N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number 811-08226
 
Templeton Global Investment Trust
(Exact name of registrant as specified in charter)
 
300 S.E. 2nd Street
, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices) (Zip code)
 
Alison Baur, One Franklin Parkway, San Mateo, CA  94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code:(954)527-7500
 
Date of fiscal year end: 12/31
 
Date of reporting period: 6/30/22
 
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
 
Semiannual
Report
And
Shareholder
Letter
Templeton
Global
Balanced
Fund
A
Series
of
Templeton
Global
Investment
Trust
June
30,
2022
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
SHAREHOLDER
LETTER
Dear
Shareholder:
During
the
six
months
ended
June
30,
2022,
the
combination
of
resilient
consumer
demand
and
persistent
supply-chain
disruptions
contributed
to
higher
inflation
in
many
countries.
This
inflationary
pressure
led
many
of
the
world’s
central
banks
to
adopt
less
accommodative
stances
regarding
monetary
policy.
The
Chinese
government’s
imposition
of
new
coronavirus-related
lockdowns
to
quell
the
spread
of
the
Omicron
variant
of
COVID-19
pressured
Asian
and
global
emerging
market
stocks
during
parts
of
the
period.
Russia’s
invasion
of
Ukraine
in
late
February
2022
increased
investor
uncertainty,
as
international
sanctions
on
Russia
constrained
companies
that
do
business
with
Russia
and
disrupted
global
economic
activity
and
commodity
markets.
Recession
fears
increased,
and
in
this
environment,
global
equity
markets
posted
the
worst
quarterly
decline
since
the
beginning
of
the
COVID-19
pandemic
in
early
2020
and
the
worst
first
half
of
a
year
in
more
than
three
decades.
In
this
environment,
global
developed
and
emerging
market
stocks,
as
measured
by
the
MSCI
All
Country
World
Index-
NR,
posted
a
-20.18%
total
return.
Global
government
and
corporate
bonds,
as
measured
by
the
Bloomberg
Multiverse
Index,
posted
a
-13.97%
total
return.
1
We
are
committed
to
our
long-term
perspective
and
disciplined
investment
approach
as
we
conduct
a
rigorous,
fundamental
analysis
of
securities
with
a
regular
emphasis
on
investment
risk
management.
Historically,
patient
investors
have
achieved
rewarding
results
by
evaluating
their
goals,
diversifying
their
assets
globally
and
maintaining
a
disciplined
investment
program,
all
hallmarks
of
the
Templeton
investment
philosophy.
We
continue
to
recommend
investors
consult
their
financial
professionals
and
review
their
portfolios
to
design
a
long-term
strategy
and
portfolio
allocation
that
meet
their
individual
needs,
goals
and
risk
tolerance.
Templeton
Global
Balanced
Fund’s
semiannual
report
includes
more
detail
about
prevailing
conditions
and
a
discussion
about
investment
decisions
during
the
period.
Please
remember
all
securities
markets
fluctuate,
as
do
mutual
fund
share
prices.
We
thank
you
for
investing
with
Franklin
Templeton,
welcome
your
questions
and
comments,
and
look
forward
to
serving
your
investment
needs
in
the
years
ahead.
Sincerely,
Alan
Bartlett
Chief
Investment
Officer
Templeton
Equity
Group
This
letter
reflects
our
analysis
and
opinions
as
of
June
30,
2022,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Semiannual
Report
2
Contents
Semiannual
Report
Templeton
Global
Balanced
Fund
3
Performance
Summary
8
Your
Fund’s
Expenses
10
Financial
Highlights
and
Schedule
of
Investments
11
Financial
Statements
29
Notes
to
Financial
Statements
34
Shareholder
Information
51
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
Report
SEMIANNUAL
REPORT
Templeton
Global
Balanced
Fund
This
semiannual
report
for
Templeton
Global
Balanced
Fund
covers
the
period
ended
June
30,
2022
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
both
income
and
capital
appreciation.
Under
normal
market
conditions,
the
Fund
invests
in
a
diversified
portfolio
of
debt
and
equity
securities
worldwide.
The
Fund
normally
invests
at
least
25%
of
its
assets
in
fixed
income
securities
and
at
least
25%
of
its
assets
in
equity
securities.
The
Fund
seeks
income
by
investing
in
a
combination
of
corporate,
agency
and
government
bonds
and
other
debt
securities
(including
inflation-indexed
securities)
of
any
maturity
issued
in
numerous
countries,
including
developing
markets
countries,
as
well
as
stocks
that
offer
or
could
offer
attractive
dividend
yields.
The
Fund
may
invest
in
high-yield
bonds
that
are
rated
below
investment
grade
and
are
sometimes
referred
to
as
“junk
bonds.”
The
Fund
seeks
capital
appreciation
by
investing
in
equity
securities
of
companies
from
a
variety
of
industries
located
anywhere
in
the
world,
including
developing
markets,
but
from
time
to
time,
based
on
economic
conditions,
the
Fund
may
have
significant
investments
in
particular
sectors.
The
equity
securities
in
which
the
Fund
invests
are
primarily
common
stock.
In
addition,
under
normal
market
conditions,
at
least
40%
of
the
Fund’s
net
assets
are
invested
in
non-U.S.
investments
and
in
at
least
three
different
countries.
Performance
Overview
The
Fund’s
Class
A
shares
posted
-15.12%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
primary
benchmark,
the
MSCI
All
Country
World
Index
(ACWI)-NR,
posted
a
-20.18%
cumulative
total
return.
The
Fund’s
fixed
income
benchmark,
the
Bloomberg
Multiverse
Index,
posted
a
-13.97%
cumulative
total
return.
1
For
the
same
period,
the
Fund’s
Blended
Benchmark,
the
Custom
50%
MSCI
ACWI-NR
+
50%
Bloomberg
Multiverse
Index,
posted
a
-17.03%
cumulative
total
return.
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
8
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
*Includes
securities
determined
to
have
no
value
at
6/30/22.
Economic
and
Market
Overview
The
six-month
period
ended
June
30,
2022,
was
characterized
by
challenges
to
the
global
economy
in
the
form
of
the
lingering
economic
impact
of
COVID-19,
the
start
of
Russia’s
war
on
Ukraine,
commodity-price
inflation,
rising
global
interest
rates,
weakening
global
gross
domestic
product
growth,
and
supply
chain
disruptions.
Risk
assets
faced
strong
headwinds
resulting
from
tighter
financial
conditions.
Sovereign
bond
yields
rose
across
most
of
the
world
as
many
major
central
banks
embarked
on
policy
rate
hikes
to
curb
inflation.
Inflation
reached
multi-decade
highs
during
the
period,
with
added
supply-side
pressures
coming
from
disruptions
to
the
flow
of
energy,
food,
commodities
and
goods
due
to
the
war
in
Ukraine
and
the
West’s
economic
isolation
of
Russia.
Supply
chain
disruptions
were
compounded
by
China’s
implementation
of
its
zero-COVID
policy.
Simultaneously,
global
economic
growth
was
projected
to
decelerate,
driven
by
the
disruption
of
economic
activity
and
trade
following
Russia’s
invasion
of
Ukraine,
including
a
reduction
in
Russia’s
exports
of
natural
gas
to
Germany,
the
economic
strains
of
refugee
flight
in
Europe,
volatile
Portfolio
Composition
6/30/22
%
of
Total
Net
Assets
Common
Stocks
50.0%
Foreign
Government
and
Agency
Securities
33.0%
Other
0.0%
*
Short-Term
Investments
&
Other
Net
Assets
17.0%
1.
Source:
Morningstar.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
2.
Source:
Factset.
The
Fund’s
Blended
Benchmark
was
calculated
internally.
The
indexes
are
unmanaged
and
include
reinvestment
of
any
income
or
distributions.
They
do
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
18
.
Templeton
Global
Balanced
Fund
4
franklintempleton.com
Semiannual
Report
and
elevated
commodity
prices,
continued
supply-chain
disruptions,
the
effect
of
COVID-19-related
lockdowns
in
China,
and
the
reduction
of
policy
support
post-COVID-19.
The
combination
of
above-average
inflation
and
below-
average
growth
raised
the
spectre
of
stagflation
reminiscent
of
the
1970s
and
created
a
policy
dilemma
for
many
central
bankers.
Over
the
period,
developed
market
sovereign
bond
yields
trended
higher
concurrently
with
falling
equity
prices
and
strength
in
the
U.S.
dollar.
Global
equities
finished
the
first
half
of
the
year
in
bear
market
territory
(down
~20%),
with
growth
stocks
extending
losses
and
value
stocks
limiting
losses.
On
the
monetary
front,
the
first
half
of
2022
marked
the
end
of
pandemic-era
monetary
accommodation
by
the
U.S.
Federal
Reserve.
Investment
Strategy
We
search
for
undervalued
or
out-of-favor
debt
and
equity
securities
and
for
equity
securities
that
offer
or
may
offer
current
income.
When
choosing
fixed
income
investments
for
the
Fund,
we
perform
an
independent
analysis
of
the
securities
being
considered
for
the
Fund’s
portfolio,
rather
than
relying
principally
on
their
ratings
assigned
by
rating
agencies.
In
our
analysis
of
corporate
debt
securities,
we
consider
a
variety
of
factors,
including
a
company’s
experience
and
managerial
strength;
responsiveness
to
changes
in
interest
rates
and
business
conditions;
debt
maturity
schedules
and
borrowing
requirements;
a
company’s
changing
financial
condition
and
market
recognition
of
the
change;
and
a
security’s
relative
value
based
on
such
factors
as
anticipated
cash
flow,
interest
or
dividend
coverage,
asset
coverage
and
earnings
prospects.
With
respect
to
sovereign
debt
securities,
we
consider
market,
political
and
economic
conditions,
and
evaluate
interest
and
currency
exchange
rate
changes
and
credit
risks.
We
regularly
enter
into
currency-related
transactions
involving
certain
derivative
instruments,
including
currency
and
cross
currency
forwards,
currency
and
currency
options.
The
Fund
maintains
significant
positions
in
currency
related
derivative
instruments
as
a
hedging
technique
or
to
implement
a
currency
investment
strategy.
The
use
of
these
derivative
transactions
may
allow
the
Fund
to
obtain
net
long
or
net
short
exposures
to
selected
currencies,
interest
rates,
countries,
durations
or
credit
risks,
and
may
be
used
for
hedging
or
investment
purposes.
When
choosing
equity
securities
for
the
Fund,
we
use
a
fundamental
research,
value-oriented,
long-term
approach,
focusing
on
the
market
price
of
a
security
relative
to
our
evaluation
of
the
company’s
long-term
earnings,
asset
value
and
cash
flow
potential,
as
reflected
by
various
metrics.
The
Fund
may
also
use
a
variety
of
equity-related
derivatives,
which
may
include
equity
futures
and
equity
index
futures
for
various
purposes.
Manager’s
Discussion
Given
rising
inflation,
higher
interest
rates
and
tighter
financial
conditions,
the
Fund
continued
to
avoid
duration
risk
across
asset
classes
during
the
six-month
period
under
review.
On
the
fixed
income
side,
this
resulted
in
the
Fund
having
an
effective
duration
of
2.4
years
compared
to
7.0
years
for
the
Bloomberg
Multiverse
Index.
In
equities,
our
preference
has
been
for
shorter
duration
by
avoiding
expensive
and
speculative
growth
companies
whose
ability
to
generate
sustainable
cash
flows
exists
(if
at
all)
in
the
distant
future,
in
our
opinion.
In
the
equity
space,
we
have
remained
highly
selective
in
our
search
for
value
and
biased
towards
quality,
as
we
recognize
that
many
low-multiple
stocks
are
cheap
for
a
reason
and
carry
excessive
business
and
credit
risk.
We
continued
to
look
for
superior
businesses
with
strong
balance
sheets
and
good
competitive
positions
trading
at
reasonable
valuations.
We
have
also
been
preparing
for
rising
economic
risks
as
Geographic
Composition
6/30/22
%
of
Total
Net
Assets
United
States
26.8%
South
Korea
10.5%
India
5.5%
United
Kingdom
4.8%
Indonesia
4.2%
Japan
3.4%
Colombia
3.4%
Hong
Kong
2.5%
Germany
2.2%
Netherlands
2.0%
China
1.9%
France
1.7%
Argentina
1.6%
Taiwan
1.5%
Ghana
1.4%
Thailand
1.3%
Egypt
1.3%
Ecuador
1.1%
Other
5.9%
Short-Term
Investments
&
Other
Net
Assets
17.0%
Templeton
Global
Balanced
Fund
5
franklintempleton.com
Semiannual
Report
policymakers
tighten
and
cost
pressures
rise,
as
well
as
rising
geopolitical
risk
given
the
outbreak
of
war
in
Ukraine
and
increasingly
fraught
international
trade
and
diplomatic
relationships.
This
more
defensive
positioning
has
resulted
in
the
equity
allocation
falling
from
~60%
a
year
ago
to
just
over
50%
at
the
end
of
the
period.
We
have
increased
our
fixed
income
allocation
also
during
this
period
(from
27%
a
year
ago
to
38%
at
period-end)
and
held
cash
relatively
steady
at
around
11%.
In
bonds,
we
continued
to
maintain
low
portfolio
duration,
while
aiming
at
a
high
overall
portfolio
yield
by
holding
compelling
risk-adjusted
yields
in
various
local-currency
bond
markets,
specifically
in
countries
with
resilient
economies
and
strong
trade
dynamics.
We
were
significantly
underweight
developed
market
duration
in
the
U.S.
and
the
euro
area,
with
a
preference
for
the
higher
yields
available
in
select
emerging
market
local-currency
bonds,
notably
including
Indonesia,
India,
Thailand,
Brazil,
Colombia,
and
Mexico.
We
closed
our
local-currency
positions
in
Egypt
and
Turkey
and
added
new
U.S.
dollar
(USD)-denominated
sovereign
credit
exposures
in
Africa,
Latin
America
and
Asia.
During
the
period,
we
used
interest-rate
swaps
to
actively
manage
duration
exposures.
At
the
beginning
of
the
period,
the
Fund
held
overweighted
positions
in
specific
currencies
against
the
USD
and
the
euro.
In
Asia,
we
held
notable
exposures
to
the
South
Korean
won,
Chinese
yuan,
Indian
rupee,
Indonesian
rupiah
and
the
Singapore
dollar,
while
holding
an
underweight
in
the
Japanese
yen.
We
closed
our
