4.0%

Brazil

3.8%

Hong

Kong

3.5%

Thailand

2.8%

Chile

2.2%

Templeton

Emerging

Markets

Small

Cap

Fund

5

franklintempleton.com

Semiannual

Report

Daqo

New

Energy

is

a

Chinese

producer

of

polysilicon

for

the

solar

industry.

A

decline

in

polysilicon

prices

and

weaker

outlook

for

prices

due

to

an

industry-wide

capacity

expansion

weighed

on

the

stock.

Earnings

for

2022’s

fourth

quarter,

which

missed

estimates,

pressured

the

stock

further.

Global

bicycle

maker

Merida

Industry

detracted

due

to

concerns

about

lower

earnings

contribution

from

U.S.-based

Specialized

Bicycle

Components

(not

a

Fund

holding),

Merida’s

key

customer

and

investee.

We

remain

positive

on

increasing

e-bike

penetration

in

Merida’s

key

markets

such

as

the

European

Union

and

U.S.

In

the

past

six

months,

we

increased

the

Fund’s

holdings

in

the

United

Arab

Emirates,

India

and

Thailand

as

we

continued

to

identify

companies

with

what

we

view

as

sustainable

earnings

power

trading

at

a

discount

to

their

intrinsic

worth.

In

terms

of

sectors,

purchases

were

made

in

the

utilities

sector.

New

additions

to

the

portfolio

included

India-based

firms,

namely

online

financial

services

platform

PB

Fintech,

payment

solutions

provider

One

97

Communications

and

pharmaceutical

firm

Ajanta

Pharma.

We

also

added

to

our

existing

high-conviction

portfolio

holdings

with

purchases

in

India-based

life

insurance

company

Max

Financial

Services,

China-based

manufacturer

of

power

tools

and

outdoor

power

equipment

Chervon

Holdings,

and

Taiwan-based

e-commerce

company

momo.com.

Meanwhile,

we

decreased

the

Fund’s

investments

in

Hong

Kong,

South

Korea

and

Taiwan

in

favor

of

opportunities

we

found

more

compelling

in

the

emerging

market

small

cap

investment

universe.

Some

sales

were

also

made

in

South

Africa,

Brazil

and

the

Philippines.

Sector-wise,

reductions

were

undertaken

in

health

care,

consumer

discretionary

and

information

technology.

In

terms

of

key

sales,

we

closed

positions

in

South

African

general

merchandise

retailer

Massmart

Holdings,

Brazil-based

shopping

center

operator

Iguatemi

Empresa

de

Shopping

Centers,

and

South

Korean

video

game

developer

Pearl

Abyss.

We

also

reduced

holdings

in

China-based

pharmaceutical

company

Luye

Pharma

Group

and

private

higher

education

provider

China

Education

Group

Holdings.

We

also

took

profit

and

therefore

reduced

our

holdings

in

the

aforementioned

Bajaj

Holdings

&

Investment.

Thank

you

for

your

continued

participation

in

Templeton

Emerging

Markets

Small

Cap

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Chetan

Sehgal,

CFA

Vikas

Chiranewal,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

February

28,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Top

10

Holdings

2/28/23

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

Bajaj

Holdings

&

Investment

Ltd.

5.2%

Diversified

Financial

Services,

India

Federal

Bank

Ltd.

3.3%

Banks,

India

FPT

Corp.

2.7%

IT

Services,

Vietnam

Novatek

Microelectronics

Corp.

2.7%

Semiconductors

&

Semiconductor

Equipment,

Taiwan

Synnex

Technology

International

Corp.

2.5%

Electronic

Equipment,

Instruments

&

Components,

Taiwan

Pacific

Basin

Shipping

Ltd.

2.4%

Marine,

Hong

Kong

momo.com,

Inc.

2.4%

Internet

&

Direct

Marketing

Retail,

Taiwan

Daqo

New

Energy

Corp.

2.3%

Semiconductors

&

Semiconductor

Equipment,

China

Redington

Ltd.

2.3%

Electronic

Equipment,

Instruments

&

Components,

India

International

Container

Terminal

Services,

Inc.

2.2%

Transportation

Infrastructure,

Philippines

Performance

Summary

as

of

February

28,

2023

Templeton

Emerging

Markets

Small

Cap

Fund

6

franklintempleton.com

Semiannual

Report

The

performance

table

does

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

2/28/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

6-Month

+2.39%

-3.24%

1-Year

-10.70%

-15.63%

5-Year

+0.93%

-0.94%

10-Year

+34.98%

+2.47%

Advisor

6-Month

+2.61%

+2.61%

1-Year

-10.43%

-10.43%

5-Year

+2.23%

+0.44%

10-Year

+38.69%

+3.32%

See

page

7

for

Performance

Summary

footnotes.

Templeton

Emerging

Markets

Small

Cap

Fund

Performance

Summary

7

franklintempleton.com

Semiannual

Report

1,

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Special

risks

are

associated

with

foreign

investing,

including

currency

fluctuations,

economic

instability

and

political

developments.

Investments

in

emerging

markets,

of

which

frontier

markets

are

a

subset,

involve

heightened

risks

related

to

the

same

factors,

in

addition

to

those

associated

with

these

markets’

smaller

size,

lesser

liquidity

and

lack

of

established

legal,

political,

business

and

social

frameworks

to

support

securities

markets.

