UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08226
Templeton Global Investment Trust
(Exact name of registrant as specified in charter)
300 S.E. 2nd Street
, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices) (Zip code)
Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant's telephone number, including area code: (954) 527-7500_
Date of fiscal year end: _12/31__
Date of reporting period: 12/31/20_
Item 1. Reports to Stockholders.
a.)
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)
b.)
A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable.
Annual
Report
and
Shareholder
Letter
Templeton
Global
Balanced
Fund
A
Series
of
Templeton
Global
Investment
Trust
December
31,
2020
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up
for
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delivery
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Not
part
of
the
annual
report
1
SHAREHOLDER
LETTER
Dear
Shareholder:
During
the
12
months
ended
December
31,
2020,
the
novel
coronavirus
pandemic
hindered
the
global
economy.
Starting
in
March,
worldwide
efforts
to
slow
the
infection
rate
thwarted
global
economic
activity,
and
central
banks
acted
swiftly
to
maintain
financial
stability.
The
U.S.
Federal
Reserve
enacted
emergency
rate
cuts
and
authorized
open-
ended
purchasing
of
government-backed
and
corporate
bonds
to
bolster
markets,
and
the
European
Central
Bank’s
Pandemic
Emergency
Purchase
Programme
included
private
and
public
sector
securities.
These
measures
helped
U.S.
and
eurozone
economic
growth
to
resume
in
2020’s
third
quarter
after
two
quarters
of
contraction.
In
this
environment,
global
developed
and
emerging
market
stocks,
as
measured
by
the
MSCI
All
Country
World
Index,
posted
a
+16.82%
total
return.
1
Global
government
and
corporate
bonds,
as
measured
by
the
Bloomberg
Barclays
Multiverse
Index,
posted
a
+9.02%
total
return.
1
We
are
committed
to
our
long-term
perspective
and
disciplined
investment
approach
as
we
conduct
a
rigorous,
fundamental
analysis
of
securities
with
a
regular
emphasis
on
investment
risk
management.
Historically,
patient
investors
have
achieved
rewarding
results
by
evaluating
their
goals,
diversifying
their
assets
globally
and
maintaining
a
disciplined
investment
program,
all
hallmarks
of
the
Templeton
investment
philosophy.
We
continue
to
recommend
investors
consult
their
financial
advisors
and
review
their
portfolios
to
design
a
long-term
strategy
and
portfolio
allocation
that
meet
their
individual
needs,
goals
and
risk
tolerance.
Templeton
Global
Balanced
Fund’s
annual
report
includes
more
detail
about
prevailing
conditions
and
a
discussion
about
investment
decisions
during
the
period.
Please
remember
all
securities
markets
fluctuate,
as
do
mutual
fund
share
prices.
We
thank
you
for
investing
with
Franklin
Templeton,
welcome
your
questions
and
comments,
and
look
forward
to
serving
your
investment
needs
in
the
years
ahead.
Sincerely,
Alan
Bartlett
Chief
Investment
Officer
Templeton
Equity
Group
This
letter
reflects
our
analysis
and
opinions
as
of
December
31,
2020
,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Annual
Report
2
Contents
Annual
Report
Templeton
Global
Balanced
Fund
3
Performance
Summary
11
Your
Fund’s
Expenses
14
Consolidated
Financial
Highlights
and
Consolidated
Statement
of
Investments
15
Consolidated
Financial
Statements
38
Notes
to
Consolidated
Financial
Statements
43
Report
of
Independent
Registered
Public
Accounting
Firm
61
Tax
Information
62
Board
Members
and
Officers
63
Shareholder
Information
68
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Templeton
Global
Balanced
Fund
This
annual
report
for
Templeton
Global
Balanced
Fund
covers
the
fiscal
year
ended
December
31,
2020
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
both
income
and
capital
appreciation.
Under
normal
market
conditions,
the
Fund
invests
in
a
diversified
portfolio
of
debt
and
equity
securities
worldwide.
The
Fund
normally
invests
at
least
25%
of
its
assets
in
fixed
income
securities
and
at
least
25%
of
its
assets
in
equity
securities.
The
Fund’s
equity
component
generally
consists
of
primarily
of
common
stocks
of
companies
from
a
variety
of
industries
located
anywhere
in
the
world,
including
developing
markets,
that
offer
or
could
offer
the
opportunity
to
realize
capital
appreciation
and/or
attractive
dividend
yields.
