N-CSR 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSR
 
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. 2nd 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: 8/31/23
 
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
.
 
 
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
A
Series
of
Templeton
Global
Investment
Trust
August
31,
2023
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
franklintempleton.com
Annual
Report
1
Contents
Fund
Overview
2
Performance
Summary
5
Your
Fund’s
Expenses
8
Financial
Highlights
and
Schedule
of
Investments
9
Financial
Statements
13
Notes
to
Financial
Statements
16
Report
of
Independent
Registered
Public
Accounting
Firm
23
Tax
Information
24
Board
Members
and
Officers
25
Shareholder
Information
30
Visit
franklintempleton.com
for
fund
updates
and
documents,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
This
annual
report
for
Franklin
Templeton
SMACS:
Series
EM
(Fund)
covers
the
fiscal
year
ended
August
31,
2023.
This
Fund
is
not
intended
to
be
owned
as
a
stand-alone
vehicle
but
may
only
be
owned
as
part
of
the
applicable
Franklin
Templeton
SMA
strategy.
Fund
Overview
Q.
What
is
the
Fund’s
investment
strategy?
A.
When
choosing
equity
investments
for
the
Fund,
we
apply
a
fundamental,
research-driven,
long-term
approach,
focusing
on
companies
with
sustainable
earnings
power
that
are
trading
at
a
discount
to
intrinsic
worth.
In
assessing
individual
investment
opportunities,
we
consider
a
variety
of
factors,
including
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.
We
also
focus
on
incorporating
environmental,
social
and
governance
(ESG)
factors
throughout
the
investment
process,
including
the
Fund’s
security-selection
and
portfolio
construction
process.
Q.
What
were
the
overall
market
conditions
during
the
Fund’s
reporting
period?
A.
Emerging
market
equities
rose
slightly.
Several
tailwinds
within
the
year—a
weaker
U.S.
dollar,
signs
of
receding
inflation
and
China’s
pivot
away
from
Zero-COVID—
overshadowed
pockets
of
negative
sentiment
from
events
such
as
a
liquidity
crisis
in
the
banking
sector
in
developed
markets,
high
interest
rates
and
a
weaker-than-expected
post-COVID
recovery
in
China.
Brazil,
South
Korea
and
Taiwan
advanced—Brazil,
which
lagged
from
political
uncertainty
and
policy
risks
earlier
in
the
reporting
period,
saw
some
rebound
on
its
new
fiscal
framework
and
expectations
of
interest
rate
cuts.
A
positive
outlook
stemming
from
artificial
intelligence-fueled
growth
helped
the
technology-heavy
markets
of
South
Korea
and
Taiwan.
India
also
advanced
as
it
rose
in
the
second
half
of
the
period
after
a
subdued
first
half,
aided
by
resilient
macroeconomic
data
and
corporate
earnings.
Conversely,
China
and
the
Middle
East
were
amongst
weaker
markets.
Concerns
around
China’s
slow
consumption
recovery
eclipsed
gains
from
government
stimulus
to
shore
up
the
economy
and
positive
regulatory
developments
within
the
technology
sector.
A
moderation
in
oil
prices
weighed
on
oil-
producing
countries
in
the
Middle
East.
Q.
How
did
we
respond
to
these
changing
market
conditions?
A.
Our
investment
strategy
employs
a
bottom-up,
research-
driven
approach
focused
on
identifying
long-term
earnings
power
at
a
discount
to
intrinsic
value.
Our
opportunity
lies
in
identifying
companies
for
which
the
market
underestimates
or
misprices
the
probability,
magnitude,
or
timing
of
its
long-term
earnings
power.
Country
and
sector
weightings
are
a
residual
of
our
bottom-up
stock
selection
process,
and
we
always
seek
to
ensure
the
portfolio
is
appropriately
diversified
based
on
our
professional
judgment.
Our
portfolio
construction
process
seeks
to
build
a
research-
driven,
high-conviction
portfolio
that
is
primarily
driven
by
company
specific
factors
and
focused
on
the
long
term.
Performance
Overview
The
Fund
posted
a
+7.43%
cumulative
total
return
for
the
12
months
under
review.
In
comparison,
the
Fund’s
benchmark,
the
MSCI
Emerging
Markets
(EM)
Index-NR,
which
measures
global
emerging
market
stock
performance,
posted
a
+1.25%
cumulative
total
return
for
the
same
period.
1
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
5
.
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.
Geographic
Composition
8/31/23
%
of
Total
Net
Assets
Asia
96.3%
Europe
3.4%
Middle East & Africa
2.3%
Other
0.5%
Short-Term
Investments
&
Other
Net
Assets
-2.5%
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
10
.
Franklin
Templeton
SMACS:
Series
EM
3
franklintempleton.com
Annual
Report
Q.
What
were
the
leading
contributors
to
performance?
A.
During
the
period,
key
contributors
to
the
Fund’s
absolute
performance
included
Brilliance
China,
Samsung
Electronics
and
Mediatek.
Brilliance
China
Automotive
is
a
Chinese
car
maker
noted
for
its
association
with
German
luxury
car
maker
BMW.
Its
shares
moved
higher
after
trading
resumed
in
October
2022
following
a
suspension
of
one
and
a
half
years.
The
company
announced
two
special
dividends
which
were
key
drivers
of
returns
during
the
period.
Its
share
price
has
remained
volatile
on
rising
competition
in
China,
price
cuts
from
competitors
and
uncertainty
around
dividends.
Samsung
Electronics
is
one
of
the
largest
memory
semiconductor
manufacturers
in
the
world.
Its
share
price
has
seen
some
recovery
after
declining
last
year
on
optimism
around
bottoming
of
the
memory
cycle
supported
by
supply
cuts.
An
improvement
in
the
outlook
for
semiconductor
stocks
due
to
robust
artificial
intelligence-
driven
demand
for
advanced
chips
also
fueled
the
upward
momentum
of
the
stock.
Taiwan-based
chip
designer
Mediatek
remained
volatile
during
the
period
around
end-market
demand
recovery
and
client
inventory
levels.
The
launch
of
its
next
generation
flagship
mobile
chip
and
partnership
with
Nvidia
(not
a
portfolio
holding)
to
provide
advanced
automotive
chips
integrating
Nvidia’s
graphic
processors
also
supported
the
share
price.
Returns
in
the
period
were
driven
primarily
by
dividends.
At
a
sector
level,
information
technology,
consumer
discretionary
and
financials
were
the
top
contributors
to
absolute
performance.
In
terms
of
markets,
South
Korea,
India
and
Taiwan
were
leading
contributors
on
an
absolute
basis.
Q.
What
were
the
leading
detractors
from
performance?
A.
During
the
12
months
under
review,
key
detractors
from
the
Fund’s
absolute
performance
were
Guangzhou
Tinci
Materials,
China
Resources
Cement
and
Americanas.
Guangzhou
Tinci
Materials
Technology
is
a
China-based
producer
of
electrolytes
for
electric
vehicle
(EV)
batteries.
Concerns
around
U.S.
policies
restricting
Chinese
companies
from
supplying
to
the
U.S.
and
heightened
competition
weighed
on
the
stock
price.
The
company
is
amongst
the
segment’s
lowest-cost
producers
and
should
be
a
key
beneficiary
of
EV
penetration
growth.
China
Resources
Cement
is
a
China-based
firm
engaged
in
the
production
and
sales
of
cement
and
aggregates.
A
weak
property
market
in
China
and
disappointing
financial
performance
pressured
share
price
returns.
Americanas
is
a
Brazilian
e-commerce
company
and
operator
of
convenience
stores.
Disappointing
results
for
the
third
quarter
of
2022,
news
of
accounting
inconsistencies
and
the
departure
of
its
new
leadership
team
pressured
its
share
price.
High
inflation
and
elevated
interest
rates
also
made
for
a
difficult
environment.
We
divested
our
position
in
January
2023.
At
a
sector
level,
materials,
communication
services
and
energy
were
the
largest
detractors
from
absolute
performance.
Geographically,
Brazil,
Cambodia
and
Thailand
were
the
top
detractors
on
an
absolute
basis.
Top
10
Countries
8/31/23
a
%
of
Total
Net
Assets
a
a
South
Korea
41.0%
Taiwan
19.2%
China
16.1%
India
12.3%
Thailand
4.5%
Hungary
2.4%
Indonesia
1.6%
South
Africa
1.4%
Philippines
1.1%
Switzerland
1.0%
Top
10
Holdings
8/31/23
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Samsung
Electronics
Co.
Ltd.
11.4%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
10.6%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
NAVER
Corp.
7.1%
Interactive
Media
&
Services,
South
Korea
MediaTek,
Inc.
6.1%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
LG
Corp.
5.3%
Industrial
Conglomerates,
South
Korea
Samsung
Life
Insurance
Co.
Ltd.
5.1%
Insurance,
South
Korea
HDFC
Bank
Ltd.
3.7%
Banks,
India
China
Merchants
Bank
Co.
Ltd.
3.6%
Banks,
China
Samsung
SDI
Co.
Ltd.
3.5%
Electronic
Equipment,
Instruments
&
Components,
South
Korea
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
3.2%
Chemicals,
China
Franklin
Templeton
SMACS:
Series
EM
4
franklintempleton.com
Annual
Report
Q.
Were
there
any
significant
changes
to
the
Fund
during
the
reporting
period?
A.
We
did
not
make
any
significant
changes
to
the
Fund’s
investment
process
over
the
reporting
period.
As
always,
changes
in
the
portfolio’s
positions
and
country/sector
weights
are
the
result
of
our
bottom-up
stock
selection
process,
rather
than
any
macro
themes.
In
the
past
12
months,
we
increased
the
Fund’s
holdings
the
most
in
India,
South
Korea
and
Taiwan
as
we
continued
to
identify
companies
with
long-term
earnings
power
trading
at
a
discount
to
their
intrinsic
worth.
In
terms
of
sectors,
additions
were
made
in
information
technology,
industrials
and
consumer
discretionary.
In
contrast,
the
Fund
reduced
its
investments
in
South
Africa,
China/Hong
Kong
and
Brazil
in
favor
of
opportunities
that
we
found
more
compelling.
Sectors
which
experienced
the
largest
sales
were
real
estate
and
consumer
staples.
Thank
you
for
your
participation
in
Franklin
Templeton
SMACS:
Series
EM.
We
look
forward
to
serving
your
future
investment
needs.
Chetan
Sehgal,
CFA
Andrew
Ness,
ASIP
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
August
31,
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.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
ASIP
stands
for
Associate
of
the
United
Kingdom
Society
for
Investment
Professionals
(now
CFA
Society
of
the
United
Kingdom).
Performance
Summary
as
of
August
31,
2023
Franklin
Templeton
SMACS:
Series
EM
5
franklintempleton.com
Annual
Report
The
performance
table
and
graph
do
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
8/31/23
1
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.
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
1-Year
+7.43%
+7.43%
Since
Inception
(10/20/21)
-17.19%
-9.63%
See
page
7
for
Performance
Summary
footnotes.
Franklin
Templeton
SMACS:
Series
EM
Performance
Summary
6
franklintempleton.com
Annual
Report
See
page
7
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
(10/20/21-8/31/23)
Franklin
Templeton
SMACS:
Series
EM
Performance
Summary
7
franklintempleton.com
Annual
Report
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
To
the
extent
the
portfolio
invests
in
a
concentration
of
certain
securities,
regions
or
industries,
it
is
subject
to
increased
volatility.
The
managers’
environmental
social
and
governance
(ESG)
strategies
may
limit
the
types
and
number
of
investments
available
and,
as
a
result,
may
forgo
favorable
market
opportunities
or
underperform
strategies
that
are
not
subject
to
such
criteria.
There
is
no
guarantee
that
the
strategy's
ESG
directives
will
be
successful
or
will
result
in
better
performance.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
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.
Source:
FactSet.
The
MSCI
EM
Index-NR
is
a
free
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
equity
market
performance
of
global
emerging
markets.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
5.
Figures
are
as
stated
in
the
Fund’s
current
prospectus,
including
the
effect
of
acquired
fund
fees
and
expenses,
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
(9/1/22–8/31/23)
Net
Investment
Income
$0.2994
Total
Annual
Operating
Expenses
5
With
Fee
Waiver
Without
Fee
Waiver
0.00%
9.90%
Your
Fund’s
Expenses
Franklin
Templeton
SMACS:
Series
EM
8
franklintempleton.com
Annual
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.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Beginning
Account
Value
3/1/23
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period
3/1/23–8/31/23
1,2
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period
3/1/23–8/31/23
1,2
a
Net
Annualized
Expense
Ratio
2
$1,000
$1,012.80
$0.00
$1,025.21
$0.00
0.00%
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
184/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Financial
Highlights
Franklin
Templeton
SMACS:
Series
EM
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
Year
Ended
August
31,
2023
Year
Ended
August
31,
2022
a
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
........................................................
$7.66
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c
..............................................................
0.34
d
0.19
Net
realized
and
unrealized
gains
(losses)
................................................
0.22
(2.47)
Total
from
investment
operations
.........................................................
0.56
(2.28)
Less
distributions
from:
Net
investment
income
...............................................................
(0.30)
(0.06)
Net
asset
value,
end
of
year
............................................................
$7.92
$7.66
Total
return
e
........................................................................
7.43%
(22.92)%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
...........................................
15.23%
17.93%
Expenses
net
of
waiver
and
payments
by
affiliates
