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: 6/30/23

Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
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
Templeton
Global
Balanced
Fund
A
Series
of
Templeton
Global
Investment
Trust
June
30,
2023
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
4
Your
Fund’s
Expenses
6
Financial
Highlights
and
Schedule
of
Investments
7
Financial
Statements
22
Notes
to
Financial
Statements
27
Shareholder
Information
40
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
This
semiannual
report
for
Templeton
Global
Balanced
Fund
covers
the
period
ended
June
30,
2023.
Fund
Overview
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
market
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
+7.25%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
primary
benchmark,
the
MSCI
All
Country
World
Index
(ACWI)-NR,
which
measures
the
equity
market
performance
of
global
developed
and
emerging
markets,
posted
a
+13.93%
cumulative
total
return.
1
The
Fund’s
fixed
income
benchmark,
the
Bloomberg
Multiverse
Index,
which
provides
a
broad-based
measure
of
the
global
fixed
income
bond
market,
posted
a
+1.59%
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
+7.65%
cumulative
total
return.
2
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
4
.
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
.
Portfolio
Composition
6/30/23
%
of
Total
Net
Assets
Common
Stocks
52.0%
Foreign
Government
and
Agency
Securities
38.3%
Short-Term
Investments
&
Other
Net
Assets
9.7%
*
Includes
financial
instruments
determined
to
have
no
value.
Geographic
Composition
6/30/23
%
of
Total
Net
Assets
United
States
23.2%
Germany
7.4%
South
Korea
5.5%
United
Kingdom
5.4%
India
4.8%
Colombia
4.6%
Indonesia
4.5%
Malaysia
4.3%
Brazil
4.2%
Hungary
3.3%
China
2.7%
Netherlands
2.6%
Japan
2.3%
Mexico
2.1%
France
1.7%
Switzerland
1.5%
Thailand
1.5%
Hong
Kong
1.4%
Australia
1.4%
Egypt
1.3%
Dominican
Republic
1.2%
Ecuador
1.0%
Other
2.4%
Short-Term
Investments
&
Other
Net
Assets
9.7%
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
14
.
Templeton
Global
Balanced
Fund
3
franklintempleton.com
Semiannual
Report
Effective
May
2023,
Calvin
Ho
joined
the
Portfolio
Management
team.
Thank
you
for
your
continued
participation
in
Templeton
Global
Balanced
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Michael
Hasenstab,
Ph.D.
Douglas
Grant,
CFA
Derek
Taner,
CFA
Calvin
Ho,
Ph.D.
Portfolio
Management
Team
Top
Five
Equity
Holdings
*
6/30/23
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Samsung
Electronics
Co.
Ltd.
2.1%
Technology
Hardware,
Storage
&
Peripherals
,
South
Korea
Fidelity
National
Information
Services,
Inc.
1.8%
Financial
Services
,
United
States
Adecco
Group
AG
1.5%
Professional
Services
,
Switzerland
Bayer
AG
1.4%
Pharmaceuticals
,
Germany
NCR
Corp.
1.4%
Software
,
United
States
*
Includes
convertible
bonds.
Top
Five
Fixed
Income
Holdings*
6/30/23
Issuer
%
of
Total
Net
Assets
a
a
Republic
of
India
4.8%
Republic
of
Colombia
4.6%
Republic
of
Indonesia
4.5%
Federation
of
Malaysia
4.3%
Federative
Republic
of
Brazil
4.2%
*
Does
not
include
cash
and
cash
equivalents.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
June
30,
2023
Templeton
Global
Balanced
Fund
4
franklintempleton.com
Semiannual
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
06
/3
0
/2
3
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
+7.25%
+1.42%
1-Year
+8.31%
+2.45%
5-Year
-8.85%
-2.96%
10-Year
+14.66%
+0.81%
Advisor
6-Month
+7.80%
+7.80%
1-Year
+9.00%
+9.00%
5-Year
-7.30%
-1.50%
10-Year
+17.98%
+1.67%
See
page
10
for
Performance
Summary
footnotes.
Templeton
Global
Balanced
Fund
Performance
Summary
5
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
Equity
securities
are
subject
to
price
fluctuation
and
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Liquidity
risk
exists
when
securi-
ties
or
other
investments
become
more
difficult
to
sell,
or
are
unable
to
be
sold,
at
the
price
at
which
they
have
been
valued.
Derivative
instruments
can
be
illiquid,
may
disproportionately
increase
losses,
and
have
a
potentially
large
impact
on
performance.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
4/30/24
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
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
(1/1/23–6/30/23)
Share
Class
Net
Investment
Income
A
$0.0431
A1
$0.0431
C
$0.0336
C1
$0.0379
R
$0.0403
R6
$0.0467
Advisor
$0.0461
Total
Annual
Operating
Expenses
5
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.22%
1.25%
Advisor
0.97%
1.00%
Your
Fund’s
Expenses
Templeton
Global
Balanced
Fund
6
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
1/1/23
Ending
Account
Value
6/30/23
Expenses
Paid
During
Period
1/1/23–6/30/23
1,2
Ending
Account
Value
6/30/23
Expenses
Paid
During
Period
1/1/23–6/30/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,072.50
$6.17
$1,018.84
$6.01
1.20%
A1
$1,000
$1,072.20
$6.17
$1,018.84
$6.01
1.20%
C
$1,000
$1,068.20
$9.99
$1,015.13
$9.73
1.95%
C1
$1,000
$1,069.80
$8.20
$1,016.87
$7.99
1.60%
R
$1,000
$1,070.90
$7.45
$1,017.60
$7.26
1.45%
R6
$1,000
$1,073.90
$4.73
$1,020.23
$4.61
0.92%
Advisor
$1,000
$1,078.00
$4.89
$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
7
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.26
$2.72
$2.82
$2.84
$2.77
$3.17
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.04
0.07
0.05
0.07
0.11
0.10
Net
realized
and
unrealized
gains
(losses)
0.12
(0.46)
(0.09)
(0.04)
0.08
(0.38)
Total
from
investment
operations
........
0.16
(0.39)
(0.04)
0.03
0.19
(0.28)
Less
distributions
from:
Net
investment
income
..............
(0.04)
—
—
(0.05)
(0.12)
(0.12)
Tax
return
of
capital
................
—
(0.07)
(0.06)
—
—
—
Total
distributions
...................
(0.04)
(0.07)
(0.06)
(0.05)
(0.12)
(0.12)
Net
asset
value,
end
of
period
..........
$2.38
$2.26
$2.72
$2.82
$2.84
$2.77
Total
return
d
.......................
7.25%
(14.28)%
(1.54)%
1.49%
6.96%
(9.44)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.38%
1.32%
1.30%
1.30%
1.22%
1.19%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.22%
1.20%
1.20%
1.26%
1.19%
1.16%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.20%
1.20%
f
1.20%
f
1.26%
f
1.19%
f
1.16%
f
Net
investment
income
...............
3.56%
2.80%
1.89%
2.85%
3.81%
3.17%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$211,690
$210,786
$302,724
$354,879
$465,915
$557,604
Portfolio
turnover
rate
................
36.40%
56.93%
52.63%
74.03%
26.62%
45.92%
*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
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.
8
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.27
$2.73
$2.83
$2.84
$2.77
$3.18
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.04
0.07
0.05
0.07
0.11
0.10
Net
realized
and
unrealized
gains
(losses)
0.12
(0.46)
(0.09)
(0.03)
0.08
(0.39)
Total
from
investment
operations
........
0.16
(0.39)
(0.04)
0.04
0.19
(0.29)
Less
distributions
from:
Net
investment
income
..............
