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: 06/30/24
Item 1. Reports to Stockholders.
| a.) | The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-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.
| | |
Templeton Global Balanced Fund | |
| Class A [TAGBX] |
| Semi-Annual Shareholder Report | June 30, 2024 |
|
This semi-annual shareholder report contains important information about Templeton Global Balanced Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Class A | $60 | 1.20% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Total Net Assets | $323,668,389 |
Total Number of Portfolio Holdings* | 132 |
Portfolio Turnover Rate | 31.30% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Global Balanced Fund | PAGE 1 | 325-STSR-0824 |
23.99.95.95.14.34.24.13.63.42.92.72.22.21.91.71.61.51.51.51.51.41.41.31.03.95.4
| | |
Templeton Global Balanced Fund | |
| Class A1 [TINCX] |
| Semi-Annual Shareholder Report | June 30, 2024 |
|
This semi-annual shareholder report contains important information about Templeton Global Balanced Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Class A1 | $60 | 1.20% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Total Net Assets | $323,668,389 |
Total Number of Portfolio Holdings* | 132 |
Portfolio Turnover Rate | 31.30% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Global Balanced Fund | PAGE 1 | 425-STSR-0824 |
23.99.95.95.14.34.24.13.63.42.92.72.22.21.91.71.61.51.51.51.51.41.41.31.03.95.4
| | |
Templeton Global Balanced Fund | |
| Class C [FCGBX] |
| Semi-Annual Shareholder Report | June 30, 2024 |
|
This semi-annual shareholder report contains important information about Templeton Global Balanced Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Class C | $97 | 1.95% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Total Net Assets | $323,668,389 |
Total Number of Portfolio Holdings* | 132 |
Portfolio Turnover Rate | 31.30% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Global Balanced Fund | PAGE 1 | 225-STSR-0824 |
23.99.95.95.14.34.24.13.63.42.92.72.22.21.91.71.61.51.51.51.51.41.41.31.03.95.4
| | |
Templeton Global Balanced Fund | |
| Class C1 [TCINX] |
| Semi-Annual Shareholder Report | June 30, 2024 |
|
This semi-annual shareholder report contains important information about Templeton Global Balanced Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Class C1 | $80 | 1.60% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Total Net Assets | $323,668,389 |
Total Number of Portfolio Holdings* | 132 |
Portfolio Turnover Rate | 31.30% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Global Balanced Fund | PAGE 1 | 525-STSR-0824 |
23.99.95.95.14.34.24.13.63.42.92.72.22.21.91.71.61.51.51.51.51.41.41.31.03.95.4
| | |
Templeton Global Balanced Fund | |
Class R true |
| Semi-Annual Shareholder Report | June 30, 2024 |
|
This semi-annual shareholder report contains important information about Templeton Global Balanced Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Class R | $72 | 1.45% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Total Net Assets | $323,668,389 |
Total Number of Portfolio Holdings* | 132 |
Portfolio Turnover Rate | 31.30% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Global Balanced Fund | PAGE 1 | 825-STSR-0824 |
23.99.95.95.14.34.24.13.63.42.92.72.22.21.91.71.61.51.51.51.51.41.41.31.03.95.4
| | |
Templeton Global Balanced Fund | |
| Class R6 [FGGBX] |
| Semi-Annual Shareholder Report | June 30, 2024 |
|
This semi-annual shareholder report contains important information about Templeton Global Balanced Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Class R6 | $43 | 0.86% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Total Net Assets | $323,668,389 |
Total Number of Portfolio Holdings* | 132 |
Portfolio Turnover Rate | 31.30% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Global Balanced Fund | PAGE 1 | 359-STSR-0824 |
23.99.95.95.14.34.24.13.63.42.92.72.22.21.91.71.61.51.51.51.51.41.41.31.03.95.4
| | |
Templeton Global Balanced Fund | |
| Advisor Class [TZINX] |
| Semi-Annual Shareholder Report | June 30, 2024 |
|
This semi-annual shareholder report contains important information about Templeton Global Balanced Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Advisor Class | $47 | 0.95% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Total Net Assets | $323,668,389 |
Total Number of Portfolio Holdings* | 132 |
Portfolio Turnover Rate | 31.30% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Global Balanced Fund | PAGE 1 | 625-STSR-0824 |
23.99.95.95.14.34.24.13.63.42.92.72.22.21.91.71.61.51.51.51.51.41.41.31.03.95.4
Item 2. Code of Ethics.
N/A
Item 3. Audit Committee Financial Expert.
N/A
Item 4. Principal Accountant Fees and Services.
N/A
Item 5. Audit Committee of Listed Registrants.
N/A
Item 6. Schedule of Investments.
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSRS.
(b) N/A
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Templeton
Global
Balanced
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
June
30,
2024
Financial
Statements
and
Other
Important
Information—Semiannual
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
17
Notes
to
Financial
Statements
21
Changes
In
and
Disagreements
with
Accountants
34
Results
of
Meeting(s)
of
Shareholders
34
Remuneration
Paid
to
Directors,
Officers
and
Others
34
Board
Approval
of
Management
and
Subadvisory
Agreements
34
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
*
2020
a
2019
a
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.48
$2.26
$2.72
$2.82
$2.84
$2.77
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.06
0.08
0.07
0.05
0.07
0.11
Net
realized
and
unrealized
gains
(losses)
(0.05)
0.23
(0.46)
(0.09)
(0.04)
0.08
Total
from
investment
operations
........
0.01
0.31
(0.39)
(0.04)
0.03
0.19
Less
distributions
from:
Net
investment
income
..............
(0.06)
—
—
—
(0.05)
(0.12)
Tax
return
of
capital
................
—
(0.09)
(0.07)
(0.06)
—
—
Total
distributions
...................
(0.06)
(0.09)
(0.07)
(0.06)
(0.05)
(0.12)
Net
asset
value,
end
of
period
..........
$2.43
$2.48
$2.26
$2.72
$2.82
$2.84
Total
return
d
.......................
0.46%
13.80%
(14.28)%
(1.54)%
1.49%
6.96%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.24%
1.32%
1.32%
1.30%
1.30%
1.22%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.20%
1.23%
1.20%
1.20%
1.26%
1.19%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.20%
1.20%
1.20%
f
1.20%
f
1.26%
f
1.19%
f
Net
investment
income
...............
4.91%
3.53%
2.80%
1.89%
2.85%
3.81%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$186,747
$206,734
$210,786
$302,724
$354,879
$465,915
Portfolio
turnover
rate
................
31.30%
61.11%
56.93%
52.63%
74.03%
26.62%
*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)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
*
2020
a
2019
a
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.49
$2.27
$2.73
$2.83
$2.84
$2.77
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.06
0.08
0.07
0.05
0.07
0.11
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.23
(0.46)
(0.09)
(0.03)
0.08
Total
from
investment
operations
........
—
0.31
(0.39)
(0.04)
0.04
0.19
Less
distributions
from:
Net
investment
income
..............
(0.06)
—
—
—
(0.05)
(0.12)
Tax
return
of
capital
................
—
(0.09)
(0.07)
(0.06)
—
—
Total
distributions
...................