............................................
—%
—%
Net
investment
income
................................................................
4.37%
d
2.48%
Supplemental
data
Net
assets,
end
of
year
(000’s)
..........................................................
$894
$849
Portfolio
turnover
rate
.................................................................
35.74%
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
sha
re
includes
approximately
$0.12
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
2.85%.
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,
August
31,
2023
Franklin
Templeton
SMACS:
Series
EM
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Industry
Shares
a
Value
a
Common
Stocks
102.5%
Brazil
0.1%
TOTVS
SA
.....................
Software
131
$
734
Cambodia
0.5%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
8,440
4,304
China
16.1%
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
...........
Construction
Materials
1,780
7,054
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
44,020
17,884
Chervon
Holdings
Ltd.
.............
Household
Durables
902
2,979
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
1,442
6,280
China
Merchants
Bank
Co.
Ltd.,
H
....
Banks
6,439
25,497
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
21,612
7,159
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
985
4,163
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
8,558
5,269
b
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
5,063
2,361
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
....................
Chemicals
6,248
28,238
Haier
Smart
Home
Co.
Ltd.,
D
.......
Household
Durables
6,271
7,424
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
5,214
6,793
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
5,362
8,221
Uni-President
China
Holdings
Ltd.
....
Food
Products
18,509
13,689
143,011
Hungary
2.4%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
856
21,481
India
12.3%
ACC
Ltd.
.......................
Construction
Materials
439
10,638
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
165
14,829
Federal
Bank
Ltd.
................
Banks
7,825
13,606
HDFC
Bank
Ltd.
.................
Banks
1,751
33,188
Hindalco
Industries
Ltd.
............
Metals
&
Mining
1,357
7,530
a
One
97
Communications
Ltd.
.......
Financial
Services
1,534
15,819
a
PB
Fintech
Ltd.
..................
Insurance
493
4,613
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
9,327
10,985
111,208
Indonesia
1.6%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
33,330
14,102
Mexico
0.4%
a,b
Nemak
SAB
de
CV,
144A,
Reg
S
....
Automobile
Components
15,599
3,431
Philippines
1.1%
BDO
Unibank,
Inc.
...............
Banks
4,083
10,037
South
Africa
1.4%
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
18,092
12,686
South
Korea
41.0%
Doosan
Bobcat,
Inc.
..............
Machinery
443
17,957
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
485
13,853
Hankook
Tire
&
Technology
Co.
Ltd.
..
Automobile
Components
103
3,007
L&F
Co.
Ltd.
....................
Electronic
Equipment,
Instruments
&
Components
28
4,532
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
385
10,224
Templeton
Global
Investment
Trust
Schedule
of
Investments
Franklin
Templeton
SMACS:
Series
EM
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
South
Korea
(continued)
LG
Chem
Ltd.
...................
Chemicals
15
$
6,589
LG
Corp.
.......................
Industrial
Conglomerates
762
47,156
NAVER
Corp.
...................
Interactive
Media
&
Services
394
63,620
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
2,011
101,457
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
892
45,478
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
68
31,461
Soulbrain
Co.
Ltd.
................
Chemicals
125
21,432
366,766
Switzerland
1.0%
a,b
Wizz
Air
Holdings
plc,
144A,
Reg
S
...
Passenger
Airlines
309
8,801
Taiwan
19.2%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
3,108
10,371
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
2,472
54,488
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
5,503
94,509
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
763
11,585
170,953
Thailand
4.5%
Kasikornbank
PCL
...............
Banks
6,733
25,076
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
25,454
6,651
Thai
Beverage
PCL
...............
Beverages
19,273
8,124
39,851
United
Arab
Emirates
0.9%
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
16,540
8,318
Total
Common
Stocks
(Cost
$1,064,237)
.......................................
915,683
Short
Term
Investments
3.8%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.8%
United
States
3.8%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.066%
.........
33,791
33,791
Total
Money
Market
Funds
(Cost
$33,791)
......................................
33,791
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$33,791
)
...................................
33,791
a
a
a
Total
Investments
(Cost
$1,098,028)
106.3%
....................................
$949,474
Other
Assets,
less
Liabilities
(6.3)%
...........................................
(55,815)
Net
Assets
100.0%
...........................................................
$893,659
a
a
a
Templeton
Global
Investment
Trust
Schedule
of
Investments
Franklin
Templeton
SMACS:
Series
EM
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
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
August
31,
2023,
the
aggregate
value
of
these
securities
was
$14,593,
representing
1.6%
of
net
assets.
c
See
Note
3(d)
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
Financial
Statements
Statement
of
Assets
and
Liabilities
August
31,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
Franklin
Templeton
SMACS:
Series
EM
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,064,237
Cost
-
Non-controlled
affiliates
(Note
3
d
)
........................................................
33,791
Value
-
Unaffiliated
issuers
..................................................................
$915,683
Value
-
Non-controlled
affiliates
(Note
3
d
)
.......................................................
33,791
Foreign
currency,
at
value
(cost
$1,962)
..........................................................
1,905
Receivables:
Investment
securities
sold
...................................................................
430
Affiliates
................................................................................
4,067
Total
assets
..........................................................................
955,876
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,512
Transfer
agent
fees
........................................................................
12
Registration
and
filing
fees
..................................................................
5,085
Professional
fees
.........................................................................
49,222
Deferred
tax
...............................................................................
3,812
Accrued
expenses
and
other
liabilities
...........................................................
1,574
Total
liabilities
.........................................................................
62,217
Net
assets,
at
value
.................................................................
$893,659
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,125,962
Total
distributable
earnings
(losses)
.............................................................
(232,303)
Net
assets,
at
value
.................................................................
$893,659
Shares
outstanding
.........................................................................
112,804
Net
asset
value
per
share
....................................................................
$7.92
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Financial
Statements
Statement
of
Operations
for
the
year
ended
August
31,
2023
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Franklin
Templeton
SMACS:
Series
EM
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$3,854)
Unaffiliated
issuers
........................................................................
$36,983
Non-controlled
affiliates
(Note
3
d
)
.............................................................
1,170
Other
income
a
.............................................................................
65
Total
investment
income
...................................................................
38,218
Expenses:
Transfer
agent
fees
(Note
3
c
)
..................................................................
39
Custodian
fees
.............................................................................
1,118
Reports
to
shareholders
fees
..................................................................
2,288
Registration
and
filing
fees
....................................................................
30,000
Professional
fees
...........................................................................
72,712
Trustees'
fees
and
expenses
..................................................................
2,948
Organization
costs
..........................................................................
1,010
Amortization
of
offering
costs
(Note
1e)
..........................................................
16,690
Other
....................................................................................
6,335
Total
expenses
.........................................................................
133,140
Expenses
waived/paid
by
affiliates
(Note
3
d
and
3
e
)
..............................................
(133,140)
Net
expenses
.........................................................................
—
Net
investment
income
................................................................
38,218
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$1,563)
Unaffiliated
issuers
......................................................................
(84,716)
Foreign
currency
transactions
................................................................
(915)
Net
realized
gain
(loss)
..................................................................
(85,631)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
112,568
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(59)
Change
in
deferred
taxes
on
unrealized
appreciati
on
...............................................
(2,862)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
109,647
Net
realized
and
unrealized
gain
(loss)
............................................................
24,016
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$62,234
a
Other
income
includes
payments
by
Asset
Management
for
acquired
fund
fees
and
expenses
(See
Note
3e).
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.
Annual
Report
15
Franklin
Templeton
SMACS:
Series
EM
Year
Ended
August
31,
2023
Year
Ended
August
31,
2022
a
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$38,218
$21,227
Net
realized
gain
(loss)
.................................................
(85,631)
(13,367)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
109,647
(262,079)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
62,234
(254,219)
Distributions
to
shareholders
..............................................
(33,406)
(6,912)
Capital
share
transactions
(Note
2
)
..........................................
15,973
1,109,989
Net
increase
(decrease)
in
net
assets
...................................
44,801
848,858
Net
assets:
Beginning
of
year
.......................................................
848,858
—
End
of
year
...........................................................
$893,659
$848,858
a
For
the
period
October
20,
2021
(commencement
of
operations)
to
August
31,
2022.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
Franklin
Templeton
SMACS:
Series
EM
16
franklintempleton.com
Annual
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
August
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.
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
17
franklintempleton.com
Annual
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
August
31,
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
18
franklintempleton.com
Annual
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
August
31,
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:
Year
Ended
August
31,
2023
Year
Ended
August
31,
2022
a
Shares
Amount
Shares
Amount
Class
A
Shares
sold
...................................
1,980
$15,973
112,189
$1,122,500
Shares
redeemed
...............................
—
—
(1,365)
(12,511)
Net
increase
(decrease)
..........................
1,980
$15,973
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
19
franklintempleton.com
Annual
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
year
ended
August
31,
2023,
the
Fund
paid
transfer
agent
fees
of
$39,
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
year
ended
August
31,
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
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Templeton
SMACS:
Series
EM
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.066%
$72,154
$347,211
$(385,574)
$—
$—
$33,791
33,791
$1,170
Total
Affiliated
Securities
...
$72,154
$347,211
$(385,574)
$—
$—
$33,791
$1,170
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
20
franklintempleton.com
Annual
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 year
ended
August
31,
2023,
are
reflected
as
other
income
in
the
Statement
of
Operations.
f.
Other
Affiliated
Transactions
At
August
31,
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,
