Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
TGIT-Q3PH
1
Schedules
of
Investments
(unaudited)
Franklin
Templeton
SMACS:
Series
EM
2
Templeton
Emerging
Markets
Small
Cap
Fund
4
Notes
to
Schedules
of
Investments
8
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited),
May
31,
2023
Franklin
Templeton
SMACS:
Series
EM
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
100.4%
Brazil
0.1%
TOTVS
SA
.....................
Software
131
$
743
Cambodia
0.6%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
8,440
5,283
China
17.8%
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
...........
Construction
Materials
1,780
6,573
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
51,850
19,926
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
8,478
38,514
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
21,612
7,871
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
985
3,687
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
8,558
5,388
b
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
5,063
2,738
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
....................
Chemicals
6,248
35,957
Haier
Smart
Home
Co.
Ltd.,
D
.......
Household
Durables
5,873
7,030
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
5,214
7,069
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
5,362
8,757
a
Uni
-President
China
Holdings
Ltd.
....
Food
Products
18,509
16,086
159,596
Hungary
2.4%
Richter
Gedeon
Nyrt
.
.............
Pharmaceuticals
856
21,581
India
10.7%
a
ACC
Ltd.
.......................
Construction
Materials
384
8,245
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
190
16,681
HDFC
Bank
Ltd.
.................
Banks
1,647
31,998
Hindalco
Industries
Ltd.
............
Metals
&
Mining
1,357
6,647
a
One
97
Communications
Ltd.
.......
Financial
Services
1,534
12,926
a
PB
Fintech
Ltd.
..................
Insurance
645
4,719
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
17,747
14,792
96,008
Indonesia
1.7%
Astra
International
Tbk
.
PT
.........
Industrial
Conglomerates
35,148
15,100
Mexico
0.4%
a,b
Nemak
SAB
de
CV,
144A,
Reg
S
....
Automobile
Components
15,599
3,651
Philippines
1.1%
BDO
Unibank
,
Inc.
...............
Banks
4,083
9,858
South
Africa
1.1%
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
14,481
10,073
South
Korea
39.9%
Doosan
Bobcat,
Inc.
..............
Machinery
472
19,054
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
525
14,421
Hankook
Tire
&
Technology
Co.
Ltd.
..
Automobile
Components
103
2,684
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
323
10,074
LG
Chem
Ltd.
...................
Chemicals
15
7,845
LG
Corp.
.......................
Industrial
Conglomerates
762
49,594
NAVER
Corp.
...................
Interactive
Media
&
Services
377
56,791
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
2,066
111,234
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
799
40,054
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Franklin
Templeton
SMACS:
Series
EM
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
See
Abbreviations
on
page
11
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
South
Korea
(continued)
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
37
$
20,058
Soulbrain
Co.
Ltd.
................
Chemicals
139
24,214
356,023
Taiwan
19.8%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
3,108
10,756
MediaTek
,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
2,472
60,763
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
5,503
99,620
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
312
5,143
176,282
Thailand
3.9%
Kasikornbank
PCL
...............
Banks
5,536
20,654
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
25,454
6,045
Thai
Beverage
PCL
...............
Beverages
19,273
7,977
34,676
United
Arab
Emirates
0.9%
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
16,540
7,701
Total
Common
Stocks
(Cost
$1,025,955)
.......................................
896,575
Short
Term
Investments
3.0%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.0%
United
States
3.0%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
.........
26,821
26,821
Total
Money
Market
Funds
(Cost
$26,821)
......................................
26,821
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$26,821
)
...................................
26,821
a
a
a
Total
Investments
(Cost
$1,052,776)
103.4%
....................................
$923,396
Other
Assets,
less
Liabilities
(3.4)%
...........................................
(30,656)
Net
Assets
100.0%
...........................................................
$892,740
a
a
a
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$6,389,
representing
0.7%
of
net
assets.
c
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited),
May
31,
2023
Templeton
Emerging
Markets
Small
Cap
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Industry
Shares
a
Value
a
Common
Stocks
93.0%
Brazil
2.3%
Arezzo
Industria
e
Comercio
SA
.....
Textiles,
Apparel
&
Luxury
Goods
265,999
$
3,869,181
a
Dexco
SA
......................
Paper
&
Forest
Products
1,551,585
2,707,560
Grendene
SA
...................
Textiles,
Apparel
&
Luxury
Goods
1,174,611
1,611,991
8,188,732
Cambodia
0.8%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
4,393,448
2,750,318
Chile
0.9%
Aguas
Andinas
SA,
A
.............