The
Fund’s
fixed
income
component
primarily
consists
of
developed
and
developing
country
corporate,
agency
and
government
bonds
and
investment-grade
and
below
investment-grade
corporate
debt
securities
that
offer
the
opportunity
to
realize
income.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+1.49%
cumulative
total
return
for
the
12
months
under
review.
In
comparison,
the
MSCI
All
Country
World
Index
(ACWI)
posted
a
+16.82%
total
return
and
the
Bloomberg
Barclays
Multiverse
Index
posted
a
+9.02%
total
return.
1
For
the
same
period,
the
Custom
50%
MSCI
ACWI
+
50%
Bloomberg
Barclays
Multiverse
Index
(Blended
Benchmark),
posted
a
+13.52%
cumulative
total
return.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
11
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Economic
and
Market
Overview
Global
developed
and
emerging
market
equities,
as
measured
by
the
MSCI
All
Country
World
Index
(USD),
posted
a
+16.82%
total
return
for
the
12
months
ended
December
31,
2020.
1
Stocks
fell
sharply
in
early
2020
as
many
investors
sold
equities
amid
fears
of
a
global
economic
slowdown
due
to
the
novel
coronavirus
(COVID-19)
pandemic.
Global
equities
began
to
rebound
in
late
March
2020
amid
optimism
about
easing
lockdown
restrictions,
vaccine
and
treatment
development
and
economic
stimulus
measures.
Despite
declines
in
September
and
October
due
to
geopolitical
tensions
and
rising
infection
rates,
markets
rebounded
in
November
and
December,
as
positive
sentiment
about
successful
trials
of
COVID-19
vaccines,
the
beginning
of
vaccination
programs
in
some
countries
and
apparent
resolution
of
political
uncertainty
supported
markets.
In
the
U.S.,
pandemic-related
restrictions
caused
stiff
economic
headwinds,
including
mass
layoffs
that
drove
the
unemployment
rate
to
14.8%
in
April
2020.
2
According
to
the
National
Bureau
of
Economic
Research,
the
longest
U.S.
economic
expansion
in
history
ended
in
February,
and
the
country
slipped
into
a
deep
recession.
Equities
began
to
rebound
in
the
spring
amid
the
government’s
fiscal
and
monetary
stimulus,
declining
jobless
claims,
rising
retail
sales
and
optimism
about
treatments
and
potential
vaccines
for
COVID-19.
Following
a
record
annualized
decline
in
second-quarter
gross
domestic
product
(GDP),
resilient
consumer
spending
helped
drive
third-quarter
GDP
to
expand
at
a
record
annualized
rate,
although
growth
slowed
in
the
fourth
quarter.
Equities
continued
to
rise
during
the
summer
but
declined
in
the
fall
due
to
concerns
about
possible
new
restrictions
amid
rising
COVID-19
infection
Portfolio
Composition
12/31/20
%
of
Total
Net
Assets
Common
Stocks
57.3%
Foreign
Government
and
Agency
Securities
24.1%
U.S.
Government
and
Agency
Securities
3.3%
Short-Term
Investments
&
Other
Net
Assets
15.3%
1.
Source:
Morningstar.
The
Fund’s
Blended
Benchmark
was
calculated
internally
and
rebalanced
monthly.
The
indexes
are
unmanaged
and
include
reinvestment
of
any
income
or
distributions.
They
do
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
2.
Source:
U.S.
Bureau
of
Labor
Statistics.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Consolidated
Statement
of
Investments
(SOI).
The
Consolidated
SOI
begins
on
page
22
.
Templeton
Global
Balanced
Fund
4
franklintempleton.com
Annual
Report
rates
and
uncertainties
about
additional
fiscal
stimulus
and
the
U.S.
presidential
election.
Despite
signs
that
the
economic
recovery
was
stalling
as
the
unemployment
rate
remained
relatively
high
(6.7%
at
period-end)
and
consumer
spending
declined,
stocks
rallied
in
November
and
December,
buoyed
by
the
outcome
of
the
U.S.
presidential
election,
the
start
of
COVID-19
vaccination
programs
and
the
passage
of
a
new
U.S.
stimulus
bill.