2023,
the
capital
loss
carryforwards
were
as
follows:
The
tax
character
of
distributions
paid
during
the
years
ended
August
31,
2023
and
2022
,
was
as
follows:
At
August
31,
2023,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
undistributed
ordinary
income
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,
passive
foreign
investment
company
shares
and
foreign
capital
gains
tax.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
year
ended
August
31,
2023,
aggregated
$393,220
and
$307,692,
respectively. 
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$14,181
Long
term
................................................................................
85,699
Total
capital
loss
carryforwards
...............................................................
$99,880
2023
2022
Distributions
paid
from:
Ordinary
income
..........................................................
$33,406
$6,912
Cost
of
investments
..........................................................................
$1,113,656
Unrealized
appreciation
........................................................................
$38,328
Unrealized
depreciation
........................................................................
(202,510)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(164,182)
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$36,657
3.
Transactions
with
Affiliates
(continued)
e.
Waiver
and
Expense
Reimbursements
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
21
franklintempleton.com
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
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
additi
on,
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
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.
7.
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
year
ended
August
31,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
8.
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)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
22
franklintempleton.com
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
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
August
31,
2023,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
9.
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.
Level
1
Level
2
Level
3
Total
Franklin
Templeton
SMACS:
Series
EM
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
734
$
—
$
—
$
734
Cambodia
............................
—
4,304
—
4,304
China
...............................
24,092
118,919
—
143,011
Hungary
.............................
21,481
—
—
21,481
India
................................
—
111,208
—
111,208
Indonesia
............................
—
14,102
—
14,102
Mexico
..............................
3,431
—
—
3,431
Philippines
............................
—
10,037
—
10,037
South
Africa
...........................
12,686
—
—
12,686
South
Korea
..........................
—
366,766
—
366,766
Switzerland
...........................
—
8,801
—
8,801
Taiwan
...............................
—
170,953
—
170,953
Thailand
.............................
—
39,851
—
39,851
United
Arab
Emirates
....................
—
8,318
—
8,318
Short
Term
Investments
...................
33,791
—
—
33,791
Total
Investments
in
Securities
...........
$96,215
$853,259
a
$—
$949,474
a
Includes
foreign
securities
valued
at
$853,259,
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.
8.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
23
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
of
Templeton
Global
Investment
Trust
and
Shareholders
of
Franklin
Templeton
SMACS:
Series
EM
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Franklin
Templeton
SMACS:
Series
EM
(one
of
the
funds
constituting
Templeton
Global
Investment
Trust,
referred
to
hereafter
as
the
"Fund")
as
of
August
31,
2023,
and
the
related
statement
of
operations
for
the
year
ended
August
31,
2023,
the
statement
of
changes
in
net
assets
for
the
year
ended
August
31,
2023
and
the
period
October
20,
2021
(commencement
of
operations)
to
August
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
the
year
ended
August
31,
2023
and
the
period
October
20,
2021
(commencement
of
operations)
to
August
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
August
31,
2023,
and
the
results
of
its
operations
for
the
year
ended
August
31,
2023,
the
changes
in
its
net
assets
for
the
year
ended
August
31,
2023
and
the
period
October
20,
2021
(commencement
of
operations)
to
August
31,
2022
and
the
financial
highlights
for
the
year
ended
August
31,
2023
and
the
period
October
20,
2021
(commencement
of
operations)
to
August
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
August
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
October
23,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Templeton
Global
Investment
Trust
Tax
Information
(unaudited)
24
franklintempleton.com
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
August
31,
2023:
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
intend
s
to
elect
to
pass
through
to
its
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Fund
during
the
fiscal
year
ended
August
31,
202
3
:
Pursuant
to:
Amount
Reported
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$18,736
Section
163(j)
Interest
Earned
§163(j)
$1,171
Amount
Reported
Foreign
Taxes
Paid
$4,397
Foreign
Source
Income
Earned
$35,457
Templeton
Global
Investment
Trust
Board
Members
and
Officers
25
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
1994
119
Bar-S
Foods
(meat
packing
company)
(1981-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Ann
Torre
Bates
(1958)
Trustee
Since
2008
29
Ares
Strategic
Income
Fund
(closed-end
investment
management
company)
(September
2022-present);
Ares
Capital
Corporation
(specialty
finance
company)
(2010-present),
United
Natural
Foods,
Inc.
(food
distribution)
(2013-present),
formerly
,
Navient
Corporation
(loan
management,
servicing
and
asset
recovery)
(2014-2016).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Executive
Vice
President
and
Chief
Financial
Officer,
NHP
Incorporated
(manager
of
multifamily
housing)
(1995-1997);
and
Vice
President
and
Treasurer,
US
Airways,
Inc.
(until
1995).
Terrence
J.
Checki
(1945)
Trustee
Since
January
2023
119
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Member
of
the
Council
on
Foreign
Relations
(1996-present);
Member
of
the
National
Committee
on
U.S.-China
Relations
(1999-present);
member
of
the
board
of
trustees
of
the
Economic
Club
of
New
York
(2013-present);
member
of
the
board
of
trustees
of
the
Foreign
Policy
Association
(2005-present);
member
of
the
board
of
directors
of
Council
of
the
Americas
(2007-present)
and
the
Tallberg
Foundation
(2018-present);
and
formerly
,
Executive
Vice
President
of
the
Federal
Reserve
Bank
of
New
York
and
Head
of
its
Emerging
Markets
and
Internal
Affairs
Group
and
Member
of
Management
Committee
(1995-2014);
and
Visiting
Fellow
at
the
Council
on
Foreign
Relations
(2014).
Mary
C.
Choksi
(1950)
Trustee
Since
2017
119
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Templeton
Global
Investment
Trust
26
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
1996
and
Lead
Independent
Trustee
since
2007
119
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
119
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
the
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(2019-2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
David
W.
Niemiec
(1949)
Trustee
Since
2006
29
Hess
Midstream
LP
(oil
and
gas
midstream
infrastructure)
(2017-present).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Advisor,
Saratoga
Partners
(private
equity
fund);
and
formerly
,
Managing
Director,
Saratoga
Partners
(1998-2001)
and
SBC
Warburg
Dillon
Read
(investment
banking)
(1997-1998);
Vice
Chairman,
Dillon,
Read
&
Co.
Inc.
(investment
banking)
(1991-1997);
and
Chief
Financial
Officer,
Dillon,
Read
&
Co.
Inc.
(1982-1997).
Larry
D.
Thompson
(1945)
Trustee
Since
2006
119
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Templeton
Global
Investment
Trust
27
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Constantine
D.
Tseretopoulos
(1954)
Trustee
Since
2001
19
None
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Physician,
Chief
of
Staff,
owner
and
operator
of
the
Lyford
Cay
Hospital
(1987-present);
director
of
various
nonprofit
organizations;
and
formerly
,
Cardiology
Fellow,
University
of
Maryland
(1985-1987);
and
Internal
Medicine
Resident,
Greater
Baltimore
Medical
Center
(1982-
1985).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Gregory
E.
Johnson
2
(1961)
Chairman
of
the
Board,
Trustee
and
Vice
President
Chairman
of
the
Board
and
Vice
President
since
January
2023
and
Trustee
2006
129
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
Rupert
H.
Johnson,
Jr.
3
(1940)
Trustee
Since
2013
119
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Ted
P.
Becker
(1951)
Chief
Compliance
Officer
Since
June
2023
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Vice
President,
Global
Compliance
of
Franklin
Templeton
(since
2020);
Chief
Compliance
Officer
of
Legg
Mason
Partners
Fund
Advisor,
LLC
(since
2006);
Chief
Compliance
Officer
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2006);
formerly
,
Director
of
Global
Compliance
at
Legg
Mason
(2006
to
2020);
Managing
Director
of
Compliance
of
Legg
Mason
&
Co.
(2005
to
2020).
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
-
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Independent
Board
Members
(continued)
Templeton
Global
Investment
Trust
28
franklintempleton.com
Annual
Report
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
Note
3:
Effective
December
31,
2022,
Robert
E.
Wade
ceased
to
be
a
trustee
of
the
Trust.
1.
We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
2.
Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund's
investment
manager
and
distributor.
3.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
a
major
shareholder
of
Resources,
which
is
the
parent
company
of
the
Fund's
investment
manager
and
distributor.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
U.S.
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
each
of
Ann
Torre
Bates
and
David
W.
Niemiec
as
an
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
qualify
as
such
an
expert
in
view
of
their
extensive
business
background
and
experience.
Ms.
Bates
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2008.
She
currently
serves
as
a
director
of
Ares
Capital
Corporation
(2010-present)
and
United
Natural
Foods,
Inc.
(2013-present)
and
was
formerly
a
director
of
Navient
Corporation
from
2014
to
2016,
SLM
Corporation
from
1997
to
2014
and
Allied
Capital
Corporation
from
2003
to
2010,
Executive
Vice
President
and
Chief
Financial
Officer
of
NHP
Incorporated
from
1995
to
1997
and
Vice
President
and
Treasurer
of
US
Airways,
Inc.
until
1995.
Mr.
Niemiec
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2005,
currently
serves
as
an
Advisor
to
Saratoga
Partners
and
was
formerly
its
Managing
Director
from
1998
to
2001
and
serves
as
a
director
of
Hess
Midstream
LP
(2017-present).
Mr.
Niemiec
was
formerly
a
director
of
Emeritus
Corporation
from
1999
to
2010
and
OSI
Pharmaceuticals,
Inc.
from
2006
to
2010,
Managing
Director
of
SBC
Warburg
Dillon
Read
from
1997
to
1998,
and
was
Vice
Chairman
from
1991
to
1997
and
Chief
Financial
Officer
from
1982
to
1997
of
Dillon,
Read
&
Co.
Inc.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
have
each
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Manraj
S.
Sekhon
(1969)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
April
2023
Not
Applicable
Not
Applicable
7
Temasek
Blvd.
Suntec
Tower
1,
#38-03
Singapore
038987
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Investment
Officer,
Franklin
Templeton
Emerging
Markets
Equity;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
and
Secretary
Vice
President
Since
2015
and
Secretary
since
September
2023
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Templeton
Global
Investment
Trust
29
franklintempleton.com
Annual
Report
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Bates
and
Mr.
Niemiec
are
independent
Board
members
as
that
term
is
defined
under
the
applicable
U.S.
Securities
and
Exchange
Commission
Rules
and
Releases.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Interested
Board
Members
and
Officers
(continued)
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Shareholder
Information
30
franklintempleton.com
Annual
Report
Board
Approval
Of
Investment
Management
Agreements
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Franklin
Templeton
SMACS:
Series
EM
Fund
(Fund)
March
27,
2023
15(c)
Meeting
At
a
meeting
held
on
March
27,
2023
(March
Meeting),
the
Board
of
Trustees
(Board)
of
Templeton
Global
Investment
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Templeton
Asset
Management
Ltd.
(TAML)
and
the
Trust,
on
behalf
of
the
Fund,
and
the
investment
sub-
advisory
agreement
between
TAML
and
Franklin
Templeton
Investment
Management
Limited
(Sub-Adviser),
an
affiliate
of
TAML
(each
a
Management
Agreement),
for
the
period
May
1,
2023
through
June
30,
2023
(Stub
Period).
The
Independent
Trustees
noted
that
the
Fund’s
annual
contract
review
was
historically
held
at
the
February
Board
meeting
and
that
management
proposed
to
move
the
contract
review
to
the
May
Board
meeting.
The
Independent
Trustees
further
noted
management’s
explanation
that,
to
effect
this
change,
the
Board
needed
to
consider
