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: 8/31/22
 
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,
2022
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Annual
Report
1
Contents
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
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
24
Tax
Information
25
Board
Members
and
Officers
26
Shareholder
Information
31
Visit
franklintempleton.com
for
fund
updates
and
documents,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Annual
Report
A
NNUAL
REPORT
Franklin
Templeton
SMACS:
Series
EM
This
annual
report
for
Franklin
Templeton
SMACS:
Series
EM
(Fund)
covers
the
period
since
the
Fund’s
inception
on
October
20,
2021,
through
August
31,
2022.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
long-term
capital
appreciation.
Under
normal
market
conditions,
the
Fund
invests
predominantly
in
securities
of
companies
located
or
operating
in
“emerging
market
countries,”
as
defined
in
the
Fund’s
prospectus.
Performance
Overview
The
Fund
posted
a
-22.92%
cumulative
total
return
for
the
period
from
the
Fund’s
inception
on
October
20,
2021,
through
August
31,
2022.
In
comparison,
the
Fund’s
benchmark,
the
MSCI
Emerging
Markets
(EM)
Index-NR,
which
measures
global
emerging
market
stock
performance,
posted
a
-21.60%
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.
Economic
and
Market
Overview
Emerging
market
economies
mostly
grew
during
the
12
months
ended
August
31,
2022,
though
high
levels
of
inflation,
the
spread
of
COVID-19
variants
and
Russia’s
invasion
of
Ukraine
restrained
growth.
Most
emerging
market
central
banks
raised
their
benchmark
interest
rates
to
stem
inflation,
a
trend
also
seen
in
developed
market
countries.
During
the
period,
emerging
market
equities
were
hurt
by
investor
concerns
about
Russia’s
invasion
of
Ukraine,
rising
inflation
and
accompanying
interest-rate
hikes,
supply-chain
challenges,
and
Chinese
government
regulations
targeting
technology
companies.
Regarding
individual
countries,
China’s
year-on-year
economic
growth
rate
moderated
in
2021’s
second
half
due
to
supply-chain
issues,
domestic
COVID
outbreaks,
power
shortages
and
a
property
market
slowdown.
Growth
accelerated
in
2022’s
first
quarter
but
dropped
significantly
in
the
second
quarter
amid
continued
COVID
outbreaks,
weak
domestic
demand
and
tightening
monetary
policy
abroad.
Taiwan’s
year-on-year
growth
rate
moderated
in
2021’s
third
quarter
as
private
consumption
was
impacted
by
a
spike
in
COVID
infections,
but
accelerated
in
the
fourth
quarter
due
to
continued
solid
foreign
demand
for
electronics
and
a
recovery
in
private
spending.
Growth
moderated
in
2022’s
first
half
amid
weakness
in
private
and
government
spending
as
well
as
imports
outpacing
exports.
South
Korea’s
year-on-
year
growth
rate
moderated
in
2021’s
third
quarter,
in
part
due
to
new
restrictions
to
contain
the
Delta
variant
of
COVID,
then
accelerated
slightly
in
the
fourth
quarter
due
to
growth
in
private
and
government
spending.
Growth
moderated
in
2022’s
first
half,
as
investment
and
spending
weakened
amid
government
restrictions
to
slow
the
spread
of
COVID.
India’s
year-on-year
growth
rates
moderated
in
2021’s
second
half,
but
were
still
robust.
Economic
growth
was
supported
by
progress
in
vaccine
distribution,
which
eased
COVID-related
economic
disruptions,
and
by
government
stimulus
measures.
Growth
moderated
in
2022’s
first
quarter,
dragged
down
by
outbreaks
of
the
Omicron
variant,
high
energy
prices
and
supply-chain
disruptions,
before
accelerating
again
in
the
second
quarter.
Russia’s
year-on-
year
growth
rate
moderated
in
2021’s
third
quarter—though
still
above
pre-pandemic
levels—and
accelerated
in
the
fourth
quarter,
supported
by
high
energy
prices.
Growth
moderated
in
2022’s
first
quarter
and
contracted
in
the
second
quarter
as
domestic
spending
weakened
amid
Geographic
Composition
8/31/22
%
of
Total
Net
Assets
Asia
88.4%
Middle East & Africa
2.8%
Europe
1.7%
Latin
America
&
Caribbean
1.5%
Short-Term
Investments
&
Other
Net
Assets
5.6%
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
widespread
international
sanctions
imposed
in
response
to
Russia’s
invasion
of
Ukraine.
Brazil’s
year-on-year
growth
rate
moderated
in
2021’s
second
half
as
imports
outpaced
exports.
Growth
accelerated
in
2022’s
first
half,
in
part
due
to
an
increase
in
private
spending
spurred
by
the
lifting
of
COVID-related
restrictions.
Turning
to
specific
countries’
monetary
policies,
the
People’s
Bank
of
China
lowered
its
benchmark
loan
prime
rate
three
times
during
the
period
to
spur
growth
in
the
face
of
COVID-
related
headwinds,
high
commodity
prices
and
a
downturn
in
the
property
market.
In
contrast,
the
central
banks
of
Taiwan,
South
Korea
and
India
all
raised
their
benchmark
interest
rates
multiple
times
to
stem
rising
inflation.
Russia’s
central
bank
raised
its
benchmark
interest
rate
multiple
times
in
the
first
half
of
the
period,
initially
to
fight
inflation
and
then
to
offset
ruble
devaluation
caused
by
international
sanctions
following
Russia’s
invasion
of
Ukraine
in
February
2022.
In
subsequent
months,
the
central
bank
cut
its
benchmark
rate
multiple
times,
though
the
rate
still
ended
the
period
higher
than
where
it
started.
The
central
bank
of
Brazil
raised
its
benchmark
interest
rate
at
each
of
its
policy
meetings
during
the
period,
bringing
the
number
of
consecutive
raises
to
12
as
the
country
battles
persistent
high
inflation.
In
this
environment,
emerging
market
stocks,
as
measured
by
the
MSCI
EM
Index-NR,
posted
a
-21.80%
total
return
for
the
12
months
ended
August
31,
2022.
1
Chinese
equities
declined
significantly
during
the
period
due
to
regulatory
pressure
on
technology
companies,
a
slowdown
in
the
property
market
and
new
COVID-19
outbreaks.
Equities
in
Taiwan
also
fell
significantly
during
the
period
on
expectations
of
weakening
global
demand
for
consumer
electronics,
and
a
broader
selloff
of
growth
stocks.
Russian
equities
declined
significantly
during
the
first
half
of
the
reporting
period
in
the
run-up
to
Russia’s
invasion
of
Ukraine.
In
March
2022,
major
index
providers
MSCI
and
FTSE
Russell
zero-valued
Russian
equities
and
dropped
them
from
their
benchmarks
following
the
Russian
government
closing
access
to
its
stock
markets.
Brazilian
equities
declined
during
a
volatile
12-month
period.
Valuations
fell
in
late
2021
due
to
tightening
monetary
policy
and
rising
inflation,
but
then
shot
up
in
2022’s
first
quarter
due
to
high
foreign
inflows—attracted
by
low
equity
prices—
and
high
commodity
prices.
Most
of
those
gains
were
given
back
in
the
second
quarter
as
commodity
prices
fell
from
their
peaks
and
rising
fuel
costs
and
inflation
heightened
the
risk
of
social
unrest.
Investment
Strategy
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.
Manager’s
Discussion
The
core
of
Franklin
Templeton
Emerging
Markets
Equity
team’s
philosophy
is
that
alpha
can
be
generated
over
time
by
having
the
insights,
skill
and
a
repeatable
process
to
identify
and
invest
in
securities
which
have
sustainable
earning
power
at
a
discount
to
their
intrinsic
worth.
Specifically,
we
look
for
the
following
characteristics:
-
Sustainability:
the
ability
to
sustain
stable/growing
economic
profits
across
time
periods.
-
Earnings
power:
demonstrated
ability
to
generate
economic
profit
into
the
future
in
areas
which
could
be
beyond
the
current
scope
of
company
operations.
-
At
a
discount
to
intrinsic
worth,
based
on
a
holistic
definition
of
value.
Our
long-term
presence
and
reputation
in
local
markets
and
our
well-resourced
and
experienced
team
enables
us
to
collect
and
analyze
information,
develop
and
maintain
robust
proprietary
perspectives,
and
form
a
deeper
and
broader
understanding
of
local
dynamics
and
investment
opportunities.
Top
10
Countries
8/31/22
a
%
of
Total
Net
Assets
a
a
South
Korea
36.6%
China
19.7%
Taiwan
18.3%
India
5.8%
Thailand
4.3%
South
Africa
2.8%
Indonesia
1.9%
Hungary
1.7%
Brazil
1.1%
Philippines
0.9%
Franklin
Templeton
SMACS:
Series
EM
4
franklintempleton.com
Annual
Report
We
harness
the
intellectual
capital
across
our
globally
integrated
team
to
enrich
our
understanding
of
individual
companies,
their
strategic
options,
and
the
macro
backdrop
within
which
they
operate.
Our
portfolio
construction
process
seeks
to
build
a
research-
driven,
high-conviction
portfolio
that
incorporates
diversified
economic
drivers
with
no
directional
bias.
The
Fund
is
not
intended
to
be
owned
as
a
stand-alone
investment
vehicle,
but
as
part
of
the
broader
Franklin
Income
separately
managed
account
product.
During
the
period
under
coverage,
sectors
that
positively
impacted
absolute
returns
included
energy.
Markets
that
contributed
positively
to
absolute
returns
included
India
and
Indonesia.
Sectors
that
negatively
impacted
absolute
results
included
communication
services,
materials,
and
health
care.
Markets
that
detracted
from
absolute
returns
included
Russia,
South
Africa
and
South
Korea.
Before
Russia’s
invasion
of
Ukraine,
we
had
maintained
our
position
in
Russian
stocks
including
VK,
a
leading
social
media
platform
and
online
games
company
in
Russia.
After
the
invasion,
stock
prices
declined
significantly.
At
the
time
of
writing,
trading
in
Russian
companies
whose
shares
are
traded
using
American
and
Global
Depositary
Receipts
(ADRs/GDRs)
listed
on
international
exchanges
are
suspended.
Given
these
facts,
on
March
4,
2022,
the
Russian
company
securities
that
are
halted
on
all
tradeable
exchanges
were
fair
valued
at
zero
by
the
Franklin
Templeton
Valuation
Committee.
In
concluding
upon
a
zero
value,
we
took
into
account
the
continued
uncertainty
in
the
market,
restrictions
to
trade
the
shares
both
onshore
and
offshore,
and
a
lack
of
any
price
discovery
mechanism
to
provide
indications
of
residual
value.
For
the
period
ended
August
31,
2022,
the
U.S.
dollar
rose
in
value
relative
to
most
currencies.
As
a
result,
the
Fund’s
performance
was
negatively
affected
by
the
portfolio’s
investment
in
securities
with
non-U.S.
currency
exposure.
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,
2022,
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
8/31/22
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Samsung
Electronics
Co.
Ltd.
13.8%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
8.3%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
MediaTek
,
Inc.
8.2%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
NAVER
Corp.
6.1%
Interactive
Media
&
Services,
South
Korea
LG
Corp.
5.8%
Industrial
Conglomerates,
South
Korea
China
Merchants
Bank
Co.
Ltd.
5.7%
Banks,
China
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
5.0%
Chemicals,
China
Samsung
Life
Insurance
Co.
Ltd.
4.2%
Insurance,
South
Korea
Soulbrain
Co.
Ltd.
2.8%
Chemicals,
South
Korea
Kasikornbank
PCL
2.7%
Banks,
Thailand
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,
2022
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
/22
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
–
Since
Inception
(10/20/21)
-22.92%
-22.92%
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
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
–
8/31/22)
Franklin
Templeton
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Series
EM
Performance
Summary
7
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Annual
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All
investments
involve
risks,
including
possible
loss
of
principal.