2
In
an
effort
to
support
the
economy,
the
U.S.
Federal
Reserve
(Fed)
lowered
the
federal
funds
target
rate
to
a
range
of
0.00%–0.25%
in
March
2020.
The
Fed
also
enacted
quantitative
easing
measures
aimed
at
ensuring
credit
flows
to
borrowers
and
supporting
credit
markets
with
open-
ended
bond
purchasing.
Furthermore,
the
Fed
signaled
that
interest
rates
would
potentially
remain
low,
even
if
inflation
moderately
exceeded
its
2%
target.
In
the
eurozone,
the
economy
contracted
again
in
the
fourth
quarter
of
2020,
following
quarter-on-quarter
expansion
in
the
third
quarter
and
contractions
in
the
first
and
second
quarters.
After
several
months
of
gains
due
to
easing
restrictions
and
robust
stimulus
measures,
European
developed
market
equities,
as
measured
by
the
MSCI
Europe
Index
(USD),
declined
in
September
and
October
as
rising
infection
rates
heightened
investor
concerns
that
the
nascent
economic
revival
could
stall.
Nevertheless,
successful
vaccine
development
and
a
Brexit
resolution
supported
European
developed
market
equities,
as
measured
by
the
MSCI
Europe
Index
(USD)
to
post
a
+5.93%
total
return
for
the
period.
1
Asian
developed
and
emerging
market
equities,
as
measured
by
the
MSCI
All
Country
Asia
Index
(USD),
posted
a
+21.30%
total
return
for
the
12
months
under
review.
1
Although
pandemic-related
lockdowns
derailed
economic
growth
in
early
2020,
sharp
market
declines
were
followed
by
rebounds
as
China’s
economy,
a
key
driver
of
the
region’s
economic
activity,
recovered
from
the
contraction
in
the
first
quarter
and
expanded
during
the
rest
of
2020.
Asian
stocks
rose
as
the
region’s
economies
reopened,
aided
by
robust
stimulus
measures
and
optimism
that
economic
revitalization
would
be
further
spurred
by
COVID-19
vaccines.
Global
emerging
market
stocks,
as
measured
by
the
MSCI
Emerging
Markets
Index
(USD),
posted
a
+18.69%
total
return
for
the
period,
despite
steep
pandemic-related
declines
in
early
2020,
benefiting
from
improving
economic
activity,
stabilizing
oil
prices
and
U.S.
dollar
weakness.
1
In
spite
of
higher
COVID-19
cases
in
some
countries,
emerging
market
stocks
rallied
near
the
end
of
2020,
bolstered
by
easing
political
uncertainty,
commencement
of
COVID-19
vaccinations
and
rising
commodity
prices.
The
12-month
period
ended
December
31,
2020,
started
optimistically,
as
a
phase
one
trade
deal
between
the
U.S.
and
China
appeared
to
bolster
market
sentiment,
driving
risk
asset
valuations
higher
in
several
markets
across
the
globe.
However,
conditions
changed
radically
and
rapidly
by
late
February,
as
the
novel
coronavirus
(COVID-19)
pandemic
upended
economies
and
financial
markets
around
the
world.
Lockdown
orders
from
governments
trying
to
“flatten
the
curve”
(i.e.,
stem
the
rate
of
infection)
ultimately
brought
entire
countries,
regions
and
continents
to
an
economic
standstill
in
March
and
April.
The
speed
and
pervasiveness
of
the
economic
shocks
were
unprecedented.
There
is
no
historical
comparison
for
the
magnitude
of
aggregate
demand
that
was
destroyed,
nor
the
magnitude
of
job
losses
in
such
a
compressed
timescale.
Risk
aversion
rapidly
escalated
to
crisis
levels
and
deepened
throughout
March,
driving
correlations
to
1.0
across
multiple
asset
classes
as
investors
shed
risk
and
moved
into
perceived
safe
havens.
Credit
markets
experienced
substantial
price
volatility,
with
the
lower-rated
credit
tiers
bearing
the
brunt
of
the
selloffs.
The
U.S.
Federal
Reserve
(Fed)
responded
quickly
to
the
deepening
crisis
with
two
emergency
rate
cuts
in
March,
the
second
of
which
dropped
the
federal
funds
target
rate
100
basis
points
(bps)
to
the
zero
bound
that
was
used
during
the
2008
global
financial
crisis
(GFC).