(0.06)
(0.09)
(0.07)
(0.06)
(0.05)
(0.12)
Net
asset
value,
end
of
period
..........
$2.43
$2.49
$2.27
$2.73
$2.83
$2.84
Total
return
d
.......................
0.05%
13.75%
(14.21)%
(1.53)%
1.49%
7.33%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.24%
1.32%
1.32%
1.30%
1.30%
1.22%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.20%
1.23%
1.20%
1.20%
1.26%
1.19%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.20%
1.20%
1.20%
f
1.20%
f
1.26%
f
1.19%
f
Net
investment
income
...............
4.67%
3.53%
2.80%
1.89%
2.86%
3.81%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$93,612
$104,309
$108,558
$165,287
$198,816
$252,990
Portfolio
turnover
rate
................
31.30%
61.11%
56.93%
52.63%
74.03%
26.62%
*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)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
*
2020
a
2019
a
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.48
$2.26
$2.71
$2.81
$2.82
$2.75
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.05
0.06
0.05
0.03
0.05
0.09
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.23
(0.45)
(0.10)
(0.03)
0.08
Total
from
investment
operations
........
(0.01)
0.29
(0.40)
(0.07)
0.02
0.17
Less
distributions
from:
Net
investment
income
..............
(0.05)
—
—
—
(0.03)
(0.10)
Tax
return
of
capital
................
—
(0.07)
(0.05)
(0.03)
—
—
Total
distributions
...................
(0.05)
(0.07)
(0.05)
(0.03)
(0.03)
(0.10)
Net
asset
value,
end
of
period
..........
$2.42
$2.48
$2.26
$2.71
$2.81
$2.82
Total
return
d
.......................
(0.35)%
12.90%
(14.68)%
(2.37)%
0.68%
6.55%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.99%
2.07%
2.08%
2.04%
2.04%
1.97%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.95%
1.98%
1.95%
1.95%
2.00%
1.94%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.95%
1.95%
1.95%
f
1.95%
f
2.00%
f
1.94%
f
Net
investment
income
...............
4.07%
2.74%
2.02%
1.12%
2.02%
3.06%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$11,130
$13,259
$18,904
$39,982
$83,658
$139,231
Portfolio
turnover
rate
................
31.30%
61.11%
56.93%
52.63%
74.03%
26.62%
*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)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
*
2020
a
2019
a
Class
C1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.50
$2.27
$2.73
$2.83
$2.84
$2.77
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.05
0.07
0.06
0.04
0.06
0.10
Net
realized
and
unrealized
gains
(losses)
(0.05)
0.24
(0.46)
(0.10)
(0.03)
0.08
Total
from
investment
operations
........
—
0.31
(0.40)
(0.06)
0.03
0.18
Less
distributions
from:
Net
investment
income
..............
(0.06)
—
—
—
(0.04)
(0.11)
Tax
return
of
capital
................
—
(0.08)
(0.06)
(0.04)
—
—
Total
distributions
...................
(0.06)
(0.08)
(0.06)
(0.04)
(0.04)
(0.11)
Net
asset
value,
end
of
period
..........
$2.44
$2.50
$2.27
$2.73
$2.83
$2.84
Total
return
d
.......................
(0.16)%
13.71%
(14.61)%
(2.06)%
1.01%
6.82%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.64%
1.72%
1.72%
1.68%
1.70%
1.62%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.60%
1.63%
1.60%
1.60%
1.66%
1.59%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.60%
1.60%
1.60%
f
1.60%
f
1.66%
f
1.59%
f
Net
investment
income
...............
4.39%
3.07%
2.39%
1.46%
2.32%
3.41%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,116
$1,340
$1,876
$3,535
$13,050
$27,765
Portfolio
turnover
rate
................
31.30%
61.11%
56.93%
52.63%
74.03%
26.62%
*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)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
*
2020
a
2019
a
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.50
$2.27
$2.74
$2.84
$2.85
$2.78
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.06
0.08
0.06
0.05
0.07
0.10
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.23
(0.46)
(0.10)
(0.03)
0.08
Total
from
investment
operations
........
—
0.31
(0.40)
(0.05)
0.04
0.18
Less
distributions
from:
Net
investment
income
..............
(0.06)
—
—
—
(0.05)
(0.11)
Tax
return
of
capital
................
—
(0.08)
(0.07)
(0.05)
—
—
Total
distributions
...................
(0.06)
(0.08)
(0.07)
(0.05)
(0.05)
(0.11)
Net
asset
value,
end
of
period
..........
$2.44
$2.50
$2.27
$2.74
$2.84
$2.85
Total
return
d
.......................
(0.07)%
13.92%
(14.77)%
(1.77)%
1.68%
6.66%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.49%
1.57%
1.58%
1.53%
1.43%
1.47%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.45%
1.48%
1.45%
1.44%
1.40%
1.44%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.45%
1.45%
1.45%
f
1.44%
f
1.40%
f
1.44%
f
Net
investment
income
...............
4.61%
3.30%
2.58%
1.66%
2.63%
3.56%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$638
$647
$596
$1,206
$1,591
$2,348
Portfolio
turnover
rate
................
31.30%
61.11%
56.93%
52.63%
74.03%
26.62%
*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)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
*
2020
a
2019
a
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.49
$2.27
$2.73
$2.83
$2.85
$2.78
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.06
0.09
0.07
0.06
0.08
0.12
Net
realized
and
unrealized
gains
(losses)
(0.05)
0.22
(0.45)
(0.09)
(0.04)
0.08
Total
from
investment
operations
........
0.01
0.31
(0.38)
(0.03)
0.04
0.20
Less
distributions
from:
Net
investment
income
..............
(0.07)
—
—
—
(0.06)
(0.13)
Tax
return
of
capital
................
—
(0.09)
(0.08)
(0.07)
—
—
Total
distributions
...................
(0.07)
(0.09)
(0.08)
(0.07)
(0.06)
(0.13)
Net
asset
value,
end
of
period
..........
$2.43
$2.49
$2.27
$2.73
$2.83
$2.85
Total
return
d
.......................
0.23%
14.12%
(13.90)%
(1.19)%
1.87%
7.32%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.92%
1.00%
0.98%
1.01%
0.99%
0.92%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.86%
0.92%
0.90%
0.86%
0.90%
0.84%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.86%
0.89%
0.90%
f
0.86%
f
0.90%
f
0.84%
f
Net
investment
income
...............
5.26%
3.86%
3.10%
2.23%
3.18%
4.16%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$3,236
$3,541
$2,388
$3,227
$4,624
$6,080
Portfolio
turnover
rate
................
31.30%
61.11%
56.93%
52.63%
74.03%
26.62%
*
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)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
*
2020
a
2019
a
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$2.50
$2.27
$2.74
$2.84
$2.85
$2.78
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.06
0.09
0.07
0.06
0.08
0.12
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.23
(0.46)
(0.09)
(0.03)
0.08
Total
from
investment
operations
........
—
0.32
(0.39)
(0.03)
0.05
0.20
Less
distributions
from:
Net
investment
income
..............
(0.06)
—
—
—
(0.06)
(0.13)
Tax
return
of
capital
................