Special
risks
are
associated
with
foreign
investing,
including
currency
fluctuations,
economic
instability
and
political
developments.
Investments
in
developing
markets,
of
which
frontier
markets
are
a
subset,
involve
heightened
risks
related
to
the
same
factors,
in
addition
to
those
associated
with
these
markets’
smaller
size,
lesser
liquidity
and
lack
of
established
legal,
political,
business
and
social
frameworks
to
support
securities
markets.
Because
these
frameworks
are
typically
even
less
developed
in
frontier
markets,
as
well
as
various
factors
including
the
increased
potential
for
extreme
price
volatility,
illiquidity,
trade
barriers
and
exchange
controls,
the
risks
associated
with
developing
markets
are
magnified
in
frontier
markets.
The
Fund
is
designed
for
the
aggres-
sive
portion
of
a
well-diversified
portfolio.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
imposed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberat-
tacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
may
be
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
zero
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
nat-
ural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
1.
The
Fund
has
an
expense
reduction
(including
acquired
fund
fees
and
expenses)
contractually
guaranteed
through
12/31/22.
Fund
investment
results
reflect
the
expense
reduction;
without
this
reduction,
the
results
would
have
been
lower.
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:
Morningstar.
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
(10/20/21–8/31/22)
Net
Investment
Income
$0.0621
Total
Annual
Operating
Expenses
5
With
Fee
Waiver
Without
Fee
Waiver
0.00%
0.33%
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.
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.
Non-recurring
expenses
are
not
annualized.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Beginning
Account
Value
3/1/22
Ending
Account
Value
8/31/22
Expenses
Paid
During
Period
3/1/22–8/31/22
1,2
Ending
Account
Value
8/31/22
Expenses
Paid
During
Period
3/1/22–8/31/22
1,2
a
Net
Annualized
Expense
Ratio
2
$1,000
$806.30
$0.00
$1,025.21
$0.00
0.00%
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,
2022
a
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.....................................................................
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c
...........................................................................
0.19
Net
realized
and
unrealized
gains
(losses)
.............................................................
(2.47)
Total
from
investment
operations
......................................................................
(2.28)
Less
distributions
from:
Net
investment
income
............................................................................
(0.06)
Net
asset
value,
end
of
year
.........................................................................
$7.66
Total
return
d
.....................................................................................
(22.92)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
........................................................
17.93%
Expenses
net
of
waiver
and
payments
by
affiliates
.........................................................
—%
Net
investment
income
.............................................................................
2.48%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.......................................................................
$849
Portfolio
turnover
rate
..............................................................................
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
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
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,
2022
Franklin
Templeton
SMACS:
Series
EM
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.4%
Auto
Components
0.8%
Hankook
Tire
&
Technology
Co.
Ltd.
.......................
South
Korea
103
$
2,892
a,b
Nemak
SAB
de
CV,
144A,
Reg
S
.........................
Mexico
16,156
3,417
6,309
Automobiles
1.9%
Astra
International
Tbk.
PT
..............................
Indonesia
34,310
16,099
Banks
13.2%
BDO
Unibank,
Inc.
....................................
Philippines
3,516
8,031
China
Merchants
Bank
Co.
Ltd.,
A
.........................
China
9,512
48,161
HDFC
Bank
Ltd.
......................................
India
1,163
21,308
Kasikornbank
PCL
....................................
Thailand
5,418
22,691
Ping
An
Bank
Co.
Ltd.,
A
................................
China
6,500
11,976
112,167
Beverages
0.9%
Thai
Beverage
PCL
....................................
Thailand
15,644
7,207
Capital
Markets
0.3%
B3
SA
-
Brasil
Bolsa
Balcao
.............................
Brazil
1,013
2,308
Chemicals
8.6%
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
.............
China
6,143
42,169
LG
Chem
Ltd.
........................................
South
Korea
14
6,527
Soulbrain
Co.
Ltd.
.....................................
South
Korea
151
24,162
72,858
Construction
Materials
2.5%
China
Resources
Cement
Holdings
Ltd.
....................
China
21,612
13,322
a
Keshun
Waterproof
Technologies
Co.
Ltd.,
A
.................
China
5,486
8,149
21,471
Diversified
Financial
Services
2.6%
Bajaj
Holdings
&
Investment
Ltd.
..........................
India
325
22,149
Electronic
Equipment,
Instruments
&
Components
1.8%
Hon
Hai
Precision
Industry
Co.
Ltd.
........................
Taiwan
4,157
14,814
Food
&
Staples
Retailing
1.9%
a
Massmart
Holdings
Ltd.
.................................
South
Africa
4,745
16,101
Food
Products
2.9%
Health
&
Happiness
H&H
International
Holdings
Ltd.
...........
China
5,563
7,434
Uni-President
China
Holdings
Ltd.
.........................
China
19,743
16,998
24,432
Health
Care
Providers
&
Services
0.9%
Netcare
Ltd.
.........................................
South
Africa
9,212
7,894
Hotels,
Restaurants
&
Leisure
0.8%
a
NagaCorp
Ltd.
.......................................
Cambodia
8,362
6,773
Industrial
Conglomerates
5.8%
LG
Corp.
............................................
South
Korea
812
49,353
Insurance
4.2%
Samsung
Life
Insurance
Co.
Ltd.
..........................
South
Korea
782
35,950
Interactive
Media
&
Services
6.1%
NAVER
Corp.
........................................
South
Korea
293
51,787
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
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Interactive
Media
&
Services
(continued)
a,b,c,d
VK
Co.
Ltd.,
GDR,
Reg
S
...............................
Russia
458
$
—
51,787
Internet
&
Direct
Marketing
Retail
1.4%
a
Americanas
SA
.......................................
Brazil
1,949
6,124
a
Zomato
Ltd.
.........................................
India
8,100
5,787
11,911
Life
Sciences
Tools
&
Services
1.0%
a
LegoChem
Biosciences,
Inc.
.............................
South
Korea
260
8,644
Oil,
Gas
&
Consumable
Fuels
0.8%
Star
Petroleum
Refining
PCL
.............................
Thailand
19,621
6,912
Pharmaceuticals
1.7%
Richter
Gedeon
Nyrt.
..................................
Hungary
734
14,783
Real
Estate
Management
&
Development
0.9%
China
Resources
Land
Ltd.
..............................
China
1,027
4,205
b
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...................
China
5,063
3,658
7,863
Semiconductors
&
Semiconductor
Equipment
16.5%
MediaTek,
Inc.
.......................................
Taiwan
3,216
69,638
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
4,296
70,379
140,017
Software
0.7%
Longshine
Technology
Group
Co.
Ltd.,
A
....................
China
1,325
5,182
a
TOTVS
SA
..........................................
Brazil
131
719
5,901
Technology
Hardware,
Storage
&
Peripherals
13.8%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
2,646
116,757
Textiles,
Apparel
&
Luxury
Goods
1.7%
Fila
Holdings
Corp.
....................................
South
Korea
622
14,310
Transportation
Infrastructure
0.7%
COSCO
SHIPPING
Ports
Ltd.
............................
China
9,554
6,182
Total
Common
Stocks
(Cost
$1,062,074)
.......................................
800,952
Short
Term
Investments
8.5%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
8.5%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
1.864%
....
United
States
72,154
72,154
Total
Money
Market
Funds
(Cost
$72,154)
......................................
72,154
Total
Short
Term
Investments
(Cost
$72,154
)
...................................
72,154
a
Total
Investments
(Cost
$1,134,228)
102.9%
....................................
$873,106
Other
Assets,
less
Liabilities
(2.9)%
...........................................
(24,248)
Net
Assets
100.0%
...........................................................
$848,858
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
See
Abbreviations
on
page
23
.
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,
2022,
the
aggregate
value
of
these
securities
was
$7,075,
representing
0.8%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
9
regarding
fair
value
measurements.
d
See
Note
6
regarding
investments
in
Russian
securities.
e
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Financial
Statements
Statement
of
Assets
and
Liabilities
August
31,
2022
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
...................................................................
$1,062,074
Cost
-
Non-controlled
affiliates
(Note
3
d
)
........................................................
72,154
Value
-
Unaffiliated
issuers
..................................................................
$800,952
Value
-
Non-controlled
affiliates
(Note
3
d
)
.......................................................
72,154
Receivables:
Dividends
...............................................................................
466
Affiliates
................................................................................
20,366
Offering
costs
.............................................................................
9,147
Total
assets
..........................................................................
903,085
Liabilities:
Payables:
Transfer
agent
fees
........................................................................
135
Professional
fees
.........................................................................
52,252
Deferred
tax
...............................................................................
950
Accrued
expenses
and
other
liabilities
...........................................................
890
Total
liabilities
.........................................................................
54,227
Net
assets,
at
value
.................................................................
$848,858
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,109,989
Total
distributable
earnings
(losses)
.............................................................
(261,131)
Net
assets,
at
value
.................................................................
$848,858
Shares
outstanding
.........................................................................
110,824
Net
asset
value
per
share
....................................................................
$7.66
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Financial
Statements
Statement
of
Operations
for
the
year
ended
August
31,
2022
a
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
$3,296)
Unaffiliated
issuers
........................................................................
$20,873
Non-controlled
affiliates
(Note
3
d
)
.............................................................
325
Other
income
b
.............................................................................
29
Total
investment
income
...................................................................
21,227
Expenses:
Transfer
agent
fees
(Note
3
c
)
..................................................................
352
Custodian
fees
............................................................................
1,181
Reports
to
shareholders
fees
..................................................................
2,098
Registration
and
filing
fees
....................................................................
5,555
Professional
fees
...........................................................................
74,004
Trustees'
fees
and
expenses
..................................................................
67
Organization
costs
..........................................................................
20,753
Amortization
of
offering
costs
(Note
1e)
..........................................................
58,988
Other
....................................................................................
1,611
Total
expenses
.........................................................................
164,609
Expenses
waived/paid
by
affiliates
(Note
3
d
and
3
e
)
..............................................
(164,609)
Net
expenses
.........................................................................
—
Net
investment
income
................................................................
21,227
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(12,610)
Foreign
currency
transactions
................................................................
(757)
Net
realized
gain
(loss)
..................................................................
(13,367)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(261,122)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(7)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(950)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(262,079)
Net
realized
and
unrealized
gain
(loss)
............................................................
(275,446)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(254,219)
a
For
the
period
October
20,
2021
(commencement
of
operations)
to
August
31,
2022.
b
Other
income
includes
payments
by
Asset
Management
for
acquired
fund
fees
and
expenses
(See
Note
3e).
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Financial
Statements
Statement
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
Franklin
Templeton
SMACS
Series
EM
Year
Ended
August
31,
2022
a
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
...................................................................
$21,227
Net
realized
gain
(loss)
...................................................................
(13,367)
Net
change
in
unrealized
appreciation
(depreciation)
.............................................
(262,079)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..................................
(254,219)
Distributions
to
shareholders
...............................................................
(6,912)
Capital
share
transactions
(Not
e
2)
...........................................................
1,109,989
Net
increase
(decrease)
in
net
assets
.....................................................
848,858
Net
assets:
End
of
year
.............................................................................
$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
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
Franklin
Templeton
SMACS:
Series
EM
(Fund)
is
included
in
this
report.
The
Fund
commenced
operations
effective
October
20,
2021. 
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 Fund's
administrator
has
responsibility
for
oversight
of
valuation,
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,
book
values,
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,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
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.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
17
franklintempleton.com
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
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,
2022,
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.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
18
franklintempleton.com
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
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,
2022,
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:
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.