the
renewal
of
the
Fund’s
Management
Agreements
prior
to
their
current
April
30,
2023
expiration
date.
The
Independent
Trustees
also
noted
that
management
would
ask
them
to
consider
the
continuation
of
the
Management
Agreements
again
at
the
May
Board
meeting
for
the
12-month
period
beginning
July
1,
2023.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreements
for
the
Stub
Period.
TAML
and
the
Sub-Adviser
are
each
referred
to
herein
as
a
Manager.
In
considering
the
continuation
of
the
Management
Agreements,
the
Board
reviewed
and
considered
information
provided
by
each
Manager
at
the
March
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Managers
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
March
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
March
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreements,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
each
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
each
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors
(Factors).
In
approving
the
continuance
of
the
Management
Agreements,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreements
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreements
are
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
each
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-
party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
each
Manager
and
its
affiliates;
and
management
fees
charged
by
each
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-
party
servicing
arrangements.
The
Board
acknowledged
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Shareholder
Information
31
franklintempleton.com
Annual
Report
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Managers’
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2022.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
further
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
emerging
markets
funds.
The
Fund
commenced
operations
in
2021,
so
it
does
not
have
three
years
of
performance
history.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-year
period
was
above
the
median
of
its
Performance
Universe.
The
Board
further
noted
the
Fund’s
short
operating
history.
After
consideration
of
the
above,
the
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Investor
Class,
Open
Class,
Retail
Class,
Service
Class
and
Class
I
shares
for
certain
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
13
other
emerging
markets
funds.
The
Board
noted
that
the
actual
total
expense
ratio
for
the
Fund
was
below
the
median
and
in
the
first
quintile
(least
expensive)
of
its
Expense
Group.
The
Board
also
noted
that
the
Manager
provides
general
investment
management
and
administrative
services
to
the
Fund
for
a
zero
management
fee.
The
Board
further
noted
that
the
Manager
assumes
certain
expenses
incurred
by
the
Fund
(including
acquired
fund
fees
and
expenses,
but
excluding
certain
non-routine
expenses,
such
as
those
relating
to
litigation,
indemnification,
reorganizations
and
liquidations)
so
that
total
annual
fund
operating
expenses
do
not
exceed
0.00%.
The
Board
also
noted
that
the
Sub-
Adviser
provides
investment
sub-advisory
services
to
the
Fund
for
a
zero
sub-advisory
fee.
The
Board
concluded
that
the
Fund’s
zero
contractual
management
fee
and
zero
contractual
sub-advisory
fee
are
reasonable.
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Shareholder
Information
32
franklintempleton.com
Annual
Report
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
each
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2022,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Managers
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
each
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
upfront
expenditures
by
each
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
each
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
each
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
noted
that
the
Fund
was
omitted
from
an
economies
of
scale
analysis
because
it
has
less
than
three
years
of
data
since
inception.
The
Board
further
noted
that
because
the
Fund
pays
a
zero
management
fee,
the
consideration
of
possible
economies
of
scale
in
the
future
was
not
relevant.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreements
for
the
Stub
Period.
May
24,
2023
15(c)
Meeting
At
a
meeting
held
on
May
24,
2023
(May
Meeting),
the
Board
reviewed
and
approved
each
Management
Agreement
for
an
additional
twelve-month
period
beginning
July
1,
2023.
The
Board
noted
its
review
and
consideration
of
the
information
it
received
in
connection
with
both
the
March
Meeting
and
the
May
Meeting.
In
particular,
the
Board
reviewed
and
considered
information
provided
in
response
to
a
follow-up
set
of
requests
for
information
submitted
to
the
Managers
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees,
which
included
information
on
Fund
performance
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023
and
the
other
Factors.
The
Board
determined
that
the
conclusions
it
made
at
the
March
Meeting
had
not
changed.
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
Factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreements
for
an
additional
twelve-month
period
beginning
July
1,
2023.
Liquidity
Risk
Management
Program
Each
of
the
Franklin
Templeton
and
Legg
Mason
Funds
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Shareholder
Information
33
franklintempleton.com
Annual
Report
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
SEC
(on
a
non-public
basis).
The
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
is
the
appointed
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
Franklin
Templeton
and
Legg
Mason
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Legal,
Investment
Compliance,
Investment
Operations,
Valuation
Committee,
Product
Management
and
Global
Product
Strategy.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
Each
Fund
primarily
holds
liquid
assets
that
are
defined
under
the
Liquidity
Rule
as
"Highly
Liquid
Investments,"
and
therefore
is
not
required
to
establish
an
HLIM.
Highly
Liquid
Investments
are
defined
as
cash
and
any
investment
reasonably
expected
to
be
convertible
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
the
conversion
to
cash
significantly
changing
the
market
value
of
the
investment.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2023,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2022.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
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
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Shareholder
Information
34
franklintempleton.com
Annual
Report
(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.
3010
A
10/23
©
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.
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
Investment
Manager
Distributor
Shareholder
Services
Templeton
Asset
Management
Ltd.
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
ANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Templeton
Emerging
Markets
Small
Cap
Fund
A
Series
of
Templeton
Global
Investment
Trust
August
31,
2023
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
Templeton
Global
Investment
Trust
1
franklintempleton.com
Annual
Report
SHAREHOLDER
LETTER
Dear
Shareholder,
We
are
pleased
to
provide
the
annual
report
of
Templeton
Emerging
Markets
Small
Cap
Fund
for
the
12-month
reporting
period
ended
August
31,
2023.
Please
read
on
for
a
detailed
look
at
prevailing
economic
and
market
conditions
during
the
Fund’s
reporting
period
and
to
learn
how
those
conditions
have
affected
Fund
performance.
As
always,
we
remain
committed
to
providing
you
with
excellent
service
and
a
full
spectrum
of
investment
choices.
We
also
remain
committed
to
supplementing
the
support
you
receive
from
your
financial
advisor.
One
way
we
accomplish
this
is
through
our
website,
www.franklintempleton.com
.
Here
you
can
gain
immediate
access
to
market
and
investment
information,
including:
•
Fund
prices
and
performance.
•
Market
insights
and
commentaries
from
our
portfolio
Managers,
and
•
A
host
of
educational
resources.
We
look
forward
to
helping
you
meet
your
financial
goals.
Sincerely,
Manraj
S.
Sekhon,
CFA
Chief
Investment
Officer
Franklin
Templeton
Emerging
Markets
Equity
CFA
®
is
a
trademark
owned
by
CFA
Institute.
franklintempleton.com
Annual
Report
2
Contents
Fund
Overview
3
Performance
Summary
6
Your
Fund’s
Expenses
9
Financial
Highlights
and
Schedule
of
Investments
10
Financial
Statements
19
Notes
to
Financial
Statements
23
Report
of
Independent
Registered
Public
Accounting
Firm
33
Tax
Information
34
Board
Members
and
Officers
35
Shareholder
Information
40
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
Fund
Overview
Q.
What
is
the
Fund's
investment
strategy?
A.
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.
Q.
What
were
the
overall
market
conditions
during
the
Fund's
reporting
period?
A.
Emerging
market
small
cap
equities
rose
during
the
reporting
period
and
outperformed
their
large
cap
peers.
Several
tailwinds
within
the
year—a
weaker
U.S.
dollar,
signs
of
receding
inflation
and
China’s
pivot
away
from
Zero-
COVID—spurred
investor
confidence.
Small
cap
companies
in
Mexico,
India,
Taiwan
and
South
Korea
were
notable
climbers—a
pause
in
rate
hikes
and
an
improved
inflationary
environment
lifted
Mexican
equities.
India
logged
gains
on
improving
macroeconomic
indicators
and
robust
corporate
earnings,
while
Taiwan
and
South
Korea
benefited
from
a
positive
outlook
for
semiconductor
stocks.
Conversely,
China,
Thailand
and
South
Africa
were
amongst
weaker
markets.
Concerns
around
China’s
slow
consumption
recovery
eclipsed
gains
from
government
stimulus
to
shore
up
the
economy
and
positive
regulatory
developments
within
the
technology
sector.
Electricity
shortages
and
a
weaker
South
African
rand
(against
the
U.S.
dollar)
weighed
on
South
Africa.
Q.
How
did
we
respond
to
these
changing
market
conditions?
A.
Our
investment
strategy
employs
a
bottom-up,
research-
driven
approach
focused
on
identifying
long-term
earnings
power
at
a
discount
to
intrinsic
value.
Our
opportunity
lies
in
identifying
companies
for
which
the
market
underestimates
or
misprices
the
probability,
magnitude,
or
timing
of
its
long-term
earnings
power.
Country
and
sector
weightings
are
a
residual
of
our
bottom-up
stock
selection
process,
and
we
always
seek
to
ensure
the
portfolio
is
appropriately
diversified
based
on
our
professional
judgment.
Our
portfolio
construction
process
seeks
to
build
a
research-
driven,
high-conviction
portfolio
that
is
primarily
driven
by
company
specific
factors
and
focused
on
the
long
term.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+5.74%
cumulative
total
return
for
the
12
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
+13.05%
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
.
Q.
What
were
the
leading
contributors
to
performance?
A.
During
the
12
months
under
review,
key
contributors
to
the
Fund’s
absolute
performance
included
Bajaj
Holdings
&
Investment,
Novatek
Microelectronics
and
Zomato,
all
of
which
were
off-benchmark
holdings.
Bajaj
Holdings
&
Investment
is
an
Indian
investment
company
with
stakes
in
Bajaj
Auto
and
Bajaj
Finserv.
Its
share
price
rose
alongside
the
Indian
equity
market
and
healthy
operating
performance
of
its
lending,
insurance
and
automobile
entities.
Geographic
Composition
8/31/23
%
of
Total
Net
Assets
Asia
79.8%
Latin
America
&
Caribbean
9.3%
Europe
5.3%
Middle East & Africa
2.7%
Short-Term
Investments
&
Other
Net
Assets
2.9%
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
15
.
Templeton
Emerging
Markets
Small
Cap
Fund
4
franklintempleton.com
Annual
Report
Taiwanese
chip
designer
Novatek
Microelectronics
was
a
notable
contributor.
Strong
financial
results—earnings
for
the
third
quarter
of
2022
and
sales
for
the
fourth
quarter
of
2022
both
surpassed
market
consensus—and
an
upward
revision
in
management
guidance
for
the
first
two
quarters
of
2023
buoyed
its
stock
price.
India-based
online
food
delivery
platform
Zomato
rallied
alongside
the
broader
Indian
equity
market.
There
have
also
been
signs
of
increasing
monetization
efforts
by
leading
platforms,
which
bode
well
for
the
profitability
of
the
sector.
At
a
sector
level,
financials,
information
technology
and
materials
were
the
top
contributors
to
the
Fund’s
absolute
returns.
Across
markets,
India,
Taiwan
and
Chile
were
leading
contributors
on
an
absolute
basis.
Q.
What
were
the
leading
detractors
from
performance?
A.
During
the
12
months
under
review,
key
detractors
from
the
Fund’s
absolute
performance
were
Daqo
New
Energy,
Mobile
World
Investment
and
Baozun.
The
share
price
of
Chinese
polysilicon
producer
Daqo
New
Energy
declined
alongside
a
fall
in
polysilicon
prices
and
a
weaker
outlook
for
prices
due
to
capacity
expansion
in
the
industry.
However,
we
believe
that
downstream
demand
for
solar
installations
is
improving
with
falling
costs,
and
valuations
remain
attractive.
Mobile
World,
a
leading
retailer
in
Vietnam,
was
pressured
by
continued
weakness
in
the
Vietnamese
equity
market.
A
cloudy
outlook
marred
by
lower
consumption,
interest
rate
hikes
and
a
liquidity
crunch
originating
from
the
bond
market
pressured
performance.
Disappointing
results
for
the
fourth
quarter
of
2022
and
first
quarter
of
2023
also
hurt
the
stock.
Baozun
is
an
e-commerce
solutions
provider
in
China.
Disappointing
financial
results
for
several
quarters