Because

these

frameworks

are

typically

even

less

developed

in

frontier

markets,

as

well

as

various

factors

including

the

increased

potential

for

extreme

price

volatility,

illiquidity,

trade

barriers

and

exchange

controls,

the

risks

associated

with

emerging

markets

are

magnified

in

frontier

markets.

Small-cap

company

stocks

have

historically

had

more

price

volatility

than

large-company

stocks,

particularly

over

the

short

term.

All

investments

in

the

Fund

should

be

thought

of

as

long-term

investments

that

could

experience

significant

price

volatility

in

any

given

year.

The

Fund

is

designed

for

the

aggressive

portion

of

a

well-diversified

portfolio.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

12/31/23

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(9/1/22–2/28/23)

Share

Class

Net

Investment

Income

Long-Term

Capital

Gain

Total

A

$0.2905

$0.6300

$0.9205

C

$0.2079

$0.6300

$0.8379

R

$0.2685

$0.6300

$0.8985

R6

$0.3199

$0.6300

$0.9499

Advisor

$0.3125

$0.6300

$0.9425

Total

Annual

Operating

Expenses

5

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.75%

2.00%

Advisor

1.50%

1.75%

Your

Fund’s

Expenses

Templeton

Emerging

Markets

Small

Cap

Fund

8

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above

--in

the

far

right

column

--multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

181/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

9/1/22

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period

9/1/22–2/28/23

1,2

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period

9/1/22–2/28/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,023.90

$8.78

$1,016.12

$8.74

1.75%

C

$1,000

$1,021.10

$12.51

$1,012.42

$12.45

2.50%

R

$1,000

$1,022.50

$10.03

$1,014.88

$9.99

2.00%

R6

$1,000

$1,025.10

$7.35

$1,017.53

$7.33

1.47

%

Advisor

$1,000

$1,026.10

$7.54

$1,017.35

$7.51

1.50%

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

a

Year

Ended

March

31,

2022

2021

2020

2019

2018

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$12.55

$13.98

$15.08

$8.68

$13.78

$15.25

$13.02

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

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

(—)

d

0.26

0.07

0.02

0.10

0.03

—

d

Net

realized

and

unrealized

gains

(losses)

0.27

(1.69)

0.50

6.77

(4.96)

(1.15)

2.23

Total

from

investment

operations

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

0.27

(1.43)

0.57

6.79

(4.86)

(1.12)

2.23

Less

distributions

from:

Net

investment

income

..

(0.29)

—

(0.66)

(0.39)

(—)

d

—

—

Net

realized

gains

.....

(0.63)

—

(1.01)

—

(0.24)

(0.35)

—

Total

distributions

.......

(0.92)

—

(1.67)

(0.39)

(0.24)

(0.35)

—

Net

asset

value,

end

of

period

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

$11.90

$12.55

$13.98

$15.08

$8.68

$13.78

$15.25

Total

return

e

...........

2.39%

(10.23)%

3.01%

78.52%

(35.73)%

(7.09)%

17.13%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

....

1.96%

2.00%

1.91%

1.99%

1.93%

1.94%

1.96%

Expenses

net

of

waiver

and

payments

by

affiliates

....

1.75%

1.75%

1.73%

1.80%

1.91%

1.92%

1.94%

Net

investment

income

(loss)

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

(0.01)%

4.83%

0.47%

0.16%

0.94%

0.19%

(0.01)%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$177,460

$187,525

$215,598

$210,269

$143,312

$268,761

$315,469

Portfolio

turnover

rate

....

7.49%

8.13%

31.72%

31.70%

4.72%

12.22%

7.57%

a

For

the

period

April

1,

2022

to

August

31,

2022.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

a

Year

Ended

March

31,

2022

2021

2020

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$11.57

$12.94

$14.03

$8.14

$13.02

$14.54

$12.51

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

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

(0.04)

0.20

(0.02)

(0.06)

0.02

(0.06)

(0.10)

Net

realized

and

unrealized

gains

(losses)

0.26

(1.57)

0.44

6.31

(4.66)

(1.11)

2.13

Total

from

investment

operations

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

0.22

(1.37)

0.42

6.25

(4.64)

(1.17)

2.03

Less

distributions

from:

Net

investment

income

..

(0.21)

—

(0.50)

(0.36)

—

—

—

Net

realized

gains

.....

(0.63)

—

(1.01)

—

(0.24)

(0.35)

—

Total

distributions

.......

(0.84)

—

(1.51)

(0.36)

(0.24)

(0.35)

—

Net

asset

value,

end

of

period

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

$10.95

$11.57

$12.94

$14.03

$8.14

$13.02

$14.54

Total

return

d

...........

2.11%

(10.59)%

2.26%

77.25%

(36.23)%

(7.85)%

16.23%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

2.71%

2.74%

2.66%

2.73%

2.68%

2.69%

2.71%

Expenses

net

of

waiver

and

payments

by

affiliates

....

2.50%

2.50%

2.48%

2.54%

2.66%

2.67%

2.69%

Net

investment

income

(loss)

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

(0.75)%

4.06%

(0.15)%

(0.51)%

0.19%

(0.56)%

(0.76)%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$10,993

$13,645

$17,588

$27,434

$23,168

$52,300

$78,836

Portfolio

turnover

rate

....