exposure
to
the
Japanese
yen
in
March
2022,
thereby
going
further
underweight,
primarily
due
to
expected
depreciation
pressures
on
the
currency
from
widening
rate
differentials
with
the
U.S.
In
April,
we
exited
our
underweight
position
in
the
Australian
dollar,
which
had
been
used
to
hedge
against
emerging
market
beta
risks,
as
we
anticipated
rising
commodity
prices
to
boost
Australia’s
terms
of
trade
and
support
its
currency.
In
EMEA
(Europe,
Middle
East
and
Africa),
the
Fund
held
overweight
positions
in
the
Norwegian
krone,
the
Swedish
krona
and
the
British
pound
against
the
euro.
We
added
a
position
in
the
British
pound
against
the
euro
in
April
due
to
expected
monetary
policy
divergences
between
the
Bank
of
England
and
the
European
Central
Bank.
We
closed
our
exposure
to
the
Russian
ruble.
In
the
Americas,
we
held
long
exposures
to
the
Brazilian
real,
Chilean
peso
and
Colombian
peso
against
the
USD,
and
long
exposure
to
the
Canadian
dollar
against
the
euro.
During
the
period,
we
used
currency
forwards
and
currency
options
to
actively
manage
currency
exposures.
The
Fund
delivered
absolute
losses
during
the
six
months
under
review
but
outperformed
its
benchmark.
Both
the
equity
and
fixed
income
sleeves
of
the
portfolio
performed
better
than
their
respective
asset
class
benchmarks.
On
the
equity
side,
stock
selection
was
primarily
responsible
for
relative
outperformance,
led
by
industrials
holdings.
U.S.
package
courier
and
logistics
firm
FedEx
was
the
sector’s
top
individual
contributor,
rallying
after
reporting
in-line
profits
and
raising
forward
earnings
guidance.
While
deteriorating
macroeconomic
conditions
remained
a
near-term
risk
for
FedEx,
we
believe
weakness
is
largely
reflected
in
the
company’s
undemanding
valuation.
Management
appears
to
be
taking
the
right
steps
to
enhance
margins
through
price
initiatives,
revenue
management,
synergy
capture
and
improved
network
integration,
and
we
believe
the
company
should
benefit
over
time
from
volume
growth
related
to
commercial
recovery,
ongoing
e-commerce
adoption
and
inventory
replenishment.
Other
notable
sector
contributors
included
information
technology
(IT),
which
benefited
from
stock
selection
and
a
favorable
underweight
allocation,
and
financials,
which
benefited
primarily
from
stock
selection.
While
no
IT
stocks
were
among
the
Fund’s
top-performing
holdings,
financials
accounted
for
the
biggest
single-stock
contributor
during
the
period.
Shares
of
Hong
Kong-based
life
insurer
AIA
Group
rallied
toward
the
end
of
the
period
alongside
other
China-linked
equities
as
investors
became
less
pessimistic
on
China’s
regulatory
environment
and
market
prospects.
Given
its
ambitious
expansion
plans
and
strong
capital
position,
we
believe
AIA
Group
is
well-
positioned
to
benefit
from
Asia’s
rising
middle
class,
low
insurance
penetration
and
ageing
demographics.
Turning
to
equity
laggards,
stock-specific
weakness
in
health
care
and
consumer
discretionary,
along
with
an
unfavorable
overweight
in
communication
services,
were
all
notable
detractors
during
the
period
under
review.
U.S.
hospital
operator
HCA
Healthcare
was
the
biggest
health
care
sector
detractor.
Shares
fell
after
management
issued
a
rare
guidance
downgrade
on
elevated
labor
costs.
In
our
view,
this
is
a
“one-off”
issue
related
to
miscalculating
COVID-19
staffing
during
waves
of
the
pandemic.
Historically,
HCA
Top
Five
Equity
Holdings
6/30/22
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
AIA
Group
Ltd.
1.7%
Insurance
,
Hong
Kong
FedEx
Corp.
1.5%
Air
Freight
&
Logistics
,
United
States
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
1.5%
Semiconductors
&
Semiconductor
Equipment
,
Taiwan
Alphabet,
Inc.
1.4%
Interactive
Media
&
Services
,
United
States
F5,
Inc.
1.4%
Communications
Equipment
,
United
States
Templeton
Global
Balanced
Fund
6
franklintempleton.com
Semiannual
Report
has
managed
costs
and
adjusted
to
uncertainty
better
than
many
of
its
peers
and,
in
our
view,
remains
well
insulated
from
the
numerous
macro
issues
currently
creating
uncertainty
in
financial
markets.
Specifically,
only
50%
of
rates
are
contracted
for
2023,
so
we
believe
that
HCA
is
well-positioned
to
negotiate
to
recover
costs
and
manage
inflationary
pressures
next
year.
Procedure
volumes
are
recovering
as
the
Omicron
variant
of
COVID-19
fades
and
the
company
is
aggressively
buying
back
stock
to
enhance
value
for
shareholders.
From
the
consumer
discretionary
sector,
U.K.-based
Just
Eat
Takeaway.com
(JET),
the
largest
food
delivery
platform
in
Europe,
finished
as
the
Fund’s
biggest
individual
detractor.
Shares
declined
on
concerns
about
competition,
profitability
and
portfolio
optimization
and
the
departure
of
both
its
chief
executive
officer
and
chief
operating
officer.
We
believe
JET
holds
a
defensible
position
in
its
core
markets
as
a
low-cost
operator
and
benefits
from
strong
local
network
effects
between
restaurants,
customers
and
couriers.
Ongoing
restructuring
and
portfolio
rationalization
should
help
the
firm
realize
the
value
of
assets
that
are
currently
being
excessively
discounted,
based
on
our
analysis.
On
the
fixed
income
side,
the
Fund’s
negative
absolute
performance
was
primarily
due
to
currency
positions,
followed
by
overall
credit
exposures.
Interest-rate
strategies
had
a
largely
neutral
effect
on
absolute
results.
Among
currencies,
the
Fund’s
position
in
the
Russian
ruble
for
part
of
the
period
detracted
from
absolute
results,
as
did
positions
in
the
South
Korean
won,
Ghanaian
cedi,
Argentine
peso,
Indian
rupee
and
Chinese
yuan.
However,
the
Fund’s
position
in
the
Brazilian
real
against
the
USD
contributed
to
absolute
performance,
as
did
its
position
in
the
Canadian
dollar
against
the
euro.
Among
credit
exposures,
sub-
investment-grade
sovereign
credits
detracted
from
absolute
return.
The
Fund
maintained
a
defensive
approach
regarding
interest
rates
in
developed
markets,
while
holding
duration
exposures
in
select
emerging
markets.
Duration
exposures
in
South
Korea
and
Ghana
detracted
from
absolute
performance,
while
duration
exposure
in
Argentina
contributed.
*Does
not
include
cash
and
cash
equivalents.
On
a
relative
basis,
the
Fund
fared
better
than
that
of
its
benchmark
index
primarily
due
to
interest-rate
strategies,
followed
by
overall
credit
exposures.
Currency
positions
detracted
from
relative
results.
Its
lack
of
duration
exposures
in
the
euro
area,
the
U.S.
and
Canada
contributed
to
relative
performance,
as
did
underweighted
duration
exposures
in
the
U.K.
and
Japan.
Overweighted
duration
exposure
in
Argentina
also
contributed
to
relative
results,
while
overweighted
duration
exposure
in
Ghana
detracted.
Among
credit
exposures,
underweighted
exposures
to
investment-
grade
corporate
bonds
and
investment-grade
sovereign
credits
contributed
to
relative
return,
as
did
underweighted
exposure
to
other
spread
sectors.
However,
overweighted
exposure
to
sub-investment-grade
sovereign
credits
detracted.
Among
currencies,
the
Fund’s
overweighted
position
in
the
Russian
ruble
for
part
of
the
period
detracted
from
relative
performance,
as
did
overweighted
positions
in
the
South
Korean
won,
Ghanaian
cedi,
Argentine
peso
and
Indian
rupee.
However,
the
Fund’s
underweighted
exposure
to
the
euro
contributed
to
relative
results,
as
did
its
underweighted
position
in
the
Japanese
yen.
Its
overweighted
position
in
the
Brazilian
real
against
the
USD
also
contributed
to
relative
results,
as
did
its
overweighted
position
in
the
Canadian
dollar
against
the
euro.
Thank
you
for
your
continued
participation
in
Templeton
Global
Balanced
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Michael
Hasenstab,
Ph.D.
Co-Lead
Portfolio
Manager
Warren
Pustam,
CFA
Co-Lead
Portfolio
Manager
Herbert
J.
Arnett,
Jr.
Portfolio
Manager
Top
Five
Fixed
Income
Holdings
*
6/30/22
Issuer
%
of
Total
Net
Assets
a
a
Republic
of
Korea
8.4%
Republic
of
India
4.3%
Republic
of
Indonesia
4.2%
Republic
of
Colombia
3.4%
Republic
of
Ghana
1.4%
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Templeton
Global
Balanced
Fund
7
franklintempleton.com
Semiannual
Report
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
June
30,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
June
30,
2022
Templeton
Global
Balanced
Fund
8
franklintempleton.com
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Report
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
6/30/22
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
6-Month
-15.12%
-19.83%
1-Year
-20.10%
-24.49%
5-Year
-14.66%
-4.21%
10-Year
+23.74%
+1.58%
Advisor
6-Month
-15.26%
-15.26%
1-Year
-20.10%
-20.10%
5-Year
-13.80%
-2.93%
10-Year
+26.71%
+2.40%
See
page
9
for
Performance
Summary
footnotes.
Templeton
Global
Balanced
Fund
Performance
Summary
9
franklintempleton.com
Semiannual
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Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Special
risks
are
associated
with
foreign
investing,
including
currency
fluctuations,
economic
instability
and
political
developments;
investments
in
emerging
markets
involve
heightened
risks
related
to
the
same
factors.
Stock
prices
fluctuate,
sometimes
rapidly
and
dramatically,
due
to
factors
affecting
individual
companies,
particular
industries
or
sectors,
or
general
market
conditions.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
the
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
The
risks
associated
with
higher
yielding,
lower
rated
debt
securities
include
higher
risk
of
default
and
loss
of
principal.
The
markets
for
a
particular
security
or
instrument
or
type
of
security
or
instrument
are
or
may
become
relatively
illiquid.
Reduced
liquidity
will
have
an
adverse
impact
on
the
security’s
value
and
on
the
Fund’s
ability
to
sell
such
securities
or
instruments
when
necessary
to
meet
the
Fund’s
liquidity
needs
or
in
response
to
a
specific
market
event.
The
Fund’s
investment
in
derivative
securities,
such
as
swaps,
financial
futures
and
option
contracts,
and
use
of
foreign
currency
techniques
involve
special
risks
as
such
may
not
achieve
the
anticipated
benefits
and/or
may
result
in
losses
to
the
Fund.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
The
Fund
has
an
expense
reduction
and
a
fee
waiver
associated
with
any
investments
it
makes
in
a
Franklin
Templeton
money
fund
and/or
other
Franklin
Templeton
fund,
contractually
guaranteed
through
4/30/23.
Fund
investment
results
reflect
the
expense
reduction
and
fee
waiver;
without
these
reductions,
the
results
would
have
been
lower.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(1/1/22–6/30/22)
Share
Class
Net
Investment
Income
A
$0.0410
A1
$0.0410
C
$0.0304
C1
$0.0356
R
$0.0379
R6
$0.0457
Advisor
$0.0442
Total
Annual
Operating
Expenses
5
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.21%
1.31%
Advisor
0.96%
1.06%
Your
Fund’s
Expenses
Templeton
Global
Balanced
Fund
10
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
1/1/22
Ending
Account
Value
6/30/22
Expenses
Paid
During
Period
1/1/22–6/30/22
1,2
Ending
Account
Value
6/30/22
Expenses
Paid
During
Period
1/1/22–6/30/22
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$848.80
$5.51
$1,018.83
$6.02
1.20%
A1
$1,000
$849.50
$5.51
$1,018.84
$6.01
1.20%
C
$1,000
$844.60
$8.89
$1,015.16
$9.71
1.95%
C1
$1,000
$847.60
$7.33
$1,016.86
$8.00
1.60%
R
$1,000
$845.20
$6.67
$1,017.57
$7.29
1.45%
R6
$1,000
$851.00
$4.23
$1,020.23
$4.61
0.92%
Advisor
$1,000
$847.40
$4.35
$1,020.09
$4.75
0.95%
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
Six
Months
Ended
June
30,
2022
(unaudited)
Year
Ended
December
31,
2021*
2020
a
2019
a
2018
a
2017
a
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.72
$2.82
$2.84
$2.77
$3.17
$2.91
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.04
0.05
0.07
0.11
0.10
0.09
Net
realized
and
unrealized
gains
(losses)
(0.45)
(0.09)
(0.04)
0.08
(0.38)
0.25
Total
from
investment
operations
........
(0.41)
(0.04)
0.03
0.19
(0.28)
0.34
Less
distributions
from:
Net
investment
income
..............
(0.04)
—
(0.05)
(0.12)
(0.12)
(0.08)
Tax
return
of
capital
................
—
(0.06)
—
—
—
—
Total
distributions
...................
(0.04)
(0.06)
(0.05)
(0.12)
(0.12)
(0.08)
Net
asset
value,
end
of
period
..........
$2.27
$2.72
$2.82
$2.84
$2.77
$3.17
Total
return
d
.......................
(15.12)%
(1.54)%
1.49%
6.96%
(9.44)%
12.18%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.39%
1.30%
1.30%
1.22%
1.19%
1.17%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.20%
1.20%
1.26%
1.19%
1.16%
1.14%
Net
investment
income
...............
2.90%
1.89%
2.85%
3.81%
3.17%
2.82%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$234,727
$302,724
$354,879
$465,915
$557,604
$745,957
Portfolio
turnover
rate
................
25.52%
52.63%
74.03%
26.62%
45.92%
34.25%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
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,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
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.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Six
Months
Ended
June
30,
2022
(unaudited)
Year
Ended
December
31,
2021*
2020
a
2019
a
2018
a
2017
a
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.73
$2.83
$2.84
$2.77
$3.18
$2.91
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.04