Water
Utilities
9,806,183
3,196,070
China
9.5%
Asia
Cement
China
Holdings
Corp.
...
Construction
Materials
3,155,500
1,362,049
a,b
Baozun,
Inc.,
ADR
................
Broadline
Retail
312,447
1,227,917
Chervon
Holdings
Ltd.
.............
Household
Durables
657,700
2,883,281
c
China
Education
Group
Holdings
Ltd.,
Reg
S
.......................
Diversified
Consumer
Services
2,602,300
2,111,560
a,b
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
191,357
6,879,284
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
3,162,449
4,287,825
Huaxin
Cement
Co.
Ltd.,
H
.........
Construction
Materials
2,054,694
1,668,194
c
JNBY
Design
Ltd.,
Reg
S
..........
Textiles,
Apparel
&
Luxury
Goods
2,634,676
2,581,630
Longshine
Technology
Group
Co.
Ltd.,
A
Software
1,270,164
3,625,838
a,c
Luye
Pharma
Group
Ltd.,
144A,
Reg
S
Pharmaceuticals
2,104,038
938,307
a,c
Mobvista,
Inc.,
144A,
Reg
S
........
Media
2,333,422
1,103,297
a,b
Noah
Holdings
Ltd.,
ADR
..........
Capital
Markets
121,040
1,878,541
a
Uni-President
China
Holdings
Ltd.
....
Food
Products
3,554,571
3,089,149
33,636,872
Georgia
0.7%
a
Georgia
Capital
plc
...............
Capital
Markets
245,985
2,508,739
Hong
Kong
2.8%
Luk
Fook
Holdings
International
Ltd.
..
Specialty
Retail
1,244,761
3,399,640
Pacific
Basin
Shipping
Ltd.
.........
Marine
Transportation
22,978,240
6,713,540
10,113,180
Hungary
2.4%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
337,019
8,496,871
India
24.9%
a
Affle
India
Ltd.
...................
Media
428,964
4,966,978
Ajanta
Pharma
Ltd.
...............
Pharmaceuticals
176,143
2,784,351
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
232,776
20,436,500
City
Union
Bank
Ltd.
..............
Banks
2,400,814
3,628,350
Dalmia
Bharat
Ltd.
...............
Construction
Materials
354,006
9,113,649
EPL
Ltd.
.......................
Containers
&
Packaging
1,617,896
3,542,085
Federal
Bank
Ltd.
................
Banks
6,764,851
10,230,490
a,b
MakeMyTrip
Ltd.
.................
Hotels,
Restaurants
&
Leisure
212,059
5,528,378
a
Max
Financial
Services
Ltd.
.........
Insurance
365,708
3,121,495
a
One
97
Communications
Ltd.
.......
Financial
Services
384,601
3,240,753
a
PB
Fintech
Ltd.
..................
Insurance
709,823
5,192,732
Redington
Ltd.
..................
Electronic
Equipment,
Instruments
&
Components
4,101,977
8,631,720
Tata
Consumer
Products
Ltd.
.......
Food
Products
203,974
1,968,646
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
7,013,475
5,845,642
88,231,769
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Kazakhstan
0.6%
c
Halyk
Savings
Bank
of
Kazakhstan
JSC,
GDR,
Reg
S
..................
Banks
166,691
$
2,140,312
Mexico
1.7%
Bolsa
Mexicana
de
Valores
SAB
de
CV
Capital
Markets
2,928,266
6,180,316
Peru
1.6%
Intercorp
Financial
Services,
Inc.
.....
Banks
264,348
5,617,395
Philippines
3.8%
Century
Pacific
Food,
Inc.
..........
Food
Products
13,550,000
5,613,479
International
Container
Terminal
Services,
Inc.
..................
Transportation
Infrastructure
2,261,974
7,826,430
13,439,909
Saudi
Arabia
0.8%
Mouwasat
Medical
Services
Co.
.....
Health
Care
Providers
&
Services
47,834
2,868,702
South
Africa
1.1%
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
5,564,266
3,870,460
South
Korea
10.7%
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
258,549
7,102,019
Hankook
Tire
&
Technology
Co.
Ltd.
..
Automobile
Components
70,000
1,824,149
a
Hugel,
Inc.
.....................
Biotechnology
56,776
4,671,351
L&F
Co.
Ltd.
....................
Electronic
Equipment,
Instruments
&
Components
29,824
6,060,751
LEENO
Industrial,
Inc.