7.49%

8.13%

31.72%

31.70%

4.72%

12.22%

7.57%

a

For

the

period

April

1,

2022

to

August

31,

2022.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

a

Year

Ended

March

31,

2022

2021

2020

2019

2018

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$12.30

$13.71

$14.82

$8.56

$13.62

$15.11

$12.93

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

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

(0.02)

0.24

0.04

(0.03)

0.04

(0.05)

(0.04)

Net

realized

and

unrealized

gains

(losses)

0.27

(1.65)

0.47

6.68

(4.86)

(1.09)

2.22

Total

from

investment

operations

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

0.25

(1.41)

0.51

6.65

(4.82)

(1.14)

2.18

Less

distributions

from:

Net

investment

income

..

(0.27)

—

(0.61)

(0.39)

—

—

—

Net

realized

gains

.....

(0.63)

—

(1.01)

—

(0.24)

(0.35)

—

Total

distributions

.......

(0.90)

—

(1.62)

(0.39)

(0.24)

(0.35)

—

Net

asset

value,

end

of

period

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

$11.65

$12.30

$13.71

$14.82

$8.56

$13.62

$15.11

Total

return

d

...........

2.25%

(10.28)%

2.71%

78.18%

(35.95)%

(7.29)%

16.86%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

2.21%

2.25%

2.16%

2.24%

2.18%

2.19%

2.21%

Expenses

net

of

waiver

and

payments

by

affiliates

....

2.00%

2.00%

1.98%

2.05%

2.16%

2.17%

2.19%

Net

investment

income

(loss)

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

(0.27)%

4.59%

0.26%

(0.20)%

0.69%

(0.06)%

(0.26)%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$2,078

$2,109

$2,444

$2,966

$1,365

$1,728

$929

Portfolio

turnover

rate

....

7.49%

8.13%

31.72%

31.70%

4.72%

12.22%

7.57%

a

For

the

period

April

1,

2022

to

August

31,

2022.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

a

Year

Ended

March

31,

Year

Ended

March

31,

2018

b

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$12.77

$14.21

$15.30

$8.79

$13.94

$15.41

$14.41

Income

from

investment

operations

c

:

Net

investment

income

(loss)

d

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

0.02

0.28

0.14

0.08

0.22

(0.07)

(0.04)

Net

realized

and

unrealized

gains

(losses)

0.27

(1.72)

0.50

6.83

(5.07)

(1.01)

1.08

Total

from

investment

operations

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

0.29

(1.44)

0.64

6.91

(4.85)

(1.08)

1.04

Less

distributions

from:

Net

investment

income

..

(0.32)

—

(0.72)

(0.40)

(0.06)

(0.04)

(0.04)

Net

realized

gains

.....

(0.63)

—

(1.01)

—

(0.24)

(0.35)

—

Total

distributions

.......

(0.95)

—

(1.73)

(0.40)

(0.30)

(0.39)

(0.04)

Net

asset

value,

end

of

period

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

$12.11

$12.77

$14.21

$15.30

$8.79

$13.94

$15.41

Total

return

e

...........

2.51%

(10.13)%

3.41%

79.19%

(35.48)%

(6.76)%

7.27%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

....

1.56%

1.59%

1.54%

1.60%

1.53%

1.57%

1.59%

Expenses

net

of

waiver

and

payments

by

affiliates

....

1.47

%

1.47%

1.35%

1.40%

1.51%

1.55%

1.54%

Net

investment

income

...

0.28%

5.10%

0.88%

0.61%

1.34%

0.56%

g

0.39%

g

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$26,845

$31,790

$39,782

$46,062

$47,904

$198,106

$23,964

Portfolio

turnover

rate

....

7.49%

8.13%

31.72%

31.70%

4.72%

12.22%

7.57%

a

For

the

period

April

1,

2022

to

August

31,

2022.

b

For

the

period

August

1,

2017

(effective

date)

to

March

31,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Ratio

is

calculated

based

on

the

Fund

level

net

investment

income,

as

reflected

in

the

Statement

of

Operations,

and

adjusted

for

class

specific

expenses.

The

amount

may

not

correlate

with

the

per

share

amount

due

to

the

timing

of

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund

in

relation

to

the

timing

of

sales

and

repurchases

of

Fund

shares.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

a

Year

Ended

March

31,

2022

2021

2020

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$12.78

$14.23

$15.32

$8.80

$13.96

$15.42

$13.15

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.01

0.28

0.12

0.07

0.15

0.09

0.03

Net

realized

and

unrealized

gains

(losses)

0.29

(1.73)

0.50

6.84

(5.03)

(1.19)

2.26

Total

from

investment

operations

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

0.30

(1.45)

0.62

6.91

(4.88)

(1.10)

2.29

Less

distributions

from:

Net

investment

income

..

(0.31)

—

(0.70)

(0.39)

(0.04)

(0.01)

(0.02)

Net

realized

gains

.....

(0.63)

—

(1.01)

—

(0.24)

(0.35)

—

Total

distributions

.......

(0.94)

—

(1.71)

(0.39)

(0.28)

(0.36)

(0.02)

Net

asset

value,

end

of

period

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

$12.14

$12.78

$14.23

$15.32

$8.80

$13.96

$15.42

Total

return

d

...........

2.61%

(10.19)%

3.26%

79.10%

(35.61)%

(6.90)%

17.48%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

1.71%

1.75%

1.66%

1.74%

1.68%

1.69%

1.71%

Expenses

net

of

waiver

and

payments

by

affiliates

....

1.50%

1.50%

1.48%

1.54%

1.66%

1.67%

1.69%

Net

investment

income

...

0.23%

5.08%

0.75%

0.53%

1.19%

0.44%

0.24%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$146,044

$146,484

$172,459

$177,989

$168,808

$387,850

$668,474

Portfolio

turnover

rate

....