0.05
0.07
0.11
0.10
0.09
Net
realized
and
unrealized
gains
(losses)
(0.45)
(0.09)
(0.03)
0.08
(0.39)
0.26
Total
from
investment
operations
........
(0.41)
(0.04)
0.04
0.19
(0.29)
0.35
Less
distributions
from:
Net
investment
income
..............
(0.04)
—
(0.05)
(0.12)
(0.12)
(0.08)
Tax
return
of
capital
................
—
(0.06)
—
—
—
—
Total
distributions
...................
(0.04)
(0.06)
(0.05)
(0.12)
(0.12)
(0.08)
Net
asset
value,
end
of
period
..........
$2.28
$2.73
$2.83
$2.84
$2.77
$3.18
Total
return
d
.......................
(15.05)%
(1.53)%
1.49%
7.33%
(9.45)%
12.18%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.39%
1.30%
1.30%
1.22%
1.19%
1.17%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.20%
1.20%
1.26%
1.19%
1.16%
1.14%
Net
investment
income
...............
2.90%
1.89%
2.86%
3.81%
3.17%
2.82%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$125,862
$165,287
$198,816
$252,990
$285,358
$293,488
Portfolio
turnover
rate
................
25.52%
52.63%
74.03%
26.62%
45.92%
34.25%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
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,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
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.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
Six
Months
Ended
June
30,
2022
(unaudited)
Year
Ended
December
31,
2021*
2020
a
2019
a
2018
a
2017
a
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.71
$2.81
$2.82
$2.75
$3.16
$2.90
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.03
0.03
0.05
0.09
0.08
0.06
Net
realized
and
unrealized
gains
(losses)
(0.44)
(0.10)
(0.03)
0.08
(0.40)
0.26
Total
from
investment
operations
........
(0.41)
(0.07)
0.02
0.17
(0.32)
0.32
Less
distributions
from:
Net
investment
income
..............
(0.03)
—
(0.03)
(0.10)
(0.09)
(0.06)
Tax
return
of
capital
................
—
(0.03)
—
—
—
—
Total
distributions
...................
(0.03)
(0.03)
(0.03)
(0.10)
(0.09)
(0.06)
Net
asset
value,
end
of
period
..........
$2.27
$2.71
$2.81
$2.82
$2.75
$3.16
Total
return
d
.......................
(15.54)%
(2.37)%
0.68%
6.55%
(10.23)%
11.03%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.14%
2.04%
2.04%
1.97%
1.94%
1.92%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.95
%
1.95%
2.00%
1.94%
1.91%
1.89%
Net
investment
income
...............
2.10%
1.12%
2.02%
3.06%
2.42%
2.07%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$24,722
$39,982
$83,658
$139,231
$203,587
$317,374
Portfolio
turnover
rate
................
25.52%
52.63%
74.03%
26.62%
45.92%
34.25%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
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,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
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.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
Six
Months
Ended
June
30,
2022
(unaudited)
Year
Ended
December
31,
2021*
2020
a
2019
a
2018
a
2017
a
Class
C1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.73
$2.83
$2.84
$2.77
$3.17
$2.91
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.03
0.04
0.06
0.10
0.09
0.08
Net
realized
and
unrealized
gains
(losses)
(0.44)
(0.10)
(0.03)
0.08
(0.39)
0.25
Total
from
investment
operations
........
(0.41)
(0.06)
0.03
0.18
(0.30)
0.33
Less
distributions
from:
Net
investment
income
..............
(0.04)
—
(0.04)
(0.11)
(0.10)
(0.07)
Tax
return
of
capital
................
—
(0.04)
—
—
—
—
Total
distributions
...................
(0.04)
(0.04)
(0.04)
(0.11)
(0.10)
(0.07)
Net
asset
value,
end
of
period
..........
$2.28
$2.73
$2.83
$2.84
$2.77
$3.17
Total
return
d
.......................
(15.24)%
(2.06)%
1.01%
6.82%
(9.88)%
11.71%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.79%
1.68%
1.70%
1.62%
1.59%
1.57%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.60%
1.60%
1.66%
1.59%
1.56%
1.54%
Net
investment
income
...............
2.48%
1.46%
2.32%
3.41%
2.77%
2.42%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,574
$3,535
$13,050
$27,765
$62,418
$173,079
Portfolio
turnover
rate
................
25.52%
52.63%
74.03%
26.62%
45.92%
34.25%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
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,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
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.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
Six
Months
Ended
June
30,
2022
(unaudited)
Year
Ended
December
31,
2021*
2020
a
2019
a
2018
a
2017
a
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.74
$2.84
$2.85
$2.78
$3.18
$2.92
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.03
0.05
0.07
0.10
0.09
0.08
Net
realized
and
unrealized
gains
(losses)
(0.45)
(0.10)
(0.03)
0.08
(0.38)
0.25
Total
from
investment
operations
........
(0.42)
(0.05)
0.04
0.18
(0.29)
0.33
Less
distributions
from:
Net
investment
income
..............
(0.04)
—
(0.05)
(0.11)
(0.11)
(0.07)
Tax
return
of
capital
................
—
(0.05)
—
—
—
—
Total
distributions
...................
(0.04)
(0.05)
(0.05)
(0.11)
(0.11)
(0.07)
Net
asset
value,
end
of
period
..........
$2.28
$2.74
$2.84
$2.85
$2.78
$3.18
Total
return
d
.......................
(15.48)%
(1.77)%
1.68%
6.66%
(9.67)%
11.84%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.64%
1.53%
1.43%
1.47%
1.44%
1.42%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.45%
1.44%
1.40%
1.44%
1.41%
1.39%
Net
investment
income
...............
2.69%
1.66%
2.63%
3.56%
2.92%
2.57%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,038
$1,206
$1,591
$2,348
$2,778
$4,944
Portfolio
turnover
rate
................
25.52%
52.63%
74.03%
26.62%
45.92%
34.25%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
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,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
Six
Months
Ended
June
30,
2022
(unaudited)
Year
Ended
December
31,
2021*
2020
a
2019
a
2018
a
2017
a
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.73
$2.83
$2.85
$2.78
$3.18
$2.92
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.04
0.06
0.08
0.12
0.11
0.09
Net
realized
and
unrealized
gains
(losses)
(0.44)
(0.09)
(0.04)
0.08
(0.38)
0.26
Total
from
investment
operations
........
(0.40)
(0.03)
0.04
0.20
(0.27)
0.35
Less
distributions
from:
Net
investment
income
..............
(0.05)
—
(0.06)
(0.13)
(0.13)
(0.09)
Tax
return
of
capital
................
—
(0.07)
—
—
—
—
Total
distributions
...................
(0.05)
(0.07)
(0.06)
(0.13)
(0.13)
(0.09)
Net
asset
value,
end
of
period
..........
$2.28
$2.73
$2.83
$2.85
$2.78
$3.18
Total
return
d
.......................
(14.90)%
(1.19)%
1.87%
7.32%
(9.09)%
12.56%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.06%
1.01%
0.99%
0.92%
0.89%
0.84%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.92%
0.86%
0.90%
0.84%
0.82%
0.77%
Net
investment
income
...............
3.19%
2.23%
3.18%
4.16%
3.51%
3.19%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,580
$3,227
$4,624
$6,080
$7,933
$11,254
Portfolio
turnover
rate
................
25.52%
52.63%
74.03%
26.62%
45.92%
34.25%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
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,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
Six
Months
Ended
June
30,
2022
(unaudited)
Year
Ended
December
31,
2021*
2020
a
2019
a
2018
a
2017
a
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.74
$2.84
$2.85
$2.78
$3.19
$2.92
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.04
0.06
0.08
0.12
0.11
0.10
Net
realized
and
unrealized
gains
(losses)
(0.46)
(0.09)
(0.03)
0.08
(0.39)
0.26
Total
from
investment
operations
........
(0.42)
(0.03)
0.05
0.20
(0.28)
0.36
Less
distributions
from:
Net
investment
income
..............
(0.04)
—
(0.06)
(0.13)
(0.13)
(0.09)
Tax
return
of
capital
................
—
(0.07)
—
—
—
—
Total
distributions
...................
(0.04)
(0.07)
(0.06)
(0.13)
(0.13)
(0.09)
Net
asset
value,
end
of
period
..........
$2.28
$2.74
$2.84
$2.85
$2.78
$3.19
Total
return
d
.......................
(15.26)%
(1.28)%
1.75%
7.57%
(9.19)%
12.42%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.14%
1.05%
1.04%
0.97%
0.94%
0.92%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.95%
0.95%
1.00%
0.94%
0.91%
0.89%
Net
investment
income
...............
3.13%
2.14%
3.00%
4.06%
3.42%
3.07%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$41,019
$57,537
$77,426
$141,277
$207,346
$246,044
Portfolio
turnover
rate
................
25.52%
52.63%
74.03%
26.62%
45.92%
34.25%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
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,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited),
June
30,
2022
Templeton
Global
Balanced
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
50.0%
China
1.9%
a
Alibaba
Group
Holding
Ltd.
.........
Internet
&
Direct
Marketing
Retail
418,800
$
5,974,308
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
14,790
2,189,364
8,163,672
France
1.7%
Danone
SA
.....................
Food
Products
60,590
3,393,011
Dassault
Aviation
SA
..............
Aerospace
&
Defense
26,270
4,102,201
7,495,212
Germany
2.2%
Continental
AG
..................
Auto
Components
24,511
1,720,315
Deutsche
Boerse
AG
..............
Capital
Markets
19,935
3,347,460
Fresenius
Medical
Care
AG
&
Co.
KGaA
Health
Care
Providers
&
Services
58,984
2,955,023
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
65,091
1,583,297
9,606,095
Hong
Kong
2.5%
AIA
Group
Ltd.
..................
Insurance
661,800
7,231,158
Prudential
plc,
(GBP
Traded)
........
Insurance
251,954
3,133,600
Prudential
plc,
(HKD
Traded)
........
Insurance
27,150
330,676
10,695,434
India
1.2%
Housing
Development
Finance
Corp.
Ltd.
.........................
Thrifts
&
Mortgage
Finance
189,149
5,233,628
Ireland
0.9%
a
ICON
plc
.......................
Life
Sciences
Tools
&
Services
8,000
1,733,600
a
Ryanair
Holdings
plc,
ADR
.........
Airlines
29,900
2,010,775
3,744,375
Japan
3.4%
Hitachi
Ltd.
.....................
Industrial
Conglomerates
113,500
5,398,208
Honda
Motor
Co.
Ltd.
.............
Automobiles
169,800
4,093,311
Seria
Co.
Ltd.
...................
Multiline
Retail
141,600
2,517,055
Toyota
Industries
Corp.
............
Machinery
43,700
2,709,218
14,717,792
Netherlands
2.0%
SBM
Offshore
NV
................
Energy
Equipment
&
Services
277,370
3,756,429
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
185,051
4,801,389
8,557,818
South
Africa
0.0%
a,b,c
K2016470219
South
Africa
Ltd.,
A
....
Multiline
Retail
32,900,733
—
a,b,c
K2016470219
South
Africa
Ltd.,
B
....
Multiline
Retail
4,646,498
—
—
South
Korea
1.2%
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
118,294
5,256,134
Switzerland
0.7%
Adecco
Group
AG
................
Professional
Services
92,829
3,164,559
Taiwan
1.5%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
409,300
6,560,800
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
Kingdom
4.0%
Allfunds
Group
plc
................
Capital
Markets
139,027
$
1,068,485
AstraZeneca
plc
.................
Pharmaceuticals
34,123
4,500,828
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
753,739
3,538,596
Imperial
Brands
plc
...............
Tobacco
140,833
3,152,413
a
Informa
plc
.....................
Media
454,787
2,937,720
a,d
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...........................
Internet
&
Direct
Marketing
Retail
134,248
2,109,396
17,307,438
United
States
26.8%
a
Alphabet,
Inc.,
A
.................
Interactive
Media
&
Services
2,843
6,195,636
a
Amazon.com,
Inc.
................
Internet
&
Direct
Marketing
Retail
56,460
5,996,617
American
Express
Co.
............
Consumer
Finance
22,900
3,174,398
a
Array
Technologies,
Inc.
...........
Electrical
Equipment
233,500
2,570,835
a
Berkshire
Hathaway,
Inc.,
B
.........
Diversified
Financial
Services
7,800
2,129,556
a
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
2,943
5,147,278
Cardinal
Health,
Inc.
..............
Health
Care
Providers
&
Services
62,800
3,282,556
Citigroup,
Inc.
...................
Banks
75,100
3,453,849
Comcast
Corp.,
A
................
Media
152,124
5,969,346
DuPont
de
Nemours,
Inc.
..........
Chemicals
65,500
3,640,490
a
DXC
Technology
Co.
..............
IT
Services
184,800
5,601,288
a
F5,
Inc.
........................
Communications
Equipment
39,800
6,090,992
FedEx
Corp.
....................
Air
Freight
&
Logistics
29,300
6,642,603
Fidelity
National
Information
Services,
Inc.
.........................
IT
Services
37,500
3,437,625
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
39,600
1,158,696
General
Dynamics
Corp.
...........
Aerospace
&
Defense
18,400
4,071,000
HCA
Healthcare,
Inc.
..............
Health
Care
Providers
&
Services
12,500
2,100,750
International
Business
Machines
Corp.
IT
Services
13,700
1,934,303
International
Paper
Co.
............
Containers
&
Packaging
77,600
3,246,008
Keurig
Dr
Pepper,
Inc.
.............
Beverages
89,700
3,174,483
LyondellBasell
Industries
NV,
A
......
Chemicals
51,700
4,521,682
Medtronic
plc
...................
Health
Care
Equipment
&
Supplies
26,900
2,414,275
a
Meta
Platforms,
Inc.,
A
............
Interactive
Media
&
Services
15,022
2,422,297
Micron
Technology,
Inc.
............
Semiconductors
&
Semiconductor
Equipment
27,700
1,531,256
Paramount
Global,
B
..............
Media
96,300
2,376,684
a
T-Mobile
US,
Inc.
