N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number 811-08226
 
Templeton Global Investment Trust
(Exact name of registrant as specified in charter)
 
300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices) (Zip code)
 
Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code: 954 527-7500
 
Date of fiscal year end: 8/31
 
Date of reporting period: 2/28/22
 
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.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
 
Your
Fund’s
Expenses
Franklin
Templeton
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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.
October
20,
2021
for
Actual;
September
1,
2021
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
181/365
to
reflect
the
one-half
year
period
for
Hypothetical
expenses.
Non-recurring
expenses
are
not
annualized.
For
Actual
expenses,
the
multiplier
is
131/365
to
reflect
the
number
of
days
since
commencement
of
operations.
3.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Beginning
Account
Value
1
Ending
Account
Value
2/28/22
Expenses
Paid
During
Period
10/20/21–2/28/22
2,3
Ending
Account
Value
2/28/22
Expenses
Paid
During
Period
9/1/21–2/28/22
2,3
a
Net
Annualized
Expense
Ratio
3
$1,000
$955.95
$0.00
$1,024.79
$0.00
0.00%
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Financial
Highlights
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Templeton
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Period
Ended
February
28,
2022
a
(unaudited)
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
...................................................................
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c
...........................................................................
0.05
Net
realized
and
unrealized
gains
(losses)
.............................................................
(0.49)
Total
from
investment
operations
......................................................................
(0.44)
Less
distributions
from:
Net
investment
income
............................................................................
(0.06)
Net
asset
value,
end
of
period
........................................................................
$9.50
Total
return
d
.....................................................................................
(4.41)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
........................................................
15.11%
Expenses
net
of
waiver
and
payments
by
affiliates
.........................................................
—%
Net
investment
income
.............................................................................
1.41%
Supplemental
data
Net
assets,
end
of
period
(000’s)
......................................................................
$1,058
Portfolio
turnover
rate
..............................................................................
12.93%
a
For
the
period
October
20,
2021
(commencement
of
operations)
to
February
28,
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
Statement
of
Investments
(unaudited),
February
28,
2022
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statements.
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3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.5%
Auto
Components
0.6%
Hankook
Tire
&
Technology
Co.
Ltd.
.......................
South
Korea
103
$
3,035
a,b
Nemak
SAB
de
CV,
144A,
Reg
S
.........................
Mexico
16,156
3,368
6,403
Automobiles
1.9%
Astra
International
Tbk
.
PT
..............................
Indonesia
48,669
19,717
Banks
10.0%
BDO
Unibank
,
Inc.
....................................
Philippines
3,516
8,924
China
Merchants
Bank
Co.
Ltd.,
A
.........................
China
6,800
53,817
Kasikornbank
PCL
....................................
Thailand
5,418
27,219
Ping
An
Bank
Co.
Ltd.,
A
................................
China
6,500
16,285
106,245
Beverages
0.7%
Thai
Beverage
PCL
....................................
Thailand
15,644
7,694
Capital
Markets
2.0%
B3
SA
-
Brasil
Bolsa
Balcao
.............................
Brazil
7,473
20,990
Chemicals
8.4%
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
.............
China
3,206
54,475
LG
Chem
Ltd.
........................................
South
Korea
24
11,389
Soulbrain
Co.
Ltd.
.....................................
South
Korea
118
22,532
88,396
Construction
Materials
3.1%
China
Resources
Cement
Holdings
Ltd.
....................
China
23,987
20,526
Keshun
Waterproof
Technologies
Co.
Ltd.,
A
.................
China
5,586
12,099
32,625
Electronic
Equipment,
Instruments
&
Components
2.6%
Hon
Hai
Precision
Industry
Co.
Ltd.
........................
Taiwan
7,408
27,534
Food
&
Staples
Retailing
1.4%
a
Massmart
Holdings
Ltd.
.................................
South
Africa
4,165
14,297
Food
Products
2.7%
Health
&
Happiness
H&H
International
Holdings
Ltd.
...........
China
4,681
7,260
a
M
Dias
Branco
SA
.....................................
Brazil
894
3,942
Uni
-President
China
Holdings
Ltd.
.........................
China
16,628
17,291
28,493
Hotels,
Restaurants
&
Leisure
0.7%
NagaCorp
Ltd.
.......................................
Cambodia
8,362
7,723
Industrial
Conglomerates
4.2%
LG
Corp.
............................................
South
Korea
713
44,815
Insurance
3.1%
Samsung
Life
Insurance
Co.
Ltd.
..........................
South
Korea
647
32,351
Interactive