7.49%

8.13%

31.72%

31.70%

4.72%

12.22%

7.57%

a

For

the

period

April

1,

2022

to

August

31,

2022.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited),

Februaury

28,

2023

Templeton

Emerging

Markets

Small

Cap

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Industry

Shares

a

Value

a

Common

Stocks

93.7%

Brazil

2.2%

Arezzo

Industria

e

Comercio

SA

.....

Textiles,

Apparel

&

Luxury

Goods

260,855

$

3,715,684

a

Dexco

SA

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

Paper

&

Forest

Products

2,132,207

2,654,470

Grendene

SA

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

Textiles,

Apparel

&

Luxury

Goods

1,174,611

1,478,020

7,848,174

Cambodia

1.0%

a

NagaCorp

Ltd.

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

Hotels,

Restaurants

&

Leisure

4,352,867

3,439,592

Chile

0.8%

Aguas

Andinas

SA,

A

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

Water

Utilities

12,646,388

3,025,342

China

11.4%

Asia

Cement

China

Holdings

Corp.

...

Construction

Materials

3,155,500

1,593,190

a,b

Baozun,

Inc.,

A

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

Internet

&

Direct

Marketing

Retail

1,104,817

2,319,419

b

Chervon

Holdings

Ltd.

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

Household

Durables

657,700

3,322,162

c

China

Education

Group

Holdings

Ltd.,

Reg

S

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

Diversified

Consumer

Services

1,800,784

2,068,141

a

Daqo

New

Energy

Corp.,

ADR

......

Semiconductors

&

Semiconductor

Equipment

191,357

8,454,152

Health

&

Happiness

H&H

International

Holdings

Ltd.

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

Food

Products

3,116,449

5,260,166

Huaxin

Cement

Co.

Ltd.,

H

.........

Construction

Materials

2,054,694

2,325,449

c

JNBY

Design

Ltd.,

Reg

S

..........

Textiles,

Apparel

&

Luxury

Goods

2,634,676

3,298,227

Longshine

Technology

Group

Co.

Ltd.,

A

Software

1,270,164

5,084,912

a,c

Luye

Pharma

Group

Ltd.,

144A,

Reg

S

Pharmaceuticals

3,818,991

1,757,550

a,b,c

Mobvista,

Inc.,

144A,

Reg

S

........

Media

2,544,422

1,307,031

a,b

Noah

Holdings

Ltd.,

ADR

..........

Capital

Markets

88,657

1,658,772

Uni-President

China

Holdings

Ltd.

....

Food

Products

3,554,571

3,116,478

41,565,649

Georgia

0.7%

a

Georgia

Capital

plc

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

Capital

Markets

275,000

2,702,279

Hong

Kong

3.5%

Luk

Fook

Holdings

International

Ltd.

..

Specialty

Retail

1,244,761

3,973,697

Pacific

Basin

Shipping

Ltd.

.........

Marine

24,000,000

8,712,289

12,685,986

Hungary

1.9%

Richter

Gedeon

Nyrt.

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

Pharmaceuticals

327,756

6,869,931

India

22.2%

a

Affle

India

Ltd.

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

Media

396,628

4,910,069

Ajanta

Pharma

Ltd.

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

Pharmaceuticals

178,798

2,556,320

Bajaj

Holdings

&

Investment

Ltd.

.....

Diversified

Financial

Services

251,659

19,032,361

City

Union

Bank

Ltd.

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

Banks

705,775

1,181,299

Dalmia

Bharat

Ltd.

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

Construction

Materials

354,006

7,850,538

c

Dilip

Buildcon

Ltd.,

144A,

Reg

S

.....

Construction

&

Engineering

96,834

229,013

EPL

Ltd.

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

Containers

&

Packaging

1,617,896

3,140,024

Federal

Bank

Ltd.

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

Banks

7,733,824

12,070,200

a,b

MakeMyTrip

Ltd.

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

Hotels,

Restaurants

&

Leisure

212,059

5,496,569

a

Max

Financial

Services

Ltd.

.........

Insurance

365,708

3,061,751

a

One

97

Communications

Ltd.

.......

IT

Services

315,178

2,276,207

a

PB

Fintech

Ltd.

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

Insurance

709,823

4,787,620

Redington

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

4,101,977

8,448,171

Tata

Consumer

Products

Ltd.

.......

Food

Products

203,974

1,764,276

a

Zomato

Ltd.

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

Internet

&

Direct

Marketing

Retail

6,077,589

3,924,588

80,729,006

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Kazakhstan

0.4%

c

Halyk

Savings

Bank

of

Kazakhstan

JSC,

GDR,

Reg

S

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

Banks

141,651

$

1,586,491

Mexico

1.6%

Bolsa

Mexicana

de

Valores

SAB

de

CV

Capital

Markets

2,928,266

5,693,768

Peru

1.7%

Intercorp

Financial

Services,

Inc.

.....

Banks

264,348

6,299,413

Philippines

4.0%

Century

Pacific

Food,

Inc.

..........

Food

Products

13,550,000

6,427,894

International

Container

Terminal

Services,

Inc.

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

Transportation

Infrastructure

2,261,974

8,161,991

14,589,885

Saudi

Arabia

0.6%

Mouwasat

Medical

Services

Co.

.....

Health

Care

Providers

&

Services

47,834

2,300,799

South

Africa

1.3%

Netcare

Ltd.

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

Health

Care

Providers

&

Services

5,564,266

4,611,384

South

Korea

12.1%

Fila

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

269,012

7,938,105

Hankook

Tire

&

Technology

Co.

