UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08226
(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
Franklin Templeton
One Franklin Parkway
San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant’s telephone number, including area code: (954) 572-7591
Date of fiscal year end: August 31
Date of reporting period:
| ITEM 1. | REPORT TO STOCKHOLDERS |
(a) The Report to Shareholders is filed herewith
|
|
 | |
|
| ||
|
Semi-Annual
Shareholder Report | | ||
 | ||
WHAT
WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based
on a hypothetical $10,000 investment)
|
Class
Name |
Costs
of a $10,000 investment
|
Costs
paid as a percentage of a $10,000
investment*,†
|
|
Class
A |
$
|
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition*
(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 |
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Emerging Markets Small Cap Fund | PAGE 1 | 426-STSR-0426 |
|
|
| |
|
| ||
|
Semi-Annual
Shareholder Report | | ||
|
| ||
WHAT
WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based
on a hypothetical $10,000 investment)
|
Class
Name |
Costs
of a $10,000 investment
|
Costs
paid as a percentage of a $10,000
investment*,†
|
|
Class
C |
$
|
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition*
(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Emerging Markets Small Cap Fund | PAGE 1 | 526-STSR-0426 |
|
|
| |
|
| ||
|
Semi-Annual
Shareholder Report | | ||
|
| ||
WHAT
WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based
on a hypothetical $10,000 investment)
|
Class
Name |
Costs
of a $10,000 investment
|
Costs
paid as a percentage of a $10,000
investment*,†
|
|
Class
R |
$
|
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition*
(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Emerging Markets Small Cap Fund | PAGE 1 | 826-STSR-0426 |
|
|
| |
|
| ||
|
Semi-Annual
Shareholder Report | | ||
|
| ||
WHAT
WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based
on a hypothetical $10,000 investment)
|
Class
Name |
Costs
of a $10,000 investment
|
Costs
paid as a percentage of a $10,000
investment*,†
|
|
Class
R6 |
$
|
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition*
(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Emerging Markets Small Cap Fund | PAGE 1 | 8426-STSR-0426 |
|
|
| |
|
| ||
|
Semi-Annual
Shareholder Report | | ||
|
| ||
WHAT
WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based
on a hypothetical $10,000 investment)
|
Class
Name |
Costs
of a $10,000 investment
|
Costs
paid as a percentage of a $10,000
investment*,†
|
|
Advisor
Class |
$
|
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition*
(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Emerging Markets Small Cap Fund | PAGE 1 | 626-STSR-0426 |
|
|
| |
|
Semi-Annual
Shareholder Report | | ||
|
| ||
WHAT
WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based
on a hypothetical $10,000 investment)
|
Fund
Name |
Costs
of a $10,000 investment
|
Costs
paid as a percentage of a $10,000
investment*,†
|
|
Franklin
Templeton SMACS: Series EM1
|
$
|
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition*
(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Templeton SMACS: Series EM | PAGE 1 | 3010-STSR-0426 |
(b) Not applicable
| ITEM 2. | CODE OF ETHICS. |
Not applicable
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Emerging
Markets
Small
Cap
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
February
28,
2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
11
Notes
to
Financial
Statements
15
Changes
In
and
Disagreements
with
Accountants
25
Results
of
Meeting(s)
of
Shareholders
25
Remuneration
Paid
to
Directors,
Officers
and
Others
25
Board
Approval
of
Management
and
Subadvisory
Agreements
25
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Emerging
Markets
Small
Cap
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
Year
Ended
August
31,
2022
a
Year
Ended
March
31,
2025
2024
2023
2022
2021
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$14.85
$14.11
$12.29
$12.55
$13.98
$15.08
$8.68
Income
from
investment
operations
b
:
Net
investment
income
(loss)
c
.............
(0.02)
0.12
0.12
0.19
0.26
0.07
0.02
Net
realized
and
unrealized
gains
(losses)
...........
1.47
0.66
2.07
0.47
(1.69)
0.50
6.77
Total
from
investment
operations
...........
1.45
0.78
2.19
0.66
(1.43)
0.57
6.79
Less
distributions
from:
Net
investment
income
..
(0.17)
(0.04)
(0.37)
(0.29)
—
(0.66)
(0.39)
Net
realized
gains
.....
—
—
—
(0.63)
—
(1.01)
—
Total
distributions
.......
(0.17)
(0.04)
(0.37)
(0.92)
—
(1.67)
(0.39)
Net
asset
value,
end
of
period
..............
$16.13
$14.85
$14.11
$12.29
$12.55
$13.98
$15.08
Total
return
d
...........
9.88%
5.55%
18.29%
5.74%
(10.23)%
3.01%
78.52%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
....
2.12%
2.00%
1.94%
1.95%
2.00%
1.91%
1.99%
Expenses
net
of
waiver
and
payments
by
affiliates
....
1.75%
1.75%
1.75%
1.75%
1.75%
1.73%
1.80%
Net
investment
income
(loss)
...............
(0.22)%
0.83%
0.90%
1.54%
4.83%
0.47%
0.16%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$176,684
$187,048
$186,634
$176,763
$187,525
$215,598
$210,269
Portfolio
turnover
rate
....
8.76%
16.75%
20.02%
23.06%
8.13%
31.72%
31.70%
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.
Semiannual
Report
3
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
Year
Ended
August
31,
2022
a
Year
Ended
March
31,
2025
2024
2023
2022
2021
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$13.53
$12.92
$11.27
$11.57
$12.94
$14.03
$8.14
Income
from
investment
operations
b
:
Net
investment
income
(loss)
c
.............
(0.07)
(0.01)
0.01
0.08
0.20
(0.02)
(0.06)
Net
realized
and
unrealized
gains
(losses)
...........
1.35
0.62
1.90
0.46
(1.57)
0.44
6.31
Total
from
investment
operations
...........
1.28
0.61
1.91
0.54
(1.37)
0.42
6.25
Less
distributions
from:
Net
investment
income
..
(0.06)
—
(0.26)
(0.21)
—
(0.50)
(0.36)
Net
realized
gains
.....
—
—
—
(0.63)
—
(1.01)
—
Total
distributions
.......
(0.06)
—
(0.26)
(0.84)
—
(1.51)
(0.36)
Net
asset
value,
end
of
period
..............
$14.75
$13.53
$12.92
$11.27
$11.57
$12.94
$14.03
Total
return
d
...........
9.45%
4.80%
17.31%
5.09%
(10.59)%
2.26%
77.25%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
....
2.87%
2.75%
2.69%
2.70%
2.74%
2.66%
2.73%
Expenses
net
of
waiver
and
payments
by
affiliates
....
2.50%
2.50%
2.50%
2.50%
2.50%
2.48%
2.54%
Net
investment
income
(loss)
...............
(0.96)%
(0.04)%
0.09%
0.70%
4.06%
(0.15)%
(0.51)%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$5,710
$6,363
$8,569
$9,836
$13,645
$17,588
$27,434
Portfolio
turnover
rate
....