—
(0.09)
(0.08)
(0.07)
—
—
Total
distributions
...................
(0.06)
(0.09)
(0.08)
(0.07)
(0.06)
(0.13)
Net
asset
value,
end
of
period
..........
$2.44
$2.50
$2.27
$2.74
$2.84
$2.85
Total
return
d
.......................
0.17%
14.48%
(14.32)%
(1.28)%
1.75%
7.57%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.99%
1.07%
1.07%
1.05%
1.04%
0.97%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.95%
0.98%
0.95%
0.95%
1.00%
0.94%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.95%
0.95%
0.95%
f
0.95%
f
1.00%
f
0.94%
f
Net
investment
income
...............
5.08%
3.77%
3.04%
2.14%
3.00%
4.06%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$27,188
$29,498
$32,777
$57,537
$77,426
$141,277
Portfolio
turnover
rate
................
31.30%
61.11%
56.93%
52.63%
74.03%
26.62%
*
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
Schedule
of
Investments
(unaudited),
June
30,
2024
Templeton
Global
Balanced
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
52.1%
China
2.6%
a
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
278,500
$
2,510,076
Lenovo
Group
Ltd.
...............
Technology
Hardware,
Storage
&
Peripherals
2,106,000
2,955,555
Prosus
NV
.....................
Broadline
Retail
84,605
3,008,847
8,474,478
Germany
4.1%
Deutsche
Post
AG
................
Air
Freight
&
Logistics
77,050
3,129,201
Deutsche
Telekom
AG
.............
Diversified
Telecommunication
Services
179,505
4,512,580
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
56,040
2,056,973
Siemens
AG
....................
Industrial
Conglomerates
18,872
3,513,051
13,211,805
Hungary
0.9%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
108,183
2,810,215
Japan
5.7%
Mitsubishi
Electric
Corp.
...........
Electrical
Equipment
261,700
4,194,426
SoftBank
Corp.
..................
Wireless
Telecommunication
Services
521,900
6,383,838
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
119,600
8,029,390
18,607,654
Netherlands
0.8%
SBM
Offshore
NV
................
Energy
Equipment
&
Services
163,943
2,509,440
South
Africa
0.0%
b,c,d
K2016470219
South
Africa
Ltd.
,
A
....
Broadline
Retail
32,900,733
—
b,c,d
K2016470219
South
Africa
Ltd.
,
B
....
Broadline
Retail
4,646,498
—
—
South
Korea
4.2%
KB
Financial
Group,
Inc.
...........
Banks
40,024
2,270,887
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
125,905
7,391,491
Shinhan
Financial
Group
Co.
Ltd.
....
Banks
114,693
3,988,442
13,650,820
Switzerland
0.6%
Adecco
Group
AG
................
Professional
Services
54,593
1,811,216
Taiwan
1.7%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
181,300
5,360,665
United
Kingdom
9.6%
AstraZeneca
plc
.................
Pharmaceuticals
53,845
8,380,394
Barratt
Developments
plc
..........
Household
Durables
705,586
4,190,732
e
HSBC
Holdings
plc
,
ADR
..........
Banks
111,200
4,837,200
Imperial
Brands
plc
...............
Tobacco
197,565
5,055,657
Lloyds
Banking
Group
plc
..........
Banks
6,757,552
4,660,974
Unilever
plc
.....................
Personal
Care
Products
72,427
3,975,484
31,100,441
United
States
21.9%
Alphabet,
Inc.
,
A
.................
Interactive
Media
&
Services
48,375
8,811,506
Bank
of
America
Corp.
............
Banks
171,380
6,815,783
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
731,538
4,404,601
CNH
Industrial
NV
................
Machinery
358,934
3,636,002
Delta
Air
Lines,
Inc.
...............
Passenger
Airlines
149,451
7,089,956
DuPont
de
Nemours,
Inc.
..........
Chemicals
55,237
4,446,026
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
States
(continued)
Fidelity
National
Information
Services,
Inc.
.........................
Financial
Services
98,808
$
7,446,171
Medtronic
plc
...................
Health
Care
Equipment
&
Supplies
39,900
3,140,529
PNC
Financial
Services
Group,
Inc.
(The)
........................
Banks
27,965
4,347,998
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
141,560
5,102,018
Stanley
Black
&
Decker,
Inc.
........
Machinery
31,422
2,510,304
Target
Corp.
....................
Consumer
Staples
Distribution
&
Retail
30,159
4,464,738
UnitedHealth
Group,
Inc.
...........
Health
Care
Providers
&
Services
8,936
4,550,747
Wells
Fargo
&
Co.
................
Banks
70,544
4,189,608
70,955,987
Total
Common
Stocks
(Cost
$
140,067,356
)
.....................................
168,492,721
Principal
Amount
*
a
a
a
a
a
Corporate
Bonds
0.0%
South
Africa
0.0%
b
,f
,g
,h
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
—
b
,f
,g
,h
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
)
.......................................
—
a
a
Industry
Principal
Amount
*
a
Value
Foreign
Government
and
Agency
Securities
38.7%
Australia
1.3%
New
South
Wales
Treasury
Corp.
,
Senior
Bond
,
2
%
,
3/08/33
........
3,030,000
AUD
1,610,627
Treasury
Corp.
of
Victoria
,
h
Senior
Bond
,
Reg
S,
2.25
%
,
9/15/33
2,270,000
AUD
1,205,415
Senior
Bond
,
2.25
%
,
11/20/34
.....
2,680,000
AUD
1,372,770
4,188,812
Brazil
4.0%
Brazil
Notas
do
Tesouro
Nacional
,
10
%
,
1/01/27
..................
35,450,000
BRL
6,111,316
10
%
,
1/01/31
..................
14,887,000
BRL
2,410,065
10
%
,
1/01/33
..................
4,483,000
BRL
713,068
F
,
10
%
,
1/01/29
................
21,143,000
BRL
3,527,184
12,761,633
Colombia
1.9%
Colombia
Government
Bond
,
Senior
Bond
,
9.85
%
,
6/28/27
............
83,000,000
COP
19,275
Colombia
Titulos
de
Tesoreria
,
B
,
13.25
%
,
2/09/33
.............
3,803,300,000
COP
1,042,777
B
,
7.25
%
,
10/18/34
.............
6,802,000,000
COP
1,289,057
B
,
6.25
%
,
7/09/36
..............
2,213,000,000
COP
368,183
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Colombia
(continued)
Colombia
Titulos
de
Tesoreria,
(continued)
B
,
9.25
%
,
5/28/42
..............
16,928,000,000
COP
$
3,403,100
6,122,392
Dominican
Republic
1.5%
h
Dominican
Republic
Government
Bond
,
Senior
Bond
,
144A,
5.3
%
,
1/21/41
..
2,030,000
1,727,389
Senior
Bond
,
144A,
6.4
%
,
6/05/49
..
760,000
714,065
Senior
Bond
,
144A,
5.875
%
,
1/30/60
2,634,000
2,241,356
4,682,810
Ecuador
1.5%
h
Ecuador
Government
Bond
,
Senior
Bond
,
144A,
3.5
%
,
7/31/35
..