Ltd.

..

Auto

Components

70,000

1,972,207

a

Hugel,

Inc.

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

Biotechnology

56,776

5,535,313

i-SENS,

Inc.

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

Health

Care

Equipment

&

Supplies

90,000

2,204,716

L&F

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

33,000

6,540,034

LEENO

Industrial,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

36,958

4,536,177

Lock&Lock

Co.

Ltd.

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

Household

Durables

399,574

1,948,884

LX

Semicon

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

37,400

2,613,347

NeoPharm

Co.

Ltd.

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

Personal

Products

64,000

896,872

RFHIC

Corp.

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

Semiconductors

&

Semiconductor

Equipment

13,773

233,560

a

Shin

Heung

Energy

&

Electronics

Co.

Ltd.

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

Electrical

Equipment

32,891

1,180,345

Soulbrain

Co.

Ltd.

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

Chemicals

27,302

4,825,281

Vieworks

Co.

Ltd.

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

Health

Care

Equipment

&

Supplies

106,067

2,505,513

Zinus,

Inc.

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

Household

Durables

45,156

1,046,876

43,977,230

Sri

Lanka

0.2%

Hemas

Holdings

plc

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

Industrial

Conglomerates

3,019,274

532,960

Switzerland

1.6%

a,c

Wizz

Air

Holdings

plc,

144A,

Reg

S

...

Airlines

188,808

5,843,316

Taiwan

16.9%

Eclat

Textile

Co.

Ltd.

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

Textiles,

Apparel

&

Luxury

Goods

186,082

2,901,100

Kinsus

Interconnect

Technology

Corp.

.

Semiconductors

&

Semiconductor

Equipment

1,499,838

5,208,901

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

1,347,403

7,874,724

momo.com,

Inc.

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

Internet

&

Direct

Marketing

Retail

341,089

8,693,904

Novatek

Microelectronics

Corp.

......

Semiconductors

&

Semiconductor

Equipment

750,000

9,829,922

Poya

International

Co.

Ltd.

.........

Multiline

Retail

391,729

7,512,376

Primax

Electronics

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

1,626,472

3,135,783

Shin

Zu

Shing

Co.

Ltd.

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

Machinery

1,253,807

3,624,016

Synnex

Technology

International

Corp.

Electronic

Equipment,

Instruments

&

Components

4,477,445

9,060,411

Visual

Photonics

Epitaxy

Co.

Ltd.

....

Semiconductors

&

Semiconductor

Equipment

1,301,808

3,552,552

61,393,689

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Thailand

2.8%

Dynasty

Ceramic

PCL

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

Building

Products

28,599,840

$

1,835,011

Major

Cineplex

Group

PCL

.........

Entertainment

6,139,300

2,980,001

Tisco

Financial

Group

PCL

.........

Banks

1,803,350

5,272,936

10,087,948

United

Arab

Emirates

0.6%

a

Americana

Restaurants

International

plc

Hotels,

Restaurants

&

Leisure

1,457,714

1,378,995

a

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

2,026,297

871,620

2,250,615

Vietnam

6.2%

FPT

Corp.

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

IT

Services

2,919,379

9,889,148

Hoa

Phat

Group

JSC

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

Metals

&

Mining

4,625,347

3,892,944

Mobile

World

Investment

Corp.

......

Specialty

Retail

3,317,700

5,584,463

a

Vincom

Retail

JSC

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

Real

Estate

Management

&

Development

2,767,100

3,109,728

22,476,283

Total

Common

Stocks

(Cost

$316,528,495)

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

340,509,740

a

Preferred

Stocks

3.0%

Brazil

1.6%

d

Bradespar

SA,

11.83%

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

Metals

&

Mining

1,125,110

5,942,210

Chile

1.4%

d

Embotelladora

Andina

SA,

A,

15.11%

.

Beverages

1,250,500

2,469,363

d

Embotelladora

Andina

SA,

B,

13.35%

.

Beverages

1,043,125

2,564,741

5,034,104

Total

Preferred

Stocks

(Cost

$14,271,499)

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

10,976,314

Total

Long

Term

Investments

(Cost

$330,799,994)

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

351,486,054

Short

Term

Investments

2.8%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.8%

United

States

2.8%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.204%

.........

10,178,919

10,178,919

Total

Money

Market

Funds

(Cost

$10,178,919)

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

10,178,919

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

Short

Term

Investments

(continued)

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

g

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Money

Market

Funds

0.0%

†

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.204%

.........

110,122

$

110,122

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$110,122)

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

110,122

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$10,289,041

)

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

10,289,041

a

a

a

Total

Investments

(Cost

$341,089,035)

99.5%

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

$361,775,095

Other

Assets,

less

Liabilities

0.5%

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

1,646,342

Net

Assets

100.0%

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

$363,421,437

a

a

a

See

Abbreviations

on

page

31

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

February

28,

2023.

See

Note

1(c).

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

February

28,

2023,

the

aggregate

value

of

these

securities

was

$16,089,769,

representing

4.4%

of

net

assets.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

g

See

Note

1(c)

regarding

securities

on

loan.