8.76%
16.75%
20.02%
23.06%
8.13%
31.72%
31.70%
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
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
Year
Ended
August
31,
2022
a
Year
Ended
March
31,
2025
2024
2023
2022
2021
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$14.51
$13.79
$12.02
$12.30
$13.71
$14.82
$8.56
Income
from
investment
operations
b
:
Net
investment
income
(loss)
c
.............
(0.04)
0.07
0.08
0.15
0.24
0.04
(0.03)
Net
realized
and
unrealized
gains
(losses)
...........
1.44
0.65
2.03
0.47
(1.65)
0.47
6.68
Total
from
investment
operations
...........
1.40
0.72
2.11
0.62
(1.41)
0.51
6.65
Less
distributions
from:
Net
investment
income
..
(0.15)
(—)
d
(0.34)
(0.27)
—
(0.61)
(0.39)
Net
realized
gains
.....
—
—
—
(0.63)
—
(1.01)
—
Total
distributions
.......
(0.15)
(—)
d
(0.34)
(0.90)
—
(1.62)
(0.39)
Net
asset
value,
end
of
period
..............
$15.76
$14.51
$13.79
$12.02
$12.30
$13.71
$14.82
Total
return
e
...........
9.73%
5.24%
18.02%
5.50%
(10.28)%
2.71%
78.18%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
....
2.37%
2.25%
2.19%
2.20%
2.25%
2.16%
2.24%
Expenses
net
of
waiver
and
payments
by
affiliates
....
2.00%
2.00%
2.00%
2.00%
2.00%
1.98%
2.05%
Net
investment
income
(loss)
...............
(0.48)%
0.54%
0.62%
1.29%
4.59%
0.26%
(0.20)%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$2,373
$2,095
$2,147
$2,082
$2,109
$2,444
$2,966
Portfolio
turnover
rate
....
8.76%
16.75%
20.02%
23.06%
8.13%
31.72%
31.70%
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
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
Year
Ended
August
31,
2022
a
Year
Ended
March
31,
2025
2024
2023
2022
2021
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$15.14
$14.39
$12.53
$12.77
$14.21
$15.30
$8.79
Income
from
investment
operations
b
:
Net
investment
income
c
.
—
d
0.15
0.15
0.22
0.28
0.14
0.08
Net
realized
and
unrealized
gains
(losses)
...........
1.50
0.68
2.12
0.49
(1.72)
0.50
6.83
Total
from
investment
operations
...........
1.50
0.83
2.27
0.71
(1.44)
0.64
6.91
Less
distributions
from:
Net
investment
income
..
(0.21)
(0.08)
(0.41)
(0.32)
—
(0.72)
(0.40)
Net
realized
gains
.....
—
—
—
(0.63)
—
(1.01)
—
Total
distributions
.......
(0.21)
(0.08)
(0.41)
(0.95)
—
(1.73)
(0.40)
Net
asset
value,
end
of
period
..............
$16.43
$15.14
$14.39
$12.53
$12.77
$14.21
$15.30
Total
return
e
...........
10.06%
5.81%
18.60%
6.06%
(10.13)%
3.41%
79.19%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
....
1.60%
1.58%
1.57%
1.56%
1.59%
1.54%
1.60%
Expenses
net
of
waiver
and
payments
by
affiliates
....
1.47%
1.47%
1.47%
1.47%
1.47%
1.35%
1.40%
Net
investment
income
...
0.06%
1.05%
1.15%
1.79%
5.10%
0.88%
0.61%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$26,459
$25,133
$26,408
$27,134
$31,790
$39,782
$46,062
Portfolio
turnover
rate
....
8.76%
16.75%
20.02%
23.06%
8.13%
31.72%
31.70%
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
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
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
Year
Ended
August
31,
2022
a
Year
Ended
March
31,
2025
2024
2023
2022
2021
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$15.17
$14.42
$12.55
$12.78
$14.23
$15.32
$8.80
Income
from
investment
operations
b
:
Net
investment
income
c
.
—
d
0.15
0.14
0.23
0.28
0.12
0.07
Net
realized
and
unrealized
gains
(losses)
...........
1.50
0.67
2.13
0.48
(1.73)
0.50
6.84
Total
from
investment
operations
...........
1.50
0.82
2.27
0.71
(1.45)
0.62
6.91
Less
distributions
from:
Net
investment
income
..
(0.21)
(0.07)
(0.40)
(0.31)
—
(0.70)
(0.39)
Net
realized
gains
.....
—
—
—
(0.63)
—
(1.01)
—
Total
distributions
.......
(0.21)
(0.07)
(0.40)
(0.94)
—
(1.71)
(0.39)
Net
asset
value,
end
of
period
..............
$16.46
$15.17
$14.42
$12.55
$12.78
$14.23
$15.32
Total
return
e
...........
10.01%
5.75%
18.62%
6.08%
(10.19)%
3.26%
79.10%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
....
1.87%
1.75%
1.69%
1.71%
1.75%
1.66%
1.74%
Expenses
net
of
waiver
and
payments
by
affiliates
....
1.50%
1.50%
1.50%
1.50%
1.50%
1.48%
1.54%
Net
investment
income
...
0.06%
1.05%
1.03%
1.86%
5.08%
0.75%
0.53%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$117,964
$124,273
$130,075
$182,079
$146,484
$172,459
$177,989
Portfolio
turnover
rate
....
8.76%
16.75%
20.02%
23.06%
8.13%
31.72%
31.70%
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
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited),
February
28,
2026
Templeton
Emerging
Markets
Small
Cap
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Industry
Shares
a
Value
a
Common
Stocks
93.8%
Brazil
1.0%
Azzas
2154
SA
..................
Textiles,
Apparel
&
Luxury
Goods
478,522
$
2,442,782
a
Hypera
SA
.....................
Pharmaceuticals
188,808
850,032
3,292,814
China
5.2%
a
Daqo
New
Energy
Corp.
,
ADR
......
Semiconductors
&
Semiconductor
Equipment
54,974
1,325,973
b
JNBY
Design
Ltd.
,
Reg
S
..........
Textiles,
Apparel
&
Luxury
Goods
1,428,758
3,927,138
c
JOYY,
Inc.
,
ADR
.................
Interactive
Media
&
Services
31,022
1,851,083
c
Noah
Holdings
Ltd.
,
ADR
..........
Capital
Markets
290,042
3,428,296
Sunresin
New
Materials
Co.
Ltd.
,
A
...
Chemicals
393,329
4,282,518
Uni-President
China
Holdings
Ltd.
....
Food
Products
2,383,354
2,351,854
17,166,862
Georgia
2.3%
a
Georgia
Capital
plc
...............
Capital
Markets
149,125
7,484,336
Greece
1.3%
a
Piraeus
Bank
SA
.................
Banks
436,967
4,192,520
Hong
Kong
0.2%
Pacific
Basin
Shipping
Ltd.
.........
Marine
Transportation
1,613,308
713,168
Hungary
2.2%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
191,402
7,166,079
India
29.7%
a
Affle
3i
Ltd.
.....................
Media
159,108
2,410,000
Ajanta
Pharma
Ltd.
...............