6,275,000
3,138,456
Senior
Note
,
144A,
6
%
,
7/31/30
....
2,846,000
1,809,766
4,948,222
Egypt
1.0%
Egypt
Government
Bond
,
25.151
%
,
4/16/27
...............
101,600,000
EGP
2,102,219
h
Senior
Bond
,
144A,
8.75
%
,
9/30/51
.
1,030,000
778,133
h
Senior
Bond
,
144A,
7.5
%
,
2/16/61
..
510,000
343,046
3,223,398
El
Salvador
0.0%
†
h
El
Salvador
Government
Bond
,
Senior
Bond
,
144A,
7.65
%
,
6/15/35
.......
100,000
72,781
Gabon
0.9%
h
Gabon
Government
Bond
,
Senior
Bond
,
144A,
6.95
%
,
6/16/25
.
2,210,000
2,030,976
Senior
Bond
,
144A,
6.625
%
,
2/06/31
680,000
513,489
Senior
Bond
,
144A,
7
%
,
11/24/31
...
500,000
377,481
2,921,946
Ghana
0.5%
f
Ghana
Government
Bond
,
PIK,
8.35
%
,
2/16/27
.............
5,607,304
GHS
232,118
PIK,
8.5
%
,
2/15/28
..............
5,615,579
GHS
201,448
PIK,
8.65
%
,
2/13/29
.............
5,582,696
GHS
177,462
PIK,
5
%
,
2/12/30
...............
5,590,923
GHS
163,073
PIK,
8.95
%
,
2/11/31
.............
5,041,252
GHS
135,710
PIK,
9.1
%
,
2/10/32
..............
5,048,670
GHS
128,172
PIK,
9.25
%
,
2/08/33
.............
5,056,094
GHS
122,673
PIK,
9.4
%
,
2/07/34
..............
4,482,962
GHS
105,288
PIK,
9.55
%
,
2/06/35
.............
4,489,544
GHS
103,133
PIK,
9.7
%
,
2/05/36
..............
4,496,131
GHS
101,856
PIK,
9.85
%
,
2/03/37
.............
4,502,722
GHS
101,241
PIK,
10
%
,
2/02/38
..............
4,509,319
GHS
101,132
1,673,306
Hungary
2.7%
Hungary
Government
Bond
,
1
%
,
11/26/25
..................
1,242,000,000
HUF
3,125,340
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Hungary
(continued)
Hungary
Government
Bond,
(continued)
3
%
,
10/27/27
..................
106,800,000
HUF
$
258,939
4.75
%
,
11/24/32
................
2,203,700,000
HUF
5,215,653
8,599,932
India
5.0%
India
Government
Bond
,
Senior
Bond
,
7.26
%
,
8/22/32
......
664,300,000
INR
8,071,160
Senior
Bond
,
7.18
%
,
8/14/33
......
221,200,000
INR
2,677,613
Senior
Note
,
7.1
%
,
4/18/29
.......
448,200,000
INR
5,393,687
16,142,460
Indonesia
1.5%
Indonesia
Government
Bond
,
FR82
,
7
%
,
9/15/30
..............
4,273,000,000
IDR
261,098
FR87
,
6.5
%
,
2/15/31
............
4,108,000,000
IDR
243,142
FR91
,
6.375
%
,
4/15/32
..........
11,532,000,000
IDR
678,367
FR95
,
6.375
%
,
8/15/28
..........
28,742,000,000
IDR
1,728,394
FR96
,
7
%
,
2/15/33
..............
29,362,000,000
IDR
1,785,568
4,696,569
Kazakhstan
2.8%
Kazakhstan
MEOKAM
,
10.67
%
,
1/21/26
................
159,600,000
KZT
325,001
15.35
%
,
11/18/27
...............
27,100,000
KZT
60,824
Kazakhstan
MEUKAM
,
9
%
,
7/03/27
...................
365,400,000
KZT
703,322
10.4
%
,
4/12/28
................
225,400,000
KZT
444,208
15.3
%
,
3/03/29
................
833,280,000
KZT
1,909,938
10.55
%
,
7/28/29
................
54,200,000
KZT
105,310
11
%
,
2/04/30
..................
127,900,000
KZT
252,543
10.3
%
,
3/17/31
................
1,747,020,000
KZT
3,298,824
14
%
,
5/12/31
..................
215,190,000
KZT
481,566
Senior
Bond
,
5.5
%
,
9/20/28
.......
388,700,000
KZT
638,086
Senior
Bond
,
7.68
%
,
8/13/29
......
564,500,000
KZT
980,009
9,199,631
Kenya
1.5%
h
Kenya
Government
Bond
,
Senior
Note
,
144A,
9.75
%
,
2/16/31
............
4,990,000
4,793,269
Mexico
3.3%
Mexican
Bonos
,
M
,
10
%
,
11/20/36
...............
4,570,000
MXN
251,697
M
,
Senior
Bond
,
7.75
%
,
11/23/34
...
14,160,000
MXN
666,713
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
7.5
%
,
5/26/33
...............
86,420,000
MXN
4,069,116
M
,
Senior
Bond
,
8.5
%
,
5/31/29
.....
13,800,000
MXN
710,566
M
,
Senior
Bond
,
8.5
%
,
11/18/38
....
8,380,000
MXN
406,321
M
,
Senior
Bond
,
7.75
%
,
11/13/42
...
18,030,000
MXN
794,779
Petroleos
Mexicanos
,
Senior
Note
,
6.84
%
,
1/23/30
................
4,240,000
3,735,211
10,634,403
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Mongolia
0.7%
h
Mongolia
Government
Bond
,
Senior
Bond
,
144A,
4.45
%
,
7/07/31
.
1,450,000
$
1,224,525
Senior
Note
,
144A,
5.125
%
,
4/07/26
.
200,000
194,200
Senior
Note
,
144A,
3.5
%
,
7/07/27
..
1,000,000
901,500
2,320,225
Panama
1.3%
Panama
Government
Bond
,
Senior
Bond
,
6.4
%
,
2/14/35
.......
590,000
560,430
Senior
Bond
,
6.7
%
,
1/26/36
.......
2,650,000
2,578,128
Senior
Bond
,
6.875
%
,
1/31/36
.....
1,150,000
1,125,841
4,264,399
Romania
1.5%
h
Romania
Government
Bond
,
144A,
2.875
%
,
4/13/42
................
6,920,000
EUR
4,833,484
South
Africa
2.1%
South
Africa
Government
Bond
,
Senior
Bond
,
8.875
%
,
2/28/35
.....
88,070,000
ZAR
4,098,502
Senior
Bond
,
8.5
%
,
1/31/37
.......
25,320,000
ZAR
1,095,376
Senior
Bond
,
9
%
,
1/31/40
........
40,170,000
ZAR
1,741,228
6,935,106
Sri
Lanka
0.3%
g
,h
Sri
Lanka
Government
Bond
,
Senior
Bond
,
144A,
6.2
%
,
5/11/27
..
1,400,000
825,222
Senior
Bond
,
144A,
6.75
%
,
4/18/28
.
200,000
118,090
Senior
Bond
,
144A,
7.85
%
,
3/14/29
.