(0.04)
—
—
(0.05)
(0.12)
(0.12)
Tax
return
of
capital
................
—
(0.07)
(0.06)
—
—
—
Total
distributions
...................
(0.04)
(0.07)
(0.06)
(0.05)
(0.12)
(0.12)
Net
asset
value,
end
of
period
..........
$2.39
$2.27
$2.73
$2.83
$2.84
$2.77
Total
return
d
.......................
7.22%
(14.21)%
(1.53)%
1.49%
7.33%
(9.45)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.38%
1.32%
1.30%
1.30%
1.22%
1.19%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.22%
1.20%
1.20%
1.26%
1.19%
1.16%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.20%
1.20%
f
1.20%
f
1.26%
f
1.19%
f
1.16%
f
Net
investment
income
...............
3.56%
2.80%
1.89%
2.86%
3.81%
3.17%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$108,047
$108,558
$165,287
$198,816
$252,990
$285,358
Portfolio
turnover
rate
................
36.40%
56.93%
52.63%
74.03%
26.62%
45.92%
*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
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
9
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.26
$2.71
$2.81
$2.82
$2.75
$3.16
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.03
0.05
0.03
0.05
0.09
0.08
Net
realized
and
unrealized
gains
(losses)
0.12
(0.45)
(0.10)
(0.03)
0.08
(0.40)
Total
from
investment
operations
........
0.15
(0.40)
(0.07)
0.02
0.17
(0.32)
Less
distributions
from:
Net
investment
income
..............
(0.03)
—
—
(0.03)
(0.10)
(0.09)
Tax
return
of
capital
................
—
(0.05)
(0.03)
—
—
—
Total
distributions
...................
(0.03)
(0.05)
(0.03)
(0.03)
(0.10)
(0.09)
Net
asset
value,
end
of
period
..........
$2.38
$2.26
$2.71
$2.81
$2.82
$2.75
Total
return
d
.......................
6.82%
(14.68)%
(2.37)%
0.68%
6.55%
(10.23)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
2.12%
2.08%
2.04%
2.04%
1.97%
1.94%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.97%
1.95%
1.95%
2.00%
1.94%
1.91%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.95%
1.95%
f
1.95%
f
2.00%
f
1.94%
f
1.91%
f
Net
investment
income
...............
2.76%
2.02%
1.12%
2.02%
3.06%
2.42%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$16,134
$18,904
$39,982
$83,658
$139,231
$203,587
Portfolio
turnover
rate
................
36.40%
56.93%
52.63%
74.03%
26.62%
45.92%
*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
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.
10
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
C1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.27
$2.73
$2.83
$2.84
$2.77
$3.17
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.04
0.06
0.04
0.06
0.10
0.09
Net
realized
and
unrealized
gains
(losses)
0.12
(0.46)
(0.10)
(0.03)
0.08
(0.39)
Total
from
investment
operations
........
0.16
(0.40)
(0.06)
0.03
0.18
(0.30)
Less
distributions
from:
Net
investment
income
..............
(0.04)
—
—
(0.04)
(0.11)
(0.10)
Tax
return
of
capital
................
—
(0.06)
(0.04)
—
—
—
Total
distributions
...................
(0.04)
(0.06)
(0.04)
(0.04)
(0.11)
(0.10)
Net
asset
value,
end
of
period
..........
$2.39
$2.27
$2.73
$2.83
$2.84
$2.77
Total
return
d
.......................
6.98%
(14.61)%
(2.06)%
1.01%
6.82%
(9.88)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.77%
1.72%
1.68%
1.70%
1.62%
1.59%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.62%
1.60%
1.60%
1.66%
1.59%
1.56%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.60%
1.60%
f
1.60%
f
1.66%
f
1.59%
f
1.56%
f
Net
investment
income
...............
3.07%
2.39%
1.46%
2.32%
3.41%
2.77%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,493
$1,876
$3,535
$13,050
$27,765
$62,418
Portfolio
turnover
rate
................
36.40%
56.93%
52.63%
74.03%
26.62%
45.92%
*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
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
11
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.27
$2.74
$2.84
$2.85
$2.78
$3.18
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.04
0.06
0.05
0.07
0.10
0.09
Net
realized
and
unrealized
gains
(losses)
0.12
(0.46)
(0.10)
(0.03)
0.08
(0.38)
Total
from
investment
operations
........
0.16
(0.40)
(0.05)
0.04
0.18
(0.29)
Less
distributions
from:
Net
investment
income
..............
(0.04)
—
—
(0.05)
(0.11)
(0.11)
Tax
return
of
capital
................
—
(0.07)
(0.05)
—
—
—
Total
distributions
...................
(0.04)
(0.07)
(0.05)
(0.05)
(0.11)
(0.11)
Net
asset
value,
end
of
period
..........
$2.39
$2.27
$2.74
$2.84
$2.85
$2.78
Total
return
d
.......................
7.09%
(14.77)%
(1.77)%
1.68%
6.66%
(9.67)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.63%
1.58%
1.53%
1.43%
1.47%
1.44%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.48%
1.45%
1.44%
1.40%
1.44%
1.41%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.45%
1.45%
f
1.44%
f
1.40%
f
1.44%
f
1.41%
f
Net
investment
income
...............
3.34%
2.58%
1.66%
2.63%
3.56%
2.92%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$645
$596
$1,206
$1,591
$2,348
$2,778
Portfolio
turnover
rate
................
36.40%
56.93%
52.63%
74.03%
26.62%
45.92%
*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
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.
12
06/
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.27
$2.73
$2.83
$2.85
$2.78
$3.18
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.05
0.07
0.06
0.08
0.12
0.11
Net
realized
and
unrealized
gains
(losses)
0.12
(0.45)
(0.09)
(0.04)
0.08
(0.38)
Total
from
investment
operations
........
0.17
(0.38)
(0.03)
0.04
0.20
(0.27)
Less
distributions
from:
Net
investment
income
..............
(0.05)
—
—
(0.06)
(0.13)
(0.13)
Tax
return
of
capital
................
—
(0.08)
(0.07)
—
—
—
Total
distributions
...................
(0.05)
(0.08)
(0.07)
(0.06)
(0.13)
(0.13)
Net
asset
value,
end
of
period
..........
$2.39
$2.27
$2.73
$2.83
$2.85
$2.78
Total
return
d
.......................
7.39%
(13.90)%
(1.19)%
1.87%
7.32%
(9.09)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.07%
0.98%
1.01%
0.99%
0.92%
0.89%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.94%
0.90%
0.86%
0.90%
0.84%
0.82%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.92%
0.90%
f
0.86%
f
0.90%
f
0.84%
f
0.82%
f
Net
investment
income
...............
3.84%
3.10%
2.23%
3.18%
4.16%
3.51%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,424
$2,388
$3,227
$4,624
$6,080
$7,933
Portfolio
turnover
rate
................
36.40%
56.93%
52.63%
74.03%
26.62%
45.92%
*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
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
13
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.27
$2.74
$2.84
$2.85
$2.78
$3.19
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.05
0.07
0.06
0.08
0.12
0.11
Net
realized
and
unrealized
gains
(losses)
0.13
(0.46)
(0.09)
(0.03)
0.08
(0.39)
Total
from
investment
operations
........
0.18
(0.39)
(0.03)
0.05
0.20
(0.28)
Less
distributions
from:
Net
investment
income
..............
(0.05)
—
—
(0.06)
(0.13)
(0.13)
Tax
return
of
capital
................
—
(0.08)
(0.07)
—
—
—
Total
distributions
...................