................
Wireless
Telecommunication
Services
42,800
5,758,312
UnitedHealth
Group,
Inc.
...........
Health
Care
Providers
&
Services
9,810
5,038,710
a
Walt
Disney
Co.
(The)
.............
Entertainment
41,700
3,936,480
Westinghouse
Air
Brake
Technologies
Corp.
........................
Machinery
52,600
4,317,408
Zimmer
Biomet
Holdings,
Inc.
.......
Health
Care
Equipment
&
Supplies
43,400
4,559,604
115,895,017
Total
Common
Stocks
(Cost
$228,292,896)
.....................................
216,397,974
Principal
Amount
*
a
a
a
a
a
Corporate
Bonds
0.0%
South
Africa
0.0%
b,d,e
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note,
144A,
PIK,
3%,
12/31/22
.....................
Multiline
Retail
2,809,081
—
Senior
Secured
Note,
144A,
PIK,
8%,
12/31/22
.....................
Multiline
Retail
2,816,660
EUR
—
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
South
Africa
(continued)
b,d,e
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
.....................
Multiline
Retail
1,584,414
$
—
—
Total
Corporate
Bonds
(Cost
$4,389,520)
.......................................
—
a
a
Industry
Principal
Amount
*
a
Value
Foreign
Government
and
Agency
Securities
33.0%
Argentina
1.6%
f
Argentina
BONCER
,
Index
Linked,
1.3%,
9/20/22
.......
211,833,513
ARS
830,512
Index
Linked,
1.4%,
3/25/23
.......
739,751,382
ARS
2,766,271
Index
Linked,
1.45%,
8/13/23
......
41,037,373
ARS
144,126
Index
Linked,
1.5%,
3/25/24
.......
637,073,605
ARS
2,000,437
Argentina
Government
Bond
,
16%,
10/17/23
.................
308,428,000
ARS
721,836
15.5%,
10/17/26
................
243,952,000
ARS
285,429
6,748,611
Brazil
0.9%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/25
..................
3,230,000
BRL
582,670
10%,
1/01/27
..................
19,590,000
BRL
3,408,699
3,991,369
Chile
0.8%
Chile
Bonos
Tesoreria
Pesos,
2.5%,
3/01/25
......................
3,400,000,000
CLP
3,347,307
Colombia
3.4%
Colombia
Government
Bond
,
Senior
Bond,
4.375%,
3/21/23
.....
52,000,000
COP
11,972
Senior
Bond,
9.85%,
6/28/27
......
83,000,000
COP
19,705
Colombia
Titulos
de
Tesoreria
,
B,
10%,
7/24/24
................
1,870,000,000
COP
449,751
B,
6.25%,
11/26/25
..............
11,079,000,000
COP
2,345,132
B,
7.5%,
8/26/26
...............
41,638,500,000
COP
8,964,182
B,
5.75%,
11/03/27
..............
7,652,000,000
COP
1,459,985
B,
6%,
4/28/28
.................
1,740,000,000
COP
329,614
B,
7.75%,
9/18/30
..............
2,680,000,000
COP
524,960
B,
7%,
6/30/32
.................
2,926,000,000
COP
523,208
14,628,509
Dominican
Republic
0.8%
d
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
5.3%,
1/21/41
..
2,030,000
1,413,980
Senior
Bond,
144A,
6.4%,
6/05/49
..
760,000
569,645
Senior
Bond,
144A,
5.875%,
1/30/60
2,060,000
1,414,738
3,398,363
Ecuador
1.1%
d
Ecuador
Government
Bond
,
Senior
Bond,
144A,
1%,
7/31/35
....
6,275,000
3,036,983
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Ecuador
(continued)
d
Ecuador
Government
Bond,
(continued)
Senior
Bond,
144A,
0.5%,
7/31/40
..
599,000
$
246,118
Senior
Note,
144A,
5%,
7/31/30
....
2,460,000
1,598,220
4,881,321
Egypt
1.3%
d
Egypt
Government
Bond
,
Senior
Bond,
144A,
7.625%,
5/29/32
710,000
466,978
Senior
Bond,
144A,
7.3%,
9/30/33
..
1,620,000
1,044,500
Senior
Bond,
144A,
8.5%,
1/31/47
..
2,840,000
1,691,041
Senior
Bond,
144A,
7.903%,
2/21/48
240,000
137,957
Senior
Bond,
144A,
8.7%,
3/01/49
..
200,000
120,004
Senior
Bond,
144A,
8.875%,
5/29/50
780,000
476,100
Senior
Bond,
144A,
8.75%,
9/30/51
.
2,210,000
1,337,476
Senior
Bond,
144A,
7.5%,
2/16/61
..
510,000
285,282
5,559,338
El
Salvador
0.0%
†
d
El
Salvador
Government
Bond,
Senior
Bond,
144A,
7.65%,
6/15/35
.......
100,000
32,821
Ghana
1.4%
Ghana
Government
Bond
,
18.25%,
7/25/22
................
8,040,000
GHS
1,002,865
20.75%,
1/16/23
................
640,000
GHS
77,862
18.85%,
9/28/23
................
1,750,000
GHS
198,178
19.25%,
12/18/23
...............
580,000
GHS
64,902
19.75%,
3/25/24
................
6,470,000
GHS
713,064
19%,
11/02/26
.................
25,220,000
GHS
2,304,151
19.75%,
3/15/32
................
18,450,000
GHS
1,488,956
Senior
Note,
18.5%,
1/02/23
......
390,000
GHS
47,105
Senior
Note,
17.6%,
2/20/23
......
50,000
GHS
5,932
Senior
Note,
17.25%,
7/31/23
......
1,420,000
GHS
160,620
Senior
Note,
18.3%,
3/02/26
......
105,000
GHS
9,780
6,073,415
India
4.3%
India
Government
Bond
,
7.16%,
5/20/23
................
83,000,000
INR
1,059,219
8.2%,
9/24/25
.................
289,100,000
INR
3,778,453
7.59%,
1/11/26
.................
369,200,000
INR
4,742,521
7.27%,
4/08/26
................
280,500,000
INR
3,564,995
7.26%,
1/14/29
................
227,500,000
INR
2,866,906
Senior
Note,
5.22%,
6/15/25
......
93,000,000
INR
1,124,655
Senior
Note,
5.15%,
11/09/25
......
115,000,000
INR
1,374,675
18,511,424
Indonesia
4.2%
Indonesia
Government
Bond
,
FR46,
9.5%,
7/15/23
............
31,979,000,000
IDR
2,254,447
FR70,
8.375%,
3/15/24
..........
44,628,000,000
IDR
3,157,437
FR81,
6.5%,
6/15/25
............
50,707,000,000
IDR
3,493,924
FR86,
5.5%,
4/15/26
............
142,120,000,000
IDR
9,372,908
18,278,716
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Mexico
0.4%
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
Senior
Bond,
8%,
12/07/23
.....
23,070,000
MXN
$
1,125,346
M
20,
10%,
12/05/24
............
8,530,000
MXN
429,892
1,555,238
Mongolia
0.5%
d
Mongolia
Government
Bond
,
Senior
Bond,
144A,
4.45%,
7/07/31
.
1,450,000
1,116,400
Senior
Note,
144A,
5.125%,
4/07/26
.
200,000
180,486
Senior
Note,
144A,
3.5%,
7/07/27
..
1,000,000
812,441
2,109,327
South
Korea
9.3%
Korea
Monetary
Stabilization
Bond,
Senior
Note,
0.905%,
4/02/23
......
5,160,000,000
KRW
3,955,663
Korea
Treasury
Bond
,
2.25%,
9/10/23
................
876,000,000
KRW
672,597
3.375%,
9/10/23
................
643,000,000
KRW
500,200
0.875%,
12/10/23
...............
12,469,000,000
KRW
9,349,697
1.875%,
3/10/24
................
2,205,000,000
KRW
1,669,401
1.375%,
9/10/24
................
5,035,400,000
KRW
3,731,067
3%,
9/10/24
...................
745,000,000
KRW
571,643
2.375%,
3/10/27
................
14,740,000,000
KRW
10,784,510
Senior
Note,
1.125%,
6/10/24
......
12,125,400,000
KRW
8,995,472
40,230,250
Sri
Lanka
0.2%
d,g
Sri
Lanka
Government
Bond
,
Senior
Bond,
144A,
6.85%,
11/03/25
600,000
197,870
Senior
Bond,
144A,
6.2%,
5/11/27
..
1,600,000
520,504
Senior
Bond,
144A,
6.75%,
4/18/28
.
200,000
64,549
Senior
Bond,
144A,
7.85%,
3/14/29
.
200,000
65,654
Senior
Note,
144A,
5.75%,
4/18/23
..
200,000
64,904
Senior
Note,
144A,
6.35%,
6/28/24
..
400,000
129,952
1,043,433
Supranational
0.7%
h
Inter-American
Development
Bank,
Senior
Bond,
7.5%,
12/05/24
......
60,000,000
MXN
2,818,780
Thailand
1.3%
Thailand
Government
Bond
,
0.75%,
9/17/24
................
54,930,000
THB
1,520,532
1%,
6/17/27
...................
119,490,000
THB
3,155,721
Senior
Note,
0.66%,
11/22/23
......
35,490,000
THB
995,383
5,671,636
United
Kingdom
0.8%
d
United
Kingdom
Gilt,
Reg
S,
0.125%,
1/31/23
......................
2,980,000
GBP
3,596,214
Total
Foreign
Government
and
Agency
Securities
(Cost
$201,648,404)
............
142,476,072
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
......................
168,113
$
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$434,330,820)
...............................
358,874,046
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.0%
†
Calls
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
September
Strike
Price
21.67
MXN,
Expires
9/27/22
..
1
1,146,000
10,109
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
29.19
MXN,
Expires
8/29/24
..
1
1,405,000
31,342
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
29.71
MXN,
Expires
8/09/24
..
1
1,406,000
27,623
69,074
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
July
Strike
Price
19.19
MXN,
Expires
7/21/22
.......
1
2,030,000
622
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
19.41
MXN,
Expires
8/11/22
..
1
456,000
978
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
July
Strike
Price
19.88
MXN,
Expires
7/21/22
.......
1
2,030,000
8,866
10,466
Total
Options
Purchased
(Cost
$304,033)
......................................
79,540
Short
Term
Investments
15.0%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
9.9%
Brazil
4.8%
i
Brazil
Letras
do
Tesouro
Nacional
,
1/01/23
......................
17,335,000
BRL
2,935,637
1/01/24
......................
11,220,000
BRL
1,773,393
7/01/24
......................
52,870,000
BRL
7,893,782
1/01/25
......................
57,070,000
BRL
8,065,013
20,667,825
Singapore
3.3%
i
Singapore
Treasury
Bills
,
8/09/22
......................
2,400,000
SGD
1,723,703
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Short
Term
Investments
(continued)
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Singapore
(continued)
i
Singapore
Treasury
Bills,
(continued)
8/12/22
......................
750,000
SGD
$
538,563
8/19/22
......................
11,430,000
SGD
8,204,308
1/24/23
......................
5,300,000
SGD
3,767,497
14,234,071
United
Kingdom
1.8%
i
United
Kingdom
Treasury
Bills
,
7/11/22
......................
1,870,000
GBP
2,275,264
7/25/22
......................
950,000
GBP
1,155,422
8/01/22
......................
1,520,000
GBP
1,848,307
10/24/22
.....................
2,303,000
GBP
2,789,329
8,068,322
Total
Foreign
Government
and
Agency
Securities
(Cost
$45,799,592)
..............
42,970,218
Shares
Money
Market
Funds
5.1%
United
States
5.1%
j,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
.........
21,917,467
21,917,467
Total
Money
Market
Funds
(Cost
$21,917,467)
..................................
21,917,467
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$67,717,059
)
................................
64,887,685
a
a
a
Total
Investments
(Cost
$502,351,912)
98.0%
...................................
$423,841,271
Options
Written
(0.0)%
†
......................................................
(19,689)
Other
Assets,
less
Liabilities
2.0%
.............................................
8,699,848
Net
Assets
100.0%
...........................................................
$432,521,430
a
a
a
a
Number
of
Contracts
Notional
Amount
#
l
Options
Written
(0.0)%
†
a
Calls
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
22.06
MXN,
Expires
8/11/22
..
1
456,000
(981)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
September
Strike
Price
23.09
MXN,
Expires
9/27/22
..
1
573,000
(1,874)
(2,855)
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
July
Strike
Price
19.60
MXN,
Expires
7/21/22
.......
1
4,059,000
(6,113)
Templeton
Global
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Schedule
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Templeton
Global
Balanced
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(continued)
franklintempleton.com
The
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notes
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integral
part
of
these
financial
statements.
Semiannual
Report
25
At
June
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(c). 
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
l
Options
Written
(continued)
a
Puts
-
Over-the-Counter
(continued)
a
Currency
Options
(continued)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
20.50
MXN,
Expires
8/11/22
..
1
456,000
$
(10,721)
(16,834)
Total
Options
Written
(Premiums
received
$62,670)
.............................
$
(19,689)
#
Notional
amount
is
the
number
of
units
specified
in
the
contract,
and
can
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
14
regarding
fair
value
measurements.
c
See
Note
11
regarding
restricted
securities.
d
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
June
30,
2022,
the
aggregate
value
of
these
securities
was
$22,730,213,
representing
5.3%
of
net
assets.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Redemption
price
at
maturity
is
adjusted
for
inflation.
See
Note
1(g).
g
See
Note
7
regarding
credit
risk
and
defaulted
securities.
h
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
i
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
j
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
l
See
Note
1(c)
regarding
written
options.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
DBAB
Sell
4,403,073
45,342,000
SEK
7/06/22
$
—
$
(181,989)
Swedish
Krona
.....
DBAB
Sell
45,342,000
4,229,151
EUR
7/06/22
—
(276)
Indian
Rupee
......
HSBK
Buy
133,568,000
1,743,434
7/11/22
—
(52,948)
Chinese
Yuan
......
CITI
Buy
19,903,590
3,088,318
7/12/22
—
(114,633)
Chinese
Yuan
......
HSBK
Buy
21,550,930
3,352,300
7/18/22
—
(132,760)
Euro
.............
DBAB
Sell
1,240,535
12,471,100
SEK
7/19/22
—
(81,556)
Euro
.............
DBAB
Sell
6,926,048
66,661,000
NOK
7/19/22
—
(494,713)
Euro
.............
JPHQ
Sell
1,373,039
13,536,100
NOK
7/19/22
—
(65,469)
Norwegian
Krone
...
DBAB
Sell
25,800,000
2,595,524
EUR
7/19/22
102,225
—
Australian
Dollar
....
DBAB
Buy
3,330,000
2,458,207
7/25/22
—
(159,264)
Australian
Dollar
....
DBAB
Sell
3,330,000
2,394,464
7/25/22
95,521
—
Euro
.............
DBAB
Sell
1,877,000
2,146,198
7/27/22
176,351
—
Indian
Rupee
......
JPHQ
Buy
113,619,700
1,492,051
7/27/22
—
(56,301)
Chilean
Peso
......
GSCO
Buy
1,180,420,130
1,369,318
7/29/22
—
(89,042)
Chilean
Peso
......
JPHQ
Buy
1,262,000,000
1,512,011
8/02/22
—
(144,337)
Euro
.............
HSBK
Sell
16,280,780