Year
Ended
August
31,
2022
a
Shares
Amount
Class
A
Shares
sold
...................................
112,189
$1,122,500
Shares
redeemed
...............................
(1,365)
(12,511)
Net
increase
(decrease)
..........................
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)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
19
franklintempleton.com
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
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.
The
fees
are
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,
2022,
the
Fund
paid
transfer
agent
fees
of
$352,
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,
2022,
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,
2022.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
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,
2022,
are
reflected
as
other
income
in
the
Statement
of
Operations.
f.
Other
Affiliated
Transactions
At
August
31,
2022,
Templeton
International,
Inc.
owned
100%
of
the
Fund's
outstanding
shares.
Investment
activities
of
this
shareholder
could
have
a
material
impact
on
the
Fund.
    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,
1.864%
$
—
$
609,479
$
(537,325)
$
—
$
—
$
72,154
72,154
$
325
Total
Affiliated
Securities
...
$—
$609,479
$(537,325)
$—
$—
$72,154
$325
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
20
franklintempleton.com
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains. 
At
August
31,
2022,
the
capital
loss
carryforwards
were
as
follows:
The
tax
character
of
distributions
paid
during
the
year
ended
August
31,
2022,
was
as
follows:
At
August
31,
2022,
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
and
passive
foreign
investment
company
shares.
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
year
ended
August
31,
2022,
aggregated
$1,366,295
and
$291,761,
respectively. 
6.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Investing
in
China
A
shares
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities.
In
general,
A
shares
are
issued
by
companies
incorporated
in
the
People’s
Republic
of
China
(PRC)
and
listed
on
the
Shanghai
and
Shenzhen
Stock
Exchanges
and
available
for
investment
by
domestic
(Chinese)
investors
and
holders
of
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.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$11,002
2022
Distributions
paid
from:
Ordinary
income
..........................................................
$6,912
Cost
of
investments
..........................................................................
$1,138,744
Unrealized
appreciation
........................................................................
$6,525
Unrealized
depreciation
........................................................................
(272,163)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(265,638)
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$16,466
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
21
franklintempleton.com
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
imposed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
was
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
little
or
no
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
equity
securities
held
by
the
Fund
had
little
or
no
value
at
August
31,
2022.
7.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
8.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
3,
2023.
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,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
9.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
6.
Concentration
of
Risk
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
22
franklintempleton.com
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
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,
2022,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the year.
Level
1
Level
2
Level
3
Total
Franklin
Templeton
SMACS
Series
EM
Assets:
Investments
in
Securities:
Common
Stocks
:
Auto
Components
......................
$
3,417
$
2,892
$
—
$
6,309
Automobiles
..........................
—
16,099
—
16,099
Banks
...............................
—
112,167
—
112,167
Beverages
...........................
—
7,207
—
7,207
Capital
Markets
........................
2,308
—
—
2,308
Chemicals
...........................
—
72,858
—
72,858
Construction
Materials
..................
—
21,471
—
21,471
Diversified
Financial
Services
.............
—
22,149
—
22,149
Electronic
Equipment,
Instruments
&
Components
........................
—
14,814
—
14,814
Food
&
Staples
Retailing
.................
—
16,101
—
16,101
Food
Products
........................
—
24,432
—
24,432
Health
Care
Providers
&
Services
..........
—
7,894
—
7,894
Hotels,
Restaurants
&
Leisure
.............
—
6,773
—
6,773
Industrial
Conglomerates
................
—
49,353
—
49,353
Insurance
............................
—
35,950
—
35,950
Interactive
Media
&
Services
..............
—
51,787
—
a
51,787
Internet
&
Direct
Marketing
Retail
..........
6,124
5,787
—
11,911
Life
Sciences
Tools
&
Services
............
—
8,644
—
8,644
Oil,
Gas
&
Consumable
Fuels
.............
—
6,912
—
6,912
Pharmaceuticals
.......................
—
14,783
—
14,783
Real
Estate
Management
&
Development
....
—
7,863
—
7,863
Semiconductors
&
Semiconductor
Equipment
.
—
140,017
—
140,017
Software
.............................
719
5,182
—
5,901
Technology
Hardware,
Storage
&
Peripherals
.
—
116,757
—
116,757
Textiles,
Apparel
&
Luxury
Goods
..........
—
14,310
—
14,310
Transportation
Infrastructure
..............
—
6,182
—
6,182
Short
Term
Investments
...................
72,154
—
—
72,154
Total
Investments
in
Securities
...........
$84,722
$788,384
b
$—
$873,106
a
Includes
securities
determined
to
have
no
value
at
August
31,
2022.
b
Includes
foreign
securities
valued
at
$788,384,
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.
9.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
23
franklintempleton.com
Annual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
10.
New
Accounting
Pronouncements
In June
2022,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
clarify
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
should
not
be
considered
in
measuring
fair
value.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2023,
with
the
option
of
early
adoption.
Management
is
currently
evaluating
the
impact,
if
any,
of
applying
this
ASU.
11.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Selected
Portfolio
GDR
Global
Depositary
Receipt
Templeton
Global
Investment
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
24
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,
2022,
and
the
related
statements
of
operations
and
changes
in
net
assets,
including
the
related
notes,
and
the
financial
highlights
for
the
period
October
20,
2021
(commencement
of
operations)
through
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,
2022,
and
the
results
of
its
operations,
changes
in
its
net
assets,
and
the
financial
highlights
for
the
period
October
20,
2021
(commencement
of
operations)
through
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,
2022
by
correspondence
with
the
custodian
and
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
October
17,
2022
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)
25
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,
2022:
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,
2022
:
Pursuant
to:
Amount
Reported
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$13,227
Section
163(j)
Interest
Earned
§163(j)
$325
Amount
Reported
Foreign
Taxes
Paid
$3,190
Foreign
Source
Income
Earned
$23,134
Templeton
Global
Investment
Trust
Board
Members
and
Officers
26
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*
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
30
Ares
Capital
Corporation
(specialty
finance
company)
(2010-present),
United
Natural
Foods,
Inc.
(distributor
of
natural,
organic
and
specialty
foods)
(2013-present),
formerly
,
Allied
Capital
Corporation
(financial
services)
(2003-
2010),
SLM
Corporation
(Sallie
Mae)
(1997-2014)
and
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).
Mary
C.
Choksi
(1950)
Trustee
Since
2017
120
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
27
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*
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
120
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
120
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
30
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
120
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
28
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*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Constantine
D.
Tseretopoulos
(1954)
Trustee
Since
2001
20
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).
Robert
E.
Wade
(1946)
Trustee
Since
2006
30
El
Oro
Ltd
(investments)
(2003-
2019).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Attorney
at
law
engaged
in
private
practice
as
a
sole
practitioner
(1972-2008)
and
member
of
various
boards.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Gregory
E.
Johnson
(1961)
Trustee
Since
2006
131
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.
(1940)
Chairman
of
the
Board,
Trustee
and
Vice
President
Chairman
of
the
Board
and
Trustee
since
2013
and
Vice
President
since
1996
120
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.
Alan
T.
Bartlett
(1970)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2019
Not
Applicable
Not
Applicable
Lyford
Cay
Nassau,
Bahamas
Principal
Occupation
During
at
Least
the
Past
5
Years:
President
and
Director,
Templeton
Global
Advisors
Limited;
Chief
Investment
Officer
of
Templeton
Global
Equity
Group;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Chairman
of
the
Board,
Goodhart
Partners;
and
formerly
,
Chief
Executive
Officer,
Goodhart
Partners
(2009-2019).
Independent
Board
Members
(continued)
Templeton
Global
Investment
Trust
29
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*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Alison
E.
Baur
(1964)
Vice
President
Since
2012
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Breda
M.
Beckerle
(1958)
Chief
Compliance
Officer
Since
2020
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Compliance
Officer,
Fiduciary
Investment
Management
International,
Inc.,
Franklin
Advisers,
Inc.,
Franklin
Mutual
Advisers,
LLC,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Steven
J.
Gray
(1955)
Vice
President
Since
2009
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;
Assistant
Secretary,
Franklin
Distributors,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
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).
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue
New
York,
NY
10018
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
January
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.
Navid
J.
Tofigh
(1972)
Vice
President
Since
2015
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
30
franklintempleton.com
Annual
Report
*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.
**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.
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
major
shareholder
of
Resources.
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.
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
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.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Lori
A.
Weber
(1964)
Vice
President
and
Secretary
Vice
President
since
2011
and
Secretary
since
2013
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Shareholder
Information
31
franklintempleton.com
Annual
Report
Liquidity
Risk
Management
Program
Each
Fund
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
for
the
Franklin
Templeton
and
Legg
Mason
Funds
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
2022,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2021.
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.
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Shareholder
Information
32
franklintempleton.com
Annual
Report
Quarterly
Schedule
of
Investments
The
Trust
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
each
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
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Templeton
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or
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ANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Templeton
Emerging
Markets
Small
Cap
Fund
A
Series
of
Templeton
Global
Investment
Trust
August
31,
2022
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up
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franklintempleton.com
Annual
Report
1
Shareholder
Letter
Dear
Shareholder:
As
approved
by
the
Board
of
Trustees
at
a
meeting
held
on
December
9,
2021,
Templeton
Emerging
Markets
Small
Cap
Fund's
fiscal
year-end
was
changed
to
August
31.
The
following
annual
report
covers
the
shortened
fiscal
year
for
the
transitional
five-month
period
between
the
Fund's
prior
fiscal
year-end,
March
31,
2022,
and
August
31,
2022.
Inflation
remains
a
concern
in
emerging
markets,
but
the
asset
class
has
an
early
mover
advantage
in
terms
of
interest
rates,
which
were
raised
by
many
countries
early
in
the
cycle
to
address
building
inflationary
pressures
and
curb
excess
demand.
Brazil,
for
example,
started
tightening
monetary
policy
in
the
first
quarter
of
2021,
12
months
before
the
United
States.
Looking
ahead,
lower
agricultural
commodity
prices
as
record
harvests
in
some
regions
offset
lower
harvests
in
others—in
combination
with
the
resumption
of
grain
exports
from
Ukraine—imply
we
may
have
witnessed
the
peak
in
food
prices.
This
is
positive
for
the
inflation
outlook
in
emerging
markets
where
food
prices
have
the
largest
weight
in
inflation
baskets.
The
effect
of
climate
change
remains
at
the
forefront
of
investors’
minds
following
severe
weather
patterns
across
emerging
and
developed
markets
over
the
Northern
hemisphere
summer.
Floods
in
Pakistan,
along
with
record
temperatures
in
Europe
and
China
leading
to
drought,
are
exacerbating
supply-chain
challenges
and
food
supply
concerns,
even
if
weak
agricultural
harvests
in
one
region
are
offset
by
record
harvests
in
another.
Turning
to
China,
we
believe
investor
sentiment
and
valuation
in
Chinese
equities
are
currently
at
unsustainable
lows.
As
such,
we
are
positive
on
the
relative
case
for
the
Chinese
equity
market’s
prospects
as
we
move
into
the
latter
part
of
this
year.
Easing
“zero-COVID”
restrictions,
a
reduction
in
geopolitical
tensions,
and
clear
evidence
of
no
further
tightening
in
the
regulatory
space
could
all
be
positive
catalysts
to
help
China’s
market
recover.
The
combination
of
seasonal
patterns
in
markets
and
the
hawkish
stance
of
developed
market
policymakers
creates
a
challenging
backdrop
for
global
markets
for
the
remainder
of
2022.
For
emerging
market
equities,
their
early
mover
advantage
in
raising
interest
rates
along
with
seasonal
patterns
which
indicate
the
fourth
quarter
period
is
strongest
for
markets
gives
us
confidence
that,
similar
to
the
first
half
of
the
year,
emerging
markets
can
outperform
their
developed
market
peers
over
the
remainder
of
the
year.