(0.05)
(0.08)
(0.07)
(0.06)
(0.13)
(0.13)
Net
asset
value,
end
of
period
..........
$2.40
$2.27
$2.74
$2.84
$2.85
$2.78
Total
return
d
.......................
7.80%
(14.32)%
(1.28)%
1.75%
7.57%
(9.19)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.12%
1.07%
1.05%
1.04%
0.97%
0.94%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.97%
0.95%
0.95%
1.00%
0.94%
0.91%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.95%
0.95%
f
0.95%
f
1.00%
f
0.94%
f
0.91%
f
Net
investment
income
...............
3.80%
3.04%
2.14%
3.00%
4.06%
3.42%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$31,371
$32,777
$57,537
$77,426
$141,277
$207,346
Portfolio
turnover
rate
................
36.40%
56.93%
52.63%
74.03%
26.62%
45.92%
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%.
*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
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund
.
c
Based
on
average
daily
shares
outstanding.
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited),
June
30,
2023
Templeton
Global
Balanced
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
52.0%
China
2.7%
a,b
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
324,800
$
3,381,049
Lenovo
Group
Ltd.
...............
Technology
Hardware,
Storage
&
Peripherals
4,520,000
4,736,312
Prosus
NV
.....................
Broadline
Retail
26,219
1,920,302
10,037,663
France
1.7%
Danone
SA
.....................
Food
Products
69,833
4,279,999
a
Forvia
.........................
Automobile
Components
83,435
1,969,338
6,249,337
Germany
6.8%
adidas
AG
......................
Textiles,
Apparel
&
Luxury
Goods
12,196
2,367,803
Bayer
AG
......................
Pharmaceuticals
97,367
5,390,251
Bayerische
Motoren
Werke
AG
......
Automobiles
17,894
2,201,290
Continental
AG
..................
Automobile
Components
28,102
2,123,311
Deutsche
Telekom
AG
.............
Diversified
Telecommunication
Services
165,289
3,606,691
Fresenius
Medical
Care
AG
&
Co.
KGaA
Health
Care
Providers
&
Services
87,013
4,158,830
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
56,040
2,308,065
Siemens
AG
....................
Industrial
Conglomerates
18,836
3,140,265
25,296,506
Hong
Kong
1.4%
AIA
Group
Ltd.
..................
Insurance
187,000
1,899,229
Prudential
plc,
(GBP
Traded)
........
Insurance
213,525
3,015,698
Prudential
plc,
(HKD
Traded)
........
Insurance
26,600
366,772
5,281,699
Hungary
0.9%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
132,412
3,267,502
Japan
2.3%
Honda
Motor
Co.
Ltd.
.............
Automobiles
85,100
2,578,365
Mitsubishi
Electric
Corp.
...........
Electrical
Equipment
241,900
3,420,177
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
58,100
2,490,479
8,489,021
Netherlands
2.6%
ING
Groep
NV
..................
Banks
225,359
3,038,478
SBM
Offshore
NV
................
Energy
Equipment
&
Services
163,943
2,247,540
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
141,560
4,264,632
9,550,650
South
Africa
0.0%
a,c,d
K2016470219
South
Africa
Ltd.,
A
....
Broadline
Retail
32,900,733
—
a,c,d
K2016470219
South
Africa
Ltd.,
B
....
Broadline
Retail
4,646,498
—
—
South
Korea
2.6%
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
141,926
7,815,386
Shinhan
Financial
Group
Co.
Ltd.
....
Banks
75,207
1,944,386
9,759,772
Switzerland
1.5%
Adecco
Group
AG
................
Professional
Services
175,731
5,755,750
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
15
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
0.9%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
181,300
$
3,348,409
United
Kingdom
5.4%
Barratt
Developments
plc
..........
Household
Durables
368,266
1,935,503
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
679,989
3,959,153
CK
Hutchison
Holdings
Ltd.
.........
Industrial
Conglomerates
531,500
3,243,865
Imperial
Brands
plc
...............
Tobacco
162,551
3,597,979
Persimmon
plc
..................
Household
Durables
162,667
2,119,503
Unilever
plc
.....................
Personal
Care
Products
100,533
5,235,180
20,091,183
United
States
23.2%
a
Alphabet,
Inc.,
A
.................
Interactive
Media
&
Services
30,465
3,646,660
American
Express
Co.
............
Consumer
Finance
19,614
3,416,759
Bank
of
America
Corp.
............
Banks
116,105
3,331,052
Bath
&
Body
Works,
Inc.
...........
Specialty
Retail
47,345
1,775,437
Citigroup,
Inc.
...................
Banks
96,300
4,433,652
Comcast
Corp.,
A
................
Media
109,756
4,560,362
a
Delta
Air
Lines,
Inc.
...............
Passenger
Airlines
73,388
3,488,866
DuPont
de
Nemours,
Inc.
..........
Chemicals
55,237
3,946,131
a
DXC
Technology
Co.
..............
IT
Services
70,348
1,879,699
FedEx
Corp.
....................
Air
Freight
&
Logistics
17,683
4,383,616
Fidelity
National
Information
Services,
Inc.
.........................
Financial
Services
123,523
6,756,708
International
Paper
Co.
............
Containers
&
Packaging
54,778
1,742,488
Lithia
Motors,
Inc.,
A
..............
Specialty
Retail
8,790
2,673,127
LyondellBasell
Industries
NV,
A
......
Chemicals
32,773
3,009,545
Medtronic
plc
...................
Health
Care
Equipment
&
Supplies
51,600
4,545,960
a
NCR
Corp.
.....................
Software
208,585
5,256,342
Paramount
Global,
B
..............
Media
300,901
4,787,335
a
Salesforce,
Inc.
..................
Software
11,388
2,405,829
Southwest
Airlines
Co.
............
Passenger
Airlines
62,164
2,250,958
Stanley
Black
&
Decker,
Inc.
........
Machinery
47,190
4,422,175
Tapestry,
Inc.
...................
Textiles,
Apparel
&
Luxury
Goods
73,357
3,139,680
Target
Corp.
....................
Consumer
Staples
Distribution
&
Retail
38,656
5,098,726
Wells
Fargo
&
Co.
................
Banks
122,392
5,223,691
86,174,798
Total
Common
Stocks
(Cost
$183,584,715)
.....................................
193,302,290
Principal
Amount
*
a
a
a
a
a
Corporate
Bonds
0.0%
South
Africa
0.0%
c,e,f
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note,
144A,
PIK,
3%,
12/31/22
.....................
Broadline
Retail
2,851,217
—
Senior
Secured
Note,
144A,
PIK,
8%,
12/31/22
.....................
Broadline
Retail
2,929,327
EUR
—
c,e,f
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
.....................
Broadline
Retail
1,782,466
—
—
Total
Corporate
Bonds
(Cost
$4,389,520)
.......................................
—
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.
16
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
38.3%
Australia
1.4%
New
South
Wales
Treasury
Corp.,
Senior
Bond,
2%,
3/08/33
........
3,030,000
AUD
$
1,595,368
Queensland
Treasury
Corp.,
Senior
Bond,
2%,
8/22/33
..............
3,570,000
AUD
1,873,145
Treasury
Corp.
of
Victoria
,
f
Senior
Bond,
Reg
S,
2.25%,
9/15/33
2,270,000
AUD
1,203,020
Senior
Bond,
2.25%,
11/20/34
.....
760,000
AUD
390,082
5,061,615
Brazil
4.2%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/27
..................
35,450,000
BRL
7,374,337
10%,
1/01/31
..................
14,887,000
BRL
3,027,446
10%,
1/01/33
..................