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

February

28,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

Templeton

Emerging

Markets

Small

Cap

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$330,799,994

Cost

-

Non-controlled

affiliates

(Note

3

f

)

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

10,289,041

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$3,492,336)

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

$351,486,054

Value

-

Non-cont

rolled

affiliates

(Note

3

f

)

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

10,289,041

Foreign

currency,

at

value

(cost

$2,257,506)

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

2,222,691

Receivables:

Investment

securities

sold

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

860,006

Capital

shares

sold

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

876,302

Dividends

and

interest

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

857,822

European

Union

tax

reclaims

(Note

1

d

)

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

88,629

Total

assets

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

366,680,545

Liabilities:

Payables:

Investment

securities

purchased

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

295,558

Capital

shares

redeemed

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

169,215

Management

fees

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

347,506

Distribution

fees

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

44,779

Transfer

agent

fees

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

164,274

Trustees'

fees

and

expenses

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

156

Payable

upon

return

of

securities

loaned

(Note

1

c

)

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

110,122

Deferred

tax

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

1,985,327

Accrued

expenses

and

other

liabilities

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

142,171

Total

liabilities

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

3,259,108

Net

assets,

at

value

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

$363,421,437

Net

assets

consist

of:

Paid-in

capital

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

$380,438,728

Total

distributable

earnings

(losses)

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

(17,017,291)

Net

assets,

at

value

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

$363,421,437

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

February

28,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

Templeton

Emerging

Markets

Small

Cap

Fund

Class

A:

Net

assets,

at

value

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

$177,460,446

Shares

outstanding

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

14,914,149

Net

asset

value

per

share

a

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

$11.90

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

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

$12.59

Class

C:

Net

assets,

at

value

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

$10,993,197

Shares

outstanding

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

1,004,276

Net

asset

value

and

maximum

offering

price

per

share

a

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

$10.95

Class

R:

Net

assets,

at

value

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

$2,078,410

Shares

outstanding

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

178,393

Net

asset

value

and

maximum

offering

price

per

share

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

$11.65

Class

R6:

Net

assets,

at

value

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

$26,845,170

Shares

outstanding

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

2,216,180

Net

asset

value

and

maximum

offering

price

per

share

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

$12.11

Advisor

Class:

Net

assets,

at

value

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

$146,044,214

Shares

outstanding

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

12,034,668

Net

asset

value

and

maximum

offering

price

per

share

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

$12.14

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Templeton

Global

Investment

Trust

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

February

28,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

Templeton

Emerging

Markets

Small

Cap

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$440,028)

Unaffiliated

issuers

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

$2,932,240

Non-controlled

affiliates

(Note

3

f

)

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

143,078

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

12,430

Non-controlled

affiliates

(Note

3

f

)

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

2,284

Total

investment

income

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

3,090,032

Expenses:

Management

fees

(Note

3

a

)

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

2,493,211

Distribution

fees:

(Note

3c

)

    Class

A

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

219,463

    Class

C

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

58,495

    Class

R

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

5,038

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

172,502

    Class

C

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

11,482

    Class

R

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

1,980

    Class

R6

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

6,571

    Advisor

Class

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

136,783

Custodian

fees

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

64,289

Reports

to

shareholders

fees

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

11,641

Registration

and

filing

fees

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

45,823

Professional

fees

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

44,539

Trustees'

fees

and

expenses

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

18,061

Other

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

13,623

Total

expenses

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

3,303,501

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(354,698)

Net

expenses

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

2,948,803

Net

investment

income

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

141,229

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$368,817)

Unaffiliated

issuers

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

(13,923,140)

Foreign

currency

transactions

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

66,465

Net

realized

gain

(loss)

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

(13,856,675)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

21,981,201

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(50,288)

Change

in

deferred

taxes

on

unrealized

appreciation

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

(280,331)

Net

change

in

unrealized

appreciation

(depreciation)

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

21,650,582

Net

realized

and

unrealized

gain

(loss)

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

7,793,907

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$7,935,136

Templeton

Global

Investment

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

Templeton

Emerging

Markets

Small

Cap

Fund

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

a

Year

Ended

March

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$141,229

$8,242,908

$2,945,680

Net

realized

gain

(loss)

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

(13,856,675)

(555,532)

66,974,188

Net

change

in

unrealized

appreciation

(depreciation)

........

21,650,582

(53,855,951)

(53,666,750)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

7,935,136

(46,168,575)

16,253,118

Distributions

to

shareholders:

Class

A

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

(13,458,092)

—

(23,724,369)

Class

C

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

(867,935)

—

(2,095,957)

Class

R

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

(154,143)

—

(285,726)

Class

R6

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

(2,136,443)

—

(5,079,624)

Advisor

Class

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

(10,460,496)

—

(19,760,044)

Total

distributions

to

shareholders

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

(27,077,109)

—

(50,945,720)

Capital

share

transactions:

(Note

2

)

Class

A

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

(274,889)

(6,206,219)

22,905,231

Class

C

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

(1,915,152)

(2,146,281)

(9,130,344)

Class

R

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

76,135

(79,413)

(339,318)

Class

R6

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

(3,202,162)

(4,020,091)

(3,281,288)

Advisor

Class

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

6,326,924

(7,698,630)

7,691,209

Total

capital

share

transactions

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

1,010,856

(20,150,634)

17,845,490

Net

increase

(decrease)

in

net

assets

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

(18,131,117)

(66,319,209)

(16,847,112)

Net

assets:

Beginning

of

period

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

381,552,554

447,871,763

464,718,875

End

of

period

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

$363,421,437

$381,552,554

$447,871,763

a

For

the

period

April

1,

2022

to

August

31,

2022.

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

22

franklintempleton.com

Semiannual

Report

1.