and
uncertainty
in
China’s
post-COVID
recovery
weighed
on
the
stock.
Nonetheless,
we
continue
to
see
long-term
growth
potential
in
e-commerce
and
believe
Baozun
is
well-
positioned
to
benefit.
At
a
sector
level,
communication
services,
consumer
discretionary
and
real
estate
were
the
largest
detractors
from
absolute
returns.
Geographically,
China,
Vietnam
and
Cambodia
were
the
top
detractors
on
an
absolute
basis.
Q.
Were
there
any
significant
changes
to
the
Fund
during
the
reporting
period?
A.
We
did
not
make
any
significant
changes
to
the
Fund’s
investment
process
over
the
reporting
period.
As
always,
changes
in
the
portfolio’s
positions
and
country/sector
weights
are
the
result
of
our
bottom-up
stock
selection
process,
rather
than
any
macro
themes.
In
the
past
12
months,
we
increased
the
Fund’s
holdings
the
most
in
India,
Hungary
and
Thailand
as
we
continued
to
identify
companies
with
long-term
earnings
power
trading
at
a
discount
to
their
intrinsic
worth.
In
terms
of
sectors,
additions
were
made
in
financials,
information
technology
and
industrials.
In
contrast,
the
Fund
reduced
its
investments
in
South
Korea,
China/Hong
Kong
and
Taiwan
in
favor
of
opportunities
that
we
found
more
compelling
in
the
emerging
market
small
cap
investment
universe.
Sectors
which
experienced
the
largest
sales
were
health
care,
real
estate
and
consumer
discretionary.
Top
10
Countries
8/31/23
a
%
of
Total
Net
Assets
a
a
India
28.1%
Taiwan
14.9%
South
Korea
10.3%
China
8.7%
Vietnam
6.8%
Brazil
4.1%
Philippines
4.0%
Thailand
2.7%
Hong
Kong
2.7%
Hungary
2.3%
Templeton
Emerging
Markets
Small
Cap
Fund
5
franklintempleton.com
Annual
Report
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
August
31,
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
8/31/23
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Bajaj
Holdings
&
Investment
Ltd.
5.6%
Financial
Services,
India
Federal
Bank
Ltd.
3.4%
Banks,
India
FPT
Corp.
3.4%
IT
Services,
Vietnam
Novatek
Microelectronics
Corp.
2.6%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Synnex
Technology
International
Corp.
2.4%
Electronic
Equipment,
Instruments
&
Components,
Taiwan
Richter
Gedeon
Nyrt.
2.3%
Pharmaceuticals,
Hungary
International
Container
Terminal
Services,
Inc.
2.3%
Transportation
Infrastructure,
Philippines
Dalmia
Bharat
Ltd.
2.2%
Construction
Materials,
India
Wizz
Air
Holdings
plc
2.2%
Passenger
Airlines,
Switzerland
Zomato
Ltd.
2.1%
Hotels,
Restaurants
&
Leisure,
India
Performance
Summary
as
of
August
31,
2023
Templeton
Emerging
Markets
Small
Cap
Fund
6
franklintempleton.com
Annual
Report
The
performance
table
and
graphs
do
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
8/31/23
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
1-Year
+5.74%
-0.07%
5-Year
+14.53%
+1.59%
10-Year
+52.68%
+3.74%
Advisor
1-Year
+6.08%
+6.08%
5-Year
+15.90%
+3.00%
10-Year
+56.74%
+4.60%
See
page
8
for
Performance
Summary
footnotes.
Templeton
Emerging
Markets
Small
Cap
Fund
Performance
Summary
7
franklintempleton.com
Annual
Report
See
Page
8
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
Class
A
(8/31/13–8/31/23)
Advisor
Class
(8/31/13–8/31/23)
Templeton
Emerging
Markets
Small
Cap
Fund
Performance
Summary
8
franklintempleton.com
Annual
Report
1,
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
Small-
and
mid-cap
stocks
involve
greater
risks
and
volatility
than
large-cap
stocks.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
annual
report
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.
Source:
FactSet.
The
MSCI
EM
Small
Cap
Index-NR
is
a
free
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
performance
of
small-cap
equities
in
global
emerging
markets.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
6.
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
(9/1/22–8/31/23)
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
6
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
9
franklintempleton.com
Annual
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
184/365
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
3/1/23
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period
3/1/23–8/31/23
1,2
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period
3/1/23–8/31/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,032.80
$8.95
$1,016.40
$8.88
1.75%
C
$1,000
$1,029.20
$12.76
$1,012.63
$12.66
2.50%
R
$1,000
$1,031.80
$10.23
$1,015.14
$10.15
2.00%
R6
$1,000
$1,034.70
$7.53
$1,017.81
$7.47
1.47%
Advisor
$1,000
$1,033.80
$7.70
$1,017.63
$7.64
1.50%
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Emerging
Markets
Small
Cap
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Year
Ended
August
31,
2023
Year
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$12.55
$13.98
$15.08
$8.68
$13.78
$15.25
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.19
0.26
0.07
0.02
0.10
0.03
Net
realized
and
unrealized
gains
(losses)
0.47
(1.69)
0.50
6.77
(4.96)
(1.15)
Total
from
investment
operations
........
0.66
(1.43)
0.57
6.79
(4.86)
(1.12)
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
year
...........
$12.29
$12.55
$13.98
$15.08
$8.68
$13.78
Total
return
e
.......................
5.74%
(10.23)%
3.01%
78.52%
(35.73)%
(7.09)%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.95%
2.00%
1.91%
1.99%
1.93%
1.94%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.75%
1.75%
1.73%
1.80%
1.91%
1.92%
Net
investment
income
...............
1.54%
4.83%
0.47%
0.16%
0.94%
0.19%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$176,763
$187,525
$215,598
$210,269
$143,312
$268,761
Portfolio
turnover
rate
................
23.06%
8.13%
31.72%
31.70%
4.72%
12.22%
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
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
Year
Ended
August
31,
2023
Year
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$11.57
$12.94
$14.03
$8.14
$13.02
$14.54
Income
from
investment
operations
b
:
Net
investment
income
(loss)
c
........
0.08
0.20
(0.02)
(0.06)
0.02
(0.06)
Net
realized
and
unrealized
gains
(losses)
0.46
(1.57)
0.44
6.31
(4.66)
(1.11)
Total
from
investment
operations
........
0.54
(1.37)
0.42
6.25
(4.64)
(1.17)
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
year
...........
$11.27
$11.57
$12.94
$14.03
$8.14
$13.02
Total
return
d
.......................
5.09%
(10.59)%
2.26%
77.25%
(36.23)%
(7.85)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.70%
2.74%
2.66%
2.73%
2.68%
2.69%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
2.50%
2.50%
2.48%
2.54%
2.66%
2.67%
Net
investment
income
(loss)
..........
0.70%
4.06%
(0.15)%
(0.51)%
0.19%
(0.56)%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$9,836
$13,645
$17,588
$27,434
$23,168
$52,300
Portfolio
turnover
rate
................
23.06%
8.13%
31.72%
31.70%
4.72%
12.22%
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
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Year
Ended
August
31,
2023
Year
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$12.30
$13.71
$14.82
$8.56
$13.62
$15.11
Income
from
investment
operations
b
:
Net
investment
income
(loss)
c
........
0.15
0.24
0.04
(0.03)
0.04
(0.05)
Net
realized
and
unrealized
gains
(losses)
0.47
(1.65)
0.47
6.68
(4.86)
(1.09)
Total
from
investment
operations
........
0.62
(1.41)
0.51
6.65
(4.82)
(1.14)
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
year
...........
$12.02
$12.30
$13.71
$14.82
$8.56
$13.62
Total
return
d
.......................
5.50%
(10.28)%
2.71%
78.18%
(35.95)%
(7.29)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.20%
2.25%
2.16%
2.24%
2.18%
2.19%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
2.00%
2.00%
1.98%
2.05%
2.16%
2.17%
Net
investment
income
(loss)
..........
1.29%
4.59%
0.26%
(0.20)%
0.69%
(0.06)%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$2,082
$2,109
$2,444
$2,966
$1,365
$1,728
Portfolio
turnover
rate
................
23.06%
8.13%
31.72%
31.70%
4.72%
12.22%
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
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
Year
Ended
August
31,
2023
Year
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$12.77
$14.21
$15.30
$8.79
$13.94
$15.41
Income
from
investment
operations
b
:
Net
investment
income
(loss)
c
........
0.22
0.28
0.14
0.08
0.22
(0.07)
Net
realized
and
unrealized
gains
(losses)
0.49
(1.72)
0.50
6.83
(5.07)
(1.01)
Total
from
investment
operations
........
0.71
(1.44)
0.64
6.91
(4.85)
(1.08)
Less
distributions
from:
Net
investment
income
..............
(0.32)
—
(0.72)
(0.40)
(0.06)
(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)
Net
asset
value,
end
of
year
...........
$12.53
$12.77
$14.21
$15.30
$8.79
$13.94
Total
return
d
.......................
6.06%
(10.13)%
3.41%
79.19%
(35.48)%
(6.76)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.56%
1.59%
1.54%
1.60%
1.53%
1.57%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.47%
1.47%
1.35%
1.40%
1.51%
1.55%
Net
investment
income
...............
1.79%
5.10%
0.88%
0.61%
1.34%
0.56%
f
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$27,134
$31,790
$39,782
$46,062
$47,904
$198,106
Portfolio
turnover
rate
................
23.06%
8.13%
31.72%
31.70%
4.72%
12.22%
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.
f
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
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
Year
Ended
August
31,
2023
Year
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$12.78
$14.23
$15.32
$8.80
$13.96
$15.42
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.23
0.28
0.12
0.07
0.15
0.09
Net
realized
and
unrealized
gains
(losses)
0.48
(1.73)
0.50
6.84
(5.03)
(1.19)
Total
from
investment
operations
........
0.71
(1.45)
0.62
6.91
(4.88)
(1.10)
Less
distributions
from:
Net
investment
income
..............
(0.31)
—
(0.70)
(0.39)
(0.04)
(0.01)
Net
realized
gains
.................
(0.63)
—
(1.01)
—
(0.24)
(0.35)
Total
distributions
...................
(0.94)
—
(1.71)
(0.39)
(0.28)
(0.36)
Net
asset
value,
end
of
year
...........
$12.55
$12.78
$14.23
$15.32
$8.80
$13.96
Total
return
d
.......................
6.08%
(10.19)%
3.26%
79.10%
(35.61)%
(6.90)%
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%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.50%
1.50%
1.48%
1.54%
1.66%
1.67%
Net
investment
income
...............
1.86%
5.08%
0.75%
0.53%
1.19%
0.44%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$182,079
$146,484
$172,459
$177,989
$168,808
$387,850
Portfolio
turnover
rate
................
23.06%
8.13%
31.72%
31.70%
4.72%
12.22%
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,
August
31,
2023
Templeton
Emerging
Markets
Small
Cap
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
a
Industry
Shares
a
Value
a
Common
Stocks
94.1%
Brazil
2.4%
Arezzo
Industria
e
Comercio
SA
.....
Textiles,
Apparel
&
Luxury
Goods
290,634
$
4,148,560
Dexco
SA
......................
Paper
&
Forest
Products
1,551,585
2,494,620
Grendene
SA
...................
Textiles,
Apparel
&
Luxury
Goods
1,174,611
1,615,686
a
Grupo
Mateus
SA
................
Consumer
Staples
Distribution
&
Retail
1,028,588
1,398,210
9,657,076
Cambodia
0.7%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
5,753,448
2,933,638
Chile
0.7%
Aguas
Andinas
SA,
A
.............
Water
Utilities
8,331,382
2,835,164
China
8.7%
Asia
Cement
China
Holdings
Corp.
...
Construction
Materials
3,155,500
1,232,483
a,b
Baozun,
Inc.,
ADR
................
Broadline
Retail
225,563
881,951
Chervon
Holdings
Ltd.
.............
Household
Durables
940,000
3,104,427
b,c
China
Education
Group
Holdings
Ltd.,
Reg
S
.......................
Diversified
Consumer
Services
3,398,300
2,887,762
a,d
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
191,357
7,074,468
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
3,162,449
4,120,483
Huaxin
Cement
Co.
Ltd.,
H
.........
Construction
Materials
2,054,694
1,930,588
c
JNBY
Design
Ltd.,
Reg
S
..........
Textiles,
Apparel
&
Luxury
Goods
2,907,676
2,994,951
Longshine
Technology
Group
Co.
Ltd.,
A
Software
1,270,164
3,792,657
a,c
Luye
Pharma
Group
Ltd.,
144A,
Reg
S
Pharmaceuticals
2,104,038
772,638
a,b,c,d
Mobvista,
Inc.,
144A,
Reg
S
........
Media
2,060,422
940,923
b
Noah
Holdings
Ltd.,
ADR
..........
Capital
Markets
155,630
2,164,813
Uni-President
China
Holdings
Ltd.
....
Food
Products
3,999,571
2,957,980
34,856,124
Georgia
0.8%
a
Georgia
Capital
plc
...............
Capital
Markets
245,985
3,028,886
Hong
Kong
2.7%
Luk
Fook
Holdings
International
Ltd.
..
Specialty
Retail
1,391,761
3,448,687
Pacific
Basin
Shipping
Ltd.
.........
Marine
Transportation
26,355,240
7,137,128
10,585,815
Hungary
2.3%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
366,206
9,190,036
India
28.1%
a
Affle
India
Ltd.
...................
Media
458,477
5,967,928
Ajanta
Pharma
Ltd.
...............
Pharmaceuticals
211,868
4,426,416
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
249,944
22,462,932
City
Union
Bank
Ltd.
..............
Banks
2,838,385
4,231,045
Coforge
Ltd.
....................
IT
Services
60,043
3,964,172
Crompton
Greaves
Consumer
Electricals
Ltd.
.................
Household
Durables
229,773
833,106
Dalmia
Bharat
Ltd.
...............
Construction
Materials
352,829
8,887,741
EPL
Ltd.
.......................
Containers
&
Packaging
1,503,845
3,569,429
Federal
Bank
Ltd.
................
Banks
7,889,807
13,718,428
a,d
MakeMyTrip
Ltd.
.................
Hotels,
Restaurants
&
Leisure
196,496
7,793,031
a
Max
Financial
Services
Ltd.
.........
Insurance
531,345
5,994,406
a
One
97
Communications
Ltd.
.......
Financial
Services