200,000
119,100
1,062,412
Supranational
1.3%
i
Asian
Development
Bank
,
Senior
Note
,
11.2
%
,
1/31/25
.................
17,931,000,000
COP
4,309,386
Uruguay
2.1%
j
Uruguay
Government
Bond
,
Index
Linked,
Senior
Bond
,
3.7
%
,
6/26/37
......................
49,088,471
UYU
1,294,422
Index
Linked,
Senior
Bond
,
3.875
%
,
7/02/40
......................
204,566,172
UYU
5,519,012
6,813,434
Total
Foreign
Government
and
Agency
Securities
(Cost
$
131,321,458
)
............
125,200,010
U.S.
Government
and
Agency
Securities
1.2%
United
States
1.2%
U.S.
Treasury
Bonds
,
3.375
%,
8/15/42
................
3,020,000
2,551,664
3.75
%,
11/15/43
................
1,550,000
1,370,418
3,922,082
Total
U.S.
Government
and
Agency
Securities
(Cost
$
4,208,693
)
..................
3,922,082
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
b,c
K2016470219
South
Africa
Ltd.,
Escrow
Account
......................
168,113
$
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
279,987,027
)
...............................
297,614,813
Short
Term
Investments
5.3%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
4.1%
Egypt
4.1%
k
Egypt
Treasury
Bills
,
3/04/25
......................
316,200,000
EGP
5,625,044
3/18/25
......................
432,175,000
EGP
7,623,619
13,248,663
Total
Foreign
Government
and
Agency
Securities
(Cost
$
13,080,585
)
..............
13,248,663
Shares
Money
Market
Funds
1.0%
United
States
1.0%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
.........
3,284,416
3,284,416
Total
Money
Market
Funds
(Cost
$
3,284,416
)
...................................
3,284,416
n
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Money
Market
Funds
0.2%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
.........
536,000
536,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
536,000
)
...................................................................
536,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
16,901,001
)
................................
17,069,079
a
a
a
Total
Investments
(Cost
$
296,888,028
)
97.3
%
...................................
$314,683,892
Other
Assets,
less
Liabilities
2.7
%
.............................................
8,984,497
Net
Assets
100.0%
...........................................................
$323,668,389
a
a
a
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Variable
interest
entity
(VIE).
See
the
Fund’s
notes
to
financial
statements
regarding
investments
made
through
a
VIE
structure.
At
June
30,
2024,
the
aggregate
value
of
this
security
was
$2,510,076,
representing
0.8%
of
net
assets.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
11
regarding
fair
value
measurements.
c
Non-income
producing.
d
See
Note
8
regarding
restricted
securities.
e
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2024.
See
Note
1(d).
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
h
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,
2024,
the
aggregate
value
of
these
securities
was
$27,961,743,
representing
8.6%
of
net
assets.
i
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
j
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
See
Note
1(f).
k
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
l
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
m
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
n
See
Note
1(d)
regarding
securities
on
loan.
Templeton
Global
Investment
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
At
June
30,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1
(
c
).
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
Indian
Rupee
......
HSBK
Buy
130,568,000
1,561,501
7/05/24
$
4,627
$
—
Indian
Rupee
......
HSBK
Sell
130,568,000
1,565,376
7/05/24
—
(
752
)
Chilean
Peso
......
HSBK
Buy
981,900,000
1,087,701
7/08/24
—
(
44,153
)
Malaysian
Ringgit
...
GSCO
Buy
40,100,000
8,547,373
7/11/24
—
(
46,026
)
Thai
Baht
.........
DBAB
Buy
95,000,000
2,603,710
7/11/24
—
(
15,901
)
Japanese
Yen
......
BNDP
Buy
239,887,530
1,591,431
7/16/24
—
(
96,952
)
Japanese
Yen
......
BOFA
Buy
1,149,710,460
7,630,400
7/16/24
—
(
467,802
)
Japanese
Yen
......
DBAB
Buy
1,110,438,260
7,363,307
7/16/24
—
(
445,372
)
Chilean
Peso
......
HSBK
Buy
798,100,000
860,300
7/18/24
—
(
11,903
)
Chilean
Peso
......
JPHQ
Buy
902,400,000
972,781
7/18/24
—
(
13,511
)
Chilean
Peso
......
JPHQ
Buy
1,185,600,000
1,267,073
7/24/24
—
(
6,589
)
Norwegian
Krone
...
DBAB
Buy
40,861,000
3,839,886
8/12/24
—
(
8,409
)
Mexican
Peso
......
MSCO
Buy
7,426,000
326,882
9/03/24
74,921
—
Mexican
Peso
......
MSCO
Sell
7,426,000
315,711
9/03/24
—
(
86,092
)
Euro
.............
HSBK
Buy
3,970,000
4,337,965
9/04/24
—
(
72,346
)
Malaysian
Ringgit
...
GSCO
Buy
37,580,000
7,988,266
9/18/24
—
(
5,085
)
Thai
Baht
.........
HSBK
Buy
203,700,000
5,756,839
9/18/24
—
(
184,565
)
South
Korean
Won
..
DBAB
Buy
12,349,810,000
8,999,351
9/19/24
—
(
11,493
)
South
Korean
Won
..
HSBK
Buy
7,746,000,000
5,946,523
9/19/24
—
(
309,193
)
Indian
Rupee
......
HSBK
Buy
130,568,000
1,561,165
10/03/24
91
—
Japanese
Yen
......
HSBK
Buy
88,900,000
601,814
10/07/24
—
(
40,855
)
Japanese
Yen
......
MSCO
Buy
79,300,000
536,881
10/07/24
—
(
36,498
)
Norwegian
Krone
...
MSCO
Buy
18,480,000
1,687,301
10/10/24
47,836
—
Japanese
Yen
......
JPHQ
Buy
251,863,750
1,662,791
11/21/24
—
(
62,102
)
Australian
Dollar
....
DBAB
Buy
2,688,000
1,801,845
11/22/24
—
(
2,689
)
Australian
Dollar
....
JPHQ
Buy
4,277,000
2,868,113
11/22/24
—
(
5,394
)
Australian
Dollar
....
MSCO
Buy
6,160,000
4,078,844
12/12/24
45,707
—
Total
Forward
Exchange
Contracts
...................................................
$173,182
$(1,973,682)
Net
unrealized
appreciation
(depreciation)
............................................
$(1,800,500)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Note
9
regarding
other
derivative
information.
See
Abbreviations
on
page
33
.
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2024
(unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
Templeton
Global
Balanced
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$293,067,612
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
3,820,416
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$522,000)
...................................
$310,863,476
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
3,820,416
Cash
....................................................................................
178,112
Foreign
currency,
at
value
(cost
$150,525)
........................................................
148,676
Receivables:
Investment
securities
sold
...................................................................
1,875,966
Capital
shares
sold
........................................................................
20,698
Dividends
and
interest
.....................................................................
4,464,167
European
Union
tax
reclaims
(Note
1
e
)
.........................................................
6,779,328
Deposits
with
brokers
for:
OTC
derivative
contracts
..................................................................
1,600,000
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
173,182
Deferred
tax
benefit
.........................................................................
111,553
Total
assets
..........................................................................