We
are
committed
to
our
long-term
perspective
and
disciplined
investment
approach
as
we
conduct
a
rigorous,
fundamental
analysis
of
securities
with
a
regular
emphasis
on
investment
risk
management.
Historically,
patient
investors
have
achieved
rewarding
results
by
evaluating
their
goals,
diversifying
their
assets
globally
and
maintaining
a
disciplined
investment
program,
all
hallmarks
of
the
Templeton
investment
philosophy.
We
continue
to
recommend
investors
consult
financial
professionals
and
review
their
portfolios
to
design
a
long-term
strategy
and
portfolio
allocation
that
meet
their
individual
needs,
goals
and
risk
tolerance.
Templeton
Emerging
Markets
Small
Cap
Fund’s
annual
report
includes
more
detail
about
prevailing
conditions
and
a
discussion
about
investment
decisions
during
the
period.
Please
remember
all
securities
markets
fluctuate,
as
do
mutual
fund
share
prices.
We
thank
you
for
investing
with
Franklin
Templeton,
welcome
your
questions
and
comments,
and
look
forward
to
serving
your
investment
needs
in
the
years
ahead.
Sincerely,
Manraj
S.
Sekhon,
CFA
Chief
Investment
Officer
Franklin
Templeton
Emerging
Markets
Equity
This
letter
reflects
our
analysis
and
opinions
as
of
August
31,
2022,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
franklintempleton.com
Annual
Report
2
Contents
Annual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
3
Performance
Summary
7
Your
Fund’s
Expenses
10
Financial
Highlights
and
Schedule
of
Investments
11
Financial
Statements
20
Notes
to
Financial
Statements
24
Report
of
Independent
Registered
Public
Accounting
Firm
35
Tax
Information
36
Board
Members
and
Officers
37
Shareholder
Information
42
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Templeton
Emerging
Markets
Small
Cap
Fund
As
approved
by
the
Board
of
Trustees
at
a
meeting
held
on
December
9,
2021,
Templeton
Emerging
Markets
Small
Cap
Fund’s
fiscal
year-end
was
changed
to
August
31.
The
following
annual
report
covers
the
shortened
fiscal
year
for
the
transitional
five-month
period
between
the
Fund’s
prior
fiscal
year-end,
March
31,
2022,
and
August
31,
2022.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
long-term
capital
appreciation.
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
in
securities
of
small-cap
companies
located
in
emerging
market
countries,
as
defined
in
the
Fund’s
prospectus.
For
this
Fund,
small-cap
companies
are
companies
with
a
market
capitalization
at
the
time
of
purchase
within
the
range
of
the
market
capitalizations
of
companies
included
in
the
MSCI
Emerging
Markets
(EM)
Small
Cap
Index.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
-10.23%
cumulative
total
return
for
the
five
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
-11.98%
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
7
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Economic
and
Market
Overview
Emerging
market
economies
mostly
grew
during
the
five
months
ended
August
31,
2022,
though
high
levels
of
inflation
and
Russia’s
invasion
of
Ukraine
restrained
growth.
Most
emerging
market
central
banks
raised
their
benchmark
interest
rates
to
stem
inflation,
a
trend
also
seen
in
developed
market
countries.
During
the
period,
emerging
market
small-cap
equities
were
hurt
by
investor
concerns
about
Russia’s
invasion
of
Ukraine,
rising
inflation
and
accompanying
interest-rate
hikes,
and
supply-chain
challenges.
Regarding
individual
countries,
China’s
year-on-year
economic
growth
rate
dropped
significantly
in
2022’s
second
quarter
amid
continued
COVID
outbreaks,
weak
domestic
demand
and
tightening
monetary
policy
abroad.
Taiwan’s
year-on-year
growth
rate
moderated
in
2022’s
second
quarter
as
imports
outpaced
exports.
South
Korea’s
year-
on-year
growth
rate
moderated
slightly
in
2022’s
second
quarter,
while
India’s
year-on-year
growth
rate
accelerated.
Russia’s
year-on-year
growth
rate
contracted
in
the
second
quarter
as
domestic
spending
weakened
amid
widespread
international
sanctions
imposed
in
response
to
Russia’s
invasion
of
Ukraine.
Brazil’s
year-on-year
growth
rate
accelerated
in
2022’s
second
quarter,
in
part
due
to
an
increase
in
private
spending
spurred
by
the
lifting
of
COVID-
related
restrictions.
Turning
to
specific
countries’
monetary
policies,
the
People’s
Bank
of
China
lowered
its
benchmark
loan
prime
rate
once
during
the
period
to
spur
growth
in
the
face
of
COVID-related
headwinds,
high
commodity
prices
and
a
downturn
in
the
property
market.
Russia’s
central
bank
cut
its
benchmark
interest
rate
multiple
times,
reversing
large
rate
hikes
Geographic
Composition
8/31/22
%
of
Total
Net
Assets
Asia
80.8%
Latin
America
&
Caribbean
9.6%
Europe
3.9%
Middle East & Africa
3.2%
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
16
.
Templeton
Emerging
Markets
Small
Cap
Fund
4
franklintempleton.com
Annual
Report
enacted
prior
to
the
reporting
period
in
the
aftermath
of
the
country’s
invasion
of
Ukraine
in
February
2022.
In
contrast,
Taiwan’s
central
bank
raised
its
benchmark
interest
rate
once
and
the
central
banks
of
South
Korea,
India
and
Brazil
raised
their
benchmark
rates
multiple
times
to
stem
rising
inflation.
In
this
environment,
emerging
market
small-cap
stocks,
as
measured
by
the
MSCI
EM
Small
Cap
Index-NR,
posted
a
-11.98%
total
return
for
the
five
months
ended
August
31,
2022.
1
Chinese
small-cap
equities
declined
during
the
period
due
to
investor
concerns
about
regulatory
fines
levied
on
technology
companies,
a
mortgage
repayment
boycott
by
homeowners
due
to
delays
in
apartment
handovers,
and
the
government’s
continued
“zero-COVID”
policy.
Small-cap
equities
in
Taiwan
also
fell
during
the
period
on
expectations
of
weakening
global
demand
for
consumer
electronics
and
a
broader
selloff
of
growth
stocks.
In
March
2022,
prior
to
the
reporting
period,
major
index
providers
MSCI
and
FTSE
Russell
zero-valued
Russian
equities
and
dropped
them
from
their
benchmarks
following
the
Russian
government
closing
access
to
its
stock
markets.
Small-cap
Brazilian
equities
declined
significantly
during
the
period
as
commodity
prices
fell
from
pre-period
peaks
and
rising
fuel
costs
and
inflation
heightened
the
risk
of
social
unrest.
Investment
Strategy
Our
investment
strategy
employs
a
fundamental
research,
bottom-up,
long-term
approach.
We
focus
on
the
market
price
of
a
company’s
securities
relative
to
our
evaluation
of
the
company’s
long-term
earnings,
asset
value
and
cash
flow
potential.
We
also
consider
a
company’s
profit
and
loss
outlook,
balance
sheet
strength,
cash
flow
trends
and
asset
value
in
relation
to
the
current
price
of
the
company’s
securities.
Manager’s
Discussion
During
the
five
months
under
review,
key
contributors
to
the
Fund’s
absolute
performance
included
Daqo
New
Energy,
PharmaEssentia,
and
M
Dias
Branco.
Daqo
New
Energy,
a
Chinese
producer
of
polysilicon
for
the
solar
industry,
witnessed
a
sharp
increase
in
its
share
price
during
the
period.
The
company
raised
its
annual
production
volume
target
and
is
positive
on
the
outlook
for
polysilicon
prices.
Investors
are
attracted
to
the
company
given
its
focus
on
renewable
energy
which
is
forecast
to
continue
growing
significantly
in
the
coming
years.
PharmaEssentia
(not
held
at
period-end)
is
a
Taiwanese
pharmaceutical
company
engaged
in
the
research,
development
and
sales
of
therapeutic
drugs.
The
company
has
begun
to
sell
its
key
drug
Besremi
(a
treatment
for
rare
blood
disorders)
in
the
U.S.
following
receipt
of
approval
from
the
U.S.
Food
and
Drug
Administration.
The
company
has
four
new
drugs
going
into
Phase
1
trials
and
is
building
a
new
plant
in
Taiwan
to
support
drug
sales
in
new
markets.
M
Dias
Branco
is
a
Brazilian
foodstuff
manufacturer.
The
company’s
share
price
rose
significantly
during
the
reporting
period
following
the
release
of
strong
first-half
2022
results.
Margins
improved,
led
by
price
hikes
in
products
including
pasta,
cookies
and
cakes.
The
price
increases
reflected
higher
costs
of
key
inputs
including
wheat,
vegetable
oil
and
sugar.
The
company’s
price
points
for
its
key
products
are
at
a
discount
to
global
peers
sold
in
Brazil,
which
limits
the
risk
of
consumers
trading
down
due
to
price
increases.
Its
strong
brand
and
broad
product
range—which
target
different
market
segments—enable
the
company
to
maintain
its
position
as
a
leading
provider
of
branded
consumer
products
in
Brazil.
Conversely,
major
detractors
from
absolute
performance
included
Pearl
Abyss,
Ser
Educacional
and
Zinus.
Pearl
Abyss
is
a
South
Korean
developer
of
multi-player
online
games.
The
company
witnessed
a
decline
in
its
share
price
in
2022’s
second
quarter
after
a
disappointing
launch
of
its
game
Black
Desert
Mobile
in
China.
The
game
failed
to
get
the
traction
expected
in
China
following
negative
feedback
from
gamers.
The
company
subsequently
witnessed
a
reduction
in
earnings
forecasts,
reflecting
the
poor
reception
the
game
received
along
with
delays
in
the
launch
of
other
games
in
its
development
pipeline.
Pearl
Abyss
has
two
upcoming
games
which
have
received
better
Top
10
Countries
8/31/22
a
%
of
Total
Net
Assets
a
a
India
20.3%
Taiwan
15.9%
China
13.2%
South
Korea
12.9%
Vietnam
7.5%
Brazil
4.5%
Philippines
4.0%
Hong
Kong
3.2%
Thailand
2.4%
South
Africa
2.0%
Templeton
Emerging
Markets
Small
Cap
Fund
5
franklintempleton.com
Annual
Report
initial
feedback
in
user
testing.
However,
investors
are
adopting
a
wait
and
see
approach.
Ser
Educacional
is
a
post-secondary
school
operator
in
Brazil
with
300,000
students
across
60
campuses.
The
company
has
suffered
from
rising
interest
rates
at
a
time
when
its
balance
sheet
is
leveraged
due
to
prior
acquisitions.
Changing
student
habits
post-COVID-19
are
creating
challenges
and
leading
to
unprofitable
attendance
levels
on
some
campuses.
However,
opportunities
also
exist
from
increased
acceptance
of
online
courses,
which
can
be
launched
with
a
lower
cohort
size
compared
to
an
on-
campus
course
launch.
Zinus
is
a
South
Korean
manufacturer
of
home
furnishings,
including
mattresses
and
bed-top
products.
The
company’s
share
price
declined
during
the
period
due
to
weaker
demand
in
the
U.S.
combined
with
the
negative
impact
from
rising
raw
material
prices
and
shipping
challenges.
Margins
declined
due
to
rising
costs
and
elevated
inventories.
Sales
growth
outside
the
U.S.
was
positive
and
the
company
is
partnering
with
a
South
Korean
department
store
operator
to
increase
brand
awareness
and
raise
the
share
of
non-U.S.
sales.
Before
Russia’s
invasion
of
Ukraine,
we
had
maintained
our
position
in
Russian
stocks
including
VK,
which
develops
online
games,
internet
search
and
social
media
platforms
in
Russia.