The
Fed
also
cut
reserve
requirements
and
encouraged
financial
institutions
to
borrow
directly
from
the
discount
window.
Growing
liquidity
strains
throughout
financial
markets
in
March
prompted
the
Fed
to
restart
liquidity
programs
that
had
been
created
during
the
GFC,
such
as
the
Commercial
Paper
Funding
Facility
and
the
Primary
Dealer
Credit
Facility.
On
March
23,
the
Fed
took
its
financial
market
interventions
beyond
the
scope
of
the
GFC
programs
by
creating
corporate
lending
programs,
and
announcing
its
intentions
to
support
lending
to
small-
and
medium-sized
businesses
through
the
newly
created
Main
Street
Business
Lending
Program.
The
Fed
also
pledged
to
buy
unlimited
government
bonds,
abandoning
the
previous
quantitative
easing
(QE)
targets
it
had
announced
a
week
earlier
on
March
15.
The
heightened
demand
for
U.S.
dollars
(USD)
around
the
world
also
led
the
Fed
to
expand
its
liquidity
swaps
program
with
foreign
central
banks
beyond
the
five
banks
in
its
standing
facility.
On
the
U.S.
fiscal
side,
Congress
passed
the
CARES
Act
(Coronavirus
Aid,
Relief,
and
Economic
Security)
on
March
27,
a
USD$2.2
trillion
fiscal
relief
program
designed
to
provide
loans
to
businesses,
income
support
Templeton
Global
Balanced
Fund
5
franklintempleton.com
Annual
Report
and
unemployment
benefits
to
individuals,
and
funding
for
hospitals
and
public
health
services.
It
was
the
largest
economic
relief
bill
in
U.S.
history.
In
Europe,
the
European
Central
Bank
(ECB)
unveiled
the
€750
billion
Pandemic
Emergency
Purchase
Programme
(PEPP)
in
an
unscheduled
mid-week
announcement
on
March
18.
ECB
President
Christine
Lagarde
commented
that,
“there
are
no
limits
to
our
commitment
to
the
euro.
We
are
determined
to
use
the
full
potential
of
our
tools,
within
our
mandate.”
PEPP
appeared
geared
to
support
the
more
vulnerable
states,
as
the
program
has
unprecedented
flexibility
to
buy
a
wide
range
of
eligible
securities,
including
Greek
and
Italian
sovereign
debt,
as
well
as
corporate
commercial
paper.
The
European
Commission
passed
its
€750
billion
recovery
fund
in
July,
which
was
largely
viewed
by
markets
as
a
major
step
towards
greater
fiscal
solidarity
across
the
euro
area.
In
the
second
quarter
of
2020,
global
financial
markets
rebounded
from
the
extreme
lows
in
March,
as
extraordinary
measures
from
central
banks
and
governments
appeared
to
improve
market
confidence.
Additionally,
regional
economies
began
to
incrementally
reopen
and
the
improving
economic
data
appeared
to
bolster
optimism
that
the
worst
of
the
economic
shocks
had
passed.
Risk
assets
rallied
and
credit
spreads
tightened
in
many
sectors
during
the
second
quarter,
returning
to
levels
last
seen
in
early
March
and
late
February.
Those
trends
largely
extended
through
July
and
August
as
strengthening
economic
activity
and
profound
policy
interventions
continued
to
fuel
rallies
across
global
financial
markets
through
much
of
the
summer.
However,
many
risk
assets
appeared
detached
from
underlying
economic
fundamentals
due
to
extraordinary
monetary
policies.
Risk
assets
eventually
pulled
back
from
their
summer
high
points
in
September
2020,
as
rising
cases
of
COVID-19
appeared
to
concern
investors,
particularly
as
areas
of
Europe
and
Asia
returned
to
various
mobility
restrictions.
Developed
market
sovereign
bond
yields
fluctuated
during
the
summer
months,
rising
on
reflation
expectations
but
dropping
in
September
as
broad
risk
aversion
returned
to
global
financial
markets.
Additionally,
economic
recoveries
in
many
regions
showed
signs
of
levelling
off
in
August
and
September,
demonstrating
that
the
improvements
in
the
late
spring
and
summer
months
were
rebounds
from
the
extreme
low
points
in
March
and
April,
not
trends
that
could
be
extrapolated
through
upcoming
quarters.