Pharmaceuticals
126,143
4,157,540
a
Ajax
Engineering
Ltd.
.............
Machinery
115,034
613,253
b
Aster
DM
Healthcare
Ltd.
,
144A
,
Reg
S
Health
Care
Providers
&
Services
770,860
5,554,102
a
AWL
Agri
Business
Ltd.
............
Food
Products
778,447
1,619,910
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
107,331
12,759,806
Brigade
Enterprises
Ltd.
...........
Real
Estate
Management
&
Development
514,222
3,924,852
City
Union
Bank
Ltd.
..............
Banks
1,097,309
3,415,637
Coforge
Ltd.
....................
IT
Services
225,215
2,948,386
Crompton
Greaves
Consumer
Electricals
Ltd.
.................
Household
Durables
380,605
1,080,537
Dalmia
Bharat
Ltd.
...............
Construction
Materials
142,598
3,123,830
a
Electronics
Mart
India
Ltd.
..........
Specialty
Retail
1,557,140
1,730,508
EPL
Ltd.
.......................
Containers
&
Packaging
401,859
961,171
a,b
Eris
Lifesciences
Ltd.
,
144A
,
Reg
S
...
Pharmaceuticals
274,577
4,114,730
a
Eternal
Ltd.
.....................
Hotels,
Restaurants
&
Leisure
1,553,205
4,203,177
Federal
Bank
Ltd.
................
Banks
915,558
3,021,008
Glenmark
Pharmaceuticals
Ltd.
......
Pharmaceuticals
41,879
984,114
Gujarat
State
Petronet
Ltd.
.........
Gas
Utilities
383,687
1,285,265
Hexaware
Technologies
Ltd.
........
IT
Services
115,082
600,301
a
Honasa
Consumer
Ltd.
............
Personal
Care
Products
1,712,069
5,712,873
KEI
Industries
Ltd.
................
Electrical
Equipment
57,156
3,194,961
a,d
MakeMyTrip
Ltd.
.................
Hotels,
Restaurants
&
Leisure
70,867
4,001,860
a
Max
Financial
Services
Ltd.
.........
Insurance
384,234
7,658,811
a
Meesho
Ltd.
....................
Broadline
Retail
266,355
468,410
Nexus
Select
Trust
...............
Retail
REITs
1,616,066
2,872,552
a
PB
Fintech
Ltd.
..................
Insurance
161,979
2,639,427
a,b
Physicswallah
Ltd.
,
144A
,
Reg
S
.....
Diversified
Consumer
Services
1,863,645
1,773,383
a,b
Pine
Labs
Ltd.
,
144A
,
Reg
S
........
Financial
Services
666,586
1,393,675
Redington
Ltd.
..................
Electronic
Equipment,
Instruments
&
Components
1,963,666
6,062,876
a
ReNew
Energy
Global
plc
,
A
........
Independent
Power
and
Renewable
Electricity
Producers
454,459
2,508,614
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
a
Restaurant
Brands
Asia
Ltd.
........
Hotels,
Restaurants
&
Leisure
1,413,186
$
988,223
97,783,792
Indonesia
1.6%
Avia
Avian
Tbk.
PT
...............
Chemicals
109,085,200
2,861,355
a
GoTo
Gojek
Tokopedia
Tbk.
PT
,
A
....
Broadline
Retail
672,129,375
2,445,216
5,306,571
Italy
0.7%
a,b,d
Wizz
Air
Holdings
plc
,
144A
,
Reg
S
...
Passenger
Airlines
144,080
2,375,175
Kazakhstan
1.7%
b
Halyk
Savings
Bank
of
Kazakhstan
JSC
,
GDR
,
Reg
S
..................
Banks
174,733
5,652,612
Mexico
2.2%
Bolsa
Mexicana
de
Valores
SAB
de
CV
Capital
Markets
2,840,643
6,274,420
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
,
B
.................
Transportation
Infrastructure
51,274
783,281
7,057,701
Peru
0.6%
Intercorp
Financial
Services,
Inc.
.....
Banks
39,215
1,897,222
Philippines
5.2%
Century
Pacific
Food,
Inc.
..........
Food
Products
6,833,319
4,734,086
International
Container
Terminal
Services,
Inc.
..................
Transportation
Infrastructure
992,218
12,368,953
17,103,039
Saudi
Arabia
0.8%
a
Jahez
International
Co.
............
Hotels,
Restaurants
&
Leisure
60,742
191,497
Mouwasat
Medical
Services
Co.
.....
Health
Care
Providers
&
Services
151,114
2,563,780
2,755,277
South
Africa
0.9%
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
2,655,598
2,863,435
South
Korea
11.6%
a
Hugel,
Inc.
.....................
Biotechnology
42,937
8,060,433
ISC
Co.
Ltd.
....................
Semiconductors
&
Semiconductor
Equipment
21,036
2,825,740
e
JB
Financial
Group
Co.
Ltd.
........
Banks
247,599
5,459,724
LEENO
Industrial,
Inc.
.............
Semiconductors
&
Semiconductor
Equipment
149,951
11,108,618
a
LigaChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
13,452
1,791,603
LX
Semicon
Co.
Ltd.
..............
Semiconductors
&
Semiconductor
Equipment
13,198
536,634
Misto
Holdings
Corp.
..............
Textiles,
Apparel
&
Luxury
Goods
139,660
4,748,833
Soulbrain
Co.
Ltd.
................
Chemicals
10,356
3,213,429
Vieworks
Co.
Ltd.
................
Health
Care
Equipment
&
Supplies
23,220
420,717
38,165,731
Taiwan
13.3%
Eclat
Textile
Co.
Ltd.
..............
Textiles,
Apparel
&
Luxury
Goods
323,020
4,348,894
King
Yuan
Electronics
Co.
Ltd.
......
Semiconductors
&
Semiconductor
Equipment
305,375
3,142,171
Kinsus
Interconnect
Technology
Corp.
.
Semiconductors
&
Semiconductor
Equipment
571,041
5,642,773
Merida
Industry
Co.
Ltd.
...........
Leisure
Products
852,459
2,037,443
momo.com,
Inc.
.................
Broadline
Retail
23,789
145,831
Novatek
Microelectronics
Corp.
......
Semiconductors
&
Semiconductor
Equipment
638,010
7,966,585
Poya
International
Co.
Ltd.
.........
Broadline
Retail
295,807
4,766,145
Primax
Electronics
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
1,190,975
3,096,915
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
(continued)
Shin
Zu
Shing
Co.
Ltd.
............
Machinery
49,336
$
321,601
Synnex
Technology
International
Corp.
Electronic
Equipment,
Instruments
&
Components
3,620,429
8,317,679
Visual
Photonics
Epitaxy
Co.
Ltd.
....
Semiconductors
&
Semiconductor
Equipment
438,977
3,005,301
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
118,774
1,112,581
43,903,919
Thailand
1.7%
Dynasty
Ceramic
PCL
.............
Building
Products
14,149,786
568,996
Major
Cineplex
Group
PCL
.........
Entertainment
3,527,362
908,421
Tisco
Financial
Group
PCL
.........