After
the
invasion,
stock
prices
declined
significantly.
At
the
time
of
writing,
trading
in
Russian
companies
whose
shares
are
traded
using
American
and
Global
Depositary
Receipts
(ADRs/GDRs)
listed
on
international
exchanges
are
suspended.
Given
these
facts,
on
March
4,
2022,
the
Russian
company
securities
that
are
halted
on
all
tradeable
exchanges
were
fair
valued
at
zero
by
the
Franklin
Templeton
Valuation
Committee.
In
concluding
upon
a
zero
value,
we
took
into
account
the
continued
uncertainty
in
the
market,
restrictions
to
trade
the
shares
both
onshore
and
offshore,
and
a
lack
of
any
price
discovery
mechanism
to
provide
indications
of
residual
value.
In
the
past
five
months,
we
increased
the
Fund’s
holdings
in
Hungary,
India,
and
Thailand
due
to
the
availability
of
what
we
believed
to
be
attractive
investment
opportunities.
In
terms
of
sectors,
additions
were
made
in
industrials,
consumer
discretionary
and
utilities.
We
initiated
exposure
to
several
new
investments
as
we
continued
to
identify
companies
with
sustainable
earnings
power
trading
at
a
discount
to
their
intrinsic
worth.
Key
additions
included
Zomato,
an
Indian
food
delivery
app,
Wizz
Air
Holdings,
a
Hungary-based
low-cost
airline,
and
Max
Financial
Services,
an
Indian
financial
services
company.
Additionally,
we
added
to
our
existing
high-conviction
portfolio
holdings
with
purchases
of
Pacific
Basin
Shipping,
a
Hong
Kong
shipping
company,
momo.com,
a
Taiwanese
e-commerce
company,
and
Bradespar,
a
Brazilian
investment
company.
In
contrast,
the
Fund
reduced
its
investments
in
Taiwan,
South
Korea
and
Brazil
in
favor
of
opportunities
we
found
more
compelling.
Sectors
which
experienced
the
largest
sales
were
information
technology,
health
care
and
consumer
staples.
In
terms
of
key
sales,
we
reduced
holdings
in
M
Dias
Branco,
the
previously
mentioned
Brazilian
foodstuff
manufacturer,
Hoa
Phat
Group,
a
Vietnamese
metals
company,
and
Longshine
Technology
Group,
a
Chinese
technology
solutions
provider,
to
realign
the
portfolio
and
raise
funds
for
new
opportunities.
For
the
five
months
ended
August
31,
2022,
the
U.S.
dollar
rose
in
value
relative
to
most
currencies.
As
a
result,
the
Fund’s
performance
was
negatively
affected
by
the
portfolio’s
investment
in
securities
with
non-U.S.
currency
exposure.
Top
10
Holdings
8/31/22
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Bajaj
Holdings
&
Investment
Ltd.
5.3%
Diversified
Financial
Services,
India
Federal
Bank
Ltd.
3.6%
Banks,
India
Daqo
New
Energy
Corp.
3.6%
Semiconductors
&
Semiconductor
Equipment,
China
FPT
Corp.
2.8%
IT
Services,
Vietnam
Merida
Industry
Co.
Ltd.
2.7%
Leisure
Products,
Taiwan
Mobile
World
Investment
Corp.
2.6%
Specialty
Retail,
Vietnam
International
Container
Terminal
Services,
Inc.
2.5%
Transportation
Infrastructure,
Philippines
Synnex
Technology
International
Corp.
2.5%
Electronic
Equipment,
Instruments
&
Components,
Taiwan
Redington
India
Ltd.
2.2%
Electronic
Equipment,
Instruments
&
Components,
India
Pacific
Basin
Shipping
Ltd.
2.1%
Marine,
Hong
Kong
Templeton
Emerging
Markets
Small
Cap
Fund
6
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,
2022,
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.
Performance
Summary
as
of
August
31,
2022
Templeton
Emerging
Markets
Small
Cap
Fund
7
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
8/31/22
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
5-Month
-10.23%
-15.15%
1-Year
-17.68%
-22.23%
5-Year
+4.61%
-0.23%
10-Year
+53.61%
+3.80%
Advisor
5-Month
-10.19%
-10.19%
1-Year
-17.54%
-17.54%
5-Year
+5.86%
+1.15%
10-Year
+57.70%
+4.66%
See
page
9
for
Performance
Summary
footnotes.
Templeton
Emerging
Markets
Small
Cap
Fund
Performance
Summary
8
franklintempleton.com
Annual
Report
See
page
9
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
(9/1/12–8/31/22)
Advisor
Class
(9/1/12–8/31/22)
1,
Templeton
Emerging
Markets
Small
Cap
Fund
Performance
Summary
9
franklintempleton.com
Annual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Special
risks
are
associated
with
foreign
investing,
including
currency
fluctuations,
economic
instability
and
political
developments.
Investments
in
emerging
markets,
of
which
frontier
markets
are
a
subset,
involve
heightened
risks
related
to
the
same
factors,
in
addition
to
those
associated
with
these
markets’
smaller
size,
lesser
liquidity
and
lack
of
established
legal,
political,
business
and
social
frameworks
to
support
securities
markets.
Because
these
frameworks
are
typically
even
less
developed
in
frontier
markets,
as
well
as
various
factors
including
the
increased
potential
for
extreme
price
volatility,
illiquidity,
trade
barriers
and
exchange
controls,
the
risks
associated
with
emerging
markets
are
magnified
in
frontier
markets.
Small-cap
company
stocks
have
historically
had
more
price
volatility
than
large-company
stocks,
particularly
over
the
short
term.
All
investments
in
the
Fund
should
be
thought
of
as
long-term
investments
that
could
experience
significant
price
volatility
in
any
given
year.
The
Fund
is
designed
for
the
aggressive
portion
of
a
well-diversified
portfolio.
The
manager’s
portfolio
selection
strategy
is
not
solely
based
on
environmental,
social
and
governance
(ESG)
consider-
ations,
and
therefore
the
issuers
in
which
the
Fund
invests
may
not
be
considered
ESG-focused
companies.
Integrating
ESG
considerations
into
the
investment
process
is
not
a
guarantee
that
better
performance
will
be
achieved.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
may
be
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
zero
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impos-
sible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
1.
The
Fund
has
an
expense
reduction
contractually
guaranteed
through
7/31/23.
Fund
investment
results
reflect
the
expense
reduction;
without
this
reduction,
the
results
would
have
been
lower.
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:
Morningstar.
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.
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.75%
1.91%
Advisor
1.50%
1.66%
Your
Fund’s
Expenses
Templeton
Emerging
Markets
Small
Cap
Fund
10
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.
4/1/22
for
Actual;
3/1/22
for
Hypothetical.
2.
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
for
Hypothetical
expenses.
For
Actual
expenses,
the
multiplier
is
153/365
to
reflect
the
number
of
days
during
the
period.
3.
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
1
Ending
Account
Value
8/31/22
Expenses
Paid
During
Period
4/1/22–8/31/22
2,3
Ending
Account
Value
8/31/22
Expenses
Paid
During
Period
3/1/22–8/31/22
2,3
a
Net
Annualized
Expense
Ratio
3
A
$1,000
$897.70
$6.95
$1,017.87
$8.90
1.75%
C
$1,000
$894.10
$9.90
$1,014.73
$12.70
2.50%
R
$1,000
$897.20
$7.95
$1,016.82
$10.17
2.00%
R6
$1,000
$898.70
$5.83
$1,019.04
$7.48
1.47%
Advisor
$1,000
$898.10
$5.96
$1,018.92
$7.63
1.50%
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Emerging
Markets
Small
Cap
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
Period
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
2021
2020
2019
2018
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.98
$15.08
$8.68
$13.78
$15.25
$13.02
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.26
0.07
0.02
0.10
0.03
—
d
Net
realized
and
unrealized
gains
(losses)
(1.69)
0.50
6.77
(4.96)
(1.15)
2.23
Total
from
investment
operations
........
(1.43)
0.57
6.79
(4.86)
(1.12)
2.23
Less
distributions
from:
Net
investment
income
..............
—
(0.66)
(0.39)
(—)
d
—
—
Net
realized
gains
.................
—
(1.01)
—
(0.24)
(0.35)
—
Total
distributions
...................
—
(1.67)
(0.39)
(0.24)
(0.35)
—
Net
asset
value,
end
of
period
..........
$12.55
$13.98
$15.08
$8.68
$13.78
$15.25
Total
return
e
.......................
(10.23)%
3.01%
78.52%
(35.73)%
(7.09)%
17.13%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.00%
1.91%
1.99%
1.93%
1.94%
1.96%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.75%
1.73%
1.80%
1.91%
1.92%
1.94%
Net
investment
income
(loss)
..........
4.83%
0.47%
0.16%
0.94%
0.19%
(0.01)%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$187,525
$215,598
$210,269
$143,312
$268,761
$315,469
Portfolio
turnover
rate
................
8.13%
31.72%
31.70%
4.72%
12.22%
7.57%
a
For
the
period
April
1,
2022
to
August
31,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Period
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.94
$14.03
$8.14
$13.02
$14.54
$12.51
Income
from
investment
operations
b
:
Net
investment
income
(loss)
c
........
0.20
(0.02)
(0.06)
0.02
(0.06)
(0.10)
Net
realized
and
unrealized
gains
(losses)
(1.57)
0.44
6.31
(4.66)
(1.11)
2.13
Total
from
investment
operations
........
(1.37)
0.42
6.25
(4.64)
(1.17)
2.03
Less
distributions
from:
Net
investment
income
..............
—
(0.50)
(0.36)
—
—
—
Net
realized
gains
.................
—
(1.01)
—
(0.24)
(0.35)
—
Total
distributions
...................
—
(1.51)
(0.36)
(0.24)
(0.35)
—
Net
asset
value,
end
of
period
..........
$11.57
$12.94
$14.03
$8.14
$13.02
$14.54
Total
return
d
.......................
(10.59)%
2.26%
77.25%
(36.23)%
(7.85)%
16.23%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.74%
2.66%
2.73%
2.68%
2.69%
2.71%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
2.50%
2.48%
2.54%
2.66%
2.67%
2.69%
Net
investment
income
(loss)
..........
4.06%
(0.15)%
(0.51)%
0.19%
(0.56)%
(0.76)%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$13,645
$17,588
$27,434
$23,168
$52,300
$78,836
Portfolio
turnover
rate
................
8.13%
31.72%
31.70%
4.72%
12.22%
7.57%
a
For
the
period
April
1,
2022
to
August
31,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
Period
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
2021
2020
2019
2018
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.71
$14.82
$8.56
$13.62
$15.11
$12.93
Income
from
investment
operations
b
:
Net
investment
income
(loss)
c
........
0.24
0.04
(0.03)
0.04
(0.05)
(0.04)
Net
realized
and
unrealized
gains
(losses)
(1.65)
0.47
6.68
(4.86)
(1.09)
2.22
Total
from
investment
operations
........
(1.41)
0.51
6.65
(4.82)
(1.14)
2.18
Less
distributions
from:
Net
investment
income
..............
—
(0.61)
(0.39)
—
—
—
Net
realized
gains
.................
—
(1.01)
—
(0.24)
(0.35)
—
Total
distributions
...................
—
(1.62)
(0.39)
(0.24)
(0.35)
—
Net
asset
value,
end
of
period
..........
$12.30
$13.71
$14.82
$8.56
$13.62
$15.11
Total
return
d
.......................
(10.28)%
2.71%
78.18%
(35.95)%
(7.29)%
16.86%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.25%
2.16%
2.24%
2.18%
2.19%
2.21%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
2.00%
1.98%
2.05%
2.16%
2.17%
2.19%
Net
investment
income
(loss)
..........