4,483,000
BRL
903,987
g
F,
10%,
1/01/29
................
21,143,000
BRL
4,331,140
15,636,910
Colombia
4.6%
Colombia
Government
Bond,
Senior
Bond,
9.85%,
6/28/27
............
83,000,000
COP
19,158
Colombia
Titulos
de
Tesoreria
,
B,
6.25%,
11/26/25
..............
1,370,000,000
COP
303,237
B,
7.5%,
8/26/26
...............
33,885,500,000
COP
7,606,048
B,
5.75%,
11/03/27
..............
7,652,000,000
COP
1,575,226
B,
6%,
4/28/28
.................
3,265,000,000
COP
669,306
B,
7.75%,
9/18/30
..............
4,739,000,000
COP
1,008,159
B,
7%,
3/26/31
.................
1,931,200,000
COP
389,417
B,
7%,
6/30/32
.................
4,490,000,000
COP
880,498
B,
13.25%,
2/09/33
.............
7,858,000,000
COP
2,204,649
B,
7.25%,
10/18/34
.............
6,462,000,000
COP
1,246,932
B,
6.25%,
7/09/36
..............
2,213,000,000
COP
383,086
B,
9.25%,
5/28/42
..............
3,046,000,000
COP
652,082
16,937,798
Dominican
Republic
1.2%
f
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
5.3%,
1/21/41
..
2,030,000
1,595,526
Senior
Bond,
144A,
6.4%,
6/05/49
..
760,000
649,448
Senior
Bond,
144A,
5.875%,
1/30/60
2,634,000
2,047,777
4,292,751
Ecuador
1.0%
f
Ecuador
Government
Bond
,
Senior
Bond,
144A,
2.5%,
7/31/35
..
6,275,000
2,193,294
Senior
Bond,
144A,
1.5%,
7/31/40
..
599,000
187,187
Senior
Note,
144A,
5.5%,
7/31/30
..
2,460,000
1,195,139
3,575,620
Egypt
1.3%
f
Egypt
Government
Bond
,
Senior
Bond,
144A,
7.625%,
5/29/32
710,000
414,285
Senior
Bond,
144A,
7.3%,
9/30/33
..
1,620,000
896,346
Senior
Bond,
144A,
8.5%,
1/31/47
..
2,840,000
1,516,304
Senior
Bond,
144A,
7.903%,
2/21/48
240,000
123,910
Senior
Bond,
144A,
8.7%,
3/01/49
..
200,000
108,382
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
17
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Egypt
(continued)
f
Egypt
Government
Bond,
(continued)
Senior
Bond,
144A,
8.875%,
5/29/50
780,000
$
422,503
Senior
Bond,
144A,
8.75%,
9/30/51
.
2,210,000
1,198,306
Senior
Bond,
144A,
7.5%,
2/16/61
..
510,000
257,162
4,937,198
El
Salvador
0.0%
†
f
El
Salvador
Government
Bond,
Senior
Bond,
144A,
7.65%,
6/15/35
.......
100,000
59,404
Germany
0.6%
f
Bundesobligation,
Reg
S,
10/18/24
...
547,000
EUR
571,927
f
Bundesrepublik
Deutschland,
Reg
S,
6.25%,
1/04/24
................
536,000
EUR
592,971
f
Bundesschatzanweisungen,
Reg
S,
0.4%,
9/13/24
.................
1,185,000
EUR
1,248,821
2,413,719
Ghana
0.5%
e
Ghana
Government
Bond
,
PIK,
8.35%,
2/16/27
.............
5,424,076
GHS
253,152
PIK,
8.5%,
2/15/28
..............
5,424,076
GHS
221,293
PIK,
8.65%,
2/13/29
.............
5,384,374
GHS
197,342
PIK,
8.8%,
2/12/30
..............
5,384,374
GHS
179,947
PIK,
8.95%,
2/11/31
.............
4,847,871
GHS
150,323
PIK,
9.1%,
2/10/32
..............
4,847,871
GHS
141,797
PIK,
9.25%,
2/08/33
.............
4,847,871
GHS
136,734
PIK,
9.4%,
2/07/34
..............
4,292,036
GHS
116,722
PIK,
9.55%,
2/06/35
.............
4,292,036
GHS
113,621
PIK,
9.7%,
2/05/36
..............
4,292,036
GHS
111,449
PIK,
9.85%,
2/03/37
.............
4,292,036
GHS
109,969
PIK,
10%,
2/02/38
..............
4,292,036
GHS
109,006
1,841,355
Hungary
2.4%
Hungary
Government
Bond
,
1%,
11/26/25
..................
1,242,000,000
HUF
3,038,816
3%,
10/27/27
..................
106,800,000
HUF
260,512
4.75%,
11/24/32
................
2,203,700,000
HUF
5,483,118
8,782,446
India
4.8%
India
Government
Bond
,
7.26%,
1/14/29
................
227,500,000
INR
2,797,484
Senior
Bond,
7.26%,
8/22/32
......
664,300,000
INR
8,184,843
Senior
Note,
7.1%,
4/18/29
.......
577,200,000
INR
7,046,968
18,029,295
Indonesia
4.5%
Indonesia
Government
Bond
,
FR68,
8.375%,
3/15/34
..........
24,759,000,000
IDR
1,893,349
FR82,
7%,
9/15/30
..............
4,273,000,000
IDR
295,283
FR87,
6.5%,
2/15/31
............
4,108,000,000
IDR
275,142
FR91,
6.375%,
4/15/32
..........
11,532,000,000
IDR
769,287
FR95,
6.375%,
8/15/28
..........
28,742,000,000
IDR
1,947,351
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.
18
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Indonesia
(continued)
Indonesia
Government
Bond,
(continued)
FR96,
7%,
2/15/33
..............
168,172,000,000
IDR
$
11,753,287
16,933,699
Malaysia
4.3%
Malaysia
Government
Bond
,
3.9%,
11/30/26
.................
3,890,000
MYR
842,667
3.892%,
3/15/27
................
90,000
MYR
19,445
3.502%,
5/31/27
................
1,080,000
MYR
230,160
3.899%,
11/16/27
...............
34,380,000
MYR
7,440,808
3.519%,
4/20/28
................
4,110,000
MYR
877,789
3.733%,
6/15/28
................
5,080,000
MYR
1,093,165
3.885%,
8/15/29
................
2,040,000
MYR
439,408
4.498%,
4/15/30
................
9,240,000
MYR
2,069,938
3.582%,
7/15/32
................
14,180,000
MYR
2,975,224
15,988,604
Mexico
2.1%
Mexican
Bonos
,
M,
10%,
11/20/36
...............
4,570,000
MXN
295,286
M,
Senior
Bond,
7.75%,
11/23/34
...
14,160,000
MXN
772,714
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
7.5%,
5/26/33
...............
86,420,000
MXN
4,651,218
M,
Senior
Bond,
8.5%,
5/31/29
.....
13,800,000
MXN
798,869
M,
Senior
Bond,
8.5%,
11/18/38
....
8,380,000
MXN
477,235
M,
Senior
Bond,
7.75%,
11/13/42
...
18,030,000
MXN
945,350
7,940,672
Mongolia
0.6%
f
Mongolia
Government
Bond
,
Senior
Bond,
144A,
4.45%,
7/07/31
.
1,450,000
1,127,253
Senior
Note,
144A,
5.125%,
4/07/26
.
200,000
186,496
Senior
Note,
144A,
3.5%,
7/07/27
..