330,035,574
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
320,756
Management
fees
.........................................................................
181,323
Distribution
fees
..........................................................................
68,621
Transfer
agent
fees
........................................................................
119,302
Trustees'
fees
and
expenses
.................................................................
4,522
IRS
closing
agreement
payments
for
European
Union
tax
reclaims
(Note
1
e
)
.............................
2,728,624
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
1,973,682
Payable
upon
return
of
securities
loaned
(Note
1
d
)
..................................................
536,000
Deferred
tax
...............................................................................
191,940
Accrued
expenses
and
other
liabilities
...........................................................
242,415
Total
liabilities
.........................................................................
6,367,185
Net
assets,
at
value
.................................................................
$323,668,389
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$469,308,224
Total
distributable
earnings
(losses)
.............................................................
(145,639,835)
Net
assets,
at
value
.................................................................
$323,668,389
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2024
(unaudited)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Templeton
Global
Balanced
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$186,747,176
Shares
outstanding
........................................................................
76,880,184
Net
asset
value
per
share
a,b
..................................................................
$2.43
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%
)
b
................................
$2.57
Class
A1:
Net
assets,
at
value
.......................................................................
$93,612,404
Shares
outstanding
........................................................................
38,469,464
Net
asset
value
per
share
a,b
..................................................................
$2.43
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%
)
b
................................
$2.52
Class
C:
Net
assets,
at
value
.......................................................................
$11,130,182
Shares
outstanding
........................................................................
4,592,199
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$2.42
Class
C1:
Net
assets,
at
value
.......................................................................
$1,116,307
Shares
outstanding
........................................................................
457,565
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$2.44
Class
R:
Net
assets,
at
value
.......................................................................
$638,220
Shares
outstanding
........................................................................
261,529
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$2.44
Class
R6:
Net
assets,
at
value
.......................................................................
$3,235,845
Shares
outstanding
........................................................................
1,329,864
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$2.43
Advisor
Class:
Net
assets,
at
value
.......................................................................
$27,188,255
Shares
outstanding
........................................................................
11,131,709
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$2.44
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
June
30,
2024
(unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
Templeton
Global
Balanced
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$568,402)
Unaffiliated
issuers
........................................................................
$2,807,793
Non-controlled
affiliates
(Note
3
f
)
.............................................................
273,741
Interest:
(net
of
foreign
taxes
of
$210,140)
Unaffiliated
issuers
........................................................................
6,848,064
Income
from
securities
loaned:
Non-controlled
affiliates
(Note
3
f
)
.............................................................
38,817
Other
income
(Note
1
e
)
......................................................................
199,810
Total
investment
income
...................................................................
10,168,225
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,221,834
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
242,825
Class
A1
...............................................................................
121,710
Class
C
................................................................................
60,151
Class
C1
...............................................................................
3,843
Class
R
................................................................................
1,577
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
142,104
Class
A1
...............................................................................
71,218
Class
C
................................................................................
8,818
Class
C1
...............................................................................
868
Class
R
................................................................................
460
Class
R6
...............................................................................
1,281
Advisor
Class
............................................................................
20,484
Custodian
fees
.............................................................................
57,353
Reports
to
shareholders
fees
..................................................................
25,621
Registration
and
filing
fees
....................................................................
59,707
Professional
fees
...........................................................................
53,656
Trustees'
fees
and
expenses
..................................................................
23,803
Other
....................................................................................
(19,041)
Total
expenses
.........................................................................
2,098,272
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(68,735)
Net
expenses
.........................................................................
2,029,537
Net
investment
income
................................................................
8,138,688
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:(net
of
foreign
taxes
of
$3,065)
Unaffiliated
issuers
......................................................................
(7,517,150)
Written
options
...........................................................................
100,227
Foreign
currency
transactions
................................................................
(295,199)
Forward
exchange
contracts
.................................................................
(2,916,801)
Net
realized
gain
(loss)
..................................................................
(10,628,923)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
7,716,763
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(266,496)
Written
options
...........................................................................
27,970
Forward
exchange
contracts
.................................................................
(4,272,114)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(282,273)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
2,923,850
Net
realized
and
unrealized
gain
(loss)
............................................................
(7,705,073)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$433,615
Templeton
Global
Investment
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Templeton
Global
Balanced
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$8,138,688
$12,931,535
Net
realized
gain
(loss)
.................................................
(10,628,923)
(17,452,966)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
2,923,850
51,919,818
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
433,615
47,398,387
Distributions
to
shareholders:
Class
A
.............................................................
(4,749,620)
—
Class
A1
............................................................
(2,375,236)
—
Class
C
.............................................................
(241,536)
—
Class
C1
............................................................
(25,933)
—
Class
R
.............................................................
(14,988)
—
Class
R6
............................................................
(97,880)
—
Advisor
Class
........................................................
(721,473)
—
Distributions
to
shareholders
from
tax
return
of
capital:
Class
A
.............................................................
—
(7,527,254)
Class
A1
............................................................
—
(3,823,929)
Class
C
.............................................................
—
(427,162)
Class
C1
............................................................
—
(45,892)
Class
R
.............................................................
—
(21,299)
Class
R6
............................................................
—
(106,261)
Advisor
Class
........................................................
—
(1,175,180)
Total
distributions
to
shareholders
..........................................
(8,226,666)
(13,126,977)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(15,536,443)
(23,493,866)
Class
A1
............................................................
(8,413,066)
(14,166,626)
Class
C
.............................................................
(1,849,591)
(7,142,001)
Class
C1
............................................................
(194,371)
(689,186)
Class
R
.............................................................
5,476
(6,461)
Class
R6
............................................................
(205,423)
831,066
Advisor
Class
........................................................
(1,672,376)
(6,160,499)
Total
capital
share
transactions
............................................
(27,865,794)
(50,827,573)
Net
increase
(decrease)
in
net
assets
...................................
(35,658,845)
(16,556,163)
Net
assets:
Beginning
of
period
.....................................................
359,327,234
375,883,397
End
of
period
..........................................................
$323,668,389
$359,327,234
Templeton
Global
Investment
Trust
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
instruments
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,
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
June
30,
2024,
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.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
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,
2024,
the
Fund
had
OTC
derivatives
in
a
net
liability
position
of
$1,846,374
and
the
aggregate
value
of
collateral
pledged
for
such
contracts
was
$1,600,000.
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 purchased
or
wrote
OTC
option
contracts
primarily
to
manage
and/or
gain exposure
to
foreign
exchange
rate
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
At
June
30,
2024,
the
Fund
had
no
option
contracts.
See
Note
9 regarding
other
derivative
information.
d.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
affiliate
of
the
Fund. 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.
e.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
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
any
adjustments
to
estimated
payments
as
other
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,
2024, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Securities
Lending
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
interest
income
in
the
Statement
of
Operations.
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
h.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
June
30,
2024,
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,
2024
Year
Ended
December
31,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
1,807,006
$4,423,313
5,965,175
$14,106,990
Shares
issued
in
reinvestment
of
distributions
..........
1,866,755
4,556,187
3,056,717
7,213,881
Shares
redeemed
...............................