Banks
1,113,077
4,099,160
5,576,577
United
Arab
Emirates
3.1%
Americana
Restaurants
International
plc
Hotels,
Restaurants
&
Leisure
1,174,392
639,954
Burjeel
Holdings
plc
..............
Health
Care
Providers
&
Services
7,054,224
2,496,697
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
4,391,578
2,128,207
Spinneys
1961
Holding
plc
.........
Consumer
Staples
Distribution
&
Retail
6,537,484
2,669,777
Taaleem
Holdings
PJSC
...........
Diversified
Consumer
Services
2,133,071
2,305,520
10,240,155
Vietnam
8.5%
Asia
Commercial
Bank
JSC
........
Banks
4,244,908
4,001,247
FPT
Corp.
......................
IT
Services
2,177,580
7,767,218
Military
Commercial
Joint
Stock
Bank
.
Banks
5,035,516
5,510,163
Mobile
World
Investment
Corp.
......
Specialty
Retail
3,004,867
10,741,145
28,019,773
Total
Common
Stocks
(Cost
$
207,942,485
)
.....................................
308,716,758
a
Preferred
Stocks
2.3%
Brazil
1.2%
f
Bradespar
SA
,
7
.2
%
..............
Metals
&
Mining
864,404
4,186,707
Chile
1.1%
f
Embotelladora
Andina
SA
,
B
,
1
.44
%
..
Beverages
743,022
3,580,080
Total
Preferred
Stocks
(Cost
$
6,691,591
)
.......................................
7,766,787
Rights
a
a
Rights
0.0%
†
Brazil
0.0%
†
a
Hypera
SA
,
3/17/26
...............
Pharmaceuticals
21,055
8,625
Total
Rights
(Cost
$
–
)
........................................................
8,625
Total
Long
Term
Investments
(Cost
$
214,634,076
)
...............................
316,492,170
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
Short
Term
Investments
5.2%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
4.6%
United
States
4.6%
g,h
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.583
%
......
15,276,993
$
15,276,993
Total
Money
Market
Funds
(Cost
$
15,276,993
)
..................................
15,276,993
i
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.6%
Money
Market
Funds
0.6%
g,h
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.583
%
......
1,889,423
1,889,423
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
1,889,423
)
.................................................................
1,889,423
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
17,166,416
)
................................
17,166,416
a
a
a
Total
Investments
(Cost
$
231,800,492
)
101.3
%
..................................
$333,658,586
Other
Assets,
less
Liabilities
(
1.3
)
%
...........................................
(4,470,033)
Net
Assets
100.0%
...........................................................
$329,188,553
a
a
a
See
A
bbreviations
on
page
24
.
†
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,
2026,
the
aggregate
value
of
these
securities
was
$24,790,815,
representing
7.5%
of
net
assets.
c
Variable
interest
entity
(VIE).
See
Note
6
regarding
investments
made
through
a
VIE
structure.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$5,279,379,
representing
1.6%
of
net
assets.
d
A
portion
or
all
of
the
security
is
on
loan
at
February
28,
2026.
See
Note
1(d).
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
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.
i
See
Note
1(d)
regarding
securities
on
loan.
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Templeton
Emerging
Markets
Small
Cap
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$214,634,076
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
17,166,416
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$
2,988,359
)
..................................
$316,492,170
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
17,166,416
Receivables:
Investment
securities
sold
...................................................................
2,561,920
Capital
shares
sold
........................................................................
216,799
Dividends
...............................................................................
393,206
Total
assets
..........................................................................
336,830,511
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,490,015
Capital
shares
redeemed
...................................................................
155,141
Management
fees
.........................................................................
221,877
Distribution
fees
..........................................................................
38,705
Transfer
agent
fees
........................................................................
128,854
Trustees'
fees
and
expenses
.................................................................
2,463
Payable
upon
return
of
securities
loaned
(Note
1
d
)
..................................................
1,889,423
Deferred
taxes
on
unrealized
appreciation
........................................................
3,544,465
Accrued
expenses
and
other
liabilities
...........................................................
171,015
Total
liabilities
.........................................................................
7,641,958
Net
assets,
at
value
.................................................................
$329,188,553
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$244,367,816
Total
distributable
earnings
(losses)
.............................................................
84,820,737
Net
assets,
at
value
.................................................................
$329,188,553
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
February
28,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Templeton
Emerging
Markets
Small
Cap
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$176,683,863
Shares
outstanding
........................................................................
10,955,235
Net
asset
value
per
share
a
,b
..................................................................
$16.13
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94
.50
%
)
b
................................
$17.07
Class
C:
Net
assets,
at
value
.......................................................................
$5,709,557
Shares
outstanding
........................................................................
387,095
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$14.75
Class
R:
Net
assets,
at
value
.......................................................................
$2,372,833
Shares
outstanding
........................................................................
150,547
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$15.76
Class
R6:
Net
assets,
at
value
.......................................................................
$26,458,598
Shares
outstanding
........................................................................
1,610,341
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$16.43
Advisor
Class:
Net
assets,
at
value
.......................................................................
$117,963,702
Shares
outstanding
........................................................................
7,166,243
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$16.46
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
28,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Templeton
Emerging
Markets
Small
Cap
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$188,392)
Unaffiliated
issuers
........................................................................
$2,277,712
Non-controlled
affiliates
(Note
3
f
)
.............................................................
217,407
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
(4,840)
Non-controlled
affiliates
(Note
3
f
)
.............................................................
8,026
Total
investment
income
...................................................................
2,498,305
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,274,215
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
215,275
Class
C
................................................................................
29,576
Class
R
................................................................................
5,442
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
276,143
Class
C
................................................................................
9,494
Class
R
................................................................................
3,535
Class
R6
...............................................................................
6,875
Advisor
Class
............................................................................
191,765
Custodian
fees
............................................................................
68,407
Reports
to
shareholders
fees
..................................................................
22,194
Registration
and
filing
fees
....................................................................
56,943
Professional
fees
...........................................................................
53,453
Trustees'
fees
and
expenses
..................................................................
21,195
Other
....................................................................................
15,696
Total
expenses
.........................................................................
3,250,208
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(567,288)
Net
expenses
.........................................................................
2,682,920
Net
investment
income
(loss)
............................................................
(184,615)
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$1,326,808)
Unaffiliated
issuers
......................................................................
13,852,767
Foreign
currency
transactions
................................................................
52,229
Net
realized
gain
(loss)
..................................................................
13,904,996
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
15,166,179
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(81,423)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
1,749,994
Net
change
in
unrealized
appreciation
(depreciation)
............................................
16,834,750
Net
realized
and
unrealized
gain
(loss)
............................................................
30,739,746
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$30,555,131
Templeton
Global
Investment
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Templeton
Emerging
Markets
Small
Cap
Fund
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
(loss)
............................................
$(184,615)
$3,020,820
Net
realized
gain
(loss)
.................................................
13,904,996
23,297,299
Net
change
in
unrealized
appreciation
(depreciation)
...........................