1,000,000
836,319
2,150,068
South
Korea
2.9%
Korea
Treasury
Bonds,
2.375%,
3/10/27
14,740,000,000
KRW
10,689,449
Sri
Lanka
0.4%
f,h
Sri
Lanka
Government
Bond
,
Senior
Bond,
144A,
6.85%,
11/03/25
600,000
285,915
Senior
Bond,
144A,
6.2%,
5/11/27
..
1,600,000
736,651
Senior
Bond,
144A,
6.75%,
4/18/28
.
200,000
92,102
Senior
Bond,
144A,
7.85%,
3/14/29
.
200,000
92,079
Senior
Note,
144A,
5.75%,
4/18/23
..
200,000
91,232
Senior
Note,
144A,
6.35%,
6/28/24
..
400,000
184,230
1,482,209
Thailand
1.5%
Thailand
Government
Bond
,
0.75%,
9/17/24
................
54,930,000
THB
1,530,109
1%,
6/17/27
...................
119,490,000
THB
3,221,995
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
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Thailand
(continued)
Thailand
Government
Bond,
(continued)
Senior
Note,
0.66%,
11/22/23
......
35,490,000
THB
$
999,857
5,751,961
Total
Foreign
Government
and
Agency
Securities
(Cost
$150,673,099)
............
142,504,773
Shares
Escrows
and
Litigation
Trusts
0.0%
a,c
K2016470219
South
Africa
Ltd.,
Escrow
Account
......................
168,113
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$338,647,334)
...............................
335,807,063
Short
Term
Investments
7.6%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
4.7%
Germany
0.5%
i
Germany
Treasury
Bills
,
f
Reg
S,
9/20/23
.................
322,000
EUR
348,855
f
Reg
S,
10/18/23
................
1,474,000
EUR
1,592,420
1,941,275
Japan
4.2%
i
Japan
Treasury
Bills
,
8/07/23
......................
30,300,000
JPY
210,050
9/20/23
......................
901,200,000
JPY
6,248,586
10/10/23
.....................
20,300,000
JPY
140,765
10/20/23
.....................
108,700,000
JPY
753,782
11/10/23
.....................
224,300,000
JPY
1,555,556
11/20/23
.....................
80,800,000
JPY
560,386
12/20/23
.....................
101,000,000
JPY
700,574
2/20/24
......................
770,500,000
JPY
5,345,831
15,515,530
Total
Foreign
Government
and
Agency
Securities
(Cost
$17,836,205)
..............
17,456,805
Shares
Money
Market
Funds
2.9%
United
States
2.9%
j,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
.........
10,777,447
10,777,447
Total
Money
Market
Funds
(Cost
$10,777,447)
..................................
10,777,447
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$28,613,652
)
................................
28,234,252
a
a
a
Total
Investments
(Cost
$367,260,986)
97.9%
...................................
$364,041,315
Other
Assets,
less
Liabilities
2.1%
.............................................
7,761,506
Net
Assets
100.0%
...........................................................
$371,802,821
a
a
a
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
At
June
30,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(d). 
*
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
Variable
interest
entity
(VIE).
See
the
Fund’s
statement
of
additional
information
regarding
investments
made
through
a
VIE
structure.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
12
regarding
fair
value
measurements.
d
See
Note
9
regarding
restricted
securities.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
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,
2023,
the
aggregate
value
of
these
securities
was
$22,055,264,
representing
5.9%
of
net
assets.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
h
See
Note
7
regarding
credit
risk
and
defaulted
securities.
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.
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
Chilean
Peso
......
JPHQ
Buy
451,000,000
559,172
7/05/23
$
3,344
$
—
Chilean
Peso
......
JPHQ
Sell
451,000,000
563,766
7/05/23
1,250
—
Indian
Rupee
......
HSBK
Buy
130,568,000
1,579,235
7/10/23
11,655
—
Indian
Rupee
......
HSBK
Sell
130,568,000
1,590,741
7/10/23
—
(149)
Chilean
Peso
......
GSCO
Buy
769,260,000
948,825
7/12/23
9,589
—
Chilean
Peso
......
GSCO
Sell
769,260,000
965,546
7/12/23
7,132
—
Canadian
Dollar
....
JPHQ
Sell
2,771,610
2,050,945
7/19/23
—
(41,793)
Chilean
Peso
......
JPHQ
Buy
2,771,610
2,077,295
7/19/23
15,443
—
Chilean
Peso
......
GSCO
Buy
1,058,979,026
1,059,925
7/26/23
256,540
—
Chilean
Peso
......
GSCO
Sell
1,058,979,026
1,322,220
7/26/23
5,755
—
Chilean
Peso
......
GSCO
Buy
2,000,142,166
2,439,198
8/04/23
43,739
—
Chilean
Peso
......
GSCO
Sell
1,377,000,000
1,721,702
8/04/23
12,321
—
Chilean
Peso
......
JPHQ
Buy
764,851,089
932,234
8/04/23
17,237
—
Mexican
Peso
......
MSCO
Buy
2,467,000
119,375
8/04/23
23,821
—
Mexican
Peso
......
MSCO
Sell
2,467,000
111,654
8/04/23
—
(31,542)
Chilean
Peso
......
MSCO
Buy
1,449,610,000
1,798,747
8/16/23
—
(1,661)
Japanese
Yen
......
JPHQ
Buy
251,863,750
1,814,299
8/21/23
—
(55,342)
Australian
Dollar
....
MSCO
Buy
6,160,000
4,162,312
9/11/23
—
(51,381)
Norwegian
Krone
...
DBAB
Buy
40,861,000
3,907,339
9/11/23
—
(90,912)
South
Korean
Won
..
HSBK
Buy
9,300,000,000
7,220,217
9/13/23
—
(135,393)
Thai
Baht
.........
DBAB
Buy
130,900,000
3,794,753
9/13/23
—
(65,934)
Japanese
Yen
......
BOFA
Buy
853,112,100
6,206,709
9/15/23
—
(225,583)
Japanese
Yen
......
DBAB
Buy
1,110,438,260
8,069,166
9/15/23
—
(283,940)
Japanese
Yen
......
BNDP
Buy
239,887,530
1,835,968
9/20/23
—
(152,785)
Japanese
Yen
......
BOFA
Buy
482,398,360
3,492,414
9/20/23
—
(107,642)
Indian
Rupee
......
HSBK
Buy
130,568,000
1,586,488
10/05/23
—
(426)
Chilean
Peso
......
JPHQ
Buy
764,848,911
932,345
10/16/23
9,770
—
Mexican
Peso
......
CITI
Buy
6,638,000
316,630
10/23/23
63,070
—
Mexican
Peso
......
CITI
Sell
6,638,000
288,992
10/23/23
—
(90,709)
Norwegian
Krone
...
MSCO
Buy
45,160,000
4,280,569
10/27/23
—
(57,111)
Australian
Dollar
....
MSCO
Buy
6,050,000
4,025,972
10/31/23
16,929
—
Euro
.............
BZWS
Buy
3,950,000
4,275,375
11/06/23
63,538
—
Australian
Dollar
....
CITI
Buy
4,070,000
2,729,627
11/08/23
—
(9,284)
Australian
Dollar
....
DBAB
Buy
4,070,000
2,728,813
11/08/23
—
(8,470)
Australian
Dollar
....
DBAB
Buy
4,563,000
3,035,426
11/22/23
15,558
—
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
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)
Australian
Dollar
....
JPHQ
Buy
4,277,000
2,845,274
11/22/23
$
14,480
$
—
Mexican
Peso
......
MSCO
Buy
7,426,000
326,881
9/03/24
77,175
—
Mexican
Peso
......