Organization

and

Significant

Accounting

Policies

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.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

Templeton

Emerging

Markets

Small

Cap

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

Subsequent

to

March

31,

2022,

the

Fund’s

fiscal

year

end

changed

to

August

31. 

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Fund’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

23

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

February

28,

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.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the Fund.

Additionally,

at

February

28,

2023,

the

Fund

held

$3,415,225

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

segregated

accounts

with

the

Fund’s

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

the

Statement

of

Assets

and

Liabilities.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the

Statement

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

d.

Income

and

Deferred

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

24

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

February

28,

2023,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

e.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Income

and

Deferred

Taxes

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

25

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

g.

Guarantees

and

Indemnifications

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust, on

behalf

of

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

February

28,

2023,

there

were

an

unlimited

number

of

shares

authorized

($0.01

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

Six

Months

Ended

February

28,

2023

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

1,099,935

$13,218,305

Shares

issued

in

reinvestment

of

distributions

..........

988,332

11,590,825

Shares

redeemed

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

(2,121,651)

(25,084,019)

Net

increase

(decrease)

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

(33,384)

$(274,889)

Class

C

Shares:

Shares

sold

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

58,111

$640,172

Shares

issued

in

reinvestment

of

distributions

..........

79,727

859,170

Shares

redeemed

a

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

(312,432)

(3,414,494)

Net

increase

(decrease)

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

(174,594)

$(1,915,152)

Class

R

Shares:

Shares

sold

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

5,297

$61,824

Shares

issued

in

reinvestment

of

distributions

..........

13,430

154,143

Shares

redeemed

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

(11,865)

(139,832)

Net

increase

(decrease)

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

6,862

$76,135

Class

R6

Shares:

Shares

sold

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

274,623

$3,358,983

Shares

issued

in

reinvestment

of

distributions

..........

89,455

1,068,228

Shares

redeemed

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

(637,828)

(7,629,373)

Net

increase

(decrease)

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

(273,750)

$(3,202,162)

Advisor

Class

Shares:

Shares

sold

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

3,192,603

$39,246,095

Shares

issued

in

reinvestment

of

distributions

..........

792,266

9,472,682

Shares

redeemed

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

(3,409,821)

(42,391,853)

Net

increase

(decrease)

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

575,048

$6,326,924

1.

Organization

and

Significant

Accounting

Policies

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

26

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Trust

are

also

officers

and/or

directors

of

the

following

subsidiaries:

Year

Ended

August

31,

2022

b

Year

Ended

March

31,

2022

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

672,785

$8,591,757

2,563,202

$41,131,426

Shares

issued

in

reinvestment

of

distributions

..........

—

—

1,372,044

20,621,825

Shares

redeemed

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

(1,149,929)

(14,797,976)

(2,455,339)

(38,848,020)

Net

increase

(decrease)

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

(477,144)

$(6,206,219)

1,479,907

$22,905,231

Class

C

Shares:

Shares

sold

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

36,135

$427,208

149,733

$2,210,907

Shares

issued

in

reinvestment

of

distributions

..........

—

—

149,330

2,081,666

Shares

redeemed

a

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

(216,897)

(2,573,489)

(894,701)

(13,422,917)

Net

increase

(decrease)

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

(180,762)

$(2,146,281)

(595,638)

$(9,130,344)

Class

R

Shares:

Shares

sold

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

9,744

$126,322

22,180

$351,230

Shares

issued

in

reinvestment

of

distributions

..........

—

—

19,358

285,726

Shares

redeemed

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

(16,442)

(205,735)

(63,423)

(976,274)

Net

increase

(decrease)

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

(6,698)

$(79,413)

(21,885)

$(339,318)

Class

R6

Shares:

Shares

sold

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

95,142

$1,239,312

267,708

$4,334,208

Shares

issued

in

reinvestment

of

distributions

..........

—

—

105,695

1,612,908

Shares

redeemed

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

(405,246)

(5,259,403)

(583,877)

(9,228,404)

Net

increase

(decrease)

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

(310,104)

$(4,020,091)

(210,474)

$(3,281,288)

Advisor

Class

Shares:

Shares

sold

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

1,502,714

$21,009,471

3,677,439

$59,605,210

Shares

issued

in

reinvestment

of

distributions

..........

—

—

1,148,453

17,559,839

Shares

redeemed

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

(2,165,769)

(28,708,101)

(4,323,520)

(69,473,840)

Net

increase

(decrease)

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

(663,055)

$(7,698,630)

502,372

$7,691,209

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

b

For

the

period

April

1,

2022

to

August

31,

2022.

Subsidiary

Affiliation

Templeton

Asset

Management

Ltd.

(Asset

Management)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2.

Shares

of

Beneficial

Interest

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

27

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

a.

Management

Fees

The

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Asset

Management

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

February

28,

2023,

the

annualized

gross

effective

investment

management

fee

rate

was 1.400%

of

the

Fund’s

average daily

net

assets. 

b.

Administrative

Fees

Under

an

agreement

with

Asset

Management,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Asset

Management

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class A reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class

C

and

R

compensation

distribution

plans,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

The

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

Annualized

Fee

Rate

Net

Assets

1.400%

Up

to

and

including

$500

million

1.300%

Over

$500

million,

up

to

and

including

$1

billion

1.200%

In

excess

of

$1

billion

Class

A

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

0.35%

Class

C

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

1.00%

Class

R

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

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$5,329

CDSC

retained

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

$918

3.

Transactions

with

Affiliates

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

Effective

October

1,

2022,

the

fees

are

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a

reduced

transaction

based

fee.