16,834,750
(7,308,764)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
30,555,131
19,009,355
Distributions
to
shareholders:
Class
A
.............................................................
(1,888,104)
(496,560)
Class
C
.............................................................
(26,620)
—
Class
R
.............................................................
(22,349)
(365)
Class
R6
............................................................
(350,958)
(137,313)
Advisor
Class
........................................................
(1,659,508)
(615,542)
Total
distributions
to
shareholders
..........................................
(3,947,539)
(1,249,780)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(24,697,874)
(9,917,783)
Class
C
.............................................................
(1,152,317)
(2,454,235)
Class
R
.............................................................
87,531
(146,912)
Class
R6
............................................................
(781,057)
(2,280,490)
Advisor
Class
........................................................
(15,787,345)
(11,880,529)
Total
capital
share
transactions
............................................
(42,331,062)
(26,679,949)
Net
increase
(decrease)
in
net
assets
...................................
(15,723,470)
(8,920,374)
Net
assets:
Beginning
of
period
.....................................................
344,912,023
353,832,397
End
of
period
..........................................................
$329,188,553
$344,912,023
Templeton
Global
Investment
Trust
15
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Templeton
Emerging
Markets
Small
Cap
Fund
1.
Organization
and
Significant
Accounting
Policies
Templeton
Global
Investment
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of three separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Templeton
Emerging
Markets
Small
Cap
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers
five classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
February
28,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
d.
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
February
28,
2026,
the
Fund
held
$1,422,660
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 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
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
17
franklintempleton.com
Semiannual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
Securities
on
loan
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
e.
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
in
the
foreign
markets
in
which
the
Fund
invests.
In
some
cases,
the
Fund
may
be
entitled
to
reclaim
all
or
a
portion
of
such
taxes,
and
such
reclaim
amounts,
if
any,
are
reflected
as
a
dividend
receivable
in
the
Statement
of
Assets
and
Liabilities
and
dividend
income
in
the
Statement
of
Operations.
In
many
cases,
however,
the
Fund
may
not
receive
such
amounts
for
an
extended
period
of
time,
depending
on
the
country
of
investment.
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,
2026, 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).
The
Fund’s
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
f.
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.
g.
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.
h.
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,
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Securities
Lending
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
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,
2026,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
February
28,
2026
Year
Ended
August
31,
2025
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
535,127
$8,092,955
1,794,416
$23,613,763
Shares
issued
in
reinvestment
of
distributions
..........
110,706
1,639,551
31,044
420,338
Shares
redeemed
...............................
(2,289,841)
(34,430,380)
(2,452,455)
(33,951,884)
Net
increase
(decrease)
..........................
(1,644,008)
$(24,697,874)
(626,995)
$(9,917,783)
Class
C
Shares:
Shares
sold
...................................
20,259
$279,473
62,246
$783,295
Shares
issued
in
reinvestment
of
distributions
..........
1,935
26,239
—
—
Shares
redeemed
a
..............................
(105,199)
(1,458,029)
(255,198)
(3,237,530)
Net
increase
(decrease)
..........................
(83,005)
$(1,152,317)
(192,952)
$(2,454,235)
Class
R
Shares:
Shares
sold
...................................
10,994
$161,305
21,078
$295,050
Shares
issued
in
reinvestment
of
distributions
..........
1,544
22,349
27
365
Shares
redeemed
...............................
(6,423)
(96,123)
(32,365)
(442,327)
Net
increase
(decrease)
..........................
6,115
$87,531
(11,260)
$(146,912)
Class
R6
Shares:
Shares
sold
...................................
111,970
$1,716,988
264,654
$3,803,737
Shares
issued
in
reinvestment
of
distributions
..........
16,750
252,591
6,961
95,988
Shares
redeemed
...............................
(178,123)
(2,750,636)
(446,617)
(6,180,215)
Net
increase
(decrease)
..........................
(49,403)
$(781,057)
(175,002)
$(2,280,490)
Advisor
Class
Shares:
Shares
sold
...................................
505,632
$7,795,250
1,305,054
$18,499,345
Shares
issued
in
reinvestment
of
distributions
..........
101,584
1,534,929
41,610
574,633
Shares
redeemed
...............................
(1,633,887)
(25,117,524)
(2,176,760)
(30,954,507)
Net
increase
(decrease)
..........................
(1,026,671)
$(15,787,345)
(830,096)
$(11,880,529)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
1.
Organization
and
Significant
Accounting
Policies
(continued)
h.
Guarantees
and
Indemnifications
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
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:
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
February
28,
2026,
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.
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
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%
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
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:
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. 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
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
February
28,
2026,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$72,463
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,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
February
28,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$2,204
CDSC
retained
..............................................................................
$72
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
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.583%
............
$20,993,046
$49,102,722
$(54,818,775)
$—
$—
$15,276,993
15,276,993
$217,407
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
g.
Waiver
and
Expense
Reimbursements
Asset
Management
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
distribution
fees,
acquired
fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
1.50%
based
on
the
average
net
assets
of
each
class
until
December
31,
2026.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
December
31,
2026.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
August
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
At
February
28,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) 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
wash
sales,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax
and
corporate
actions.
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
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.583%
............
$—
$11,204,572
$(9,315,149)
$—
$—
$1,889,423
1,889,423
$8,026
Total
Affiliated
Securities
...
$20,993,046
$60,307,294
$(64,133,924)
$—
$—
$17,166,416
$225,433
Capital
loss
carryforwards
not
subject
to
expiration:
Long
term
................................................................................
$
12,186,377
Cost
of
investments
..........................................................................
$245,647,053
Unrealized
appreciation
........................................................................
$123,501,133
Unrealized
depreciation
........................................................................
(35,489,600)
Net
unrealized
appreciation
(depreciation)
..........................................................
$88,011,533
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
February
28,
2026,
aggregated
$27,896,691 and
$71,332,389,
respectively.
At
February
28,
2026,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received
$1,889,423
of
cash
collateral.
The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Statement
of
Assets
and
Liabilities.
The
agreements
can
be
terminated
at
any
time.
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.
Certain
investments
in
Chinese
companies
are
made
through
a
special
structure
known
as
a
VIE.
In
a
VIE
structure,
foreign
investors,
such
as
the
Fund,
will
only
own
stock
in
a
shell
company
rather
than
directly
in
the
VIE,
which
must
be
owned
by
Chinese
nationals
(and/or
Chinese
companies)
to
obtain
the
licenses
and/or
assets
required
to
operate
in
a
restricted
or
prohibited
sector
in
China.
The
value
of
the
shell
company
is
derived
from
its
ability
to
consolidate
the
VIE
into
its
financials
pursuant
to
contractual
arrangements
that
allow
the
shell
company
to
exert
a
degree
of
control
over,
and
obtain
economic
benefits
arising
from,
the
VIE
without
formal
legal
ownership.
While
VIEs
are
a
longstanding
industry
practice
and
are
well
known
by
Chinese
officials
and
regulators,
the
structure
historically
has
not
been
formally
recognized
under
Chinese
law
and
it
is
uncertain
whether
Chinese
officials
or
regulators
will
withdraw
their
implicit
acceptance
of
the
structure.