551,778
5,690,129
a
PB
Fintech
Ltd.
..................
Insurance
695,023
6,502,424
Redington
Ltd.
..................
Electronic
Equipment,
Instruments
&
Components
3,732,875
7,067,503
Tata
Consumer
Products
Ltd.
.......
Food
Products
203,974
2,056,140
Templeton
Global
Investment
Trust
Schedule
of
Investments
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
7,255,966
$
8,546,034
111,710,864
Kazakhstan
0.9%
c
Halyk
Savings
Bank
of
Kazakhstan
JSC,
GDR,
Reg
S
..................
Banks
234,693
3,520,395
Mexico
1.7%
Bolsa
Mexicana
de
Valores
SAB
de
CV
Capital
Markets
3,323,463
6,634,666
Peru
1.5%
Intercorp
Financial
Services,
Inc.
.....
Banks
264,348
6,167,239
Philippines
4.0%
Century
Pacific
Food,
Inc.
..........
Food
Products
14,070,800
6,721,087
International
Container
Terminal
Services,
Inc.
..................
Transportation
Infrastructure
2,479,404
9,060,460
15,781,547
Saudi
Arabia
1.0%
Mouwasat
Medical
Services
Co.
.....
Health
Care
Providers
&
Services
131,979
3,865,947
South
Africa
1.0%
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
5,986,664
4,197,730
South
Korea
10.3%
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
276,542
7,898,716
Hankook
Tire
&
Technology
Co.
Ltd.
..
Automobile
Components
73,730
2,152,828
a
Hugel,
Inc.
.....................
Biotechnology
61,670
5,217,549
L&F
Co.
Ltd.
....................
Electronic
Equipment,
Instruments
&
Components
36,250
5,866,913
LEENO
Industrial,
Inc.
.............
Semiconductors
&
Semiconductor
Equipment
43,496
5,508,004
Lock&Lock
Co.
Ltd.
...............
Household
Durables
399,574
1,763,144
LX
Semicon
Co.
Ltd.
..............
Semiconductors
&
Semiconductor
Equipment
54,870
3,682,499
Shin
Heung
Energy
&
Electronics
Co.
Ltd.
.........................
Electrical
Equipment
43,843
1,652,493
Soulbrain
Co.
Ltd.
................
Chemicals
28,613
4,905,925
Vieworks
Co.
Ltd.
................
Health
Care
Equipment
&
Supplies
106,067
2,458,281
41,106,352
Switzerland
2.2%
a,c
Wizz
Air
Holdings
plc,
144A,
Reg
S
...
Passenger
Airlines
308,849
8,796,845
Taiwan
14.9%
Eclat
Textile
Co.
Ltd.
..............
Textiles,
Apparel
&
Luxury
Goods
220,082
3,504,482
Kinsus
Interconnect
Technology
Corp.
.
Semiconductors
&
Semiconductor
Equipment
1,603,838
5,317,968
Merida
Industry
Co.
Ltd.
...........
Leisure
Products
1,037,217
6,266,660
momo.com,
Inc.
.................
Broadline
Retail
304,206
4,959,247
Novatek
Microelectronics
Corp.
......
Semiconductors
&
Semiconductor
Equipment
814,000
10,170,468
Poya
International
Co.
Ltd.
.........
Broadline
Retail
480,416
7,317,103
Primax
Electronics
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
2,041,442
4,237,498
Shin
Zu
Shing
Co.
Ltd.
............
Machinery
1,253,807
3,249,101
Synnex
Technology
International
Corp.
Electronic
Equipment,
Instruments
&
Components
5,078,445
9,728,652
Visual
Photonics
Epitaxy
Co.
Ltd.
....
Semiconductors
&
Semiconductor
Equipment
960,155
4,383,265
59,134,444
Thailand
2.7%
Dynasty
Ceramic
PCL
.............
Building
Products
28,599,840
1,633,110
Major
Cineplex
Group
PCL
.........
Entertainment
6,139,300
2,540,566
Templeton
Global
Investment
Trust
Schedule
of
Investments
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
(continued)
Tisco
Financial
Group
PCL
.........
Banks
2,212,249
$
6,504,615
10,678,291
United
Arab
Emirates
0.7%
Americana
Restaurants
International
plc
Hotels,
Restaurants
&
Leisure
1,457,714
1,759,213
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
2,026,297
1,018,998
2,778,211
Vietnam
6.8%
FPT
Corp.
......................
IT
Services
3,414,385
13,697,715
a
Hoa
Phat
Group
JSC
.............
Metals
&
Mining
1,317,991
1,508,124
Military
Commercial
Joint
Stock
Bank
.
Banks
1,200,000
920,468
Mobile
World
Investment
Corp.
......
Specialty
Retail
3,517,700
7,842,720
a
Vincom
Retail
JSC
...............
Real
Estate
Management
&
Development
2,431,854
3,056,183
27,025,210
Total
Common
Stocks
(Cost
$337,354,240)
.....................................
374,484,480
a
Preferred
Stocks
3.0%
Brazil
1.7%
e
Bradespar
SA,
9.11%
.............
Metals
&
Mining
1,526,034
6,935,257
Chile
1.3%
e
Embotelladora
Andina
SA,
A,
7.92%
..
Beverages
1,146,416
2,319,377
e
Embotelladora
Andina
SA,
B,
7.01%
..
Beverages
1,098,231
2,761,311
5,080,688
Total
Preferred
Stocks
(Cost
$15,854,986)
......................................
12,015,945
Total
Long
Term
Investments
(Cost
$353,209,226)
...............................
386,500,425
Short
Term
Investments
3.5%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.5%
United
States
3.5%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.066%
.........
13,955,515
13,955,515
Total
Money
Market
Funds
(Cost
$13,955,515)
..................................
13,955,515
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$13,955,515
)
................................
13,955,515
a
a
a
Total
Investments
(Cost
$367,164,741)
100.6%
..................................
$400,455,940
Other
Assets,
less
Liabilities
(0.6)%
...........................................
(2,562,358)
Net
Assets
100.0%
...........................................................
$397,893,582
a
a
a
Templeton
Global
Investment
Trust
Schedule
of
Investments
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
See
A
bbreviations
on
page
32
.
a
Non-income
producing.
b
Variable
interest
entity
(VIE).
See
the
Fund’s
statement
of
additional
information
and/or
notes
to
financial
statements
regarding
investments
made
through
a
VIE
structure.
At
August
31,
2023,
the
aggregate
value
of
these
securities
was
$6,875,449,
representing
1.7%
of
net
assets.
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
August
31,
2023,
the
aggregate
value
of
these
securities
was
$19,913,514,
representing
5.0%
of
net
assets.
d
A
portion
or
all
of
the
security
is
on
loan
at
August
31,
2023.
See
Note
1(c).
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
August
31,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
Templeton
Emerging
Markets
Small
Cap
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$353,209,226
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
13,955,515
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$6,208,031)
..................................
$386,500,425
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
13,955,515
Foreign
currency,
at
value
(cost
$959,130)
........................................................
944,846
Receivables:
Investment
securities
sold
...................................................................
803,540
Capital
shares
sold
........................................................................
237,608
Dividends
and
interest
.....................................................................
575,792
European
Union
tax
reclaims
(Note
1
d
)
.........................................................
95,554
Total
assets
..........................................................................
403,113,280
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,422
Capital
shares
redeemed
...................................................................
323,685
Management
fees
.........................................................................
374,676
Distribution
fees
..........................................................................
46,921
Transfer
agent
fees
........................................................................
129,950
Trustees'
fees
and
expenses
.................................................................
1,378
Deferred
tax
...............................................................................
4,190,476
Accrued
expenses
and
other
liabilities
...........................................................
151,190
Total
liabilities
.........................................................................
5,219,698
Net
assets,
at
value
.................................................................
$397,893,582
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$403,299,678
Total
distributable
earnings
(losses)
.............................................................
(5,406,096)
Net
assets,
at
value
.................................................................
$397,893,582
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
August
31,
2023
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Templeton
Emerging
Markets
Small
Cap
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$176,762,879
Shares
outstanding
........................................................................
14,379,579
Net
asset
value
per
share
a
..................................................................
$12.29
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
................................
$13.01
Class
C:
Net
assets,
at
value
.......................................................................
$9,836,161
Shares
outstanding
........................................................................
873,075
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$11.27
Class
R:
Net
assets,
at
value
.......................................................................
$2,081,986
Shares
outstanding
........................................................................
173,195
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$12.02
Class
R6:
Net
assets,
at
value
.......................................................................
$27,133,536
Shares
outstanding
........................................................................
2,165,170
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$12.53
Advisor
Class:
Net
assets,
at
value
.......................................................................
$182,079,020
Shares
outstanding
........................................................................
14,505,528
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$12.55
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
year
ended
August
31,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
Templeton
Emerging
Markets
Small
Cap
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$1,549,650)
Unaffiliated
issuers
........................................................................
$11,678,250
Non-controlled
affiliates
(Note
3
f
)
.............................................................
492,229
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
17,280
Non-controlled
affiliates
(Note
3
f
)
.............................................................
5,618
Total
investment
income
...................................................................
12,193,377
Expenses:
Management
fees
(Note
3
a
)
...................................................................
5,154,002
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
444,833
    Class
C
................................................................................
111,377
    Class
R
................................................................................
10,271
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
344,245
    Class
C
................................................................................
21,483
    Class
R
................................................................................
3,978
    Class
R6
...............................................................................
13,930
    Advisor
Class
............................................................................
291,775
Custodian
fees
.............................................................................
111,599
Reports
to
shareholders
fees
..................................................................
41,236
Registration
and
filing
fees
....................................................................
78,064
Professional
fees
...........................................................................
118,881
Trustees'
fees
and
expenses
..................................................................
45,450
Other
....................................................................................
5,453
Total
expenses
.........................................................................
6,796,577
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(718,227)
Net
expenses
.........................................................................
6,078,350
Net
investment
income
................................................................
6,115,027
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$597,371)
Unaffiliated
issuers
......................................................................
(17,854,901)
Foreign
currency
transactions
................................................................
(767,564)
Net
realized
gain
(loss)
..................................................................
(18,622,465)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
34,586,340
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(7,038)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(2,485,480)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
32,093,822
Net
realized
and
unrealized
gain
(loss)
............................................................
13,471,357
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$19,586,384
Templeton
Global
Investment
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Templeton
Emerging
Markets
Small
Cap
Fund
Year
Ended
August
31,
2023
Year
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
..............................
$6,115,027
$8,242,908
$2,945,680
Net
realized
gain
(loss)
..............................
(18,622,465)
(555,532)
66,974,188
Net
change
in
unrealized
appreciation