MSCO
Sell
7,426,000
315,711
9/03/24
—
(88,345)
Total
Forward
Exchange
Contracts
...................................................
$668,346
$(1,498,402)
Net
unrealized
appreciation
(depreciation)
............................................
$(830,056)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Note 
10
 regarding
other
derivative
information.
See
Abbreviations
on
page
39
.
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Templeton
Global
Balanced
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$356,483,539
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
10,777,447
Value
-
Unaffiliated
issuers
..................................................................
$353,263,868
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
10,777,447
Cash
....................................................................................
43,689
Restricted
cash
for
OTC
derivative
contracts
(Note
1
e
)
...............................................
190,000
Foreign
currency,
at
value
(cost
$155,045)
........................................................
155,139
Receivables:
Investment
securities
sold
...................................................................
1,001,853
Capital
shares
sold
........................................................................
40,208
Dividends
and
interest
.....................................................................
4,332,541
Foreign
tax
refund
.........................................................................
27,546
European
Union
tax
reclaims
(Note
1g)
.........................................................
6,747,259
Deposits
with
brokers
for:
OTC
derivative
contracts
..................................................................
780,000
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
668,346
Deferred
tax
benefit
.........................................................................
111,553
Total
assets
..........................................................................
378,139,449
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,003,900
Capital
shares
redeemed
...................................................................
176,764
Management
fees
.........................................................................
166,570
Distribution
fees
..........................................................................
80,137
Transfer
agent
fees
........................................................................
125,700
Trustees'
fees
and
expenses
.................................................................
47
IRS
closing
agreement
payments
for
European
Union
tax
reclaims
(Note
1g)
.............................
2,863,749
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
445
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
190,000
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
1,498,402
Accrued
expenses
and
other
liabilities
...........................................................
230,914
Total
liabilities
.........................................................................
6,336,628
Net
assets,
at
value
.................................................................
$371,802,821
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$547,635,145
Total
distributable
earnings
(losses)
.............................................................
(175,832,324)
Net
assets,
at
value
.................................................................
$371,802,821
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
Templeton
Global
Balanced
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$211,689,628
Shares
outstanding
........................................................................
88,777,141
Net
asset
value
per
share
a
..................................................................
$2.38
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
................................
$2.52
Class
A1:
Net
assets,
at
value
.......................................................................
$108,047,242
Shares
outstanding
........................................................................
45,235,560
Net
asset
value
per
share
a
..................................................................
$2.39
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$2.48
Class
C:
Net
assets,
at
value
.......................................................................
$16,133,549
Shares
outstanding
........................................................................
6,783,326
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$2.38
Class
C1:
Net
assets,
at
value
.......................................................................
$1,492,931
Shares
outstanding
........................................................................
623,543
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$2.39
Class
R:
Net
assets,
at
value
.......................................................................
$644,663
Shares
outstanding
........................................................................
269,173
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.39
Class
R6:
Net
assets,
at
value
.......................................................................
$2,423,666
Shares
outstanding
........................................................................
1,014,267
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.39
Advisor
Class:
Net
assets,
at
value
.......................................................................
$31,371,142
Shares
outstanding
........................................................................
13,089,094
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.40
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,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Templeton
Global
Balanced
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$231,217)
Unaffiliated
issuers
........................................................................
$3,663,300
Non-controlled
affiliates
(Note
3
f
)
.............................................................
369,886
Interest:
(net
of
foreign
taxes
of
$97,137)
Unaffiliated
issuers
........................................................................
5,101,102
Other
income
(Note
1g)
......................................................................
63,158
Less:
IRS
closing
agreement
payments
for
European
Union
tax
reclaims
(Note
1g)
..........................
(196,114)
Total
investment
income
...................................................................
9,001,332
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,497,844
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
267,242
    Class
A1
...............................................................................
137,312
    Class
C
................................................................................
88,147
    Class
C1
...............................................................................
5,386
    Class
R
................................................................................
1,579
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
167,078
    Class
A1
...............................................................................
85,855
    Class
C
................................................................................
13,810
    Class
C1
...............................................................................
1,300
    Class
R
................................................................................
493
    Class
R6
...............................................................................
1,189
    Advisor
Class
............................................................................
25,171
Custodian
fees
(Note
4
)
......................................................................
47,558
Reports
to
shareholders
fees
..................................................................
54,481
Registration
and
filing
fees
....................................................................
86,034
Professional
fees
...........................................................................
87,019
Trustees'
fees
and
expenses
..................................................................
25,608
Other
....................................................................................
33,242
Total
expenses
.........................................................................
2,626,348
Expense
reductions
(Note
4
)
...............................................................
(44,738)
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(285,887)
Net
expenses
.........................................................................
2,295,723
Net
investment
income
................................................................
6,705,609
Templeton
Global
Investment
Trust
Statement
of
Operations
Statement
of
Operations
(continued)
for
the
six
months
ended
June
30,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
Templeton
Global
Balanced
Fund
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(13,657,125)
Foreign
currency
transactions
................................................................
(219,079)
Forward
exchange
contracts
.................................................................
(2,082,719)
Swap
contracts
...........................................................................
1,008,778
Net
realized
gain
(loss)
..................................................................
(14,950,145)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
38,151,597
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
175,236
Forward
exchange
contracts
.................................................................
(1,860,029)
Swap
contracts
...........................................................................
(1,238,396)
Change
in
deferred
t
axes
on
unrealized
appreciation
...............................................
30,054
Net
change
in
unrealized
appreciation
(depreciation)
............................................
35,258,462
Net
realized
and
unrealized
gain
(loss)
............................................................
20,308,317
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$27,013,926
Templeton
Global
Investment
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Templeton
Global
Balanced
Fund
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$6,705,609
$12,621,002
Net
realized
gain
(loss)
.................................................
(14,950,145)
(46,388,298)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
35,258,462
(44,470,346)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
27,013,926
(78,237,642)
Distributions
to
shareholders:
Class
A
.............................................................
(3,850,696)
—
Class
A1
............................................................
(1,968,757)
—
Class
C
.............................................................
(234,887)
—
Class
C1
............................................................
(24,692)
—
Class
R
.............................................................
(10,867)
—
Class
R6
............................................................
(48,078)
—
Advisor
Class
........................................................
(608,133)
—
Distributions
to
shareholders
from
tax
return
of
capital:
Class
A
.............................................................
—
(7,322,788)
Class
A1
............................................................
—
(3,887,214)
Class
C
.............................................................
—
(548,737)
Class
C1
............................................................
—
(65,374)
Class
R
.............................................................
—
(24,765)
Class
R6
............................................................
—
(90,479)
Advisor
Class
........................................................
—
(1,358,531)
Total
distributions
to
shareholders
..........................................
(6,746,110)
(13,297,888)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(10,452,146)
(42,854,621)
Class
A1
............................................................
(6,364,899)
(30,041,873)
Class
C
.............................................................
(3,788,936)
(15,440,725)
Class
C1
............................................................
(485,074)
(1,094,816)
Class
R
.............................................................
16,246
(394,902)
Class
R6
............................................................
(93,480)
(290,348)
Advisor
Class
........................................................
(3,180,103)
(15,961,602)
Total
capital
share
transactions
............................................
(24,348,392)
(106,078,887)
Net
increase
(decrease)
in
net
assets
...................................
(4,080,576)
(197,614,417)
Net
assets:
Beginning
of
period
.....................................................
375,883,397
573,497,814
End
of
period
..........................................................
$371,802,821
$375,883,397
Templeton
Global
Investment
Trust
27
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
1.