Yoshihide
Suga
was
confirmed
as
the
new
prime
minister
of
Japan
on
September
16,
following
Shinzo
Abe's
resignation
on
August
28.
Abe
had
been
prime
minister
since
December
2012.
We
expected
political
continuity
in
the
near
term,
as
Suga
is
an
Abe
loyalist
who
was
often
credited
with
pushing
through
many
of
Abe’s
critical
domestic
reforms.
In
October
2020,
“risk-on”
sentiment
initially
returned
to
global
financial
markets,
with
risk
assets
rallying
during
the
first
couple
weeks
of
the
month
before
broad
risk
aversion
sharply
returned,
leading
to
significant
price
adjustments
in
various
credit
sectors
during
the
second
half
of
the
month.
Investors
appeared
concerned
over
resurgent
waves
of
COVID-19
cases
around
the
world.
Market
sentiments
ultimately
improved
in
November
on
apparent
optimism
over
promising
vaccine
trials
and
prospects
for
a
potential
global
economic
recovery
in
2021.
Risk
assets
finished
the
final
months
of
the
year
on
broad-based
rallies
as
initial
vaccine
distributions
commenced.
However,
market
optimism
in
the
fourth
quarter
ran
in
stark
contrast
to
the
worsening
pandemic,
as
COVID-19
infections
surged
to
record
levels
in
areas
of
Europe,
the
U.S.
and
Latin
America
in
the
waning
months
of
the
year,
with
a
highly
contagious
variant
of
the
virus
surfacing
in
dozens
of
countries.
The
harsh
realities
of
a
worldwide
health
crisis
and
deepening
economic
hardship
continued
to
have
profound
consequences
for
lives
and
livelihoods
around
the
world.
Geographic
Composition
12/31/20
%
of
Total
Net
Assets
United
States
27.2%
South
Korea
9.6%
Japan
6.6%
United
Kingdom
5.2%
Germany
4.9%
Mexico
4.7%
India
3.2%
China
2.4%
Brazil
2.2%
Indonesia
2.0%
Spain
2.0%
Netherlands
1.9%
Hong
Kong
1.7%
Taiwan
1.6%
Argentina
1.6%
Ghana
1.6%
Luxembourg
1.4%
Ireland
1.3%
Colombia
1.1%
Other
2.5%
Short-Term
Investments
&
Other
Net
Assets
15.3%
Templeton
Global
Balanced
Fund
6
franklintempleton.com
Annual
Report
In
late
December
2020,
the
U.S.
government
passed
a
USD$900
billion
support
package
that
extended
unemployment
benefits
until
mid-March
2021
and
provides
one-time
relief
payments
of
USD$600
to
most
citizens.
Additional
fiscal
stimulus
appeared
likely
with
the
upcoming
change
in
the
U.S.
government.
The
Fed
continued
to
maintain
low
rates
as
well
as
its
emergency
support
program
from
March
through
the
end
of
the
year,
continuously
reaffirming
its
commitment
to
use
its
“full
range
of
tools
to
support
the
U.S.
economy”
at
each
policy
meeting.
The
ECB
also
kept
monetary
policy
unchanged
through
the
end
of
the
year,
with
the
main
refinancing
operations
rate
remaining
at
0.0%,
and
the
main
deposit
facility
rate
remaining
at
-0.5%.
The
ECB
increased
the
size
of
the
PEPP
program
to
€1.85
trillion
in
December,
after
previously
raising
it
to
€1.35
trillion
in
June.
The
U.K.
and
the
European
Union
also
settled
on
final
terms
for
post-Brexit
trade
agreements
in
the
last
week
of
the
year.
The
Bank
of
Japan
(BOJ)
also
made
no
changes
to
its
rates
policy
in
2020.
Overnight
interest
rates
remained
at
-0.1%
and
the
yield
target
on
the
10-year
Japanese
government
bond
remained
at
0.0%.
In
the
second
quarter,
the
BOJ
removed
QE
caps
and
quadrupled
the
size
of
its
corporate
debt
purchases.
It
also
increasingly
focused
on
ensuring
businesses
had
ample
access
to
capital
through
various
loan
programs,
increasing
its
lending
program
to
USD$1
trillion.