23,183,017
CAD
8/03/22
914,775
—
Euro
.............
JPHQ
Sell
1,918,773
2,771,610
CAD
8/03/22
138,397
—
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Chilean
Peso
......
GSCO
Buy
712,184,411
848,546
8/08/22
$
—
$
(77,742)
Chilean
Peso
......
JPHQ
Buy
1,449,610,000
1,757,210
8/08/22
—
(188,284)
Chinese
Yuan
......
JPHQ
Buy
29,990,050
4,449,100
8/11/22
29,968
—
Euro
.............
JPHQ
Sell
669,000
708,570
8/11/22
5,704
—
Chilean
Peso
......
GSCO
Buy
487,000,000
556,235
8/16/22
—
(30,121)
Euro
.............
DBAB
Sell
3,965,407
41,596,330
SEK
8/17/22
—
(95,187)
Euro
.............
JPHQ
Sell
2,015,397
21,150,000
SEK
8/17/22
—
(47,508)
Chilean
Peso
......
GSCO
Buy
782,668,792
902,732
8/19/22
—
(57,788)
Chinese
Yuan
......
JPHQ
Buy
14,973,410
2,341,725
8/22/22
—
(105,550)
Russian
Ruble
.....
JPHQ
Buy
41,419,900
518,427
8/24/22
170,090
—
Russian
Ruble
.....
JPHQ
Sell
41,419,900
274,304
8/24/22
—
(414,213)
Russian
Ruble
.....
MSCO
Buy
123,931,100
1,433,558
8/24/22
626,531
—
Russian
Ruble
.....
MSCO
Sell
123,931,100
821,552
8/24/22
—
(1,238,538)
Mexican
Peso
......
CITI
Sell
175,000
8,690
8/31/22
82
—
Mexican
Peso
......
MSCO
Sell
14,156,000
675,623
8/31/22
—
(20,694)
Chilean
Peso
......
GSCO
Buy
819,380,000
986,610
9/02/22
—
(104,893)
Chilean
Peso
......
GSCO
Buy
819,375,067
973,881
9/06/22
—
(92,911)
Euro
.............
DBAB
Sell
4,221,434
45,342,000
SEK
9/06/22
—
(98)
Thai
Baht
.........
DBAB
Buy
130,900,000
3,817,440
9/07/22
—
(99,744)
South
Korean
Won
..
HSBK
Buy
11,700,000,000
9,520,710
9/14/22
—
(427,938)
South
Korean
Won
..
HSBK
Sell
3,330,000,000
2,631,163
9/14/22
43,220
—
Euro
.............
DBAB
Sell
715,005
7,070,900
NOK
9/15/22
—
(34,138)
Russian
Ruble
.....
DBAB
Buy
182,569,600
2,273,311
9/15/22
642,636
—
Russian
Ruble
.....
DBAB
Sell
182,569,600
1,337,891
9/15/22
—
(1,578,056)
Euro
.............
DBAB
Sell
4,134,032
43,650,000
SEK
9/19/22
—
(75,541)
Euro
.............
JPHQ
Sell
12,646,141
125,772,700
NOK
9/19/22
—
(534,209)
Australian
Dollar
....
CITI
Buy
1,464,000
1,082,613
9/21/22
—
(71,427)
Australian
Dollar
....
CITI
Sell
1,464,000
1,071,929
9/21/22
60,743
—
Chilean
Peso
......
GSCO
Buy
1,433,901,300
1,715,707
9/21/22
—
(178,714)
Chinese
Yuan
......
BOFA
Buy
43,298,730
6,439,430
9/21/22
26,151
—
Chinese
Yuan
......
HSBK
Buy
21,692,020
3,231,824
9/21/22
7,336
—
New
Zealand
Dollar
.
BOFA
Buy
2,330,000
1,458,347
9/21/22
—
(4,609)
New
Zealand
Dollar
.
CITI
Buy
1,410,000
959,494
9/21/22
—
(79,764)
New
Zealand
Dollar
.
JPHQ
Buy
5,360,000
3,654,823
9/21/22
—
(310,602)
Indian
Rupee
......
JPHQ
Buy
113,941,400
1,478,894
10/07/22
—
(48,651)
Chilean
Peso
......
GSCO
Buy
282,260,000
340,179
10/11/22
—
(38,789)
Indian
Rupee
......
CITI
Buy
110,703,100
1,432,494
10/11/22
—
(43,418)
Indian
Rupee
......
JPHQ
Buy
147,383,500
1,915,689
10/11/22
—
(66,357)
Euro
.............
DBAB
Sell
3,447,092
35,661,016
SEK
10/12/22
—
(137,712)
Indian
Rupee
......
CITI
Buy
133,442,300
1,733,467
10/12/22
—
(59,222)
Euro
.............
BZWS
Sell
2,804,000
3,071,642
10/25/22
107,868
—
Euro
.............
DBAB
Sell
3,667,000
4,011,692
10/25/22
135,743
—
Chilean
Peso
......
JPHQ
Buy
764,848,911
922,839
10/26/22
—
(108,306)
Euro
.............
HSBK
Sell
3,184,243
4,364,673
CAD
11/03/22
23,336
—
Euro
.............
JPHQ
Sell
6,556,192
8,994,015
CAD
11/03/22
53,781
—
Indian
Rupee
......
CITI
Buy
82,812,900
1,060,480
11/10/22
—
(24,278)
Indian
Rupee
......
HSBK
Buy
133,941,730
1,700,113
11/14/22
—
(24,786)
Mexican
Peso
......
MSCO
Sell
16,561,000
815,990
12/06/22
16,611
—
Chinese
Yuan
......
BOFA
Buy
23,581,730
3,530,516
12/08/22
—
(6,643)
Chinese
Yuan
......
CITI
Buy
30,403,810
4,556,858
12/08/22
—
(13,545)
Chinese
Yuan
......
JPHQ
Buy
11,668,020
1,745,377
12/09/22
—
(1,777)
Chilean
Peso
......
JPHQ
Buy
764,851,089
833,625
12/27/22
—
(27,984)
Mexican
Peso
......
MSCO
Sell
11,089,000
507,622
12/27/22
—
(25,385)
Euro
.............
DBAB
Sell
3,685,000
4,060,884
1/25/23
134,817
—
Chilean
Peso
......
GSCO
Buy
523,350,000
619,642
3/07/23
—
(74,037)
Euro
.............
BZWS
Sell
1,316,000
1,461,675
4/25/23
50,493
—
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
At
June
30,
2022,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1(c). 
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Mexican
Peso
......
CITI
Sell
6,638,000
288,992
10/23/23
$
—
$
(12,388)
Total
Forward
Exchange
Contracts
...................................................
$3,562,379
$(8,154,835)
Net
unrealized
appreciation
(depreciation)
............................................
$(4,592,456)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
1.762%
...
Annual
3/15/27
3,000,000
$
123,451
$
—
$
123,451
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
1.811%
...
Annual
3/15/32
1,600,000
126,864
—
126,864
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.176%
...
Annual
3/28/32
890,000
45,434
—
45,434
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.257%
...
Annual
3/30/32
890,000
36,583
—
36,583
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.253%
...
Annual
3/31/32
890,000
39,517
—
39,517
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.418%
...
Annual
4/11/32
1,200,000
33,512
—
33,512
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.463%
...
Annual
4/18/32
580,000
14,151
—
14,151
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.541%
...
Annual
4/19/32
310,000
5,455
—
5,455
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.549%
...
Annual
4/19/32
770,000
13,010
—
13,010
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.67%
....
Annual
4/21/32
760,000
4,876
—
4,876
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.645%
...
Annual
5/16/32
225,000
2,345
—
2,345
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount*
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.741%
...
Annual
5/19/32
725,000
$
1,493
$
—
$
1,493
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.662%
...
Annual
6/02/32
948,000
12,423
—
12,423
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.989%
...
Annual
6/30/32
742,000
(9,990)
—
(9,990)
Total
Interest
Rate
Swap
Contracts
...............................
$449,124
$
—
$449,124
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Note
12
regarding
other
derivative
information.
See
Abbreviations
on
page
50
.
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2022
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
Templeton
Global
Balanced
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$480,434,445
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
21,917,467
Value
-
Unaffiliated
issuers
..................................................................
$401,923,804
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
21,917,467
Cash
....................................................................................
10,081
Restricted
currency,
at
value
(cost
$571,562)
(Note
1d)
..............................................
496,168
Foreign
currency,
at
value
(cost
$344,316)
........................................................
343,146
Receivables:
Capital
shares
sold
........................................................................
68,189
Dividends
and
interest
.....................................................................
3,772,801
European
Union
tax
reclaims
(Note
1
f
)
.........................................................
7,244,721
Deposits
with
brokers
for:
OTC
derivative
contracts
..................................................................
5,243,835
Centrally
cleared
swap
contracts
............................................................
612,115
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
3,562,379
Deferred
tax
benefit
.........................................................................
111,553
Total
assets
..........................................................................
445,306,259
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
618,886
Management
fees
.........................................................................
86,593
Distribution
fees
..........................................................................
101,731
Transfer
agent
fees
........................................................................
91,018
Trustees'
fees
and
expenses
.................................................................
64,193
IRS
closing
agreement
payments
for
European
Union
tax
reclaims
(Note
1
f
)
.............................
2,644,912
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
140,341
Options
written,
at
value
(premiums
received
$62,670)
...............................................
19,689
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
8,154,835
Deferred
tax
...............................................................................
33,354
Accrued
expenses
and
other
liabilities
...........................................................
829,277
Total
liabilities
.........................................................................
12,784,829
Net
assets,
at
value
.................................................................
$432,521,430
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$673,700,895
Total
distributable
earnings
(losses)
.............................................................
(241,179,465)
Net
assets,
at
value
.................................................................
$432,521,430
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Templeton
Global
Balanced
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$234,727,121
Shares
outstanding
........................................................................
103,287,006
Net
asset
value
per
share
a
..................................................................
$2.27
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
................................
$2.40
Class
A1:
Net
assets,
at
value
.......................................................................
$125,861,693
Shares
outstanding
........................................................................
55,292,980
Net
asset
value
per
share
a
..................................................................
$2.28
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$2.37
Class
C:
Net
assets,
at
value
.......................................................................
$24,722,395
Shares
outstanding
........................................................................
10,911,472
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$2.27
Class
C1:
Net
assets,
at
value
.......................................................................
$2,573,850
Shares
outstanding
........................................................................
1,128,178
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$2.28
Class
R:
Net
assets,
at
value
.......................................................................
$1,037,797
Shares
outstanding
........................................................................
454,324
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.28
Class
R6:
Net
assets,
at
value
.......................................................................
$2,579,644
Shares
outstanding
........................................................................
1,132,625
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.28
Advisor
Class:
Net
assets,
at
value
.......................................................................
$41,018,930
Shares
outstanding
........................................................................
17,959,723
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.28
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Templeton
Global
Investment
Trust
Statement
of
Operations
Statement
of
Operations
for
the
six
months
ended
June
30,
2022
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
Templeton
Global
Balanced
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$204,013)
Unaffiliated
issuers
........................................................................
$2,877,320
Non-controlled
affiliates
(Note
3
f
)
.............................................................
24,594
Interest:
(net
of
foreign
taxes
of
$172,123)
Unaffiliated
issuers:
Inflation
principal
adjustments
..............................................................
1,921,860
Paid
in
cash
a
...........................................................................
5,393,262
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
620
Non-controlled
affiliates
(Note
3
f
)
.............................................................
2
Other
income
(Note
1
f
)
.......................................................................
234,394
Less:
IRS
closing
agreement
payments
for
European
Union
tax
reclaims
(Note
1
f
)
..........................
(64,791)
Total
investment
income
...................................................................
10,387,261
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,079,927
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
339,160
    Class
A1
...............................................................................
183,927
    Class
C
................................................................................
161,345
    Class
C1
...............................................................................
9,884
    Class
R
