Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TGIT-Q3PH

1

Schedules

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

EM

2

Templeton

Emerging

Markets

Small

Cap

Fund

5

Notes

to

Schedules

of

Investments

9

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited),

May

31,

2025

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

96.1%

Brazil

2.7%

Hypera

SA

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

Pharmaceuticals

2,694

$

11,964

a

Oncoclinicas

do

Brasil

Servicos

Medicos

SA

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

Health

Care

Providers

&

Services

6,292

5,544

TOTVS

SA

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

Software

1,447

10,679

28,187

Cambodia

0.4%

a

NagaCorp

Ltd.

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

Hotels,

Restaurants

&

Leisure

8,440

3,995

China

11.7%

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.

,

A

...........

Construction

Materials

1,480

2,289

b

Budweiser

Brewing

Co.

APAC

Ltd.

,

144A

,

Reg

S

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

Beverages

26,418

27,405

China

Resources

Building

Materials

Technology

Holdings

Ltd.

.........

Construction

Materials

1,387

291

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

9,680

5,774

b

Greentown

Service

Group

Co.

Ltd.

,

Reg

S

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

Real

Estate

Management

&

Development

5,063

2,682

Haier

Smart

Home

Co.

Ltd.

,

D

.......

Household

Durables

6,507

13,878

Health

&

Happiness

H&H

International

Holdings

Ltd.

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

Food

Products

1,730

2,840

a,b

Kuaishou

Technology

,

144A

,

Reg

S

...

Interactive

Media

&

Services

2,633

17,700

Uni-President

China

Holdings

Ltd.

....

Food

Products

13,045

16,969

Weichai

Power

Co.

Ltd.

,

H

.........

Machinery

7,837

15,259

a,b

Wuxi

Biologics

Cayman,

Inc.

,

144A

,

Reg

S

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

Life

Sciences

Tools

&

Services

5,214

16,468

121,555

Hungary

2.3%

Richter

Gedeon

Nyrt.

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

Pharmaceuticals

819

23,828

India

6.7%

ACC

Ltd.

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

Construction

Materials

331

7,286

a

Ather

Energy

Ltd.

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

Automobiles

1,969

7,202

Bajaj

Holdings

&

Investment

Ltd.

.....

Financial

Services

77

12,086

Brigade

Enterprises

Ltd.

...........

Real

Estate

Management

&

Development

587

7,517

a

Eternal

Ltd.

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

Hotels,

Restaurants

&

Leisure

7,246

20,182

Federal

Bank

Ltd.

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

Banks

6,232

14,737

Natco

Pharma

Ltd.

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

Pharmaceuticals

117

1,208

a

Niva

Bupa

Health

Insurance

Co.

Ltd.

..

Insurance

264

285

70,503

Indonesia

1.1%

Astra

International

Tbk.

PT

.........

Industrial

Conglomerates

38,555

11,465

Italy

0.2%

a,b

Wizz

Air

Holdings

plc

,

144A

,

Reg

S

...

Passenger

Airlines

106

2,283

Mexico

0.2%

a,b

Nemak

SAB

de

CV

,

144A

,

Reg

S

....

Automobile

Components

11,763

1,910

Philippines

1.1%

BDO

Unibank,

Inc.

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

Banks

3,942

11,383

South

Africa

4.9%

Discovery

Ltd.

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

Insurance

2,714

32,914

Netcare

Ltd.

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

Health

Care

Providers

&

Services

20,584

17,292

50,206

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

EM

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

South

Korea

29.5%

Doosan

Bobcat,

Inc.

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

Machinery

601

$

20,428

Hankook

Tire

&

Technology

Co.

Ltd.

..

Automobile

Components

103

2,873

Hyundai

Motor

Co.

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

Automobiles

152

20,373

LG

Corp.

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

Industrial

Conglomerates

604

31,027

a

LigaChem

Biosciences,

Inc.

........

Life

Sciences

Tools

&

Services

52

4,323

Misto

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

327

8,533

NAVER

Corp.

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

Interactive

Media

&

Services

270

36,587

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

1,725

69,996

Samsung

Life

Insurance

Co.

Ltd.

.....

Insurance

524

37,497

Samsung

SDI

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

94

11,493

SK

Hynix,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

398

58,709

Soulbrain

Co.

Ltd.

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

Chemicals

43

4,952

306,791

Taiwan

28.1%

Hon

Hai

Precision

Industry

Co.