Media
&
Services
7.2%
NAVER
Corp.
........................................
South
Korea
285
75,944
a,b
VK
Co.
Ltd.,
GDR,
Reg
S
...............................
Russia
458
333
76,277
Internet
&
Direct
Marketing
Retail
1.0%
a
Americanas
SA
.......................................
Brazil
1,896
11,093
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Statement
of
Investments
(unaudited)
Franklin
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(continued)
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The
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notes
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an
integral
part
of
these
financial
statements.
4
See
Abbreviations
on
page
15.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
0.8%
a
LegoChem
Biosciences,
Inc.
.............................
South
Korea
229
$
8,449
Pharmaceuticals
1.5%
Richter
Gedeon
Nyrt
.
..................................
Hungary
734
15,414
Real
Estate
Management
&
Development
1.5%
China
Resources
Land
Ltd.
..............................
China
1,499
7,291
b
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...................
China
8,313
8,351
15,642
Semiconductors
&
Semiconductor
Equipment
15.8%
MediaTek
,
Inc.
.......................................
Taiwan
2,321
91,772
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
3,487
75,014
166,786
Software
1.8%
Longshine
Technology
Group
Co.
Ltd.,
A
....................
China
3,162
16,478
TOTVS
SA
..........................................
Brazil
457
2,923
19,401
Technology
Hardware,
Storage
&
Peripherals
23.1%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
4,052
244,160
Textiles,
Apparel
&
Luxury
Goods
1.7%
Fila
Holdings
Corp.
....................................
South
Korea
622
18,382
Transportation
Infrastructure
0.7%
COSCO
SHIPPING
Ports
Ltd.
............................
China
9,554
7,873
Total
Common
Stocks
(Cost
$1,082,881)
.......................................
1,020,760
Rights
Rights
0.0%
Internet
&
Direct
Marketing
Retail
0.0%
a
Americanas
SA,
3/03/22
................................
Brazil
42
53
Total
Rights
(Cost
$–)
........................................................
53
Total
Long
Term
Investments
(Cost
$1,082,881)
.................................
1,020,813
a
Short
Term
Investments
2.8%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
2.8%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
29,568
29,568
Total
Money
Market
Funds
(Cost
$29,568)
......................................
29,568
Total
Short
Term
Investments
(Cost
$29,568
)
...................................
29,568
a
Total
Investments
(Cost
$1,112,449)
99.3%
.....................................
$1,050,381
Other
Assets,
less
Liabilities
0.7%
.............................................
7,487
Net
Assets
100.0%
...........................................................
$1,057,868
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Statement
of
Investments
(unaudited)
Franklin
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5
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2022,
the
aggregate
value
of
these
securities
was
$12,052,
representing
1.1%
of
net
assets.
c
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2022
(unaudited)
franklintempleton.com
Semiannual
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The
accompanying
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integral
part
of
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financial
statements.
6
Franklin
Templeton
SMACS:
Series
EM
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,082,881
Cost
-
Non-controlled
affiliates
(Note
3
d
)
........................................................
29,568
Value
-
Unaffiliated
issuers
..................................................................
$1,020,813
Value
-
Non-controlled
affiliates
(Note
3
d
)
.......................................................
29,568
Receivables:
Investment
securities
sold
...................................................................
2,402
Dividends
...............................................................................
4,387
Affiliates
................................................................................
29,410
Offering
costs
.............................................................................
37,932
Total
assets
..........................................................................
1,124,512
Liabilities:
Payables:
Transfer
agent
fees
........................................................................
29
Professional
fees
.........................................................................
18,690
Offering
costs
.............................................................................
47,903
Accrued
expenses
and
other
liabilities
...........................................................
22
Total
liabilities
.........................................................................
66,644
Net
assets,
at
value
.................................................................
$1,057,868
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,113,720
Total
distributable
earnings
(losses)
.............................................................
(55,852)
Net
assets,
at
value
.................................................................
$1,057,868
Shares
outstanding
.........................................................................