It
is
also
uncertain
whether
the
contractual
arrangements,
which
may
be
subject
to
conflicts
of
interest
between
the
legal
owners
of
the
VIE
and
foreign
investors,
would
be
enforced
by
Chinese
courts
or
arbitration
bodies.
Prohibitions
of
these
structures
by
the
Chinese
government,
or
the
inability
to
enforce
such
contracts,
from
which
the
shell
company
derives
its
value,
would
likely
cause
the
VIE-structured
holding(s)
to
suffer
significant,
detrimental,
and
possibly
permanent
losses,
and
in
turn,
adversely
affect
the
Fund’s
returns
and
net
asset
value.
7.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
29,
2027.
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
may,
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,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
8.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(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 February
28,
2026,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
9.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
chief
investment
officer
of
the
Fund’s
investment
manager serves
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Small
Cap
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Brazil
................................
$
3,292,814
$
—
$
—
$
3,292,814
China
...............................
8,957,206
8,209,656
—
17,166,862
Georgia
..............................
—
7,484,336
—
7,484,336
Greece
..............................
4,192,520
—
—
4,192,520
Hong
Kong
...........................
—
713,168
—
713,168
Hungary
.............................
7,166,079
—
—
7,166,079
India
................................
22,107,413
75,676,379
—
97,783,792
Indonesia
............................
—
5,306,571
—
5,306,571
Italy
.................................
—
2,375,175
—
2,375,175
Kazakhstan
...........................
5,652,612
—
—
5,652,612
Mexico
..............................
7,057,701
—
—
7,057,701
Peru
................................
1,897,222
—
—
1,897,222
Philippines
............................
4,734,086
12,368,953
—
17,103,039
Saudi
Arabia
..........................
—
2,755,277
—
2,755,277
South
Africa
...........................
2,863,435
—
—
2,863,435
South
Korea
..........................
—
38,165,731
—
38,165,731
Taiwan
...............................
—
43,903,919
—
43,903,919
Thailand
.............................
568,996
5,007,581
—
5,576,577
United
Arab
Emirates
....................
9,600,201
639,954
—
10,240,155
Vietnam
..............................
28,019,773
—
—
28,019,773
Preferred
Stocks
........................
7,766,787
—
—
7,766,787
Rights
................................
8,625
—
—
8,625
Short
Term
Investments
...................
17,166,416
—
—
17,166,416
Total
Investments
in
Securities
...........
$131,051,886
$202,606,700
b
$—
$333,658,586
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$202,138,290,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
8.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
Templeton
Emerging
Markets
Small
Cap
Fund
(continued)
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
10.
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
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
9.
Operating
Segments
(continued)
Templeton
Global
Investment
Trust
25
franklintempleton.com
Semiannual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund’s
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable.
4398-SFSOI
04/26
©
2026
Franklin
Templeton.
All
rights
reserved.
Franklin
Templeton
SMACS:
Series
EM
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
February
28,
2026
If
you
need
assistance
accessing
this
content,
please
reach
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.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
6
Notes
to
Financial
Statements
9
Changes
In
and
Disagreements
with
Accountants
17
Results
of
Meeting(s)
of
Shareholders
17
Remuneration
Paid
to
Directors,
Officers
and
Others
17
Board
Approval
of
Management
and
Subadvisory
Agreements
17
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Financial
Highlights
Franklin
Templeton
SMACS:
Series
EM
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
Year
Ended
August
31,
2022
a
2025
2024
2023
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.................
$10.57
$9.07
$7.92
$7.66
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.09
0.25
0.27
0.34
d
0.19
Net
realized
and
unrealized
gains
(losses)
...........
6.75
1.52
1.27
0.22
(2.47)
Total
from
investment
operations
....................
6.84
1.77
1.54
0.56
(2.28)
Less
distributions
from:
Net
investment
income
..........................
(0.40)
(0.27)
(0.39)
(0.30)
(0.06)
Net
asset
value,
end
of
period
......................
$17.01
$10.57
$9.07
$7.92
$7.66
Total
return
e
...................................
66.12%
20.27%
20.33%
7.43%
(22.92)%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
......
13.54%
9.95%
13.34%
15.23%
17.93%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
—%
—%
—%
—%
—%
Net
investment
income
...........................
1.42%
2.74%
3.26%
4.37%
d
2.48%
Supplemental
data
Net
assets,
end
of
period
(000’s)
....................
$1,910
$1,232
$1,023
$894
$849
Portfolio
turnover
rate
............................
11.87%
18.45%
34.19%
35.74%
31.11%
a
For
the
period
October
20,
2021
(commencement
of
operations)
to
August
31,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Net
investment
income
per
share
includes
approximately
$0.12
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
2.85%.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited),
February
28,
2026
Franklin
Templeton
SMACS:
Series
EM
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
a
Industry
Shares
a
Value
a
Common
Stocks
100.6%
Brazil
1.7%
a
Hypera
SA
.....................
Pharmaceuticals
2,794
$
12,579
TOTVS
SA
.....................
Software
2,882
21,273
33,852
China
7.8%
b
Budweiser
Brewing
Co.
APAC
Ltd.
,
144A
,
Reg
S
..................
Beverages
26,161
25,983
China
Merchants
Bank
Co.
Ltd.
,
A
....
Banks
900
5,083
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
8,825
7,313
b
Greentown
Service
Group
Co.
Ltd.
,
Reg
S
...........................
Real
Estate
Management
&
Development
6,432
3,578
Haier
Smart
Home
Co.
Ltd.
,
D
.......
Household
Durables
6,483
15,260
b,c
Kuaishou
Technology
,
144A
,
Reg
S
...
Interactive
Media
&
Services
1,704
13,512
NARI
Technology
Co.
Ltd.
,
A
........
Electrical
Equipment
10,609
42,224
Uni-President
China
Holdings
Ltd.
....
Food
Products
12,460
12,295
Weichai
Power
Co.
Ltd.
,
H
.........
Machinery
5,871
24,431
149,679
Hungary
1.7%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
853
31,936
India
5.6%
ACC
Ltd.
.......................
Construction
Materials
541
9,477
a
Ather
Energy
Ltd.
................
Automobiles
1,083
8,463
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
201
23,895
Brigade
Enterprises
Ltd.
...........
Real
Estate
Management
&
Development
928
7,083
a
Eternal
Ltd.
.....................
Hotels,
Restaurants
&
Leisure
7,769
21,024
Federal
Bank
Ltd.
................
Banks
2,281
7,527
HDFC
Bank
Ltd.
.................
Banks
430
4,203
a
Niva
Bupa
Health
Insurance
Co.
Ltd.
..
Insurance
11,564
9,544
a,b
Pine
Labs
Ltd.
,
144A
,
Reg
S
........
Financial
Services
7,409
15,491
106,707
Indonesia
0.6%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
29,611
11,782
Italy
0.1%
a,b
Wizz
Air
Holdings
plc
,
144A
,
Reg
S
...