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

8,266

42,096

Lite-On

Technology

Corp.

..........

Technology

Hardware,

Storage

&

Peripherals

1,772

5,920

MediaTek,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

1,270

52,145

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

5,564

177,458

Yageo

Corp.

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

Electronic

Equipment,

Instruments

&

Components

709

11,367

c

Zhen

Ding

Technology

Holding

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

678

2,301

291,287

Thailand

5.2%

Kasikornbank

PCL

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

Banks

6,728

31,557

Minor

International

PCL

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

Hotels,

Restaurants

&

Leisure

15,361

11,596

Star

Petroleum

Refining

PCL

........

Oil,

Gas

&

Consumable

Fuels

25,454

4,418

Thai

Beverage

PCL

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

Beverages

16,689

6,071

53,642

Turkiye

0.6%

BIM

Birlesik

Magazalar

A/S

.........

Consumer

Staples

Distribution

&

Retail

514

6,239

United

Arab

Emirates

1.4%

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

21,461

8,940

Spinneys

1961

Holding

plc

.........

Consumer

Staples

Distribution

&

Retail

11,947

4,879

13,819

Total

Common

Stocks

(Cost

$

892,338

)

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

997,093

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

EM

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

Short

Term

Investments

7.8%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

7.8%

United

States

7.8%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.079

%

.........

80,558

$

80,558

Total

Money

Market

Funds

(Cost

$

80,558

)

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

80,558

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

80,558

)

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

80,558

a

a

a

Total

Investments

(Cost

$

972,896

)

103.9

%

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

$1,077,651

Other

Assets,

less

Liabilities

(

3.9

)

%

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

(39,808)

Net

Assets

100.0%

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

$1,037,843

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,

2025,

the

aggregate

value

of

these

securities

was

$68,448,

representing

6.6%

of

net

assets.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited),

May

31,

2025

Templeton

Emerging

Markets

Small

Cap

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Industry

Shares

a

Value

a

Common

Stocks

94.1%

Brazil

2.6%

Azzas

2154

SA

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

Textiles,

Apparel

&

Luxury

Goods

478,522

$

3,693,810

Grupo

Mateus

SA

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

Consumer

Staples

Distribution

&

Retail

2,247,901

3,140,262

Hypera

SA

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

Pharmaceuticals

187,180

831,257

a

Oncoclinicas

do

Brasil

Servicos

Medicos

SA

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

Health

Care

Providers

&

Services

1,122,677

989,298

8,654,627

Cambodia

0.2%

a

NagaCorp

Ltd.

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

Hotels,

Restaurants

&

Leisure

1,588,954

752,070

China

4.1%

Asia

Cement

China

Holdings

Corp.

...

Construction

Materials

1,364,069

419,347

a,b

Daqo

New

Energy

Corp.

,

ADR

......

Semiconductors

&

Semiconductor

Equipment

150,350

2,008,676

Health

&

Happiness

H&H

International

Holdings

Ltd.

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

Food

Products

305,715

501,858

c

JNBY

Design

Ltd.

,

Reg

S

..........

Textiles,

Apparel

&

Luxury

Goods

1,428,758

2,761,763

Noah

Holdings

Ltd.

,

ADR

..........

Capital

Markets

290,042

2,990,333

Sunresin

New

Materials

Co.

Ltd.

,

A

...

Chemicals

219,193

1,371,247

Uni-President

China

Holdings

Ltd.

....

Food

Products

2,780,189

3,616,575

13,669,799

Georgia

1.7%

a

Georgia

Capital

plc

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

Capital

Markets

224,199

5,658,452

Greece

1.1%

Piraeus

Financial

Holdings

SA

.......

Banks

553,544

3,687,640

Hong

Kong

1.1%

Luk

Fook

Holdings

International

Ltd.

..

Specialty

Retail

564,051

1,303,707

Pacific

Basin

Shipping

Ltd.

.........

Marine

Transportation

9,317,323

2,296,502

3,600,209

Hungary

1.9%

Richter

Gedeon

Nyrt.

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

Pharmaceuticals

218,498

6,357,042

India

32.7%

a

Affle

3i

Ltd.

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

Media

171,938

3,489,633

Ajanta

Pharma

Ltd.

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

Pharmaceuticals

77,207

2,268,865

a

Ajax

Engineering

Ltd.