Organization
and
Significant
Accounting
Policies
Templeton
Global
Investment
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of three separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946. Templeton
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
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
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,
and
other
relevant
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
June
30,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information. 
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Purchased
on
a
Delayed
Delivery
Basis
The
Fund
purchases
securities
on
a
delayed
delivery
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
it
may
sell
the
securities
before
the
settlement
date.
d.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation 
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
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
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.
At
June
30,
2023,
the
Fund
had
OTC
derivatives
in
a
net
liability
position
of
$1,038,962,
and
the
aggregate
value
of
collateral
pledged
for
such
contracts
was
$780,000.
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
rec
orde
d
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
At
June
30,
2023,
the
Fund
had
no
interest
rate
swap
contracts.
See
Note
10
regarding
other
derivative
information.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
e.
Restricted
Cash
At
June
30,
2023, the
Fund
held
restricted
cash
in
connection
with
investments
in
certain
derivative
securities.
Restricted
cash
is
held
in
a
segregated
account
with
the
Fund’s
custodian
and/or
counterparty
broker
and
is
reflected
in
the
Statement
of
Assets
and
Liabilities.
f.
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,
2023,
the
Fund
had
no
securities
on
loan.
g.
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,
2023,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
1.
Organization
and
Significant
Accounting
Policies
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
31
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. 
h.
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.
i.
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.
j.
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)
g.
Income
and
Deferred
Taxes
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
June
30,
2023,
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,
2023
Year
Ended
December
31,
2022
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
3,527,324
$8,350,807
7,689,306
$18,643,503
Shares
issued
in
reinvestment
of
distributions
..........
1,572,849
3,689,329
3,027,389
7,012,006
Shares
redeemed
...............................
(9,494,496)
(22,492,282)
(28,645,649)
(68,510,130)
Net
increase
(decrease)
..........................
(4,394,323)
$(10,452,146)
(17,928,954)
$(42,854,621)
Class
A1
Shares:
Shares
sold
...................................
1,107,407
$2,606,492
1,306,554
$3,128,760
Shares
issued
in
reinvestment
of
distributions
..........
811,353
1,907,912
1,620,156
3,759,109
Shares
redeemed
...............................
(4,587,734)
(10,879,303)
(15,586,982)
(36,929,742)
Net
increase
(decrease)
..........................
(2,668,974)
$(6,364,899)
(12,660,272)
$(30,041,873)
Class
C
Shares:
Shares
sold
...................................
486,582
$1,137,797
652,460
$1,593,651
Shares
issued
in
reinvestment
of
distributions
..........
98,396
230,621
232,940
539,119
Shares
redeemed
a
..............................
(2,180,233)
(5,157,354)
(7,235,955)
(17,573,495)
Net
increase
(decrease)
..........................
(1,595,255)
$(3,788,936)
(6,350,555)
$(15,440,725)
Class
C1
Shares:
Shares
sold
...................................
90,011
$211,199
50,406
$120,538
Shares
issued
in
reinvestment
of
distributions
..........
10,420
24,548
27,832
64,829
Shares
redeemed
a
..............................
(303,031)
(720,821)
(544,980)
(1,280,183)
Net
increase
(decrease)
..........................
(202,600)
$(485,074)
(466,742)
$(1,094,816)
Class
R
Shares:
Shares
sold
...................................
48,015
$112,155
45,002
$112,137
Shares
issued
in
reinvestment
of
distributions
..........
3,345
7,881
6,016
14,024
Shares
redeemed
...............................
(44,342)
(103,790)
(229,209)
(521,063)
Net
increase
(decrease)
..........................
7,018
$16,246
(178,191)
$(394,902)
Class
R6
Shares:
Shares
sold
...................................
76,869
$181,120
176,826
$441,080
Shares
issued
in
reinvestment
of
distributions
..........
20,096
47,228
38,248
88,921
Shares
redeemed
...............................
(135,742)
(321,828)
(343,225)
(820,349)
Net
increase
(decrease)
..........................
(38,777)
$(93,480)
(128,151)
$(290,348)
Advisor
Class
Shares:
Shares
sold
...................................
717,355
$1,712,412
1,430,486
$3,486,490
Shares
issued
in
reinvestment
of
distributions
..........
222,019
524,089
518,629
1,211,215
Shares
redeemed
...............................
(2,265,252)
(5,416,604)
(8,547,520)
(20,659,307)
Net
increase
(decrease)
..........................
(1,325,878)
$(3,180,103)
(6,598,405)
$(15,961,602)
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)
33
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
Effective
May
1,
2023,
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:
Prior
to
May
1,
2023,
the
Fund
paid
fees,
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,
2023,
the
annualized
gross
effective
investment
management
fee
rate
was
0.792%
of
the
Fund’s
average
daily
net
assets. 
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
0.725%
Up
to
and
including
$500
million
0.625%
Over
$500
million,
up
to
and
including
$1
billion
0.575%
Over
$1
billion,
up
to
and
including
$1.5
billion
0.525%
Over
$1.5
billion,
up
to
and
including
$6.5
billion
0.500%
Over
$6.5
billion,
up
to
and
including
$11.5
billion
0.478%
Over
$11.5
billion,
up
to
and
including
$16.5
billion
0.465%
Over
$16.5
billion,
up
to
and
including
$19
billion
0.455%
Over
$19
billion,
up
to
and
including
$21.5
billion
0.445%
In
excess
of
$21.5
billion
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)
34
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
Under
a
subadvisory
agreement,
Advisers
and
TICL,
affiliates
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.
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
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.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
June
30,
2023,
the
Fund
paid
transfer
agent
fees
of
$294,896,
of
which
$117,821
was
retained
by
Investor
Services.
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
..............................
$3,989
CDSC
retained
..............................................................................
$699
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
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,
2023,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
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,
2024.
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,
2024.
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,
2023,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Effective
July
10,
2023,
earned
credits,
if
any,
will
be
recognized
as
income.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains. 
At
December
31,
2022,
the
capital
loss
carryforwards
were
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Templeton
Global
Balanced
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
$
9,495,771
$
65,850,596
$
(64,568,920)
$
—
$
—
$
10,777,447
10,777,447
$
369,886
Total
Affiliated
Securities
...
$9,495,771
$65,850,596
$(64,568,920)
$—
$—
$10,777,447
$369,886
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$35,740,392
Long
term
................................................................................
112,941,832
Total
capital
loss
carryforwards
...............................................................
$148,682,224
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
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
following
fiscal
year.
At
December
31,
2022,
the
Fund
deferred
late-year
ordinary
losses
of
$4,287,086.
At
June
30,
2023,
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
default
securities,
foreign
currency
transactions,
wash
sales,
EU
reclaims,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax,
payments-in-kind,
bond
discounts
and
premiums
and
tax
straddles.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
June
30,
2023,
aggregated
$121,337,202
and
$145,610,548,
respectively.
7.
Credit Risk
and
Defaulted
Securities
At
June
30,
2023,
the
Fund
had
9.3%
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,
2023,
the
aggregate
value
of
these
securities
represents
0.4%
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
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
9.
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.
Cost
of
investments
..........................................................................
$374,286,548
Unrealized
appreciation
........................................................................
$32,005,061
Unrealized
depreciation
........................................................................
(43,080,350)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(11,075,289)
5.
Income
Taxes
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
At
June
30,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
10.
Other
Derivative
Information
At
June
3
0
,
202
3
,
investments
in
derivative
contracts
are
reflected
in
the
Statement of
Assets
and
Liabilities
as
follows:
For
the
period
ended
June
30,
2023,
the
effect
of
derivative
contracts
in
the
Statement
of
Operations
was
as
follows:
For
the
period
ended
June
3
0
,
202
3
,
the
average
month
end
notional
amount
of
swap
contracts
represented
$
21
,
551
,
429
.