................................................................................
2,875
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
228,739
    Class
A1
...............................................................................
124,005
    Class
C
................................................................................
27,132
    Class
C1
...............................................................................
2,561
    Class
R
................................................................................
971
    Class
R6
...............................................................................
1,401
    Advisor
Class
............................................................................
41,382
Custodian
fees
(Note
4
)
......................................................................
64,777
Reports
to
shareholders
fees
..................................................................
61,956
Registration
and
filing
fees
....................................................................
63,431
Professional
fees
...........................................................................
100,594
Trustees'
fees
and
expenses
..................................................................
13,734
Other
....................................................................................
76,141
Total
expenses
.........................................................................
3,583,942
Expense
reductions
(Note
4
)
...............................................................
(2,368)
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(472,881)
Net
expenses
.........................................................................
3,108,693
Net
investment
income
................................................................
7,278,568
Templeton
Global
Investment
Trust
Statement
of
Operations
Statement
of
Operations
(continued)
for
the
six
months
ended
June
30,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Templeton
Global
Balanced
Fund
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$35,217)
Unaffiliated
issuers
......................................................................
2,656,166
Written
options
...........................................................................
232,444
Foreign
currency
transactions
................................................................
655,661
Forward
exchange
contracts
.................................................................
(3,179,968)
Net
realized
gain
(loss)
..................................................................
364,303
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(82,705,586)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(873,523)
Written
options
...........................................................................
(174,939)
Forward
exchange
contracts
.................................................................
(5,261,251)
Swap
contracts
...........................................................................
449,124
Change
in
deferred
tax
benefit
...............................................................
(201,275)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
323,078
Net
change
in
unrealized
appr
eciation
(depreciation)
............................................
(88,444,372)
Net
realized
and
unrealized
gain
(loss)
............................................................
(88,080,069)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(80,801,501)
a
Includes
amortization
of
premium
and
accretion
of
discount.
Templeton
Global
Investment
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
Templeton
Global
Balanced
Fund
Six
Months
Ended
June
30,
2022
(unaudited)
Year
Ended
December
31,
2021*
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$7,278,568
$12,475,141
Net
realized
gain
(loss)
.................................................
364,303
27,100,402
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(88,444,372)
(45,449,467)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(80,801,501)
(5,873,924)
Distributions
to
shareholders:
Class
A
.............................................................
(4,280,266)
—
Class
A1
............................................................
(2,299,717)
—
Class
C
.............................................................
(348,724)
—
Class
C1
............................................................
(40,727)
—
Class
R
.............................................................
(16,962)
—
Class
R6
............................................................
(52,216)
—
Advisor
Class
........................................................
(814,964)
—
Distributions
to
shareholders
from
tax
return
of
capital:
Class
A
.............................................................
—
(6,995,677)
Class
A1
............................................................
—
(3,836,771)
Class
C
.............................................................
—
(741,881)
Class
C1
............................................................
—
(101,806)
Class
R
.............................................................
—
(24,527)
Class
R6
............................................................
—
(95,649)
Advisor
Class
........................................................
—
(1,543,438)
Total
distributions
to
shareholders
..........................................
(7,853,576)
(13,339,749)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(20,343,971)
(41,199,574)
Class
A1
............................................................
(13,663,522)
(27,722,796)
Class
C
.............................................................
(9,793,065)
(42,980,955)
Class
C1
............................................................
(431,579)
(9,675,828)
Class
R
.............................................................
36,589
(349,207)
Class
R6
............................................................
(113,007)
(1,299,446)
Advisor
Class
........................................................
(8,012,752)
(18,105,272)
Total
capital
share
transactions
............................................
(52,321,307)
(141,333,078)
Net
increase
(decrease)
in
net
assets
...................................
(140,976,384)
(160,546,751)
Net
assets:
Beginning
of
period
.....................................................
573,497,814
734,044,565
End
of
period
..........................................................
$432,521,430
$573,497,814
*
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
34
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Templeton
Global
Investment
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of three separate
funds
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
Templeton
Global
Balanced
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers seven
classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
C1,
Class
R,
Class
R6
and
Advisor
Class. Class
C
and
Class
C1
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
Trust's Board
of
Trustees
(the
Board),
the Fund's
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instru
ments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
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
June
30,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information. 
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the Fund
for
financial
reporting
purposes.
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.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation 
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement. 
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund's
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
The
Fund entered
into
interest
rate
swap
contracts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
depreciation
and
appreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
The
Fund
purchased
or
wrote
exchange
traded
and
OTC
option
contracts
primarily
to
manage
and/or
gain
exposure
to
foreign
exchange
rate
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
See
Note
12
regarding
other
derivative
information.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
d.
Restricted
Currency
At
June
30,
2022,
the
Fund
held
currencies
in
certain
markets
in
which
the
ability
to
repatriate
such
currency
is
limited.
As
a
result
of
such
limitations
on
repatriation,
the
Fund
may
incur
substantial
delays
in
gaining
access
to
these
assets
and
may
be
exposed
to
potential
adverse
movements
in
currency
value.
e.
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,
and/or
a
joint
repurchase
agreement.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
At
June
30,
2022,
the
Fund
had
no
securities
on
loan.
f.
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.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
As
a
result
of
several
court
cases,
in
certain
countries
across
the
European
Union, the
Fund
filed
additional
tax
reclaims
for
previously
withheld
taxes
on
dividends
earned
in
those
countries
(EU
reclaims). Income
recognized,
if
any,
for
EU
reclaims
is
reflected
as
other
income
in
the
Statement
of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statement
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
When
uncertainty
exists
as
to
the
ultimate
resolution
of
these
proceedings,
the
likelihood
of
receipt
of
these
EU
reclaims,
and
the
potential
timing
of
payment,
no
amounts
are
reflected
in
the
financial
statements.
For
U.S.
income
tax
purposes,
EU
reclaims
received
by
the
Fund,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or credits
on
their
income
tax
returns.
In
the
event
that
EU
reclaims
received
by
the Fund
during a
fiscal
year
exceed
foreign
withholding
taxes
paid
by
the
Fund,
and
the
Fund previously
passed
through to
its
shareholders
foreign
taxes
incurred
by
the
Fund
to
be
used
as
a
credit
or
deduction
on
a
shareholder’s
income
tax
return,
the Fund
will enter
into
a
closing
agreement
with
the
Internal
Revenue
Service
(IRS)
in
order
to
pay
the
associated
tax
liability
on
behalf
of
the Fund's
shareholders.
The
Fund
determined
to
enter
into
a
closing
agreement
with
the
IRS
and
recorded
the
estimated
payments
as
a
reduction
to
income,
as
reflected
in
the
Statement
of
Operations.
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
June
30,
2022,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
1.
Organization
and
Significant
Accounting
Policies
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
g.
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.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
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.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
inflation
principal
adjustments
in
the
Statement
of
Operations.
h.
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.
i.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
f.
Income
and
Deferred
Taxes
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
39
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
June
30,
2022,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
4,228,146
$10,907,687
16,092,436
$46,257,741
Shares
issued
in
reinvestment
of
distributions
..........
1,703,155
4,099,736
2,344,858
6,704,870
Shares
redeemed
...............................
(13,744,713)
(35,351,394)
(33,058,605)
(94,162,185)
Net
increase
(decrease)
..........................
(7,813,412)
$(20,343,971)
(14,621,311)
$(41,199,574)
Class
A1
Shares:
Shares
sold
...................................
652,428
$1,699,920
3,874,311
$11,268,500
Shares
issued
in
reinvestment
of
distributions
..........
923,577
2,224,013
1,296,583
3,713,085
Shares
redeemed
...............................
(6,847,831)
(17,587,455)
(14,931,528)
(42,704,381)
Net
increase
(decrease)
..........................
(5,271,826)
$(13,663,522)
(9,760,634)
$(27,722,796)
Class
C
Shares:
Shares
sold
...................................
415,819
$1,067,456
1,917,223
$5,507,166
Shares
issued
in
reinvestment
of
distributions
..........
143,532
342,990
255,137
731,584
Shares
redeemed
a
..............................
(4,377,015)
(11,203,511)
(17,220,342)
(49,219,705)
Net
increase
(decrease)
..........................
(3,817,664)
$(9,793,065)
(15,047,982)
$(42,980,955)
Class
C1
Shares:
Shares
sold
...................................
24,191
$62,153
76,769
$221,020
Shares
issued
in
reinvestment
of
distributions
..........
16,762
40,414
34,934
101,233
Shares
redeemed
a
..............................
(205,660)
(534,146)
(3,428,786)
(9,998,081)
Net
increase
(decrease)
..........................
(164,707)
$(431,579)
(3,317,083)
$(9,675,828)
Class
R
Shares:
Shares
sold
...................................
41,073
$103,379
47,273
$137,541
Shares
issued
in
reinvestment
of
distributions
..........
3,525
8,523
4,743
13,637
Shares
redeemed
...............................
(30,620)
(75,313)
(172,627)
(500,385)
Net
increase
(decrease)
..........................
13,978
$36,589
(120,611)
$(349,207)
Class
R6
Shares:
Shares
sold
...................................
118,926
$313,878
382,316
$1,106,423
Shares
issued
in
reinvestment
of
distributions
..........
21,189
51,303
32,883
94,408
Shares
redeemed
...............................
(188,685)
(478,188)
(867,741)
(2,500,277)
Net
increase
(decrease)
..........................