Passenger
Airlines
74
1,220
Mexico
0.0%
†
a,b
Nemak
SAB
de
CV
,
144A
,
Reg
S
....
Automobile
Components
197
37
Philippines
0.9%
BDO
Unibank,
Inc.
...............
Banks
7,475
17,777
South
Africa
3.7%
Discovery
Ltd.
...................
Insurance
2,759
45,284
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
22,301
24,046
69,330
South
Korea
43.9%
Doosan
Bobcat,
Inc.
..............
Machinery
667
30,077
a
Hanmi
Pharm
Co.
Ltd.
.............
Pharmaceuticals
33
13,596
Hyundai
Motor
Co.
...............
Automobiles
212
99,391
LG
Corp.
.......................
Industrial
Conglomerates
787
58,891
Misto
Holdings
Corp.
..............
Textiles,
Apparel
&
Luxury
Goods
301
10,235
NAVER
Corp.
...................
Interactive
Media
&
Services
225
39,747
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
1,700
254,441
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
179
28,655
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Franklin
Templeton
SMACS:
Series
EM
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
South
Korea
(continued)
a
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
36
$
11,671
SK
Hynix,
Inc.
...................
Semiconductors
&
Semiconductor
Equipment
398
294,278
840,982
Taiwan
29.6%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
9,466
72,403
d
Lite-On
Technology
Corp.
..........
Technology
Hardware,
Storage
&
Peripherals
6,364
34,738
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
1,270
78,231
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
5,564
347,184
Zhen
Ding
Technology
Holding
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
4,782
31,616
564,172
Thailand
2.3%
Kasikornbank
PCL
...............
Banks
2,205
14,254
Minor
International
PCL
............
Hotels,
Restaurants
&
Leisure
22,549
18,856
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
19,098
4,679
Thai
Beverage
PCL
...............
Beverages
14,544
5,282
43,071
Turkiye
0.5%
BIM
Birlesik
Magazalar
A/S
.........
Consumer
Staples
Distribution
&
Retail
581
8,849
United
Arab
Emirates
2.2%
Emaar
Development
PJSC
.........
Real
Estate
Management
&
Development
5,476
28,848
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
21,384
10,363
Spinneys
1961
Holding
plc
.........
Consumer
Staples
Distribution
&
Retail
9,802
4,003
43,214
Total
Common
Stocks
(Cost
$
951,714
)
.........................................
1,922,608
Rights
a
a
Rights
0.0%
†
Brazil
0.0%
†
a
Hypera
SA
,
3/17/26
...............
Pharmaceuticals
311
128
Total
Rights
(Cost
$
–
)
........................................................
128
Total
Long
Term
Investments
(Cost
$
951,714
)
...................................
1,922,736
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Franklin
Templeton
SMACS:
Series
EM
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
Short
Term
Investments
0.1%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.1%
United
States
0.1%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.583
%
......
1,839
$
1,839
Total
Money
Market
Funds
(Cost
$
1,839
)
.......................................
1,839
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
1,839
)
....................................
1,839
a
a
a
Total
Investments
(Cost
$
953,553
)
100.7
%
......................................
$1,924,575
Other
Assets,
less
Liabilities
(
0.7
)
%
...........................................
(14,090)
Net
Assets
100.0%
...........................................................
$1,910,485
a
a
a
†
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,
2026,
the
aggregate
value
of
these
securities
was
$59,821,
representing
3.1%
of
net
assets.
c
Variable
interest
entity
(VIE).
See
Note
6
regarding
investments
made
through
a
VIE
structure.
At
February
28,
2026,
the
value
of
this
security
was
$13,512,
representing
0.7%
of
net
assets.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
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
February
28,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Franklin
Templeton
SMACS:
Series
EM
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$951,714
Cost
-
Non-controlled
affiliates
(Note
3
d
)
........................................................
1,839
Value
-
Unaffiliated
issuers
..................................................................
$1,922,736
Value
-
Non-controlled
affiliates
(Note
3
d
)
.......................................................
1,839
Receivables:
Investment
securities
sold
...................................................................
7,255
Dividends
...............................................................................
2,727
Affiliates
................................................................................
33,119
Total
assets
..........................................................................
1,967,676
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,613
Professional
fees
.........................................................................
44,196
Trustees'
fees
and
expenses
.................................................................
953
Deferred
taxes
on
unrealized
appreciation
........................................................
2,065
Accrued
expenses
and
other
liabilities
...........................................................
8,364
Total
liabilities
.........................................................................
57,191
Net
assets,
at
value
.................................................................
$1,910,485
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,108,882
Total
distributable
earnings
(losses)
.............................................................
801,603
Net
assets,
at
value
.................................................................
$1,910,485
Shares
outstanding
.........................................................................
112,335
Net
asset
value
per
share
a
....................................................................
$17.01
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
28,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
Franklin
Templeton
SMACS:
Series
EM
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$1,837)
Unaffiliated
issuers
........................................................................
$10,144
Non-controlled
affiliates
(Note
3
d
)
.............................................................
195
Other
income
a
.............................................................................
39
Total
investment
income
...................................................................
10,378
Expenses:
Transfer
agent
fees
(Not
e
3c)
..................................................................
427
Custodian
fees
............................................................................
534
Reports
to
shareholders
fees
..................................................................
3,849
Registration
and
filing
fees
....................................................................
23,366
Professional
fees
...........................................................................
64,010
Trustees'
fees
and
expenses
..................................................................
884
Other
....................................................................................
5,873
Total
expenses
.........................................................................
98,943
Expenses
waived/paid
by
affiliates
(Note
3
d
and
3
e
)
..............................................
(98,943)
Net
expenses
.........................................................................
—
Net
investment
income
................................................................
10,378
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$1,119)
Unaffiliated
issuers
......................................................................
48,275
Foreign
currency
transactions
................................................................
(51)
Net
realized
gain
(loss)
..................................................................
48,224
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
717,042
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(58)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
2,748
Net
change
in
unrealized
appreciation
(depreciation)
............................................
719,732
Net
realized
and
unrealized
gain
(loss)
............................................................
767,956
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$778,334
a
Other
income
includes
payments
by
Asset
Management
for
acquired
fund
fees
and
expenses
(See
Note
3e).
Templeton
Global
Investment
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
Franklin
Templeton
SMACS:
Series
EM
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$10,378
$28,573
Net
realized
gain
(loss)
.................................................
48,224
(46,137)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
719,732
219,322
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
778,334
201,758
Distributions
to
shareholders
..............................................
(46,512)
(30,029)
Capital
share
transactions
(Note
2
)
..........................................
(52,959)
36,730
Net
increase
(decrease)
in
net
assets
...................................
678,863
208,459
Net
assets:
Beginning
of
period
.....................................................
1,231,622
1,023,163
End
of
period
..........................................................
$1,910,485
$1,231,622
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.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Franklin
Templeton
SMACS:
Series
EM
(Fund)
is
included
in
this
report.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
February
28,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
10
franklintempleton.com
Semiannual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
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 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.