4.59%
0.26%
(0.20)%
0.69%
(0.06)%
(0.26)%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,109
$2,444
$2,966
$1,365
$1,728
$929
Portfolio
turnover
rate
................
8.13%
31.72%
31.70%
4.72%
12.22%
7.57%
a
For
the
period
April
1,
2022
to
August
31,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
Period
Ended
August
31,
2022
a
Year
Ended
March
31,
Year
Ended
March
31,
2018
b
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.21
$15.30
$8.79
$13.94
$15.41
$14.41
Income
from
investment
operations
c
:
Net
investment
income
(loss)
d
........
0.28
0.14
0.08
0.22
(0.07)
(0.04)
Net
realized
and
unrealized
gains
(losses)
(1.72)
0.50
6.83
(5.07)
(1.01)
1.08
Total
from
investment
operations
........
(1.44)
0.64
6.91
(4.85)
(1.08)
1.04
Less
distributions
from:
Net
investment
income
..............
—
(0.72)
(0.40)
(0.06)
(0.04)
(0.04)
Net
realized
gains
.................
—
(1.01)
—
(0.24)
(0.35)
—
Total
distributions
...................
—
(1.73)
(0.40)
(0.30)
(0.39)
(0.04)
Net
asset
value,
end
of
period
..........
$12.77
$14.21
$15.30
$8.79
$13.94
$15.41
Total
return
e
.......................
(10.13)%
3.41%
79.19%
(35.48)%
(6.76)%
7.27%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.59%
1.54%
1.60%
1.53%
1.57%
1.59%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.47%
1.35%
1.40%
1.51%
1.55%
1.54%
Net
investment
income
...............
5.10%
0.88%
0.61%
1.34%
0.56%
g
0.39%
g
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$31,790
$39,782
$46,062
$47,904
$198,106
$23,964
Portfolio
turnover
rate
................
8.13%
31.72%
31.70%
4.72%
12.22%
7.57%
a
For
the
period
April
1,
2022
to
August
31,
2022.
b
For
the
period
August
1,
2017
(effective
date)
to
March
31,
2018.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Ratio
is
calculated
based
on
the
Fund
level
net
investment
income,
as
reflected
in
the
Statement
of
Operations,
and
adjusted
for
class
specific
expenses.
The
amount
may
not
correlate
with
the
per
share
amount
due
to
the
timing
of
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund
in
relation
to
the
timing
of
sales
and
repurchases
of
Fund
shares.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
Period
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.23
$15.32
$8.80
$13.96
$15.42
$13.15
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.28
0.12
0.07
0.15
0.09
0.03
Net
realized
and
unrealized
gains
(losses)
(1.73)
0.50
6.84
(5.03)
(1.19)
2.26
Total
from
investment
operations
........
(1.45)
0.62
6.91
(4.88)
(1.10)
2.29
Less
distributions
from:
Net
investment
income
..............
—
(0.70)
(0.39)
(0.04)
(0.01)
(0.02)
Net
realized
gains
.................
—
(1.01)
—
(0.24)
(0.35)
—
Total
distributions
...................
—
(1.71)
(0.39)
(0.28)
(0.36)
(0.02)
Net
asset
value,
end
of
period
..........
$12.78
$14.23
$15.32
$8.80
$13.96
$15.42
Total
return
d
.......................
(10.19)%
3.26%
79.10%
(35.61)%
(6.90)%
17.48%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.75%
1.66%
1.74%
1.68%
1.69%
1.71%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.50%
1.48%
1.54%
1.66%
1.67%
1.69%
Net
investment
income
...............
5.08%
0.75%
0.53%
1.19%
0.44%
0.24%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$146,484
$172,459
$177,989
$168,808
$387,850
$668,474
Portfolio
turnover
rate
................
8.13%
31.72%
31.70%
4.72%
12.22%
7.57%
a
For
the
period
April
1,
2022
to
August
31,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Global
Investment
Trust
Schedule
of
Investments,
August
31,
2022
Templeton
Emerging
Markets
Small
Cap
Fund
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
95.2%
Brazil
3.3%
Arezzo
Industria
e
Comercio
SA
.....
Textiles,
Apparel
&
Luxury
Goods
236,100
$
4,194,953
Dexco
SA
......................
Paper
&
Forest
Products
2,000,900
3,785,991
Grendene
SA
...................
Textiles,
Apparel
&
Luxury
Goods
1,174,611
1,725,625
Iguatemi
SA
....................
Real
Estate
Management
&
Development
521,639
1,974,032
a
M
Dias
Branco
SA
................
Food
Products
51,068
415,088
b
Ser
Educacional
SA,
144A,
Reg
S
....
Diversified
Consumer
Services
428,800
515,340
12,611,029
Cambodia
0.9%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
4,312,014
3,492,456
Chile
0.7%
Aguas
Andinas
SA,
A
.............
Water
Utilities
12,646,388
2,771,196
China
13.2%
Asia
Cement
China
Holdings
Corp.
...
Construction
Materials
3,155,500
1,577,816
a
Baozun,
Inc.,
A
..................
Internet
&
Direct
Marketing
Retail
1,104,817
3,077,540
Chervon
Holdings
Ltd.
.............
Household
Durables
239,900
1,051,909
b
China
Education
Group
Holdings
Ltd.,
Reg
S
.......................
Diversified
Consumer
Services
5,368,600
4,676,976
a
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
203,365
13,558,345
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
3,657,800
4,888,370
Huaxin
Cement
Co.
Ltd.,
H
.........
Construction
Materials
2,054,694
2,510,148
b
JNBY
Design
Ltd.,
Reg
S
..........
Textiles,
Apparel
&
Luxury
Goods
2,755,500
2,998,499
Longshine
Technology
Group
Co.
Ltd.,
A
Software
1,270,164
4,967,413
a,b,c
Luye
Pharma
Group
Ltd.,
144A,
Reg
S
Pharmaceuticals
15,778,212
4,554,189
a,b,c
Mobvista,
Inc.,
144A,
Reg
S
........
Media
3,825,635
2,306,297
a,c
Noah
Holdings
Ltd.,
ADR
..........
Capital
Markets
68,388
1,211,151
c
Uni-President
China
Holdings
Ltd.
....
Food
Products
3,554,571
3,060,281
50,438,934
Egypt
0.2%
b
Integrated
Diagnostics
Holdings
plc,
144A,
Reg
S
..................
Health
Care
Providers
&
Services
1,014,300
894,613
Georgia
0.8%
a
Georgia
Capital
plc
...............
Capital
Markets
383,294
3,045,140
Hong
Kong
3.2%
Luk
Fook
Holdings
International
Ltd.
..
Specialty
Retail
1,659,800
4,242,872
Pacific
Basin
Shipping
Ltd.
.........
Marine
22,361,444
7,936,701
12,179,573
Hungary
1.9%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
363,860
7,328,324
India
20.4%
a
Affle
India
Ltd.
...................
Media
466,085
7,496,400
Apollo
Hospitals
Enterprise
Ltd.
......
Health
Care
Providers
&
Services
11,701
628,337
Bajaj
Holdings
&
Investment
Ltd.
.....
Diversified
Financial
Services
296,855
20,231,263
Dalmia
Bharat
Ltd.
...............
Construction
Materials
369,006
7,057,391
b
Dilip
Buildcon
Ltd.,
144A,
Reg
S
.....
Construction
&
Engineering
497,772
1,489,070
EPL
Ltd.
.......................
Containers
&
Packaging
1,617,896
3,436,785
Federal
Bank
Ltd.
................
Banks
9,556,507
13,851,532
a,c
MakeMyTrip
Ltd.
.................
Hotels,
Restaurants
&
Leisure
222,783
7,429,813
a
Max
Financial
Services
Ltd.
.........
Insurance
131,689
1,352,571
Redington
India
Ltd.
..............
Electronic
Equipment,
Instruments
&
Components
4,424,941
8,251,925
Tata
Consumer
Products
Ltd.
.......
Food
Products
287,427
2,903,480
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)
India
(continued)
a
Zomato
Ltd.
....................
Internet
&
Direct
Marketing
Retail
4,872,750
$
3,481,289
77,609,856
Kazakhstan
0.3%
a,b
Halyk
Savings
Bank
of
Kazakhstan
JSC,
GDR,
Reg
S
..................
Banks
103,619
1,128,220
Mexico
1.4%
Bolsa
Mexicana
de
Valores
SAB
de
CV
Capital
Markets
2,928,266
5,289,880
Peru
1.9%
Intercorp
Financial
Services,
Inc.
.....
Banks
339,941
7,329,128
Philippines
4.0%
Century
Pacific
Food,
Inc.
..........
Food
Products
12,693,200
5,599,775
International
Container
Terminal
Services,
Inc.
..................
Transportation
Infrastructure
2,969,928
9,554,928
15,154,703
Russia
0.0%
a,b,d,e
VK
Co.
Ltd.,
GDR,
Reg
S
..........
Interactive
Media
&
Services
114,164
—
Saudi
Arabia
1.0%
Mouwasat
Medical
Services
Co.
.....
Health
Care
Providers
&
Services
57,485
3,684,227
South
Africa
2.0%
a
Massmart
Holdings
Ltd.
............
Food
&
Staples
Retailing
801,259
2,718,928
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
5,900,000
5,055,912
7,774,840
South
Korea
12.9%
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
312,216
7,183,023
Hankook
Tire
&
Technology
Co.
Ltd.
..
Auto
Components
79,062
2,220,097
a
Hugel,
Inc.
.....................
Biotechnology
56,384
5,082,714
i-SENS,
Inc.
....................
Health
Care
Equipment
&
Supplies
158,283
4,395,292
a
L&F
Co.
Ltd.
....................
Electronic
Equipment,
Instruments
&
Components
35,073
5,924,978
LEENO
Industrial,
Inc.
.............
Semiconductors
&
Semiconductor
Equipment
36,958
3,917,936
a
Lock&Lock
Co.
Ltd.
...............
Household
Durables
399,574
2,300,040
LX
Semicon
Co.
Ltd.
..............
Semiconductors
&
Semiconductor
Equipment
42,084
2,949,306
NeoPharm
Co.
Ltd.
...............
Personal
Products
64,000
927,243
a
Pearl
Abyss
Corp.
................
Entertainment
49,166
2,059,321
RFHIC
Corp.
....................
Semiconductors
&
Semiconductor
Equipment
50,000
935,287
Shin
Heung
Energy
&
Electronics
Co.
Ltd.
.........................
Electrical
Equipment
32,891
1,299,013
Soulbrain
Co.
Ltd.
................
Chemicals
29,000
4,640,319
Vieworks
Co.
Ltd.
................
Health
Care
Equipment
&
Supplies
121,335
3,560,994
Zinus,
Inc.
......................
Household
Durables
61,051
1,961,316
49,356,879
Sri
Lanka
0.1%
Hemas
Holdings
plc
..............
Industrial
Conglomerates
3,019,274
446,182
Switzerland
1.2%
a,b
Wizz
Air
Holdings
plc,
144A,
Reg
S
...
Airlines
178,925
4,418,548
Taiwan
15.9%
Eclat
Textile
Co.
Ltd.
..............
Textiles,
Apparel
&
Luxury
Goods
186,082
2,697,190
Kinsus
Interconnect
Technology
Corp.
.
Semiconductors
&
Semiconductor
Equipment
1,298,838
5,163,158
Merida
Industry
Co.
Ltd.
...........
Leisure
Products
1,425,648
10,379,118
momo.com,
Inc.
.................
Internet
&
Direct
Marketing
Retail
274,774
6,520,607
Novatek
Microelectronics
Corp.
......