However,
despite
the
BOJ's
efforts
to
drive
inflation
higher
during
the
Abenomics
era,
deflationary
pressures
returned,
with
core
inflation
dropping
to
-0.4%
year-over-
year
in
August
and
falling
further
to
-0.9%
in
November.
The
BOJ
announced
in
December
that
it
had
launched
a
comprehensive
review
of
its
monetary
framework,
scheduled
to
arrive
in
March
2021.
We
continued
to
expect
the
Japanese
yen
to
appreciate
against
the
USD
during
the
period,
on
stable
rate
differentials
and
Japan’s
strong
external
balance.
Nearly
every
country
in
the
world
declared
some
form
of
fiscal
response
to
the
economic
crisis
in
2020,
with
most
countries
pursuing
programs
that
went
beyond
the
measures
they
deployed
during
the
GFC.
Debt-to-GDP
(gross
domestic
product)
ratios
have
risen
significantly
in
just
about
every
country.
On
the
monetary
front,
many
central
banks
aggressively
cut
policy
rates,
with
several
indicating
they
intend
to
respond
to
ongoing
economic
adversity
with
additional
accommodation
as
needed.
During
the
12-month
period,
Brazil
cut
rates
by
250
bps
to
2.00%,
Colombia
cut
rates
by
250
bps
to
1.75%,
Mexico
cut
rates
by
300
bps
to
4.25%,
Indonesia
cut
rates
by
125
bps
to
3.75%,
and
India
cut
rates
by
115
bps
to
4.00%.
In
global
bond
markets,
the
yield
on
the
10-year
U.S.
Treasury
(UST)
note
finished
the
period
100
bps
lower,
at
0.92%,
ranging
from
a
pre-pandemic
high
of
1.92%
on
January
1
to
an
all-time
low
of
0.51%
on
August
4.
The
yield
on
the
10-year
German
Bund
finished
the
year
38
bps
lower
at
-0.57%,
ranging
from
a
pre-pandemic
high
of
-0.19%
on
January
13
to
an
all-time
low
of
-0.86%
on
March
9,
during
peak
financial
market
shocks.
Sovereign
bond
yields
also
declined
in
several
countries
on
ongoing
monetary
accommodation
during
the
year,
notably
including
much
of
Latin
America
and
Asia,
particularly
Brazil,
Mexico,
Indonesia
and
India.
In
currency
markets,
the
USD
initially
strengthened
in
March
on
tremendous
demand
for
U.S.
dollars
during
the
financial
market
shocks,
but
then
entered
a
broad-based
weakening
pattern
in
mid-May
that
largely
persisted
through
the
end
of
December.
Many
developed
market
and
emerging
market
currencies
alike
strengthened
against
the
USD
over
the
final
seven
months
of
the
year.
In
credit
markets,
spreads
widened
substantially
during
peak
financial
market
volatility
in
February
and
March,
but
progressively
tightened
from
April
through
December,
with
several
sovereign
and
corporate
sectors
finishing
the
year
at
pre-pandemic
levels.
Investment
Strategy
We
search
for
undervalued
or
out-of-favor
debt
and
equity
securities
and
for
equity
securities
that
offer
or
may
offer
current
income.
When
choosing
equity
securities
for
the
Fund,
we
use
a
fundamental
research,
value-oriented,
long-term
approach,
focusing
on
the
market
price
of
a
security
relative
to
our
evaluation
of
the
company’s
long-
term
earnings,
asset
value
and
cash
flow
potential,
as
reflected
by
various
metrics.
Because
this
is
a
global
fund,
we
analyze
global
economic
trends
to
identify
global
macro
trends
(for
example,
regions
with
strong
economic
growth),
and
evaluate
market
inefficiencies
to
identify
investment
opportunities
stemming
from
market
mispricings.
When
choosing
fixed
income
investments
for
the
Fund,
we
perform
an
independent
analysis
of
the
securities
being
considered
for
the
Fund’s
portfolio,
rather
than
relying
principally
on
their
ratings
assigned
by
rating
agencies,
as
well
as
an
assessment
of
the
potential
impacts
of
material
environmental,
social
and
governance
(ESG)
factors
on
the
long-term
risk
and
return
profile
of
a
country.