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

Machinery

35,742

274,041

c

Aster

DM

Healthcare

Ltd.

,

144A

,

Reg

S

Health

Care

Providers

&

Services

798,352

5,220,938

Bajaj

Holdings

&

Investment

Ltd.

.....

Financial

Services

105,405

16,544,621

Brigade

Enterprises

Ltd.

...........

Real

Estate

Management

&

Development

327,993

4,199,989

City

Union

Bank

Ltd.

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

Banks

2,634,434

6,034,755

Coforge

Ltd.

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

IT

Services

45,043

4,509,961

Crompton

Greaves

Consumer

Electricals

Ltd.

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

Household

Durables

311,456

1,286,170

Dalmia

Bharat

Ltd.

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

Construction

Materials

160,357

3,783,427

a

Electronics

Mart

India

Ltd.

..........

Specialty

Retail

1,234,888

1,737,944

EPL

Ltd.

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

Containers

&

Packaging

753,901

2,177,977

c

Eris

Lifesciences

Ltd.

,

144A

,

Reg

S

...

Pharmaceuticals

273,407

5,057,780

a

Eternal

Ltd.

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

Hotels,

Restaurants

&

Leisure

1,856,137

5,169,868

Federal

Bank

Ltd.

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

Banks

3,923,387

9,277,832

Gujarat

State

Petronet

Ltd.

.........

Gas

Utilities

383,687

1,475,482

Hexaware

Technologies

Ltd.

........

IT

Services

115,082

1,155,389

a

Honasa

Consumer

Ltd.

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

Personal

Care

Products

1,473,643

5,454,665

KEI

Industries

Ltd.

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

Electrical

Equipment

57,156

2,415,270

a,b

MakeMyTrip

Ltd.

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

Hotels,

Restaurants

&

Leisure

30,369

3,086,401

a

Max

Financial

Services

Ltd.

.........

Insurance

419,377

7,368,440

Nexus

Select

Trust

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

Retail

REITs

1,616,066

2,547,558

a

PB

Fintech

Ltd.

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

Insurance

188,869

3,892,836

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

India

(continued)

Redington

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

2,047,074

$

6,197,283

a,b

ReNew

Energy

Global

plc

,

A

........

Independent

Power

and

Renewable

Electricity

Producers

567,202

3,862,646

a

Restaurant

Brands

Asia

Ltd.

........

Hotels,

Restaurants

&

Leisure

841,593

800,150

Tata

Consumer

Products

Ltd.

.......

Food

Products

81,820

1,058,712

110,348,633

Indonesia

1.4%

Avia

Avian

Tbk.

PT

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

Chemicals

109,085,200

3,161,350

a

GoTo

Gojek

Tokopedia

Tbk.

PT

,

A

....

Broadline

Retail

358,072,056

1,407,723

4,569,073

Italy

1.5%

a,b,c

Wizz

Air

Holdings

plc

,

144A

,

Reg

S

...

Passenger

Airlines

235,708

5,076,134

Kazakhstan

1.4%

c

Halyk

Savings

Bank

of

Kazakhstan

JSC

,

GDR

,

Reg

S

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

Banks

213,908

4,828,282

Mexico

2.0%

Bolsa

Mexicana

de

Valores

SAB

de

CV

Capital

Markets

2,840,643

6,203,838

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

,

B

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

Transportation

Infrastructure

51,274

634,131

6,837,969

Peru

1.0%

Intercorp

Financial

Services,

Inc.

.....

Banks

93,189

3,225,271

Philippines

5.6%

Bloomberry

Resorts

Corp.

..........

Hotels,

Restaurants

&

Leisure

23,607,882

1,768,634

Century

Pacific

Food,

Inc.

..........

Food

Products

7,174,166

5,136,803

International

Container

Terminal

Services,

Inc.

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

Transportation

Infrastructure

1,652,212

12,127,772

19,033,209

Saudi

Arabia

1.0%

a

Jahez

International

Co.

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

Hotels,

Restaurants

&

Leisure

60,742

425,007

Mouwasat

Medical

Services

Co.

.....

Health

Care

Providers

&

Services

151,114

2,921,538

3,346,545

South

Africa

0.8%

Netcare

Ltd.

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

Health

Care

Providers

&

Services

3,003,808

2,523,412

South

Korea

7.1%

a

Hugel,

Inc.