111,303
Net
asset
value
per
share
....................................................................
$9.50
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
28,
2022
(unaudited)
a
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part
of
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financial
statements.
Semiannual
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7
Franklin
Templeton
SMACS:
Series
EM
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$1,404)
Unaffiliated
issuers
........................................................................
$5,521
Non-controlled
affiliates
(Note
3
d
)
.............................................................
2
Total
investment
income
...................................................................
5,523
Expenses:
Transfer
agent
fees
.........................................................................
151
Custodian
fees
.............................................................................
22
Reports
to
shareholders
fees
..................................................................
989
Registration
and
filing
fees
....................................................................
541
Professional
fees
...........................................................................
39,434
Trustees'
fees
and
expenses
..................................................................
18
Organization
costs
..........................................................................
19,743
Amortization
of
offering
costs
(Note
1e)
..........................................................
21,490
Other
....................................................................................
3,305
Total
expenses
.........................................................................
85,693
Expenses
waived/paid
by
affiliates
(Note
3
d
and
3
e
)
..............................................
(85,693)
Net
expenses
.........................................................................
Net
investment
income
................................................................
5,523
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
8,071
Foreign
currency
transactions
................................................................
(417)
Net
realized
gain
(loss)
..................................................................
7,654
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(62,068)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(49)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(62,117)
Net
realized
and
unrealized
gain
(loss)
............................................................
(54,463)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(48,940)
a
For
the
period
October
20,
2021
(commencement
of
operations)
to
February
28,
2022.
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Changes
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Templeton
SMACS:
Series
EM
Period
Ended
February
28,
2022
(unaudited)
a
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
...................................................................
$5,523
Net
realized
gain
(loss)
...................................................................
7,654
Net
change
in
unrealized
appreciation
(depreciation)
.............................................
(62,117)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..................................
(48,940)
Distributions
to
shareholders
................................................................
(6,912)
Capital
share
transactions
(Note
2
)
............................................................
113,720
Net
increase
(decrease)
in
net
assets
.....................................................
57,868
Net
assets:
Beginning
of
period
.......................................................................
1,000,000
End
of
period
............................................................................
$1,057,868
a
For
the
period
October
20,
2021
(commencement
of
operations)
to
February
28,
2022.
Templeton
Global
Investment
Trust
9
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Franklin
Templeton
SMACS:
Series
EM
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
February
28,
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
(unaudited)
10
franklintempleton.com
Semiannual
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
February
28,
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
(unaudited)
11
franklintempleton.com
Semiannual
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
February
28,
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.
Period
Ended
February
28,
2022
a
Shares
Amount
Shares
sold
...................................
12,189
$122,500
Shares
redeemed
...............................
(886)
(8,780)
Net
increase
(decrease)
..........................
11,303
$113,720
a
For
the
period
October
20,
2021
(commencement
of
operations)
to
February
28,
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
(unaudited)
12
franklintempleton.com
Semiannual
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
period
ended
February
28,
2022,
the
Fund
paid
transfer
agent
fees
of
$151,
of
which $139
was
retained
by
Investor
Services.
d.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Asset
Management
has
contractually
agreed
to
reimburse
expenses
of
the
Fund
in
an
amount
equal
to
fees
indirectly
borne
by
the