Semiconductors
&
Semiconductor
Equipment
894,509
7,658,709
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
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
(continued)
Poya
International
Co.
Ltd.
.........
Multiline
Retail
534,254
$
7,477,717
Primax
Electronics
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
1,795,472
3,931,331
Shin
Zu
Shing
Co.
Ltd.
............
Machinery
1,257,607
3,624,577
Synnex
Technology
International
Corp.
Electronic
Equipment,
Instruments
&
Components
5,226,772
9,534,633
Visual
Photonics
Epitaxy
Co.
Ltd.
....
Semiconductors
&
Semiconductor
Equipment
1,451,808
3,595,866
60,582,906
Thailand
2.4%
Dynasty
Ceramic
PCL
.............
Building
Products
28,599,840
2,110,523
Major
Cineplex
Group
PCL
.........
Entertainment
5,443,800
2,824,888
Tisco
Financial
Group
PCL
.........
Banks
1,681,050
4,305,703
9,241,114
Vietnam
7.5%
FPT
Corp.
......................
IT
Services
2,919,379
10,746,613
Hoa
Phat
Group
JSC
.............
Metals
&
Mining
3,834,547
3,751,752
Mobile
World
Investment
Corp.
......
Specialty
Retail
3,117,700
9,814,165
a
Vincom
Retail
JSC
...............
Real
Estate
Management
&
Development
3,589,152
4,222,216
28,534,746
Total
Common
Stocks
(Cost
$359,300,808)
.....................................
363,312,494
a
Preferred
Stocks
2.3%
Brazil
1.3%
f
Bradespar
SA,
34.81%
............
Metals
&
Mining
1,125,110
4,735,871
Chile
1.0%
f
Embotelladora
Andina
SA,
A,
16.91%
.
Beverages
1,250,500
2,038,761
f
Embotelladora
Andina
SA,
B,
14.8%
..
Beverages
873,588
1,790,368
3,829,129
Total
Preferred
Stocks
(Cost
$13,871,827)
......................................
8,565,000
Total
Long
Term
Investments
(Cost
$373,172,635)
...............................
371,877,494
Short
Term
Investments
2.6%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.6%
United
States
2.6%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
1.864%
.........
10,045,248
10,045,248
Total
Money
Market
Funds
(Cost
$10,045,248)
..................................
10,045,248
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$10,045,248
)
................................
10,045,248
a
a
a
Total
Investments
(Cost
$383,217,883)
100.1%
..................................
$381,922,742
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(370,188)
Net
Assets
100.0%
...........................................................
$381,552,554
a
a
a
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
19
See
Abbreviations
on
page
34
.
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,
2022,
the
aggregate
value
of
these
securities
was
$22,981,752,
representing
6.0%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
August
31,
2022.
See
Note
1(c).
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
9
regarding
fair
value
measurements.
e
See
Note
6
regarding
investments
in
Russian
securities.
f
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
g
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
h
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,
2022
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Templeton
Emerging
Markets
Small
Cap
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$373,172,635
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
10,045,248
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$6,590,698)
.................................
$371,877,494
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
10,045,248
Cash
....................................................................................
5,760
Foreign
currency,
at
value
(cost
$1,275,448)
......................................................
1,247,149
Receivables:
Investment
securities
sold
...................................................................
407,286
Capital
shares
sold
........................................................................
71,688
Dividends
and
interest
.....................................................................
777,928
European
Union
tax
reclaims
(Note
1
d
)
.........................................................
83,909
Total
assets
..........................................................................
384,516,462
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
26,087
Capital
shares
redeemed
...................................................................
522,053
Management
fees
.........................................................................
334,036
Distribution
fees
..........................................................................
52,957
Transfer
agent
fees
........................................................................
132,294
Trustees'
fees
and
expenses
.................................................................
892
Deferred
tax
...............................................................................
1,704,996
Accrued
expenses
and
other
liabilities
...........................................................
190,593
Total
liabilities
.........................................................................
2,963,908
Net
assets,
at
value
.................................................................
$381,552,554
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$379,427,872
Total
distributable
earnings
(losses)
.............................................................
2,124,682
Net
assets,
at
value
.................................................................
$381,552,554
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
August
31,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
Templeton
Emerging
Markets
Small
Cap
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$187,524,509
Shares
outstanding
........................................................................
14,947,533
Net
asset
value
per
share
a
..................................................................
$12.55
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
................................
$13.28
Class
C:
Net
assets,
at
value
.......................................................................
$13,644,855
Shares
outstanding
........................................................................
1,178,870
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$11.57
Class
R:
Net
assets,
at
value
.......................................................................
$2,109,161
Shares
outstanding
........................................................................
171,531
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$12.30
Class
R6:
Net
assets,
at
value
.......................................................................
$31,789,635
Shares
outstanding
........................................................................
2,489,930
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$12.77
Advisor
Class:
Net
assets,
at
value
.......................................................................
$146,484,394
Shares
outstanding
........................................................................
11,459,620
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$12.78
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
franklintempleton.com
Annual
Report
The
accompanying
notes
are
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part
of
these
financial
statements.
22
Templeton
Emerging
Markets
Small
Cap
Fund
Period
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$1,219,898
and
$1,389,058)
Unaffiliated
issuers
.......................................................
$10,902,211
$11,085,709
Non-controlled
affiliates
(Note
3
f
)
............................................
21,789
1,087
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
....................................
10,918
60,195
Non-controlled
affiliates
(Note
3
f
)
............................................
474
336
Other
income
(Note
1
d
)
.....................................................
82,413
63
Total
investment
income
..................................................
11,017,805
11,147,390
Expenses:
Management
fees
(Note
3
a
)
..................................................
2,346,389
7,013,154
Distribution
fees:
(Note
3c
)
    Class
A
...............................................................
202,038
577,549
    Class
C
...............................................................
62,250
239,743
    Class
R
...............................................................
4,686
14,390
Transfer
agent
fees:
(Note
3e
)
    Class
A
...............................................................
168,548
375,067
    Class
C
...............................................................
12,854
38,958
    Class
R
...............................................................
1,951
4,673
    Class
R6
..............................................................
7,792
18,510
    Advisor
Class
...........................................................
135,372
318,578
Custodian
fees
............................................................
53,517
180,669
Reports
to
shareholders
fees
.................................................
14,198
26,784
Registration
and
filing
fees
...................................................
94,960
96,919
Professional
fees
..........................................................
44,026
125,098
Trustees'
fees
and
expenses
.................................................
19,581
35,929
Other
...................................................................
5,479
43,969
Total
expenses
........................................................
3,173,641
9,109,990
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
.............................
(398,744)
(908,280)
Net
expenses
........................................................
2,774,897
8,201,710
Net
investment
income
...............................................
8,242,908
2,945,680
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$32,064
and
$507,089)
Unaffiliated
issuers
.....................................................
(576,674)
67,120,757
Foreign
currency
transactions
...............................................
21,142
(146,569)
Net
realized
gain
(loss)
.................................................
(555,532)
66,974,188
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
.....................................................
(53,553,352)
(52,597,222)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
.............
(108,878)
(62,906)
Change
in
deferred
taxes
on
unrealized
appreciation
..............................
(193,721)
(1,006,622)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(53,855,951)
(53,666,750)
Net
realized
and
unrealized
gain
(loss)
...........................................
(54,411,483)
13,307,438
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................
$(46,168,575)
$16,253,118
a
For
the
period
April
1,
2022
to
August
31,
2022.
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
23
Templeton
Emerging
Markets
Small
Cap
Fund
Period
Ended
August
31,
2022
a
Year
Ended
March
31,
2022
Year
Ended
March
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
..............................
$8,242,908
$2,945,680
$1,314,772
Net
realized
gain
(loss)
..............................
(555,532)
66,974,188
(9,379,741)
Net
change
in
unrealized
appreciation
(depreciation)
........
(53,855,951)
(53,666,750)
248,426,809
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................
(46,168,575)
16,253,118
240,361,840
Distributions
to
shareholders:
Class
A
..........................................
—
(23,724,369)
(5,395,630)
Class
C
..........................................
—
(2,095,957)
(746,927)
Class
R
..........................................
—
(285,726)
(67,960)
Class
R6
.........................................
—
(5,079,624)
(1,252,604)
Advisor
Class
.....................................
—
(19,760,044)
(4,727,858)
Total
distributions
to
shareholders
.......................
—
(50,945,720)
(12,190,979)
Capital
share
transactions:
(Note
2
)
Class
A
..........................................
(6,206,219)
22,905,231
(28,189,282)
Class
C
..........................................
(2,146,281)
(9,130,344)
(9,965,543)
Class
R
..........................................
(79,413)
(339,318)
531,332
Class
R6
.........................................
(4,020,091)
(3,281,288)
(26,340,215)
Advisor
Class
.....................................
(7,698,630)
7,691,209
(84,044,655)
Total
capital
share
transactions
.........................
(20,150,634)
17,845,490
(148,008,363)
Net
increase
(decrease)
in
net
assets
................
(66,319,209)
(16,847,112)
80,162,498
Net
assets:
Beginning
of
period
..................................
447,871,763
464,718,875
384,556,377
End
of
period
.......................................
$381,552,554
$447,871,763
$464,718,875
a
For
the
period
April
1,
2022
to
August
31,
2022.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
Templeton
Emerging
Markets
Small
Cap
Fund
24
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
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
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. 
The
Fund’s
fiscal
year
end
was
changed
to
August
31
effective
August
31,
2022.
As
a
result,
the
Fund
had
a
shortened
fiscal
year
covering
the
transitional
period
between
the
Fund’s
prior
fiscal
year
end
March
31,
2022
and
August
31,
2022.
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
Board,
the Fund's
administrator
has
responsibility
for
oversight
of
valuation,
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,
book
values,
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,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
25
franklintempleton.com
Annual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
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,
2022,
the
Fund
held
$6,900,467
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
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation 
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
26
franklintempleton.com
Annual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
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,
2022,
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
27
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,
2022,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
Period
Ended
August
31,
2022
a
Shares
Amount
Class
A
Shares:
Shares
sold
b
...................................
672,785
$8,591,757
Shares
issued
in
reinvestment
of
distributions
..........
—
—
Shares
redeemed
...............................
(1,149,929)
(14,797,976)
Net
increase
(decrease)
..........................
(477,144)
$(6,206,219)
Class
C
Shares:
Shares
sold
...................................
36,135
$427,208
Shares
issued
in
reinvestment
of
distributions
..........
—
—
Shares
redeemed
b
..............................
(216,897)
(2,573,489)
Net
increase
(decrease)
..........................
(180,762)
$(2,146,281)
Class
R
Shares:
Shares
sold
...................................
9,744
$126,322
Shares
issued
in
reinvestment
of
distributions
..........
—
—
Shares
redeemed
...............................
(16,442)
(205,735)
Net
increase
(decrease)
..........................
(6,698)
$(79,413)
Class
R6
Shares:
Shares
sold
...................................
95,142
$1,239,312
Shares
issued
in
reinvestment
of
distributions
..........
—
—
Shares
redeemed
...............................
(405,246)
(5,259,403)
Net
increase
(decrease)
..........................
(310,104)
$(4,020,091)
Advisor
Class
Shares:
Shares
sold
...................................
1,502,714
$21,009,471
Shares
issued
in
reinvestment
of
distributions
..........
—
—
Shares
redeemed
...............................
(2,165,769)
(28,708,101)
Net
increase
(decrease)
..........................
(663,055)
$(7,698,630)
1.
Organization
and
Significant
Accounting
Policies
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
28
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
March
31,
2022
Year
Ended
March
31,
2021
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
b
...................................
2,563,202
$41,131,426
2,136,752
$26,473,724
Shares
issued
in
reinvestment
of
distributions
..........