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

Biotechnology

25,730

6,171,707

LEENO

Industrial,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

241,855

6,914,942

a

LigaChem

Biosciences,

Inc.

........

Life

Sciences

Tools

&

Services

13,452

1,118,198

LX

Semicon

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

66,481

2,896,603

Misto

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

132,091

3,446,878

Shin

Heung

Energy

&

Electronics

Co.

Ltd.

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

Electrical

Equipment

178,764

517,254

Soulbrain

Co.

Ltd.

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

Chemicals

13,658

1,572,863

Vieworks

Co.

Ltd.

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

Health

Care

Equipment

&

Supplies

81,147

1,305,692

23,944,137

Taiwan

14.2%

a

Eclat

Textile

Co.

Ltd.

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

Textiles,

Apparel

&

Luxury

Goods

349,741

4,971,216

King

Yuan

Electronics

Co.

Ltd.

......

Semiconductors

&

Semiconductor

Equipment

354,279

1,122,445

Kinsus

Interconnect

Technology

Corp.

.

Semiconductors

&

Semiconductor

Equipment

861,850

2,296,278

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Taiwan

(continued)

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

852,459

$

3,320,827

momo.com,

Inc.

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

Broadline

Retail

298,767

3,005,855

Novatek

Microelectronics

Corp.

......

Semiconductors

&

Semiconductor

Equipment

582,010

9,911,872

Poya

International

Co.

Ltd.

.........

Broadline

Retail

417,548

6,974,473

Primax

Electronics

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

1,190,975

3,075,076

Shin

Zu

Shing

Co.

Ltd.

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

Machinery

49,336

290,891

Synnex

Technology

International

Corp.

Electronic

Equipment,

Instruments

&

Components

3,785,674

8,932,189

Visual

Photonics

Epitaxy

Co.

Ltd.

....

Semiconductors

&

Semiconductor

Equipment

506,595

1,712,742

Yageo

Corp.

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

Electronic

Equipment,

Instruments

&

Components

137,223

2,200,127

47,813,991

Thailand

2.2%

Dynasty

Ceramic

PCL

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

Building

Products

14,149,786

633,677

Major

Cineplex

Group

PCL

.........

Entertainment

6,519,860

1,789,507

Tisco

Financial

Group

PCL

.........

Banks

1,718,326

5,100,600

7,523,784

United

Arab

Emirates

2.9%

Americana

Restaurants

International

plc

Hotels,

Restaurants

&

Leisure

1,968,597

1,116,988

Burjeel

Holdings

plc

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

Health

Care

Providers

&

Services

7,054,224

2,727,463

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

4,391,578

1,829,326

Spinneys

1961

Holding

plc

.........

Consumer

Staples

Distribution

&

Retail

5,221,557

2,132,408

Taaleem

Holdings

PJSC

...........

Diversified

Consumer

Services

2,133,071

2,119,714

9,925,899

Vietnam

7.6%

Asia

Commercial

Bank

JSC

........

Banks

4,244,909

3,440,667

FPT

Corp.

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

IT

Services

2,375,280

10,643,309

a

Military

Commercial

Joint

Stock

Bank

.

Banks

4,167,755

3,895,783

Mobile

World

Investment

Corp.

......

Specialty

Retail

3,248,849

7,738,835

25,718,594

Total

Common

Stocks

(Cost

$

239,210,781

)

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

317,094,772

a

Preferred

Stocks

1.8%

Brazil

0.8%

d

Bradespar

SA

,

5

.9

%

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

Metals

&

Mining

978,972

2,670,157

Chile

1.0%

d

Embotelladora

Andina

SA

,

B

,

5

.6

%

...

Beverages

798,748

3,396,637

Total

Preferred

Stocks

(Cost

$

7,629,223

)

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

6,066,794

Total

Long

Term

Investments

(Cost

$

246,840,004

)

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

323,161,566

Short

Term

Investments

5.8%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

5.8%

United

States

5.8%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.079

%

.........

19,499,540

19,499,540

Total

Money

Market

Funds

(Cost

$

19,499,540

)

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

19,499,540

Templeton

Global

Investment

Trust

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

See

Abbreviations

on

page

12

.

Short

Term

Investments

(continued)

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Money

Market

Funds

0.0%

†

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.079

%

.........