Prior

to

October

1,

2022,

the

fees

were

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

February

28,

2023,

the

Fund

paid

transfer

agent

fees

of

$329,319,

of

which

$104,337

was

retained

by

Investor

Services.

f.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

February

28,

2023,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

g.

Waiver

and

Expense

Reimbursements

Asset

Management

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

1.50%,

based

on

the

average

net

assets

of

each

class

until

December

31,

2023.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

December

31,

202

3

.

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Emerging

Markets

Small

Cap

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.204%

$

10,045,248

$

58,998,787

$

(58,865,116)

$

—

$

—

$

10,178,919

10,178,919

$

143,078

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.204%

$—

$1,184,829

$(1,074,707)

$—

$—

$110,122

110,122

$2,284

Total

Affiliated

Securities

...

$10,045,248

$60,183,616

$(59,939,823)

$—

$—

$10,289,041

$145,362

3.

Transactions

with

Affiliates

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

4.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains. 

At

August

31,

2022,

the

capital

loss

carryforwards

were

as

follows:

At

February

28,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

passive

foreign

investment

company

shares,

corporate

actions

and

wash

sales.

5.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities) for

the

period

ended

February

28,

2023,

aggregated

$26,178,012

and

$55,054,914,

respectively. 

At

February

28,

2023,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received $110,122

of

cash

collateral. The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statement

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

6.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

7.

Geopolitical

Risk 

On

February

24,

2022,

Russia

engaged

in

military

actions

in

the

sovereign

territory

of

Ukraine.

The

current

political

and

financial

uncertainty

surrounding

Russia

and

Ukraine

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

these

countries

and

may

also

cause

uncertainty

for

the

global

economy

and

broader

financial

markets.

The

ultimate

fallout

and

long-term

impact

from

these

events

are

not

known.

The

Fund

will

continue

to

assess

the

impact

on

valuations

and

liquidity

and

will

take

any

potential

actions

needed

in

accordance

with

procedures

approved

by

the

Board.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$3,739,966

Long

term

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

1,491,723

Total

capital

loss

carryforwards

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

$5,231,689

Cost

of

investments

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

$357,405,767

Unrealized

appreciation

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

$78,613,532

Unrealized

depreciation

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

(74,244,204)

Net

unrealized

appreciation

(depreciation)

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

$4,369,328

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

8.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

9.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

2,

2024.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the Statement

of

Operations.

During

the

period

ended

February

28,

2023,

the Fund

did

not

use

the

Global

Credit

Facility.

10.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

February

28,

2023,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

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

$

7,848,174

$

—

$

—

$

7,848,174

Cambodia

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

—

3,439,592

—

3,439,592

Chile

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

3,025,342

—

—

3,025,342

China

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

13,435,086

28,130,563

—

41,565,649

Georgia

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

2,702,279

—

—

2,702,279

Hong

Kong

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

—

12,685,986

—

12,685,986

Hungary

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

—

6,869,931

—

6,869,931

India

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

5,496,569

75,232,437

—

80,729,006

Kazakhstan

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

1,586,491

—

—

1,586,491

Mexico

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

5,693,768

—

—

5,693,768

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

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.

11.

New

Accounting

Pronouncements

In June

2022,

the FASB

issued

Accounting

Standards

Update

(ASU)

No.

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions.

The

amendments

in

the

ASU

clarify

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

should

not

be

considered

in

measuring

fair

value.

The

ASU

is

effective

for

interim

and

annual

reporting

periods

beginning

after

December

15,

2023,

with

the

option

of

early

adoption.

Management

has

reviewed

the

requirements

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

12.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Peru

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

$

6,299,413

$

—

$

—

$

6,299,413

Philippines

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

6,427,894

8,161,991

—

14,589,885

Saudi

Arabia

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

—

2,300,799

—

2,300,799

South

Africa

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

—

4,611,384

—

4,611,384

South

Korea

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

—

43,977,230

—

43,977,230

Sri

Lanka

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

532,960

—

—

532,960

Switzerland

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

—

5,843,316

—

5,843,316

Taiwan

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

—

61,393,689

—

61,393,689

Thailand

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

—

10,087,948

—

10,087,948

United

Arab

Emirates

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

2,250,615

—

—

2,250,615

Vietnam

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

—

22,476,283

—

22,476,283

Preferred

Stocks

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

10,976,314

—

—

10,976,314

Short

Term

Investments

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

10,289,041

—

—

10,289,041

Total

Investments

in

Securities

...........

$76,563,946

$285,211,149

a

$—

$361,775,095

a

Includes

foreign

securities

valued

at

$285,211,149,

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

10.

Fair

Value

Measurements

(continued)

Templeton

Global

Investment

Trust

Shareholder

Information

32

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Schedule

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

as

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

426

S

04/23

©

2023

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Templeton

Emerging

Markets

Small

Cap

Fund

Investment

Manager

Distributor

Shareholder

Services

Templeton

Asset

Management

Ltd.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics. 

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial experts are Ann Torre Bates and David W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.

Principal Accountant Fees and Services.       N/A

Item 5. Audit Committee

of Listed Registrants.

        N/A

Item 6. Schedule of Investments.

                      N/A

Item 7

. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.             N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

        N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.            N/A

Item 10

. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

 Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)

 Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                             N/A

Item 13. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TEMPLETON GLOBAL INVESTMENT TRUST

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date 

April 26, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date 

April 26, 2023

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date 

April 26, 2023