1,372,044
20,621,825
350,365
4,740,442
Shares
redeemed
...............................
(2,455,339)
(38,848,020)
(5,043,622)
(59,403,448)
Net
increase
(decrease)
..........................
1,479,907
$22,905,231
(2,556,505)
$(28,189,282)
Class
C
Shares:
Shares
sold
...................................
149,733
$2,210,907
156,793
$1,896,159
Shares
issued
in
reinvestment
of
distributions
..........
149,330
2,081,666
58,888
743,171
Shares
redeemed
b
..............................
(894,701)
(13,422,917)
(1,107,234)
(12,604,873)
Net
increase
(decrease)
..........................
(595,638)
$(9,130,344)
(891,553)
$(9,965,543)
Class
R
Shares:
Shares
sold
...................................
22,180
$351,230
67,927
$874,835
Shares
issued
in
reinvestment
of
distributions
..........
19,358
285,726
5,106
67,960
Shares
redeemed
...............................
(63,423)
(976,274)
(32,390)
(411,463)
Net
increase
(decrease)
..........................
(21,885)
$(339,318)
40,643
$531,332
Class
R6
Shares:
Shares
sold
...................................
267,708
$4,334,208
214,426
$2,735,351
Shares
issued
in
reinvestment
of
distributions
..........
105,695
1,612,908
27,722
380,073
Shares
redeemed
...............................
(583,877)
(9,228,404)
(2,684,562)
(29,455,639)
Net
increase
(decrease)
..........................
(210,474)
$(3,281,288)
(2,442,414)
$(26,340,215)
Advisor
Class
Shares:
Shares
sold
...................................
3,677,439
$59,605,210
2,674,444
$33,406,457
Shares
issued
in
reinvestment
of
distributions
..........
1,148,453
17,559,839
302,621
4,154,984
Shares
redeemed
...............................
(4,323,520)
(69,473,840)
(10,539,651)
(121,606,096)
Net
increase
(decrease)
..........................
502,372
$7,691,209
(7,562,586)
$(84,044,655)
a
For
the
period
April
1,
2022
to
August
31,
2022.
b
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
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
29
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
period
ended
August
31,
2022,
the
annualized
gross
effective
investment
management
fee
rate
was
1.400%
of
the
Fund’s
average
daily
net
assets. 
b.
Administrative
Fees
Under
an
agreement
with
Asset
Management,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Asset
Management
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class A reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class
C
and
R
compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
Annualized
Fee
Rate
Net
Assets
1.400%
Up
to
and
including
$500
million
1.300%
Over
$500
million,
up
to
and
including
$1
billion
1.200%
In
excess
of
$1
billion
Class
A
....................................................................................
0.35%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$15,053
CDSC
retained
..............................................................................
$6,529
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)
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
August
31,
2022,
the
Fund
paid
transfer
agent
fees
of
$326,517,
of
which
$92,056
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
August
31,
2022,
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
July
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
July
31,
202
3
.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Templeton
Emerging
Markets
Small
Cap
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
1.864%
$
10,688,827
$
42,260,132
$
(42,903,711)
$
—
$
—
$
10,045,248
10,045,248
$
21,789
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
1.864%
$361,833
$3,232,414
$(3,594,247)
$—
$—
$—
—
$474
Total
Affiliated
Securities
...
$11,050,660
$45,492,546
$(46,497,958)
$—
$—
$10,045,248
$22,263
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
31
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,
2022,
the
capital
loss
carryforwards
were
as
follows:
The
tax
character
of
distributions
paid
during
the
period
ended
August
31,
2022
and
years
ended
March
31,
2022
and
2021,
was
as
follows:
At
August
31,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
undistributed
ordinary
income
and
undistributed
long
term
capital
gains
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
passive
foreign
investment
company
shares,
corporate
actions
and
wash
sales.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$3,739,966
Long
term
................................................................................
1,491,723
Total
capital
loss
carryforwards
...............................................................
$5,231,689
August
31,
2022
March
31,
2022
Distributions
paid
from:
Ordinary
income
..........................................................
—
$33,533,084
Long
term
capital
gain
......................................................
—
17,412,636
—
$50,945,720
March
31,
2021
Distributions
paid
from:
Ordinary
income
..........................................................
$12,190,979
Long
term
capital
gain
......................................................
—
$12,190,979
Cost
of
investments
..........................................................................
$399,534,615
Unrealized
appreciation
........................................................................
$77,959,121
Unrealized
depreciation
........................................................................
(95,570,994)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(17,611,873)
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$8,926,451
Undistributed
long
term
capital
gains
..............................................................
18,148,522
Total
distributable
earnings
.....................................................................
$27,074,973
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
32
franklintempleton.com
Annual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities) for
the
period
ended
August
31,
2022,
aggregated
$31,953,859
and
$41,058,039,
respectively. 
6.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
imposed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
was
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
little
or
no
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
equity
securities
held
by
the
Fund
had
little
or
no
value
at
August
31,
2022.
7.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
8.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
3,
2023.
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.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
33
franklintempleton.com
Annual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
August
31,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
9.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
August
31,
2022,
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
................................
$
12,611,029
$
—
$
—
$
12,611,029
Cambodia
............................
—
3,492,456
—
3,492,456
Chile
................................
2,771,196
—
—
2,771,196
China
...............................
14,769,496
35,669,438
—
50,438,934
Egypt
................................
894,613
—
—
894,613
Georgia
..............................
3,045,140
—
—
3,045,140
Hong
Kong
...........................
—
12,179,573
—
12,179,573
Hungary
.............................
—
7,328,324
—
7,328,324
India
................................
7,429,813
70,180,043
—
77,609,856
Kazakhstan
...........................
—
1,128,220
—
1,128,220
Mexico
..............................
5,289,880
—
—
5,289,880
Peru
................................
7,329,128
—
—
7,329,128
Philippines
............................
5,599,775
9,554,928
—
15,154,703
Russia
...............................
—
—
—
a
—
Saudi
Arabia
..........................
—
3,684,227
—
3,684,227
South
Africa
...........................
—
7,774,840
—
7,774,840
South
Korea
..........................
—
49,356,879
—
49,356,879
Sri
Lanka
.............................
446,182
—
—
446,182
Switzerland
...........................
—
4,418,548
—
4,418,548
Taiwan
...............................
—
60,582,906
—
60,582,906
Thailand
.............................
—
9,241,114
—
9,241,114
Vietnam
..............................
—
28,534,746
—
28,534,746
8.
Credit
Facility
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
34
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.
10.
New
Accounting
Pronouncements
In June
2022,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
clarify
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
should
not
be
considered
in
measuring
fair
value.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2023,
with
the
option
of
early
adoption.
Management
is
currently
evaluating
the
impact,
if
any,
of
applying
this
ASU.
11.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Preferred
Stocks
........................
$
8,565,000
$
—
$
—
$
8,565,000
Short
Term
Investments
...................
10,045,248
—
—
10,045,248
Total
Investments
in
Securities
...........
$78,796,500
$303,126,242
b
$—
$381,922,742
a
Includes
securities
determined
to
have
no
value
at
August
31,
2022.
b
Includes
foreign
securities
valued
at
$303,126,242,
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
9.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
35
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,
2022,
the
related
statements
of
operations
for
the
period
April
1,
2022
through
August
31,
2022
and
the
year
ended
March
31,
2022,
the
statements
of
changes
in
net
assets
for
the
period
April
1,
2022
through
August
31,
2022,
and
the
years
ended
March
31,
2022
and
2021,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(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,
2022,
the
results
of
its
operations
for
the
period
April
1,
2022
through
August
31,
2022
and
the
year
ended
March
31,
2022,
the
changes
in
its
net
assets
for
the
period
April
1,
2022
through
August
31,
2022
and
the
years
ended
March
31,
2022
and
2021,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
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,
2022
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
17,
2022
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)
36
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
period
ended
August
31,
2022:
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,
2022
:
Pursuant
to:
Amount
Reported
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$4,356,060
Amount
Reported
Foreign
Taxes
Paid
$1,219,835
Foreign
Source
Income
Earned
$9,941,333
Templeton
Global
Investment
Trust
Board
Members
and
Officers
37
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
Fund,
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
a
three-year
term
that
continues
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*
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
30
Ares
Capital
Corporation
(specialty
finance
company)
(2010-present),
United
Natural
Foods,
Inc.
(distributor
of
natural,
organic
and
specialty
foods)
(2013-present),
formerly
,
Allied
Capital
Corporation
(financial
services)
(2003-
2010),
SLM
Corporation
(Sallie
Mae)
(1997-2014)
and
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).
Mary
C.
Choksi
(1950)
Trustee
Since
2017
120
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
38
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*
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
120
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
120
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
30
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
120
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
39
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*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Constantine
D.
Tseretopoulos
(1954)
Trustee
Since
2001
20
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).
Robert
E.
Wade
(1946)
Trustee
Since
2006
30
El
Oro
Ltd
(investments)
(2003-
2019).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Attorney
at
law
engaged
in
private
practice
as
a
sole
practitioner
(1972-2008)
and
member
of
various
boards.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Gregory
E.
Johnson
(1961)
Trustee
Since
2006
131
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.
(1940)
Chairman
of
the
Board,
Trustee
and
Vice
President
Chairman
of
the
Board
and
Trustee
since
2013
and
Vice
President
since
1996
120
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.
Alan
T.
Bartlett
(1970)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2019
Not
Applicable
Not
Applicable
Lyford
Cay
Nassau,
Bahamas
Principal
Occupation
During
at
Least
the
Past
5
Years:
President
and
Director,
Templeton
Global
Advisors
Limited;
Chief
Investment
Officer
of
Templeton
Global
Equity
Group;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Chairman
of
the
Board,
Goodhart
Partners;
and
formerly
,
Chief
Executive
Officer,
Goodhart
Partners
(2009-2019).
Independent
Board
Members
(continued)
Templeton
Global
Investment
Trust
40
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*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Alison
E.
Baur
(1964)
Vice
President
Since
2012
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Breda
M.
Beckerle
(1958)
Chief
Compliance
Officer
Since
2020
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Compliance
Officer,
Fiduciary
Investment
Management
International,
Inc.,
Franklin
Advisers,
Inc.,
Franklin
Mutual
Advisers,
LLC,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Steven
J.
Gray
(1955)
Vice
President
Since
2009
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;
Assistant
Secretary,
Franklin
Distributors,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
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).
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue
New
York,
NY
10018
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
January
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.
Navid
J.
Tofigh
(1972)
Vice
President
Since
2015
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
41
franklintempleton.com
Annual
Report
*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.
**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.
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
major
shareholder
of
Resources.
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.
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
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.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Lori
A.
Weber
(1964)
Vice
President
and
Secretary
Vice
President
since
2011
and
Secretary
since
2013
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Templeton
Global
Investment
Trust
Shareholder
Information
42
franklintempleton.com
Annual
Report
Liquidity
Risk
Management
Program
Each
Fund
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
for
the
Franklin
Templeton
and
Legg
Mason
Funds
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
2022,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2021.
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
43
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
10/22
©
2022
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 $84,105 for the fiscal year ended August 31, 2022 and $44,288 for the fiscal year ended March 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.
 
There were no 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.
 
(d)      All Other Fees
The aggregate 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 were $0 for the fiscal year ended August 31, 2022 and $303 for the fiscal year ended March 31, 2022.  The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process.
 
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 $11,126 for the fiscal year ended August 31, 2022 and $195,8123 for the fiscal year ended March 31, 2022. The services for which these fees were paid included benchmarking services in connection with the ICI TA Survey, 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 $11,126 for the fiscal year ended August 31, 2022 and $196,115 for the fiscal year ended March 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 28, 2022
 
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 28, 2022
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  October 28, 2022