(10,000,995)
(24,515,943)
(18,985,938)
(44,814,737)
Net
increase
(decrease)
..........................
(6,327,234)
$(15,536,443)
(9,964,046)
$(23,493,866)
Class
A1
Shares:
Shares
sold
...................................
306,513
$753,685
1,682,115
$3,949,983
Shares
issued
in
reinvestment
of
distributions
..........
937,768
2,298,106
1,567,764
3,704,390
Shares
redeemed
...............................
(4,686,493)
(11,464,857)
(9,242,737)
(21,820,999)
Net
increase
(decrease)
..........................
(3,442,212)
$(8,413,066)
(5,992,858)
$(14,166,626)
1.
Organization
and
Significant
Accounting
Policies
(continued)
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
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:
Six
Months
Ended
June
30,
2024
Year
Ended
December
31,
2023
Shares
Amount
Shares
Amount
Class
C
Shares:
Shares
sold
...................................
329,257
$807,001
743,327
$1,739,817
Shares
issued
in
reinvestment
of
distributions
..........
98,400
240,103
179,206
421,549
Shares
redeemed
a
..............................
(1,184,831)
(2,896,695)
(3,951,741)
(9,303,367)
Net
increase
(decrease)
..........................
(757,174)
$(1,849,591)
(3,029,208)
$(7,142,001)
Class
C1
Shares:
Shares
sold
...................................
22,556
$55,663
104,615
$245,837
Shares
issued
in
reinvestment
of
distributions
..........
10,555
25,933
19,313
45,748
Shares
redeemed
a
..............................
(112,445)
(275,967)
(413,172)
(980,771)
Net
increase
(decrease)
..........................
(79,334)
$(194,371)
(289,244)
$(689,186)
Class
R
Shares:
Shares
sold
...................................
3,170
$7,806
50,774
$118,692
Shares
issued
in
reinvestment
of
distributions
..........
4,281
10,518
6,445
15,276
Shares
redeemed
...............................
(5,225)
(12,848)
(60,071)
(140,429)
Net
increase
(decrease)
..........................
2,226
$5,476
(2,852)
$(6,461)
Class
R6
Shares:
Shares
sold
...................................
496,374
$1,222,500
650,235
$1,495,383
Shares
issued
in
reinvestment
of
distributions
..........
39,456
96,769
44,099
104,523
Shares
redeemed
...............................
(628,729)
(1,524,692)
(324,615)
(768,840)
Net
increase
(decrease)
..........................
(92,899)
$(205,423)
369,719
$831,066
Advisor
Class
Shares:
Shares
sold
...................................
631,924
$1,547,872
1,208,881
$2,875,560
Shares
issued
in
reinvestment
of
distributions
..........
244,957
602,783
420,907
998,284
Shares
redeemed
...............................
(1,555,424)
(3,823,031)
(4,234,508)
(10,034,343)
Net
increase
(decrease)
..........................
(678,543)
$(1,672,376)
(2,604,720)
$(6,160,499)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Templeton
Global
Advisors
Limited
(Global
Advisors)
Investment
manager
Templeton
Investment
Counsel,
LLC
(TICL)
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
2.
Shares
of
Beneficial
Interest
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
a.
Management
Fees
The
Fund
pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to
Global
Advisors based
on the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
June
30,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 0.725%
of
the
Fund’s
average daily
net
assets.
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
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
and
A1
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class
C,
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.
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
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.25%
Class
C
....................................................................................
1.00%
Class
C1
...................................................................................
0.65%
Class
R
....................................................................................
0.50%
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
.
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
June
30,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$84,539
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
June
30,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$3,028
CDSC
retained
..............................................................................
$553
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,
4.972%
$4,293,363
$86,266,087
$(87,275,034)
$—
$—
$3,284,416
3,284,416
$273,741
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$—
$22,368,000
$(21,832,000)
$—
$—
$536,000
536,000
$38,817
Total
Affiliated
Securities
...
$4,293,363
$108,634,087
$(109,107,034)
$—
$—
$3,820,416
$312,558
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
g.
Waiver
and
Expense
Reimbursements
Global
Advisors
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
distribution
fees,
acquired
fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
0.95%
based
on
the
average
net
assets
of
each
class
until
April
30,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
April
30,
2025.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2023,
the
capital
loss
carryforwards
were
as
follows:
At
June
30,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
foreign
currency
transactions,
wash
sales,
EU
reclaims,
payments-in-kind,
bond
discounts
and
premiums,
tax
straddles
and
net
operating
losses.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
June
30,
2024,
aggregated
$98,959,132 and
$131,104,377,
respectively.
At
June
30,
2024,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received $536,000 of
cash
collateral. The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
The
agreements
can
be
terminated
at
any
time.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$26,588,638
Long
term
................................................................................
119,957,129
Total
capital
loss
carryforwards
...............................................................
$146,545,767
Cost
of
investments
..........................................................................
$304,999,303
Unrealized
appreciation
........................................................................
$34,293,541
Unrealized
depreciation
........................................................................
(26,409,452)
Net
unrealized
appreciation
(depreciation)
..........................................................
$7,884,089
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
6.
Credit
Risk
and
Defaulted
Securities
At
June
30,
2024,
the
Fund
had 18.6%
of
its
portfolio
invested
in
high
yield
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,
2024,
the
aggregate
value
of
these
securities
was $1,062,414,
representing 0.3%
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.
7.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Certain
investments
in
Chinese
companies
are
made
through
a
special
structure
known
as
a
VIE.
In
a
VIE
structure,
foreign
investors,
such
as
the
Fund,
will
only
own
stock
in
a
shell
company
rather
than
directly
in
the
VIE,
which
must
be
owned
by
Chinese
nationals
(and/or
Chinese
companies)
to
obtain
the
licenses
and/or
assets
required
to
operate
in
a
restricted
or
prohibited
sector
in
China.
The
value
of
the
shell
company
is
derived
from
its
ability
to
consolidate
the
VIE
into
its
financials
pursuant
to
contractual
arrangements
that
allow
the
shell
company
to
exert
a
degree
of
control
over,
and
obtain
economic
benefits
arising
from,
the
VIE
without
formal
legal
ownership.
While
VIEs
are
a
longstanding
industry
practice
and
are
well
known
by
Chinese
officials
and
regulators,
the
structure
historically
has
not
been
formally
recognized
under
Chinese
law
and
it
is
uncertain
whether
Chinese
officials
or
regulators
will
withdraw
their
implicit
acceptance
of
the
structure.
It
is
also
uncertain
whether
the
contractual
arrangements,
which
may
be
subject
to
conflicts
of
interest
between
the
legal
owners
of
the
VIE
and
foreign
investors,
would
be
enforced
by
Chinese
courts
or
arbitration
bodies.
Prohibitions
of
these
structures
by
the
Chinese
government,
or
the
inability
to
enforce
such
contracts,
from
which
the
shell
company
derives
its
value,
would
likely
cause
the
VIE-structured
holding(s)
to
suffer
significant,
detrimental,
and
possibly
permanent
losses,
and
in
turn,
adversely
affect
the
Fund’s
returns
and
net
asset
value.