2,850

$

2,850

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

2,850

)

2,850

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

19,502,390

)

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

19,502,390

a

a

a

Total

Investments

(Cost

$

266,342,394

)

101.7

%

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

$342,663,956

Other

Assets,

less

Liabilities

(

1.7

)

%

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

(5,611,186)

Net

Assets

100.0%

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

$337,052,770

a

a

a

†

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

May

31,

2025.

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,

2025,

the

aggregate

value

of

these

securities

was

$22,944,897,

representing

6.8%

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

9

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Templeton

Global

Investment

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of three

separate

funds, two

of

which

are

included

in

this

report

(Funds).

The

Funds follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

May

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

10

Quarterly

Schedules

of

Investments

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

3.

Investments

in

Affiliated

Management

Investment

Companies

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

May

31,

2025,

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

,

4.079

%

$175

$244,554

$(164,171)

$—

$—

$80,558

80,558

$1,864

Total

Affiliated

Securities

...

$175

$244,554

$(164,171)

$—

$—

$80,558

$1,864

Templeton

Emerging

Markets

Small

Cap

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.079

%

$5,120,684

$62,556,237

$(48,177,381)

$—

$—

$19,499,540

19,499,540

$262,285

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.079

%

$134,633

$6,342,851

$(6,474,634)

$—

$—

$2,850

2,850

$2,623

Total

Affiliated

Securities

...

$5,255,317

$68,899,088

$(54,652,015)

$—

$—

$19,502,390

$264,908

2. Financial

Instrument

Valuation

(continued)

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

11

Quarterly

Schedules

of

Investments

Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

May

31,

2025,

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

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

$

28,187

$

—

$

—

$

28,187

Cambodia

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

—

3,995

—

3,995

China

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

16,969

104,586

—

121,555

Hungary

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

23,828

—

—

23,828

India

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

7,202

63,301

—

70,503

Indonesia

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

—

11,465

—

11,465

Italy

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

—

2,283

—

2,283

Mexico

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

1,910

—

—

1,910

Philippines

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

—

11,383

—

11,383

South

Africa

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

32,914

17,292

—

50,206

South

Korea

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

—

306,791

—

306,791

Taiwan

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

—

291,287

—

291,287

Thailand

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

—

53,642

—

53,642

Turkiye

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

6,239

—

—

6,239

United

Arab

Emirates

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

13,819

—

—

13,819

Short

Term

Investments

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

80,558

—

—

80,558

Total

Investments

in

Securities

...........

$211,626

$866,025

a

$—

$1,077,651

Templeton

Emerging

Markets

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

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

8,654,627

—

—

8,654,627

Cambodia

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

—

752,070

—

752,070

China

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

8,615,584

5,054,215

—

13,669,799

Georgia

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

—

5,658,452

—

5,658,452

Greece

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

—

3,687,640

—

3,687,640

Hong

Kong

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

—

3,600,209

—

3,600,209

Hungary

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

6,357,042

—

—

6,357,042

India

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

9,496,605

100,852,028

—

110,348,633

Indonesia

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

—

4,569,073

—

4,569,073

Italy

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

—

5,076,134

—

5,076,134

Kazakhstan

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

—

4,828,282

—

4,828,282

Mexico

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

6,837,969

—

—

6,837,969

Peru

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

3,225,271

—

—

3,225,271

Philippines

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

6,905,437

12,127,772

—

19,033,209

Saudi

Arabia

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

425,007

2,921,538

—

3,346,545

South

Africa

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

—

2,523,412

—

2,523,412

South

Korea

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

1,305,692

22,638,445

—

23,944,137

Taiwan

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

—

47,813,991

—

47,813,991

Thailand

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

—

7,523,784

—

7,523,784

United

Arab

Emirates

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

6,081,448

3,844,451

—

9,925,899

Vietnam

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

—

25,718,594

—

25,718,594

Preferred

Stocks

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

6,066,794

—

—

6,066,794

Short

Term

Investments

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

19,502,390

—

—

19,502,390

Total

Investments

in

Securities

...........

$83,473,866

$259,190,090

b

$—

$342,663,956

4. Fair

Value

Measurements

(continued)

Templeton

Global

Investment

Trust

Notes

to

Schedules

of

Investments

(unaudited)

12

Quarterly

Schedules

of

Investments

Abbreviations

a

Includes

foreign

securities

valued

at

$866,025,

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

$259,190,090,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Selected

Portfolio

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

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.