(48,570)
$(113,007)
(452,542)
$(1,299,446)
Advisor
Class
Shares:
Shares
sold
...................................
819,925
$2,123,552
3,031,187
$8,695,812
Shares
issued
in
reinvestment
of
distributions
..........
301,716
731,183
482,116
1,385,563
Shares
redeemed
...............................
(4,175,295)
(10,867,487)
(9,799,632)
(28,186,647)
Net
increase
(decrease)
..........................
(3,053,654)
$(8,012,752)
(6,286,329)
$(18,105,272)
a
May
include
a
portion
of
Class
C
and
C1
shares
that
were
automatically
converted
to
Class
A.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
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
Fund
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
Global
Advisors
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
June
30,
2022,
the
annualized
gross
effective
investment
management
fee
rate
was
0.820%
of
the
Fund’s
average
daily
net
assets. 
Under
a
subadvisory
agreement,
Advisers,
an
affiliate
of
Global
Advisors,
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid
by
Global
Advisors
based
on
the
Fund’s
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
Effective
August
1,
2022,
under
a
subadvisory
agreement,
TICL,
an
affiliate
of
Global
Advisors,
will
provide
subadvisory
services
to
the
Fund.
The
subadvisory
fee
will
be
paid
by
Global
Advisors
based
on
the
Fund’s
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Global
Advisors,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Global
Advisors
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 and
A1 reimbursement
distribution
plans,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
Subsidiary
Affiliation
Templeton
Investment
Counsel,
LLC
(TICL)
Investment
manager
Templeton
Global
Advisors
Limited
(Global
Advisors)
Investment
manager
Franklin
Advisers,
Inc.
(Advisers)
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
0.825%
Up
to
and
including
$500
million
0.725%
Over
$500
million,
up
to
and
including
$1
billion
0.675%
Over
$1
billion,
up
to
and
including
$1.5
billion
0.625%
Over
$1.5
billion,
up
to
and
including
$6.5
billion
0.600%
Over
$6.5
billion,
up
to
and
including
$11.5
billion
0.578%
Over
$11.5
billion,
up
to
and
including
$16.5
billion
0.565%
Over
$16.5
billion,
up
to
and
including
$19
billion
0.555%
Over
$19
billion,
up
to
and
including
$21.5
billion
0.545%
In
excess
of
$21.5
billion
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
41
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
maximum
annual
plan
rate.
Under
the
Class
A
and
A1
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class C,
C1
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:
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
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
June
30,
2022,
the
Fund
paid
transfer
agent
fees
of
$426,191 of
which
$169,923
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
June
30,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.25%
Class
C
....................................................................................
1.00%
Class
C1
...................................................................................
0.65%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$5,382
CDSC
retained
..............................................................................
$2,771
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
42
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
g.
Waiver
and
Expense
Reimbursements
Global
Advisors
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
0.95%
based
on
the
average
net
assets
of
each
class
until
April
30,
2023.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
April
30,
2023.
4.
Expense
Offset
Arrangement
The
Fund
has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund’s
custodian
expenses.
During
the
period
ended
June
30,
2022,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains. 
At
December
31,
2021,
the
capital
loss
carryforwards
were
as
follows:
For
tax
purposes,
the
Fund
may
elect
to
defer
any
portion
of
a
post-October
capital
loss
or
late-year
ordinary
loss
to
the
first
day
of
the
fo
llowing
fiscal
year.
At
December
3
1
,
202
1
,
the
Fund
deferred
late-year
ordinary
losses
of
$
4,123,846
.
    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
Global
Balanced
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
$
73,639,085
$
87,173,420
$
(138,895,038)
$
—
$
—
$
21,917,467
21,917,467
$
24,594
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
$—
$1,130,000
$(1,130,000)
$—
$—
$—
—
$2
Total
Affiliated
Securities
...
$73,639,085
$88,303,420
$(140,025,038)
$—
$—
$21,917,467
$24,596
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$25,446,807
Long
term
................................................................................
123,889,529
Total
capital
loss
carryforwards
...............................................................
$149,336,336
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
At
June
30,
2022,
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
foreign
currency
transactions,
EU
reclaims,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax,
payments-in-kind,
bond
discounts
and
premiums,
inflation
related
adjustments
on
foreign
securities
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
June
30,
2022,
aggregated
$106,992,963
and
$113,907,973,
respectively.
7.
Credit Risk
and
Defaulted
Securities
At
June
30,
2022,
the
Fund
had
13.8%
of
its
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
June
30,
2022,
the
aggregate
value
of
these
securities
represents
0.2%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Schedule
of
Investments.
8.
Concentration
of
Risk
Investments
in
issuers
domiciled
or
with
significant
operations
in
developing
or
emerging
market
countries
may
be
subject
to
higher
risks
than
investments
in
developed
countries.
These
risks
include
fluctuating
currency
values,
underdeveloped
legal
or
business
systems,
and
changing
local
and
regional
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Currencies
of
developing
or
emerging
market
countries
may
be
subject
to
significantly
greater
risks
than
currencies
of
developed
countries,
including
the
potential
inability
to
repatriate
those
currencies
into
U.S.
dollars.
At
June
30,
2022,
the
Fund
had
1.7%
of
its
net
assets
denominated
in
Argentine
Pesos. Argentina
has
restricted
currency
repatriation
since
September
2019,
and
had
restructured
certain
issues
of
its
debt.
Political
and
economic
conditions
in
Argentina
could
continue
to
affect
the
value
of
the
Fund's
holdings.
Cost
of
investments
..........................................................................
$510,875,577
Unrealized
appreciation
........................................................................
$36,526,395
Unrealized
depreciation
........................................................................
(127,679,149)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(91,152,754)
5.
Income
Taxes
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
9.
Geopolitical
Risk 
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
10.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
11.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
June
30,
2022,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Templeton
Global
Balanced
Fund
32,900,733
a
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13
-
2/01/17
$
81,025
$
—
4,646,498
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
3,450
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$84,475
$—
a
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$
—
as
of
June
30,
2022.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
12.
Other
Derivative
Information
At
June
3
0
,
202
2
,
investments
in
derivative
contracts
are
reflected
in
the
Statement of
Assets
and
Liabilities
as
follows:
For
the
period
ended
June
30,
2022,
the
effect
of
derivative
contracts
in
the
Statement
of
Operations
was
as
follows:
For
the
period
ended
June
3
0
,
202
2
,
the
average
month
end
notional
amount
of
swap
contracts
and
o
ptions
contracts
represented
$
6,218,571
and
$21,762,857
respectively.
The
average
month
end
contract
value
of
forward
exchange
co
ntracts
was
$211,805,48
6
.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Templeton
Global
Balanced
Fund
Interest
rate
contracts
.......
Variation
margin
on
centrally
cleared
swap
contracts
$
459,114
a
Variation
margin
on
centrally
cleared
swap
contracts
$
9,990
a
Foreign
exchange
contracts
..
Investments
in
securities,
at
value
79,540
b
Options
written,
at
value
19,689
Unrealized
appreciation
on
OTC
forward
exchange
contracts
3,562,379
Unrealized
depreciation
on
OTC
forward
exchange
contracts
8,154,835
Total
....................
$4,101,033
$8,184,514
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
centrally
cleared
swap
contracts
as
reported
in
the
schedule
of
investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
b
Purchased
option
contracts
are
included
in
investments
in
securities,
at
value
in
the
Statement
of
Assets
and
Liabilities.
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Templeton
Global
Balanced
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Swap
contracts
$—
Swap
contracts
$449,124
Foreign
exchange
contracts
.....
Investments
(416,522)
a
Investments
243,636
a
Written
options
232,444
Written
options
(174,939)
Forward
exchange
contracts
(3,179,968)
Forward
exchange
contracts
(5,261,251)
Total
.......................
$(3,364,046)
$(4,743,430)
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation) on
investments
in
the
Statement
of
Operations.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
At
June
30,
2022,
OTC
derivative
assets
and
liabilities
are
as
follows:
At
June
30,
2022,
OTC
derivative
assets,
which
may
be
offset
against
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Templeton
Global
Balanced
Fund
Derivatives
Forward
exchange
contracts
.............................
$
3,562,379
$
8,154,835
Options
purchased
.....................................
79,540
—
Options
written
........................................
—
19,689
Total
.............................................
$3,641,919
$8,174,524
a
Absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
a
Cash
Collateral
Received
Net
Amount
(Not
less
than
zero)
Templeton
Global
Balanced
Fund
Counterparty
BOFA
....................
$26,151
$(11,252)
$—
$—
$14,899
BZWS
...................
158,361
—
—
—
158,361
CITI
.....................
80,422
(80,422)
—
—
—
DBAB
...................
1,287,293
(1,287,293)
—
—
—
GSCO
...................
—
—
—
—
—
HSBK
...................
988,667
(638,432)
(208,023)
—
142,212
JPHQ
...................
397,940
(397,940)
—
—
—
MSCO
...................
703,085
(703,085)
—
—
—
Total
...................
$3,641,919
$(3,118,424)
$
(208,023)
$—
$315,472
$
1
12.
Other
Derivative
Information
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
At
June
30,
2022,
OTC
derivative
liabilities,
which
may
be
offset
against
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(c)
regarding
derivative
financial
instruments. 
See
Abbreviations
page
50.
13.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
3,
2023.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
June
30,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
Cash
Collateral
Pledged
b
Net
Amount
(Not
less
than
zero)
Templeton
Global
Balanced
Fund
Counterparty
BOFA
....................
$11,252
$(11,252)
$—
$—
$—
BZWS
...................
—
—
—
—
—
CITI
.....................
426,662
(80,422)
—
(346,240)
—
DBAB
...................
2,938,274
(1,287,293)
—
(1,590,000)
60,981
GSCO
...................
744,037
—
—
(640,000)
104,037
HSBK
...................
638,432
(638,432)
—
—
—
JPHQ
...................
2,119,548
(397,940)
—
(1,721,608)
—
MSCO
...................
1,296,319
(703,085)
—
(593,234)
—
Total
...................
$8,174,524
$(3,118,424)
$—
$(4,891,082)
$165,018
a
At
June
30,
2022,
the
Fund
received
U.K.
Treasury
Inflation-Linked
Gilt
Bonds
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
collateral
amounts
to
avoid
the
effect
of
overcollateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
12.
Other
Derivative
Information
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
14.
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
June
30,
2022,
in
valuing
the
Fund's
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Global
Balanced
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
China
...............................
$
2,189,364
$
5,974,308
$
—
$
8,163,672
France
...............................
—
7,495,212
—
7,495,212
Germany
.............................
—
9,606,095
—
9,606,095
Hong
Kong
...........................
—
10,695,434
—
10,695,434
India
................................
—
5,233,628
—
5,233,628
Ireland
...............................
3,744,375
—
—
3,744,375
Japan
...............................
—
14,717,792
—
14,717,792
Netherlands
...........................
—
8,557,818
—
8,557,818
South
Africa
...........................
—
—
—
a
—
South
Korea
..........................
—
5,256,134
—
5,256,134
Switzerland
...........................
—
3,164,559
—
3,164,559
Taiwan
...............................
—
6,560,800
—
6,560,800
United
Kingdom
........................
—
17,307,438
—
17,307,438
United