8.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
June
30,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Templeton
Global
Balanced
Fund
32,900,733
a
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13
-
2/01/17
$
81,025
$
—
4,646,498
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
3,450
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$84,475
$—
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
9.
Other
Derivative
Information
At
June
30,
2024,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
For
the
period
ended
June
30,
2024,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
June
30,
2024,
the
average
month
notional
amount
of
options represented
$16,139,286.
The
average
month
end
contract
value
of
forward
exchange
contracts
was $93,370,466.
See
Note
1(c) regarding
derivative
financial
instruments.
See
Abbreviations
on
page
33
.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$—
as
of
June
30,
2024.
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
$
173,182
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
1,973,682
Total
....................
$173,182
$1,973,682
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:
Swap
contracts
$—
Swap
contracts
$—
Foreign
exchange
contracts
.....
Investments
(178,868)
a
Investments
66,469
a
Written
options
100,227
Written
options
27,970
Forward
exchange
contracts
(2,916,801)
Forward
exchange
contracts
(4,272,114)
Total
.......................
$(2,995,442)
$(4,177,675)
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
in
the
Statement
of
Operations.
8.
Restricted
Securities
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
Templeton
Global
Balanced
Fund
(continued)
10.
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
January
31,
2025.
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,
2024,
the Fund
did
not
use
the
Global
Credit
Facility.
11.
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,
2024,
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
...............................
$
—
$
8,474,478
$
—
$
8,474,478
Germany
.............................
—
13,211,805
—
13,211,805
Hungary
.............................
2,810,215
—
—
2,810,215
Japan
...............................
—
18,607,654
—
18,607,654
Netherlands
...........................
—
2,509,440
—
2,509,440
South
Africa
...........................
—
—
—
a
—
South
Korea
..........................
—
13,650,820
—
13,650,820
Switzerland
...........................
—
1,811,216
—
1,811,216
Taiwan
...............................
—
5,360,665
—
5,360,665
United
Kingdom
........................
4,837,200
26,263,241
—
31,100,441
United
States
..........................
61,449,368
9,506,619
—
70,955,987
Corporate
Bonds
........................
—
—
—
a
—
Foreign
Government
and
Agency
Securities
....
—
125,200,010
—
125,200,010
U.S.
Government
and
Agency
Securities
.......
—
3,922,082
—
3,922,082
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
3,820,416
13,248,663
—
17,069,079
Total
Investments
in
Securities
...........
$72,917,199
$241,766,693
b
$—
$314,683,892
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
(unaudited)
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.
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
Global
Balanced
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Short
Term
Investments
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$173,182
$—
$173,182
Total
Other
Financial
Instruments
.........
$—
$173,182
$—
$173,182
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
1,973,682
$
—
$
1,973,682
Total
Other
Financial
Instruments
.........
$—
$1,973,682
$—
$1,973,682
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$99,395,938,
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.
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
Selected
Portfolio
ADR
American
Depositary
Receipt
PIK
Payment-In-Kind
Cu
r
rency
AUD
Australian
Dollar
BRL
Brazilian
Real
COP
Colombian
Peso
EGP
Egyptian
Pound
EUR
Euro
GHS
Ghanaian
Cedi
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
UYU
Uruguayan
Peso
ZAR
South
African
Rand
11.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Templeton
Global
Balanced
Fund
(Fund)
At
an
in-person
meeting
held
on
May
22,
2024
(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
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
each
Management
Agreement.
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
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
each
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
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.
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Templeton
Global
Investment
Trust
In
approving
the
continuance
of
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined,
through
the
exercise
of
its
business
judgment,
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
the
ongoing
integration
of
the
Putnam
family
of
funds
into
the
FT
family
of
funds
and
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
continued
reassessment
of
the
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
as
well
as
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,
including
its
initiative
to
create
a
new
enterprise-wide
artificial
intelligence
platform.
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,
2023.
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
are
classified
as
mid-target
allocation
moderate
funds
and
with
greater
than
10%
exposure
to
non-US
fixed
income.
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,
but
for
the
three-year
period
was
below
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Customized
Peer
Group.
The
Board
further
noted
that
the
Fund’s
annualized
total
return
for
the
one-year
period
was
above
the
medians
of
its
Performance
Universe
and
Performance
Customized
Peer
Group,
but
for
the
three-,
five-
and
10-year
periods
was
below
the
medians
of
its
Performance
Universe
and
Performance
Customized
Peer
Group.
Templeton
Global
Investment
Trust
The
Board
discussed
this
performance
with
management
and
management
explained
that
peers
in
both
the
Performance
Universe
and
Performance
Customized
Peer
Group
generally
maintained
substantially
greater
credit/spread
sector
allocations,
greater
US
dollar
exposures,
and
longer
portfolio
durations
than
the
Fund’s
fixed
income
sleeve,
which
adversely
impacted
the
Fund’s
performance.
Management
further
explained
that
the
Fund’s
equity
sleeve
had
a
lower
allocation,
on
average,
to
the
US
versus
its
performance
peers,
which
also
adversely
impacted
performance
as
US
securities
outperformed
non-US
securities
in
recent
years.
Management
also
explained
that
stock
selection
and
an
underweight
in
the
information
technology
sector
detracted
from
relative
performance
for
the
one-,
three-
and
five-year
periods.
Management
discussed
with
the
Board
the
actions
that
are
being
taken/have
been
taken
in
an
effort
to
improve
the
overall
performance
of
the
Fund,
including
changes
to
security
exposures
in
the
equity
sleeve
and
enhancements
arising
out
of
a
review
of
the
business
and
investment
process.
The
Board
noted
management’s
confidence
in
the
current
portfolio
positioning
of
the
Fund.
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.
determination.
The
Board
concluded
that
the
Fund’s
performance
was
acceptable.
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
for
other
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
six
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
Fund
is
the
second
smallest
fund
by
assets
under
management
in
its
Expense
Group
and
therefore
its
fixed
costs
have
a
higher
impact
on
a
basis
point
basis,
driving
overall
Fund
total
expenses
higher.
The
Board
noted
that
the
Fund’s
Management
Rate
was
reduced
by
10
basis
points
at
each
breakpoint
tier
in
2023.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
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,
2023,
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
Templeton
Global
Investment
Trust
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
an
independent
registered
public
accounting
firm
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
noted
that
the
Fund
had
experienced
a
significant
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
a
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
each
Management
Agreement
for
an
additional
one-year
period.
©
2024
Franklin
Templeton.
All
rights
reserved.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.
Item 16. Controls and Procedures.
(a) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.
N/A
Item 18. Recovery of Erroneously Awarded Compensation.
(a) N/A
(b) N/A
Item 19. Exhibits.
(a) (1) N/A
(a) (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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/ CHRISTOPHER KINGS | |
| | Christopher Kings | |
| | Chief Executive Officer - Finance and Administration |
| | |
| Date | August 29, 2024 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | /S/ CHRISTOPHER KINGS | |
| | Christopher Kings | |
| | Chief Executive Officer - Finance and Administration |
| | |
| Date | August 29, 2024 | |
| By | /S/ JEFFREY WHITE | |
| | Jeffrey White | |
| | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| | |
| Date | August 29, 2024 | |