(depreciation)
........
32,093,822
(53,855,951)
(53,666,750)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................
19,586,384
(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
..........................................
(6,802,414)
(6,206,219)
22,905,231
Class
C
..........................................
(3,373,063)
(2,146,281)
(9,130,344)
Class
R
..........................................
17,445
(79,413)
(339,318)
Class
R6
.........................................
(3,846,473)
(4,020,091)
(3,281,288)
Advisor
Class
.....................................
37,836,258
(7,698,630)
7,691,209
Total
capital
share
transactions
.........................
23,831,753
(20,150,634)
17,845,490
Net
increase
(decrease)
in
net
assets
................
16,341,028
(66,319,209)
(16,847,112)
Net
assets:
Beginning
of
year
....................................
381,552,554
447,871,763
464,718,875
End
of
year
........................................
$397,893,582
$381,552,554
$447,871,763
a
For
the
period
April
1,
2022
to
August
31,
2022.
Templeton
Global
Investment
Trust
23
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
Templeton
Emerging
Markets
Small
Cap
Fund
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.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
24
franklintempleton.com
Annual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
At
August
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.
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
August
31,
2023,
the
Fund
held
$6,196,183
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
25
franklintempleton.com
Annual
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
August
31,
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
26
franklintempleton.com
Annual
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
August
31,
2023,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
Year
Ended
August
31,
2023
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
2,038,516
$24,548,864
Shares
issued
in
reinvestment
of
distributions
..........
988,332
11,590,825
Shares
redeemed
...............................
(3,594,802)
(42,942,103)
Net
increase
(decrease)
..........................
(567,954)
$(6,802,414)
Class
C
Shares:
Shares
sold
...................................
145,663
$1,609,366
Shares
issued
in
reinvestment
of
distributions
..........
79,727
859,170
Shares
redeemed
a
..............................
(531,185)
(5,841,599)
Net
increase
(decrease)
..........................
(305,795)
$(3,373,063)
Class
R
Shares:
Shares
sold
...................................
17,998
$213,368
Shares
issued
in
reinvestment
of
distributions
..........
13,430
154,143
Shares
redeemed
...............................
(29,764)
(350,066)
Net
increase
(decrease)
..........................
1,664
$17,445
Class
R6
Shares:
Shares
sold
...................................
607,304
$7,495,714
Shares
issued
in
reinvestment
of
distributions
..........
89,455
1,068,229
Shares
redeemed
...............................
(1,021,519)
(12,410,416)
Net
increase
(decrease)
..........................
(324,760)
$(3,846,473)
Advisor
Class
Shares:
Shares
sold
...................................
7,384,346
$92,218,229
Shares
issued
in
reinvestment
of
distributions
..........
792,266
9,472,682
Shares
redeemed
...............................
(5,130,704)
(63,854,653)
Net
increase
(decrease)
..........................
3,045,908
$37,836,258
1.
Organization
and
Significant
Accounting
Policies
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
27
franklintempleton.com
Annual
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
28
franklintempleton.com
Annual
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
year
ended
August
31,
2023,
the
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
..............................
$10,246
CDSC
retained
..............................................................................
$1,104
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
29
franklintempleton.com
Annual
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
year
ended
August
31,
2023,
the
Fund
paid
transfer
agent
fees
of
$675,411,
of
which
$199,791
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
year
ended
August
31,
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
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
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
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,
5.066%
$10,045,248
$126,886,693
$(122,976,426)
$—
$—
$13,955,515
13,955,515
$492,229
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$—
$2,405,546
$(2,405,546)
$—
$—
$—
—
$5,618
Total
Affiliated
Securities
...
$10,045,248
$129,292,239
$(125,381,972)
$—
$—
$13,955,515
$497,847
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
30
franklintempleton.com
Annual
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,
2023,
the
capital
loss
carryforwards
were
as
follows:
The
tax
character
of
distributions
paid
during
the
year
ended
August
31,
2023,
period
ended
August
31,
2022
and
year
ended
March
31,
2022,
was
as
follows:
At
August
31,
2023,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
undistributed
ordinary
income
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,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax
and
corporate
actions.
The Fund
utilized
a
tax
accounting
practice
to
treat
a
portion
of
the
proceeds
from
capital
shares
redeemed
as
a
distribution
from
net
investment
income.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
year
ended
August
31,
2023,
aggregated
$82,671,614
and
$84,690,693,
respectively. 
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$4,358,885
Long
term
................................................................................
21,772,370
Total
capital
loss
carryforwards
...............................................................
$26,131,255
August
31,
2023
August
31,
2022
Distributions
paid
from:
Ordinary
income
..........................................................
$8,928,587
—
Long
term
capital
gain
......................................................
18,148,522
—
$27,077,109
—
March
31,
2022
Distributions
paid
from:
Ordinary
income
..........................................................
$33,533,084
Long
term
capital
gain
......................................................
17,412,636
$50,945,720
Cost
of
investments
..........................................................................
$385,617,447
Unrealized
appreciation
........................................................................
$92,639,594
Unrealized
depreciation
........................................................................
(77,801,101)
Net
unrealized
appreciation
(depreciation)
..........................................................
$14,838,493
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$11,051,225
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
31
franklintempleton.com
Annual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
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.
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
year
ended
August
31,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
8.
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
August
31,
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
................................
$
9,657,076
$
—
$
—
$
9,657,076
Cambodia
............................
—
2,933,638
—
2,933,638
Chile
................................
2,835,164
—
—
2,835,164
China
...............................
16,183,639
18,672,485
—
34,856,124
Georgia
..............................
3,028,886
—
—
3,028,886
Hong
Kong
...........................
—
10,585,815
—
10,585,815
Hungary
.............................
9,190,036
—
—
9,190,036
India
................................
7,793,031
103,917,833
—
111,710,864
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
32
franklintempleton.com
Annual
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
year.
9.
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:
Kazakhstan
...........................
$
3,520,395
$
—
$
—
$
3,520,395
Mexico
..............................
6,634,666
—
—
6,634,666
Peru
................................
6,167,239
—
—
6,167,239
Philippines
............................
6,721,087
9,060,460
—
15,781,547
Saudi
Arabia
..........................
—
3,865,947
—
3,865,947
South
Africa
...........................
4,197,730
—
—
4,197,730
South
Korea
..........................
—
41,106,352
—
41,106,352
Switzerland
...........................
—
8,796,845
—
8,796,845
Taiwan
...............................
—
59,134,444
—
59,134,444
Thailand
.............................
1,633,110
9,045,181
—
10,678,291
United
Arab
Emirates
....................
—
2,778,211
—
2,778,211
Vietnam
..............................
—
27,025,210
—
27,025,210
Preferred
Stocks
........................
12,015,945
—
—
12,015,945
Short
Term
Investments
...................
13,955,515
—
—
13,955,515
Total
Investments
in
Securities
...........
$103,533,519
$296,922,421
a
$—
$400,455,940
a
Includes
foreign
securities
valued
at
$296,922,421,
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
8.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
33
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
of
Templeton
Global
Investment
Trust
and
Shareholders
of
Templeton
Emerging
Markets
Small
Cap
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Templeton
Emerging
Markets
Small
Cap
Fund
(one
of
the
funds
constituting
Templeton
Global
Investment
Trust,
referred
to
hereafter
as
the
"Fund")
as
of
August
31,
2023,
the
related
statements
of
operations
for
the
year
ended
August
31,
2023,
the
statements
of
changes
in
net
assets
for
the
year
ended
August
31,
2023,
the
period
April
1,
2022
to
August
31,
2022
and
the
year
ended
March
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
the
year
ended
August
31,
2023,
the
period
April
1,
2022
to
August
31,
2022
and
the
years
ended
March
31,
2022,
2021,
2020,
and
2019
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
August
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
the
year
ended
August
31,
2023,
the
period
April
1,
2022
to
August
31,
2022
and
the
year
ended
March
31,
2022,
and
the
financial
highlights
for
the
year
ended
August
31,
2023,
the
period
April
1,
2022
to
August
31,
2022
and
the
years
ended
March
31,
2022,
2021,
2020,
and
2019
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
August
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
the
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
October
23,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Templeton
Global
Investment
Trust
Tax
Information
(unaudited)
34
franklintempleton.com
Annual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
period.
The
Fund
hereby
reports
the
following
amount,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amount,
for
the
year
ended
August
31,
2023:
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
intend
s
to
elect
to
pass
through
to
its
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Fund
during
the
period
ended
August
31,
202
3
:
Pursuant
to:
Amount
Reported
Long-Term
Capital
Gain
Dividends
Distributed
§852(b)(3)(C)
$18,148,522
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$6,377,563
Amount
Reported
Foreign
Taxes
Paid
$1,581,714
Foreign
Source
Income
Earned
$8,940,398
Templeton
Global
Investment
Trust
Board
Members
and
Officers
35
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
1994
119
Bar-S
Foods
(meat
packing
company)
(1981-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Ann
Torre
Bates
(1958)
Trustee
Since
2008
29
Ares
Strategic
Income
Fund
(closed-end
investment
management
company)
(September
2022-present);
Ares
Capital
Corporation
(specialty
finance
company)
(2010-present),
United
Natural
Foods,
Inc.
(food
distribution)
(2013-present),
formerly
,
Navient
Corporation
(loan
management,
servicing
and
asset
recovery)
(2014-2016).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Executive
Vice
President
and
Chief
Financial
Officer,
NHP
Incorporated
(manager
of
multifamily
housing)
(1995-1997);
and
Vice
President
and
Treasurer,
US
Airways,
Inc.
(until
1995).
Terrence
J.
Checki
(1945)
Trustee
Since
January
2023
119
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Member
of
the
Council
on
Foreign
Relations
(1996-present);
Member
of
the
National
Committee
on
U.S.-China
Relations
(1999-present);
member
of
the
board
of
trustees
of
the
Economic
Club
of
New
York
(2013-present);
member
of
the
board
of
trustees
of
the
Foreign
Policy
Association
(2005-present);
member
of
the
board
of
directors
of
Council
of
the
Americas
(2007-present)
and
the
Tallberg
Foundation
(2018-present);
and
formerly
,
Executive
Vice
President
of
the
Federal
Reserve
Bank
of
New
York
and
Head
of
its
Emerging
Markets
and
Internal
Affairs
Group
and
Member
of
Management
Committee
(1995-2014);
and
Visiting
Fellow
at
the
Council
on
Foreign
Relations
(2014).
Mary
C.
Choksi
(1950)
Trustee
Since
2017
119
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Templeton
Global
Investment
Trust
36
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
1996
and
Lead
Independent
Trustee
since
2007
119
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
119
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
the
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(2019-2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
David
W.
Niemiec
(1949)
Trustee
Since
2006
29
Hess