States
..........................
115,895,017
—
—
115,895,017
Corporate
Bonds
........................
—
—
—
a
—
Foreign
Government
and
Agency
Securities
....
—
142,476,072
—
142,476,072
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Options
purchased
.......................
—
79,540
—
79,540
Short
Term
Investments
...................
21,917,467
42,970,218
—
64,887,685
Total
Investments
in
Securities
...........
$143,746,223
$280,095,048
b
$—
$423,841,271
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
3,562,379
$
—
$
3,562,379
Restricted
Currency
(ARS)
.................
—
496,168
—
496,168
Swap
contracts
.........................
—
459,114
—
459,114
Total
Other
Financial
Instruments
.........
$—
$4,517,661
$—
$4,517,661
Receivables:
Interest
(ARS)
...........................
$—
$95,491
$—
$95,491
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$—
$19,689
$—
$
19,689
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
49
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
15.
New
Accounting
Pronouncements
In June
2022,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
clarify
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
should
not
be
considered
in
measuring
fair
value.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2023,
with
the
option
of
early
adoption.
Management
is
currently
evaluating
the
impact,
if
any,
of
applying
this
ASU.
16.
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,
other
than
already
disclosed
in
the
financial
statements.
Level
1
Level
2
Level
3
Total
Templeton
Global
Balanced
Fund
(continued)
Liabilities:
Forward
exchange
contracts
................
$—
$8,154,835
$—
$8,154,835
Swap
contracts
..........................
—
9,990
—
9,990
Total
Other
Financial
Instruments
.........
$—
$8,184,514
$—
$8,184,514
Payables:
Deferred
Tax
(ARS)
.......................
$—
$297
$—
$297
a
Includes
securities
determined
to
have
no
value
at
June
30,
2022.
b
Includes
foreign
securities
valued
at
$94,569,218,
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.
14.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
50
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
Abbreviations
Counterparty
BOFA
Bank
of
America
Corp.
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
Selected
Portfolio
ADR
American
Depositary
Receipt
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
Cu
r
rency
ARS
Argentine
Peso
BRL
Brazilian
Real
CAD
Canadian
Dollar
CLP
Chilean
Peso
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
GHS
Ghanaian
Cedi
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
USD
United
States
Dollar
Templeton
Global
Investment
Trust
Shareholder
Information
51
franklintempleton.com
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Templeton
Global
Balanced
Fund
(Fund)
At
an
in-person
meeting
held
on
February
28,
2022
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Templeton
Global
Investment
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Templeton
Global
Advisors
Limited
(TGAL)
and
the
Trust,
on
behalf
of
the
Fund
and
the
investment
sub-advisory
agreement
between
TGAL
and
Franklin
Advisers,
Inc.
(Sub-Adviser),
an
affiliate
of
TGAL,
on
behalf
of
the
Fund
(each
a
Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
each
Management
Agreement.
TGAL
and
the
Sub-Adviser
are
each
referred
to
herein
as
a
Manager.
In
considering
the
continuation
of
each
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
each
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
each
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
then
met
with
senior
leadership
regarding
the
performance
of
the
global
equity
funds,
as
well
as
expected
enhancements
to
the
Templeton
Global
Equity
Group
leadership;
and
last
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
at
the
Meeting.
The
Board
later
had
an
opportunity
for
an
expanded
discussion
with
the
leadership
of
the
Templeton
Global
Equity
Group
to
hear
about
strategies
to
deliver
improved
investment
returns
to
shareholders.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
each
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
each
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
each
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
such
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
each
Manager;
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-
party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services,
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
each
Manager
and
its
affiliates;
and
management
fees
charged
by
each
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-
party
servicing
arrangements
which
included
discussion
of
the
changing
distribution
landscape
for
the
Fund.
The
Board
noted
management’s
continued
focus
on
enhancing
the
leadership
of
the
Templeton
Global
Equity
Group
and
commitment
to
providing
the
resources
important
to
delivering
sustainable
returns.
The
Board
also
acknowledged
the
ongoing
integration
of
the
Legg
Mason
family
of
funds
into
the
FT
family
of
funds
and
developing
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
recent
geopolitical
concerns.
Templeton
Global
Investment
Trust
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52
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The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Managers’
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
being
a
global
leader
in
stewardship
and
sustainability
and
the
recent
addition
of
a
senior
executive
focused
on
environmental,
social
and
governance
and
climate
control
initiatives.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
November
30,
2021.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
a
customized
peer
group
(Performance
Customized
Peer
Group)
selected
by
the
Manager.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
mixed-asset
target
allocation
moderate
funds.
The
Performance
Customized
Peer
Group
for
the
Fund
included
funds
that
hold
at
least
40%
non-US
stocks/bonds
in
at
least
3
different
countries
and
at
least
25%
of
assets
in
fixed
income
securities
and
at
least
25%
of
its
assets
in
equity
securities.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe
and
Performance
Customized
Peer
Group,
and
that
the
Fund’s
annualized
income
return
for
the
one-year
period
was
above
the
median
of
its
Performance
Universe
and
equal
to
the
median
of
its
Performance
Customized
Peer
Group.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
was
below
the
medians
of
its
Performance
Universe
and
Performance
Customized
Peer
Group.
The
Board
discussed
this
performance
with
management
and
management
explained
that
the
Performance
Universe
was
overly
broad
in
that
it
not
only
included
global
allocation
funds
like
the
Fund,
but
also
funds
with
minimal
exposure
outside
of
the
US
that
benefited
from
the
outperformance
of
US
equity
investments
versus
international
equity
investments
during
the
one-,
three-
and
five-year
periods.
Management
also
explained
that
the
Performance
Universe
included
a
mix
of
value,
blend
and
growth
style
funds,
whereas
the
Fund
followed
a
value-oriented
investment
approach
(which
has
been
out
of
favor
for
an
extended
period
of
time).
Management
further
explained
that
for
these
reasons
it
asked
Broadridge
to
provide
information
for
the
Performance
Customized
Peer
Group,
which
included
funds
with
a
significant
allocation
to
non-U.S.
assets
while
still
not
reflecting
the
Fund’s
style
tilt
toward
value.
Management
noted
that,
while
the
Fund
was
the
lowest
performing
fund
in
the
Performance
Customized
Peer
Group
with
respect
to
its
annualized
total
return,
due,
in
part,
to
the
Fund’s
defensive
exposure
to
US
bonds
and
higher
cash
balance,
the
Fund
had
an
annualized
income
return
that
ranked
in
the
first
(best)
or
second
quintile
for
most
periods
as
compared
to
peers
of
the
Performance
Universe
and
Performance
Customized
Peer
Group.
Management
then
discussed
with
the
Board
the
actions
that
are
being
taken
in
an
effort
to
improve
the
performance
of
the
Fund
and
the
global
equity
funds
as
a
whole.
Management
specifically
highlighted
the
strategic
initiatives
being
undertaken
in
the
Templeton
Global
Equity
Group,
including
enhancements
to
the
leadership
of
the
group
and
the
commitment
of
additional
resources
important
to
delivering
sustainable
returns.
The
Board
concluded
that
the
Fund’s
Management
Agreements
should
be
continued
for
an
additional
one-year
period,
while
management’s
efforts
continue
to
be
closely
monitored.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
Templeton
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in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A1
shares
for
the
Fund
and
for
Class
A
shares
and
Class
M
shares
for
other
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
11
other
mixed-asset
target
allocation
moderate
funds.
The
Board
noted
that
the
Management
Rate
and
the
actual
total
expense
ratio
for
the
Fund
were
above
the
medians
and
in
the
fifth
quintile
(most
expensive)
of
its
Expense
Group.
The
Board
discussed
the
expenses
of
this
Fund
with
management
and
management
explained
that
the
Expense
Group
was
not
directly
comparable
to
the
Fund
as
the
Expense
Group
included
funds
that,
unlike
the
Fund,
had
little
to
no
foreign
exposure.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
a
fee
waiver
from
management.
The
Board
further
noted
that
the
Fund’s
Sub-Adviser
is
paid
by
TGAL
out
of
the
management
fee
TGAL
receives
from
the
Fund
and
that
the
allocation
of
the
fee
between
TGAL
and
the
Sub-Adviser
reflected
the
services
provided
by
each
to
the
Fund.
After
consideration
of
the
above,
the
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
and
the
sub-advisory
fee
paid
to
the
Sub-Adviser
are
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
each
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2021,
being
the
most
recent
fiscal
year-end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
each
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
each
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
each
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
each
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
each
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
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particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
each
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
had
experienced
a
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
a
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
each
Management
Agreement
for
an
additional
one-year
period.
Liquidity
Risk
Management
Program
Each
Fund
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
SEC
(on
a
non-public
basis).
The
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
is
the
appointed
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
Franklin
Templeton
and
Legg
Mason
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Legal,
Investment
Compliance,
Investment
Operations,
Valuation
Committee,
Product
Management
and
Global
Product
Strategy.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
Each
Fund
primarily
holds
liquid
assets
that
are
defined
under
the
Liquidity
Rule
as
"Highly
Liquid
Investments,"
and
therefore
is
not
required
to
establish
an
HLIM.
Highly
Liquid
Investments
are
defined
as
cash
and
any
investment
reasonably
expected
to
be
convertible
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
the
conversion
to
cash
significantly
changing
the
market
value
of
the
investment.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2022,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2021.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
Templeton
Global
Investment
Trust
Shareholder
Information
55
franklintempleton.com
Semiannual
Report
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
325
S
08/22
©
2022
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
and
Shareholder
Letter
Templeton
Global
Balanced
Fund
Investment
Manager
Distributor
Shareholder
Services
Templeton
Global
Advisors
Limited
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics. 
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial experts are Ann Torre Bates and David W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
Item 4.
Principal Accountant Fees and Services.       N/A
 
 
Item 5. Audit Committee
of Listed Registrants.
        N/A
 
 
Item 6. Schedule of Investments.
    N/A
 
 
Item 7
. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.       N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.           N/A
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.      N/A
 
 
Item 10
. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
Item 11. Controls and Procedures.
 
(a) Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
 
(b) Changes in Internal Controls.
 
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                                         N/A
 
 
Item 13. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 

TEMPLETON GLOBAL INVESTMENT TRUST

 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  August 26, 2022
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  August 26, 2022
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  August 26, 2022