Fund
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations.
During
the period
ended
February
28,
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 period
ended
February
28,
2022,
are
reflected
as
other
income
in
the
Statement
of
Operations.
f.
Other
Affiliated
Transactions
At
February
28,
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
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Templeton
SMACS
:
Series
EM
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
$
422,542
$
(392,974)
$
$
$
29,568
29,568
$
2
Total
Affiliated
Securities
...
$—
$422,542
$(392,974)
$—
$—
$29,568
$2
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
13
franklintempleton.com
Semiannual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
4.
Income
Taxes
At
February
28,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
February
28,
2022,
aggregated
$1,208,944
and
$134,235,
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.
7.
Geopolitical
Risk 
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
8.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
Cost
of
investments
..........................................................................
$1,112,449
Unrealized
appreciation
........................................................................
$29,961
Unrealized
depreciation
........................................................................
(92,029)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(62,068)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
14
franklintempleton.com
Semiannual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
9.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
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
period
ended
February
28,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
10.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
February
28,
2022,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Templeton
SMACS:
Series
EM
Assets:
Investments
in
Securities:
Common
Stocks
:
Auto
Components
......................
$
3,368
$
3,035
$
$
6,403
Automobiles
..........................
19,717
19,717
Banks
...............................
106,245
106,245
Beverages
...........................
7,694
7,694
Capital
Markets
........................
20,990
20,990
Chemicals
...........................
88,396
88,396
Construction
Materials
..................
32,625
32,625
Electronic
Equipment,
Instruments
&
Components
........................
27,534
27,534
Food
&
Staples
Retailing
.................
14,297
14,297
Food
Products
........................
28,493
28,493
Hotels,
Restaurants
&
Leisure
.............
7,723
7,723
Industrial
Conglomerates
................
44,815
44,815
Insurance
............................
32,351
32,351
Interactive
Media
&
Services
..............
76,277
76,277
Internet
&
Direct
Marketing
Retail
..........
11,093
11,093
Life
Sciences
Tools
&
Services
............
8,449
8,449
Pharmaceuticals
.......................
15,414
15,414
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
15
franklintempleton.com
Semiannual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
11.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Templeton
SMACS:
Series
EM
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Real
Estate
Management
&
Development
....
$
$
15,642
$
$
15,642
Semiconductors
&
Semiconductor
Equipment
.
166,786
166,786
Software
.............................
19,401
19,401
Technology
Hardware,
Storage
&
Peripherals
.
244,160
244,160
Textiles,
Apparel
&
Luxury
Goods
..........
18,382
18,382
Transportation
Infrastructure
..............
7,873
7,873
Rights
................................
53
53
Short
Term
Investments
...................
29,568
29,568
Total
Investments
in
Securities
...........
$62,647
$987,734
a
$—
$1,050,381
a
Includes
foreign
securities
valued
at
$987,734,
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
GDR
Global
Depositary
Receipt
10.
Fair
Value
Measurements
(continued)
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Shareholder
Information
16
franklintempleton.com
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Franklin
Templeton
SMACS:
EM
(Fund)
At
an
in-person
meeting
held
on
February
25,
2020
(Meeting),
the
Board
of
Trustees
(Board)
of
Templeton
Global
Investment
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
an
investment
management
agreement
between
Templeton
Asset
Management
Ltd.
(TAML)
and
the
Trust,
on
behalf
of
the
Fund
and
an
investment
sub-advisory
agreement
between
TGAL
and
Franklin
Templeton
Investment
Management
Limited
(Sub-
Adviser),
an
affiliate
of
TAML,
on
behalf
of
the
Fund
(each
a
Management
Agreement)
for
an
initial
two-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
each
Management
Agreement.
TAML
and
the
Sub-Adviser
are
each
referred
to
herein
as
a
Manager.
In
considering
the
approval
of
each
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
each
Manager
in
connection
with
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
each
Management
Agreement,
including,
but
not
limited
to:
(1)
the
nature,
extent
and
quality
of
the
services
to
be
provided
by
each
Manager;
(ii)
the
costs
of
the
services
to
be
provided
by
each
Manager;
and
(iii)
the
extent
to
which
economies
of
scale
may
be
realized
as
the
Fund
grows.
The
Board
also
reviewed
and
considered
the
form
of
Management
Agreement
and
the
terms
of
the
Management
Agreement
which