In
some
cases,
the
Fund
may
be
entitled
to
reclaim
all
or
a
portion
of
such
taxes,
and
such
reclaim
amounts,
if
any,
are
reflected
as
a
dividend
receivable
in
the
Statement
of
Assets
and
Liabilities
and
dividend
income
in
the
Statement
of
Operations.
In
many
cases,
however,
the
Fund
may
not
receive
such
amounts
for
an
extended
period
of
time,
depending
on
the
country
of
investment.
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,
2026, 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).
The
Fund’s
federal
and
state
income
and
federal
excise
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
11
franklintempleton.com
Semiannual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
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.
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,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
February
28,
2026
Year
Ended
August
31,
2025
Shares
Amount
Shares
Amount
Shares
sold
...................................
873
$10,400
3,657
$36,730
Shares
redeemed
...............................
(5,004)
(63,359)
—
—
Net
increase
(decrease)
..........................
(4,131)
$(52,959)
3,657
$36,730
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
12
franklintempleton.com
Semiannual
Report
Franklin
Templeton
SMACS:
Series
EM
(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:
a.
Management
Fees
Asset
Management provides
investment
management
services
to
the
Fund.
The
Fund
does
not
pay
a
fee
for
these
services.
Under
a
subadvisory
agreement, FTIML,
an
affiliate of
Asset Management, provides
subadvisory
services
to
the
Fund.
The
Fund
does
not
pay
a
fee
for
these
services.
b.
Administrative
Fees
Under
an
agreement
with
Asset
Management,
FT
Services
provides
administrative
services
to
the Fund
and
is
not
paid
by
the
Fund
for
the
services.
c.
Transfer
Agent
Fees
The
Fund
pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. 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,
2026,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$127
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,
2026,
investments
in
affiliated
management
investment
companies
were
as
follows:
Subsidiary
Affiliation
Templeton
Asset
Management
Ltd.
(Asset
Management)
Investment
manager
Franklin
Templeton
Investment
Management
Ltd.
(FTIML)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
13
franklintempleton.com
Semiannual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
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,
2026.
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,
2026,
are
reflected
as
other
income
in
the
Statement
of
Operations.
f.
Other
Affiliated
Transactions
At
February
28,
2026, Templeton
International,
Inc.
owned
100%
of
the
Fund's
outstanding
shares.
Investment
activities
of
this
shareholder
could
have
a
material
impact
on
the
Fund.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
August
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
At
February
28,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
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
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.583%
............
$64,989
$225,260
$(288,410)
$—
$—
$1,839
1,839
$195
Total
Affiliated
Securities
...
$64,989
$225,260
$(288,410)
$—
$—
$1,839
$195
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
4,657
Long
term
................................................................................
184,659
Total
capital
loss
carryforwards
...............................................................
$189,316
Cost
of
investments
..........................................................................
$975,024
Unrealized
appreciation
........................................................................
$991,361
Unrealized
depreciation
........................................................................
(41,810)
Net
unrealized
appreciation
(depreciation)
..........................................................
$949,551
3.
Transactions
with
Affiliates
(continued)
d.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
14
franklintempleton.com
Semiannual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales,
passive
foreign
investment
company
shares
and
foreign
capital
gains
tax.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
February
28,
2026,
aggregated
$176,304 and
$215,156,
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.
Certain
investments
in
Chinese
companies
are
made
through
a
special
structure
known
as
a
VIE.
In
a
VIE
structure,
foreign
investors,
such
as
the
Fund,
will
only
own
stock
in
a
shell
company
rather
than
directly
in
the
VIE,
which
must
be
owned
by
Chinese
nationals
(and/or
Chinese
companies)
to
obtain
the
licenses
and/or
assets
required
to
operate
in
a
restricted
or
prohibited
sector
in
China.
The
value
of
the
shell
company
is
derived
from
its
ability
to
consolidate
the
VIE
into
its
financials
pursuant
to
contractual
arrangements
that
allow
the
shell
company
to
exert
a
degree
of
control
over,
and
obtain
economic
benefits
arising
from,
the
VIE
without
formal
legal
ownership.
While
VIEs
are
a
longstanding
industry
practice
and
are
well
known
by
Chinese
officials
and
regulators,
the
structure
historically
has
not
been
formally
recognized
under
Chinese
law
and
it
is
uncertain
whether
Chinese
officials
or
regulators
will
withdraw
their
implicit
acceptance
of
the
structure.
It
is
also
uncertain
whether
the
contractual
arrangements,
which
may
be
subject
to
conflicts
of
interest
between
the
legal
owners
of
the
VIE
and
foreign
investors,
would
be
enforced
by
Chinese
courts
or
arbitration
bodies.
Prohibitions
of
these
structures
by
the
Chinese
government,
or
the
inability
to
enforce
such
contracts,
from
which
the
shell
company
derives
its
value,
would
likely
cause
the
VIE-structured
holding(s)
to
suffer
significant,
detrimental,
and
possibly
permanent
losses,
and
in
turn,
adversely
affect
the
Fund’s
returns
and
net
asset
value.
7.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
29,
2027.
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
may,
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,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
4.
Income
Taxes
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
15
franklintempleton.com
Semiannual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
8.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of February
28,
2026,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
9.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
chief
investment
officer
of
the
Fund’s
investment
manager serves
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
Level
1
Level
2
Level
3
Total
Franklin
Templeton
SMACS:
Series
EM
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Brazil
................................
$
33,852
$
—
$
—
$
33,852
China
...............................
12,295
137,384
—
149,679
Hungary
.............................
31,936
—
—
31,936
India
................................
23,954
82,753
—
106,707
Indonesia
............................
—
11,782
—
11,782
Italy
.................................
—
1,220
—
1,220
Mexico
..............................
37
—
—
37
Philippines
............................
—
17,777
—
17,777
South
Africa
...........................
69,330
—
—
69,330
South
Korea
..........................
—
840,982
—
840,982
Taiwan
...............................
—
564,172
—
564,172
Thailand
.............................
—
43,071
—
43,071
Turkiye
..............................
—
8,849
—
8,849
United
Arab
Emirates
....................
43,214
—
—
43,214
Rights
................................
128
—
—
128
Short
Term
Investments
...................
1,839
—
—
1,839
Total
Investments
in
Securities
...........
$216,585
$1,707,990
b
$—
$1,924,575
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$1,707,990,
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.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
Franklin
Templeton
SMACS:
Series
EM
(continued)
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
10.
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.
9.
Operating
Segments
(continued)
Templeton
Global
Investment
Trust
17
franklintempleton.com
Semiannual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Funds’
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable.
29776-SFSOI
04/26
©
2026
Franklin
Templeton.
All
rights
reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | 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 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrant’s chief executive officer and chief financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant’s internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Not applicable
Exhibit 99.CODE ETH
(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT
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, there unto duly authorized.
Templeton Global Investment Trust
| By: | /s/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer – Finance and Administration | ||
| Date: | April 30, 2026 |
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/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer – Finance and Administration | ||
| Date: | April 30, 2026 | |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Chief Financial Officer, Chief Accounting Officer and Treasurer | ||
| Date: | April 30, 2026 |