.............
Semiconductors
&
Semiconductor
Equipment
36,958
3,620,074
Lock&Lock
Co.
Ltd.
...............
Household
Durables
399,574
1,770,966
LX
Semicon
Co.
Ltd.
..............
Semiconductors
&
Semiconductor
Equipment
45,010
3,946,272
NeoPharm
Co.
Ltd.
...............
Personal
Care
Products
943
14,366
Shin
Heung
Energy
&
Electronics
Co.
Ltd.
.........................
Electrical
Equipment
32,891
1,146,966
Soulbrain
Co.
Ltd.
................
Chemicals
27,302
4,756,021
Vieworks
Co.
Ltd.
................
Health
Care
Equipment
&
Supplies
106,067
2,609,320
Zinus,
Inc.
......................
Household
Durables
23,373
533,255
38,055,510
Switzerland
2.2%
a,c
Wizz
Air
Holdings
plc,
144A,
Reg
S
...
Passenger
Airlines
220,220
7,649,377
Taiwan
17.1%
Eclat
Textile
Co.
Ltd.
..............
Textiles,
Apparel
&
Luxury
Goods
186,082
2,829,839
Kinsus
Interconnect
Technology
Corp.
.
Semiconductors
&
Semiconductor
Equipment
1,499,838
5,669,532
Merida
Industry
Co.
Ltd.
...........
Leisure
Products
1,239,613
7,831,057
momo.com,
Inc.
.................
Broadline
Retail
307,942
6,983,186
Novatek
Microelectronics
Corp.
......
Semiconductors
&
Semiconductor
Equipment
750,000
10,357,595
Poya
International
Co.
Ltd.
.........
Broadline
Retail
391,729
6,789,137
Primax
Electronics
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
1,626,472
3,415,277
Shin
Zu
Shing
Co.
Ltd.
............
Machinery
1,253,807
3,805,003
Synnex
Technology
International
Corp.
Electronic
Equipment,
Instruments
&
Components
4,477,445
9,305,140
Visual
Photonics
Epitaxy
Co.
Ltd.
....
Semiconductors
&
Semiconductor
Equipment
1,112,846
3,773,847
60,759,613
Thailand
2.6%
Dynasty
Ceramic
PCL
.............
Building
Products
28,599,840
1,648,643
Major
Cineplex
Group
PCL
.........
Entertainment
6,139,300
2,741,084
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
(continued)
Tisco
Financial
Group
PCL
.........
Banks
1,803,350
$
5,015,087
9,404,814
United
Arab
Emirates
0.7%
a
ADNOC
Logistics
&
Services
........
Marine
Transportation
219,424
120,080
Americana
Restaurants
International
plc
Hotels,
Restaurants
&
Leisure
1,457,714
1,526,901
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
2,026,297
943,388
2,590,369
Vietnam
5.8%
FPT
Corp.
......................
IT
Services
2,919,379
10,447,208
Hoa
Phat
Group
JSC
.............
Metals
&
Mining
2,116,891
1,908,758
Mobile
World
Investment
Corp.
......
Specialty
Retail
3,317,700
5,531,810
a
Vincom
Retail
JSC
...............
Real
Estate
Management
&
Development
2,195,854
2,530,389
20,418,165
Total
Common
Stocks
(Cost
$305,359,795)
.....................................
330,117,493
a
Preferred
Stocks
3.1%
Brazil
1.6%
d
Bradespar
SA,
9.63%
.............
Metals
&
Mining
1,323,067
5,554,140
Chile
1.5%
d
Embotelladora
Andina
SA,
A,
8.14%
..
Beverages
1,250,500
2,598,940
d
Embotelladora
Andina
SA,
B,
7.28%
..
Beverages
1,043,125
2,665,747
5,264,687
Total
Preferred
Stocks
(Cost
$15,161,654)
......................................
10,818,827
Total
Long
Term
Investments
(Cost
$320,521,449)
...............................
340,936,320
Short
Term
Investments
4.6%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
4.6%
United
States
4.6%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
.........
16,173,018
16,173,018
Total
Money
Market
Funds
(Cost
$16,173,018)
..................................
16,173,018
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$16,173,018
)
................................
16,173,018
a
a
a
Total
Investments
(Cost
$336,694,467)
100.7%
..................................
$357,109,338
Other
Assets,
less
Liabilities
(0.7)%
...........................................
(2,179,621)
Net
Assets
100.0%
...........................................................