The
average
month
end
contract
value
of
forward
exchange
co
ntracts
was
$
147
,
217
,
4
2
0
.
See
Note
1(d)
regarding
derivative
financial
instruments. 
See
Abbreviations
page
39.
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
$
0
as
of
June
30,
2023.
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
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
$
668,346
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
1,498,402
Total
....................
$668,346
$1,498,402
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
$1,008,778
Swap
contracts
$(1,238,396)
Foreign
exchange
contracts
.....
Forward
exchange
contracts
(2,082,719)
Forward
exchange
contracts
(1,860,029)
Total
.......................
$(1,073,941)
$(3,098,425)
9.
Restricted
Securities
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
Templeton
Global
Balanced
Fund
(continued)
11.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
2,
2024.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the Statement
of
Operations.
During
the
period
ended
June
30,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
12.
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,
2023,
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
...............................
$
—
$
10,037,663
$
—
$
10,037,663
France
...............................
—
6,249,337
—
6,249,337
Germany
.............................
—
25,296,506
—
25,296,506
Hong
Kong
...........................
—
5,281,699
—
5,281,699
Hungary
.............................
—
3,267,502
—
3,267,502
Japan
...............................
—
8,489,021
—
8,489,021
Netherlands
...........................
—
9,550,650
—
9,550,650
South
Africa
...........................
—
—
—
a
—
South
Korea
..........................
—
9,759,772
—
9,759,772
Switzerland
...........................
—
5,755,750
—
5,755,750
Taiwan
...............................
—
3,348,409
—
3,348,409
United
Kingdom
........................
—
20,091,183
—
20,091,183
United
States
..........................
86,174,798
—
—
86,174,798
Corporate
Bonds
........................
—
—
—
a
—
Foreign
Government
and
Agency
Securities
....
—
142,504,773
—
142,504,773
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
10,777,447
17,456,805
—
28,234,252
Total
Investments
in
Securities
...........
$96,952,245
$267,089,070
b
$—
$364,041,315
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
39
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.
13.
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
those
already
disclosed
in
the
financial
statements.
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
Global
Balanced
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Short
Term
Investments
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
668,346
$
—
$
668,346
Total
Other
Financial
Instruments
.........
$—
$668,346
$—
$668,346
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
1,498,402
$
—
$
1,498,402
Total
Other
Financial
Instruments
.........
$—
$1,498,402
$—
$1,498,402
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$107,127,492,
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.
Counterparty
BNDP
BNP
Paribas
SA
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
PIK
Payment-In-Kind
Cu
r
rency
AUD
Australian
Dollar
BRL
Brazilian
Real
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
GHS
Ghanaian
Cedi
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
THB
Thai
Baht
12.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Shareholder
Information
40
franklintempleton.com
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
TEMPLETON
GLOBAL
INVESTMENT
TRUST
(Fund)
March
27,
2023
15(c)
Meeting
At
a
meeting
held
on
March
27,
2023
(March
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:
(i)
investment
management
agreement
between
Templeton
Global
Advisors
Limited
(TGAL)
and
the
Trust;
(ii)
the
investment
sub-advisory
agreement
between
TGAL
and
Franklin
Advisers,
Inc.
(FAI),
an
affiliate
of
TGAL;
and
(iii)
the
investment
sub-advisory
agreement
between
TGAL
and
Templeton
Investment
Counsel,
LLC,
an
affiliate
of
TGAL
(TICL,
and
collectively
with
FAI,
the
Sub-Advisers),
each
on
behalf
of
the
Fund
(each
a
Management
Agreement)
for
the
period
May
1,
2023
through
June
30,
2023
(Stub
Period).
The
Independent
Trustees
noted
that
the
Fund’s
annual
contract
review
was
historically
held
at
the
February
Board
meeting
and
that
management
proposed
to
move
the
contract
review
to
the
May
Board
meeting.
The
Independent
Trustees
further
noted
management’s
explanation
that,
to
effect
this
change,
the
Board
needed
to
consider
the
renewal
of
the
Fund’s
Management
Agreements
prior
to
their
current
April
30,
2023
expiration
date.
The
Independent
Trustees
also
noted
that
management
would
ask
them
to
consider
the
continuation
of
the
Management
Agreements
again
at
the
May
Board
meeting
for
the
12-month
period
beginning
July
1,
2023.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
each
Management
Agreement
for
the
Stub
Period.
FAI,
TGAL
and
TICL
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
March
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
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
March
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
March
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
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
(Factors).
In
approving
the
continuance
of
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreements
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreements
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.
The
Board
acknowledged
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management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Managers’
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2022.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
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
one-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe
and
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Customized
Peer
Group.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
three-,
five-
and
10-year
periods
was
below
the
medians
of
its
Performance
Universe
and
Performance
Customized
Peer
Group,
but
for
the
one-year
period
was
above
the
medians
of
its
Performance
Universe
and
Performance
Customized
Peer
Group.
The
Board
further
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
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.
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The
Expense
Group
for
the
Fund
included
the
Fund
and
13
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
foreign
exposure.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
a
fee
waiver
from
management.
In
response
to
discussions
with
the
Independent
Trustees,
management
proposed
a
10
basis
point
reduction
at
each
tier
of
the
Fund’s
Management
Rate
breakpoint
schedule,
effective
May
1,
2023.
The
Board
further
noted
that
each
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
each
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
each
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,
2022,
being
the
most
recent
fiscal
year-end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
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
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
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
the
Stub
Period.
the
continuation
of
each
Management
Agreement
for
the
continuation
of
each
Management
Agreement
for
the
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May
24,
2023
15(c)
Meeting
At
a
meeting
held
on
May
24,
2023
(May
Meeting),
the
Board
reviewed
and
approved
each
Management
Agreement
for
an
additional
twelve-month
period
beginning
July
1,
2023.
The
Board
noted
its
review
and
consideration
of
the
information
it
received
in
connection
with
both
the
March
Meeting
and
the
May
Meeting.
In
particular,
the
Board
reviewed
and
considered
information
provided
in
response
to
a
follow-up
set
of
requests
for
information
submitted
to
the
Managers
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees,
which
included
information
on
Fund
performance
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023
and
the
other
Factors.
The
Board
determined
that
the
conclusions
it
made
at
the
March
Meeting
had
not
changed.
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
Factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreements
for
an
additional
twelve-month
period
beginning
July
1,
2023.
Liquidity
Risk
Management
Program
Each
of
the
Franklin
Templeton
and
Legg
Mason
Funds
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
SEC
(on
a
non-public
basis).
The
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
is
the
appointed
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
Franklin
Templeton
and
Legg
Mason
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Legal,
Investment
Compliance,
Investment
Operations,
Valuation
Committee,
Product
Management
and
Global
Product
Strategy.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
Each
Fund
primarily
holds
liquid
assets
that
are
defined
under
the
Liquidity
Rule
as
"Highly
Liquid
Investments,"
and
therefore
is
not
required
to
establish
an
HLIM.
Highly
Liquid
Investments
are
defined
as
cash
and
any
investment
reasonably
expected
to
be
convertible
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
the
conversion
to
cash
significantly
changing
the
market
value
of
the
investment.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2023,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2022.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
Templeton
Global
Investment
Trust
Shareholder
Information
44
franklintempleton.com
Semiannual
Report
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
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
08/23
©
2023
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
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 28, 2023
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  August 28, 2023
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  August 28, 2023