Midstream
LP
(oil
and
gas
midstream
infrastructure)
(2017-present).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Advisor,
Saratoga
Partners
(private
equity
fund);
and
formerly
,
Managing
Director,
Saratoga
Partners
(1998-2001)
and
SBC
Warburg
Dillon
Read
(investment
banking)
(1997-1998);
Vice
Chairman,
Dillon,
Read
&
Co.
Inc.
(investment
banking)
(1991-1997);
and
Chief
Financial
Officer,
Dillon,
Read
&
Co.
Inc.
(1982-1997).
Larry
D.
Thompson
(1945)
Trustee
Since
2006
119
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Templeton
Global
Investment
Trust
37
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Constantine
D.
Tseretopoulos
(1954)
Trustee
Since
2001
19
None
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Physician,
Chief
of
Staff,
owner
and
operator
of
the
Lyford
Cay
Hospital
(1987-present);
director
of
various
nonprofit
organizations;
and
formerly
,
Cardiology
Fellow,
University
of
Maryland
(1985-1987);
and
Internal
Medicine
Resident,
Greater
Baltimore
Medical
Center
(1982-
1985).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Gregory
E.
Johnson
2
(1961)
Chairman
of
the
Board,
Trustee
and
Vice
President
Chairman
of
the
Board
and
Vice
President
since
January
2023
and
Trustee
2006
129
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
Rupert
H.
Johnson,
Jr.
3
(1940)
Trustee
Since
2013
119
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Ted
P.
Becker
(1951)
Chief
Compliance
Officer
Since
June
2023
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Vice
President,
Global
Compliance
of
Franklin
Templeton
(since
2020);
Chief
Compliance
Officer
of
Legg
Mason
Partners
Fund
Advisor,
LLC
(since
2006);
Chief
Compliance
Officer
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2006);
formerly
,
Director
of
Global
Compliance
at
Legg
Mason
(2006
to
2020);
Managing
Director
of
Compliance
of
Legg
Mason
&
Co.
(2005
to
2020).
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
–
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Independent
Board
Members
(continued)
Templeton
Global
Investment
Trust
38
franklintempleton.com
Annual
Report
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
Note
3:
Effective
December
31,
2022,
Robert
E.
Wade
ceased
to
be
a
trustee
of
the
Trust.
1. We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
2.
Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund's
investment
manager
and
distributor.
3. Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
a
major
shareholder
of
Resources,
which
is
the
parent
company
of
the
Fund's
investment
manager
and
distributor.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
U.S.
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
each
of
Ann
Torre
Bates
and
David
W.
Niemiec
as
an
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
qualify
as
such
an
expert
in
view
of
their
extensive
business
background
and
experience.
Ms.
Bates
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2008.
She
currently
serves
as
a
director
of
Ares
Capital
Corporation
(2010-present)
and
United
Natural
Foods,
Inc.
(2013-present)
and
was
formerly
a
director
of
Navient
Corporation
from
2014
to
2016,
SLM
Corporation
from
1997
to
2014
and
Allied
Capital
Corporation
from
2003
to
2010,
Executive
Vice
President
and
Chief
Financial
Officer
of
NHP
Incorporated
from
1995
to
1997
and
Vice
President
and
Treasurer
of
US
Airways,
Inc.
until
1995.
Mr.
Niemiec
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2005,
currently
serves
as
an
Advisor
to
Saratoga
Partners
and
was
formerly
its
Managing
Director
from
1998
to
2001
and
serves
as
a
director
of
Hess
Midstream
LP
(2017-present).
Mr.
Niemiec
was
formerly
a
director
of
Emeritus
Corporation
from
1999
to
2010
and
OSI
Pharmaceuticals,
Inc.
from
2006
to
2010,
Managing
Director
of
SBC
Warburg
Dillon
Read
from
1997
to
1998,
and
was
Vice
Chairman
from
1991
to
1997
and
Chief
Financial
Officer
from
1982
to
1997
of
Dillon,
Read
&
Co.
Inc.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
have
each
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Manraj
S.
Sekhon
(1969)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
April
2023
Not
Applicable
Not
Applicable
7
Temasek
Blvd.
Suntec
Tower
1,
#38-03
Singapore
038987
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Investment
Officer,
Franklin
Templeton
Emerging
Markets
Equity;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
and
Secretary
Vice
President
Since
2015
and
Secretary
since
September
2023
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Templeton
Global
Investment
Trust
39
franklintempleton.com
Annual
Report
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Bates
and
Mr.
Niemiec
are
independent
Board
members
as
that
term
is
defined
under
the
applicable
U.S.
Securities
and
Exchange
Commission
Rules
and
Releases.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Interested
Board
Members
and
Officers
(continued)
Templeton
Global
Investment
Trust
Shareholder
Information
40
franklintempleton.com
Annual
Report
Board
Approval
Of
Investment
Management
Agreements
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Templeton
Emerging
Markets
Small
Cap
Fund
(Fund)
March
27,
2023
15(c)
Meeting
At
a
meeting
held
on
March
27,
2023
(March
Meeting),
the
Board
of
Trustees
(Board)
of
Templeton
Global
Investment
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Templeton
Asset
Management
Ltd.
(Manager)
and
the
Trust,
on
behalf
of
the
Fund
(Management
Agreement),
for
the
period
May
1,
2023
through
June
30,
2023
(Stub
Period).
The
Independent
Trustees
noted
that
the
Fund’s
annual
contract
review
was
historically
held
at
the
February
Board
meeting
and
that
management
proposed
to
move
the
contract
review
to
the
May
Board
meeting.
The
Independent
Trustees
further
noted
management’s
explanation
that,
to
effect
this
change,
the
Board
needed
to
consider
the
renewal
of
the
Fund’s
Management
Agreement
prior
to
its
current
April
30,
2023
expiration
date.
The
Independent
Trustees
also
noted
that
management
would
ask
them
to
consider
the
continuation
of
the
Management
Agreement
again
at
the
May
Board
meeting
for
the
12-month
period
beginning
July
1,
2023.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement
for
the
Stub
Period.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
March
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
March
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
March
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors
(Factors).
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
Templeton
Global
Investment
Trust
Shareholder
Information
41
franklintempleton.com
Annual
Report
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2022.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
a
customized
peer
group
(Performance
Customized
Peer
Group)
selected
by
the
Manager.
The
Board
further
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
emerging
markets
funds.
The
Performance
Customized
Peer
Group
for
the
Fund
included
only
emerging
markets
funds
that
invest
only
in
stocks
that
have
total
market
capitalizations
within
the
range
of
the
market
capitalizations
of
companies
in
the
MSCI
Emerging
Markets
Small
Cap
Index
at
the
time
of
purchase.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
was
below
the
median
of
its
Performance
Customized
Peer
Group
for
the
five-
and
10-year
periods,
but
above
the
median
of
its
Performance
Customized
Peer
Group
for
the
one-
and
three-year
periods.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
for
the
Fund
and
for
Class
A
shares
and
Class
M
shares
for
the
other
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
14
other
emerging
markets
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
for
the
Fund
were
above
the
medians
and
in
the
fifth
quintile
(most
expensive)
of
its
Expense
Group.
The
Board
discussed
the
expenses
of
this
Fund
with
management
and
management
explained
that
the
Expense
Group
was
not
directly
comparable
to
the
Fund
as
the
Expense
Group
was
comprised
of
funds
that
had
a
significantly
lower
average
allocation
of
their
investments
to
small-
and
mid-capitalization
companies
in
comparison
to
the
Fund.
Management
further
explained
that
when
the
Fund
is
compared
to
the
subset
of
funds
in
the
Expense
Group
that
Templeton
Global
Investment
Trust
Shareholder
Information
42
franklintempleton.com
Annual
Report
invests
principally
in
emerging
markets
mid-
and
small-cap
companies,
the
Fund’s
Management
Rate
and
actual
total
expense
ratio
are
more
in
line
with
peers.
The
Board
then
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
a
fee
waiver
from
management.
After
consideration
of
the
above,
the
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2022,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
concluded
that,
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
the
Stub
Period.
May
24,
2023
15(c)
Meeting
At
a
meeting
held
on
May
24,
2023
(May
Meeting),
the
Board
reviewed
and
approved
the
Management
Agreement
for
an
additional
twelve-month
period
beginning
July
1,
2023.
The
Board
noted
its
review
and
consideration
of
the
information
it
received
in
connection
with
both
the
March
Meeting
and
the
May
Meeting.
In
particular,
the
Board
reviewed
and
considered
information
provided
in
response
to
a
follow-up
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees,
which
included
information
on
Fund
performance
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023
and
the
other
Factors.
The
Board
determined
that
the
conclusions
it
made
at
the
March
Meeting
had
not
changed.
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
Templeton
Global
Investment
Trust
Shareholder
Information
43
franklintempleton.com
Annual
Report
the
above-described
Factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
twelve-month
period
beginning
July
1,
2023.
Liquidity
Risk
Management
Program
Each
of
the
Franklin
Templeton
and
Legg
Mason
Funds
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
SEC
(on
a
non-public
basis).
The
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
is
the
appointed
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
Franklin
Templeton
and
Legg
Mason
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Legal,
Investment
Compliance,
Investment
Operations,
Valuation
Committee,
Product
Management
and
Global
Product
Strategy.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
Each
Fund
primarily
holds
liquid
assets
that
are
defined
under
the
Liquidity
Rule
as
"Highly
Liquid
Investments,"
and
therefore
is
not
required
to
establish
an
HLIM.
Highly
Liquid
Investments
are
defined
as
cash
and
any
investment
reasonably
expected
to
be
convertible
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
the
conversion
to
cash
significantly
changing
the
market
value
of
the
investment.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2023,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2022.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
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.
Templeton
Global
Investment
Trust
Shareholder
Information
44
franklintempleton.com
Annual
Report
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
A
10/23
©
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.
Annual
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.
 
(a)      Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $85,745 for the fiscal year ended August 31, 2023 and $85,597 for the fiscal year ended August 31, 2022.
 
(b)      Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
 
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  
 
(c)      Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
 
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $70,000 for the fiscal year ended August 31, 2023, and $0 for the fiscal year ended August 31, 2022. The services for which these fees were paid included global access to tax platform International Tax View.
 
(d)      All Other Fees
There were no fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4.
 
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $37,215 for the fiscal year ended August 31, 2023 and $181,126 for the fiscal year ended August 31, 2022. The services for which these fees were paid included professional fees in connection with SOC 1 Reports, fees in connection with license for accounting and business knowledge platform Viewpoint, and fees in connection with license for employee development tool ProEdge. 
 
 
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
 
      (i)   pre-approval of all audit and audit related services;
 
      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;
 
      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
 
      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
 
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
 
(f) No disclosures are required by this Item 4(f).
 
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $107,215 for the fiscal year ended August 31, 2023 and $181,126 for the fiscal year ended August 31, 2022.
 
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
 
(i) N/A
 
 
(j) 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
 
 
(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
 
 
(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
 
 
 
 
 
 
 
 
 
 
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  October 30, 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  October 30, 2023
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  October 30, 2023