$354,929,717
a
a
a
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
See
Abbreviations
on
page
11
.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2023.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$16,524,483,
representing
4.7%
of
net
assets.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Global
Investment
Trust
Notes
to
Schedules
of
Investments
(unaudited)
8
Quarterly
Schedules
of
Investments
1.
Organization
Templeton
Global
Investment
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of three
separate
funds,
two
of
which
are
included
in
this
report
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.Generally
Accepted
Accounting
Principles
(U.S.GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier. Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds’
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC). The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
May
31,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
Templeton
Global
Investment
Trust
Notes
to
Schedules
of
Investments
(unaudited)
9
Quarterly
Schedules
of
Investments
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2023,
investments
in
affiliated
management
investment
companies
were
as
follows:
4. Fair
Value
Measurements
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Templeton
SMACS:
Series
EM
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
$
72,154
$
255,982
$
(301,315)
$
—
$
—
$
26,821
26,821
$
773
Total
Affiliated
Securities
...
$72,154
$255,982
$(301,315)
$—
$—
$26,821
$773
Templeton
Emerging
Markets
Small
Cap
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
$10,045,248
$80,246,718
$
(74,118,948)
$—
$—
$16,173,018
16,173,018
$280,060
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
$—
$1,758,753
$(1,758,753)
$—
$—
$—
—
$5,288
Total
Affiliated
Securities
...
$10,045,248
$82,005,471
$(75,877,701)
$—
$—
$16,173,018
$285,348
2. Financial
Instrument
Valuation
(continued)
Templeton
Global
Investment
Trust
Notes
to
Schedules
of
Investments
(unaudited)
10
Quarterly
Schedules
of
Investments
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2023,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Templeton
SMACS:
Series
EM
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
743
$
—
$
—
$
743
Cambodia
............................
—
5,283
—
5,283
China
...............................
7,030
152,566
—
159,596
Hungary
.............................
—
21,581
—
21,581
India
................................
—
96,008
—
96,008
Indonesia
............................
—
15,100
—
15,100
Mexico
..............................
3,651
—
—
3,651
Philippines
............................
—
9,858
—
9,858
South
Africa
...........................
10,073
—
—
10,073
South
Korea
..........................
—
356,023
—
356,023
Taiwan
...............................
—
176,282
—
176,282
Thailand
.............................
—
34,676
—
34,676
United
Arab
Emirates
....................
7,701
—
—
7,701
Short
Term
Investments
...................
26,821
—
—
26,821
Total
Investments
in
Securities
...........
$56,019
$867,377
a
$—
$923,396
Templeton
Emerging
Markets
Small
Cap
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
8,188,732
—
—
8,188,732
Cambodia
............................
—
2,750,318
—
2,750,318
Chile
................................
3,196,070
—
—
3,196,070
China
...............................
11,347,791
22,289,081
—
33,636,872
Georgia
..............................
2,508,739
—
—
2,508,739
Hong
Kong
...........................
—
10,113,180
—
10,113,180
Hungary
.............................
—
8,496,871
—
8,496,871
India
................................
5,528,378
82,703,391
—
88,231,769
Kazakhstan
...........................
2,140,312
—
—
2,140,312
Mexico
..............................
6,180,316
—
—
6,180,316
Peru
................................
5,617,395
—
—
5,617,395
Philippines
............................
5,613,479
7,826,430
—
13,439,909
Saudi
Arabia
..........................
—
2,868,702
—
2,868,702
South
Africa
...........................
3,870,460
—
—
3,870,460
South
Korea
..........................
—
38,055,510
—
38,055,510
Switzerland
...........................
—
7,649,377
—
7,649,377
Taiwan
...............................
—
60,759,613
—
60,759,613
Thailand
.............................
1,648,643
7,756,171
—
9,404,814
United
Arab
Emirates
....................
943,388
1,646,981
—
2,590,369
Vietnam
..............................
—
20,418,165
—
20,418,165
Preferred
Stocks
........................
10,818,827
—
—
10,818,827
Short
Term
Investments
...................
16,173,018
—
—
16,173,018
Total
Investments
in
Securities
...........
$83,775,548
$273,333,790
b
$—
$357,109,338
4. Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Notes
to
Schedules
of
Investments
(unaudited)
11
Quarterly
Schedules
of
Investments
Abbreviations
a
Includes
foreign
securities
valued
at
$867,377,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
b
Includes
foreign
securities
valued
at
$273,213,710,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Selected
Portfolio
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.