were
discussed
at
the
Meeting.
In
approving
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
each
proposed
Management
Agreement
are
fair
and
reasonable
and
that
the
approval
of
each
Management
Agreement
is
in
the
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
to
be
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
management’s
explanation
that
it
intends
to
use
the
Fund
to
complete
separately
managed
account
portfolios
managed
by
TAML
and
its
affiliates;
the
Fund’s
proposed
investment
strategies
and
the
ability
of
each
Manager
to
implement
such
investment
strategies;
the
qualifications,
background
and
experience
of
the
investment
personnel
that
will
be
responsible
for
the
day-to-day
portfolio
management
of
the
Fund;
each
Manager’s
experience
as
the
manager
of
other
funds
and
accounts,
including
other
series
of
the
Trust
and
other
funds
in
the
Franklin
Templeton
family
of
funds;
each
Manager’s
strength
and
reputation
within
the
industry;
the
personnel,
operations,
financial
condition,
and
investment
management
capabilities,
methodologies
and
resources
of
each
Manager;
and
each
Manager’s
compliance
capabilities,
as
demonstrated
by,
among
other
things,
its
policies
and
procedures
reasonably
designed
to
prevent
violations
of
the
Federal
Securities
Laws
(as
defined
in
Rule
38a-1
of
the
Investment
Company
Act
of
1940).
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
to
be
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
noted
that,
as
the
Fund
has
not
yet
commenced
investment
operations,
there
was
no
investment
performance
for
the
Fund.
The
Board
considered
the
proposed
performance
benchmark
for
the
Fund
and
how
such
benchmark
would
be
utilized
to
measure
performance
of
each
Manager.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
whether
an
investment
management
fee
would
be
charged
to
the
Fund
by
each
Manager.
In
particular,
the
Board
noted
that,
pursuant
to
the
TAML
Management
Agreement,
TAML
will
provide
general
investment
management
and
administrative
services
to
the
Fund
for
a
zero
management
fee.
The
Board
also
noted
that
TAML
will
assume
all
expenses
incurred
by
the
Fund
(including
acquired
fund
fees
and
expenses),
excluding
certain
non-routine
expenses,
such
as
those
relating
to
litigation,
indemnification,
reorganizations
and
liquidations,
incurred
by
the
Fund.
The
Board
further
noted
that
comparative
fee
data
for
the
Fund
customarily
prepared
by
Broadridge
Financial
Services,
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Shareholder
Information
17
franklintempleton.com
Semiannual
Report
Inc.
was
not
provided
because
the
Fund
will
have
a
zero
management
fee.
The
Board
concluded
that
the
proposed
management
fee
for
the
Fund
is
reasonable.
In
doing
so,
the
Board
noted
that
the
Sub-Adviser
will
not
charge
a
fee
to
the
Fund
or
TAML
for
the
services
it
provides
the
Fund.
Profitability
The
Board
then
noted
that
the
Managers
(and
their
affiliates)
could
not
report
any
financial
results
from
their
relationships
with
the
Fund
because
the
Fund
had
not
yet
commenced
investment
operations,
and
thus,
the
Board
could
not
evaluate
the
Managers’
(or
their
affiliates’)
profitability
with
respect
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
each
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
In
connection
with
this
review,
the
Trustees
noted
that
because
the
Fund
will
pay
a
zero
management
fee,
the
consideration
of
possible
economies
of
scale
in
the
future
was
not
relevant.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board,
including
a
majority
of
the
Independent
Trustees,
approved
each
Management
Agreement
for
the
Fund
for
an
initial
two-year
period.
TGIT
S
04/22
©
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.
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help
ensure
we
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you
with
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are
monitored
and/or
recorded.
Semiannual
Report
and
Shareholder
Letter
Franklin
Templeton
SMACS:
Series
EM
Investment
Manager
Distributor
Shareholder
Services
Templeton
Asset
Management
Ltd.
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics. 
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial experts are Ann Torre Bates and David W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
Item 4.
Principal Accountant Fees and Services.          N/A
 
 
Item 5. Audit Committee
of Listed Registrants.
        N/A
 
 
Item 6. Schedule of Investments.
                      N/A
 
 
Item 7
. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.             N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
        N/A
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.            N/A
 
 
Item 10
. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
Item 11. Controls and Procedures.
 
(a)
 Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
 
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
 
(b)
 Changes in Internal Controls.
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                             N/A
 
 
Item 13. Exhibits.
 
(a)(1)
Code of Ethics
 
 
(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
 
 
(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  April 26, 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  April 26, 2022
 
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  April 26, 2022