In
our
analysis
of
corporate
debt
securities,
we
consider
a
variety
of
factors,
including
a
company’s
experience
and
managerial
strength;
responsiveness
to
changes
in
interest
rates
and
business
conditions;
debt
maturity
schedules
and
borrowing
requirements;
a
company’s
changing
financial
condition
and
market
recognition
of
the
change;
and
a
security’s
relative
Templeton
Global
Balanced
Fund
7
franklintempleton.com
Annual
Report
value
based
on
such
factors
as
anticipated
cash
flow,
interest
or
dividend
coverage,
asset
coverage
and
earnings
prospects.
With
respect
to
sovereign
debt
securities,
we
consider
market,
political
and
economic
conditions,
and
evaluate
interest
and
currency
exchange
rate
changes
and
credit
risks.
We
regularly
enter
into
currency-related
transactions
involving
certain
derivative
instruments,
including
currency
and
cross
currency
forwards,
but
we
may
also
use
other
derivative
instruments,
to
provide
a
hedge
against
risks
associated
with
other
securities
held
in
the
Fund
or
to
implement
a
currency
investment
strategy.
The
use
of
these
derivative
transactions
may
allow
the
Fund
to
obtain
net
long
or
net
short
exposures
to
selected
currencies,
interest
rates,
countries,
durations
or
credit
risks,
and
may
be
used
for
hedging
or
investment
purposes.
Manager’s
Discussion
We
continued
to
allocate
in
favor
of
equities
during
the
period
as
we
sought
to
take
advantage
of
valuation
opportunities
within
emerging
market
equities.
Within
fixed
income,
we
sought
to
take
advantage
of
valuation
opportunities
in
emerging
market
countries
with
favorable
growth
prospects,
low
indebtedness
and
higher
reserves.
Equity
Despite
a
rally
in
the
fourth
quarter,
international
value
stocks
dramatically
underperformed
international
growth
stocks
in
2020.
In
this
environment,
the
equity
portion
underperformed
the
equity
benchmark
for
the
period,
primarily
due
to
stock
selection
and
an
overweighting
in
the
financials
sector,
stock
selection
in
the
communication
services
sector,
and
stock
selection
and
an
underweighting
in
the
information
technology
(IT)
sector.
Citigroup,
one
of
the
largest
and
most
internationally
exposed
U.S.
banks,
was
the
most
significant
relative
detractor
in
the
financials
sector.
We
liquidated
our
position
in
the
bank
after
an
unexpected
Fed
consent
order
over
a
shortfall
in
internal
controls,
which
prompted
an
unexpected
chief
executive
officer
(CEO)
change.
We
believe
the
new
CEO
is
likely
to
take
a
fresh
look
at
strategic
options
and
spend
whatever
is
necessary
to
meet
the
satisfaction
of
regulators.
Indeed,
the
chief
financial
officer
has
already
announced
significant
new
expenses
in
2021.
In
our
view,
the
risks
and
uncertainty
have
increased
for
a
bank
operating
in
a
sector
where
uncertainty
is
already
high.
In
the
communication
services
sector,
Luxembourg-based
satellite
operator
SES
detracted
from
relative
performance.
The
company
reported
weaker-than-expected
fourth-quarter
2019
results
and
lowered
2020
fiscal
year
revenue
and
earnings
guidance
due
to
lower-than-expected
revenue
growth
in
its
video
business
and
slowing
growth
in
its
networks
business.
Management
also
substantially
cut
the
dividend,
citing
the
need
to
protect
its
investment-grade
debt
rating.
We
exited
the
position
during
the
period
to
invest
in
what
we
viewed
to
be
more
compellingly
valued
opportunities.
In
IT,
relative
returns
were
hurt
primarily
by
our
avoidance
of
what
we
viewed
as
expensive
momentum
stocks.
The
internet
platform
and
consumer
companies
that
have
been
leading
the
market
are
major
beneficiaries
of
the
“stay-
at-home”
economy
and
have
been
performing
extremely
well
in
a
low
interest
rate,
growth-starved
environment.
At
Templeton,
our
goal
is
to
buy
high-quality
companies
at
the
right
price
because
the
risk/reward
balance
is
asymmetric.
Relatively
low
share
price
creates
a
margin
of
safety
on
the
downside,
while
scope
for
fundamental
improvement
and
multiple
expansion
increases
upside
potential.
However,
our
focus
on
buying
what
we
assess
as
future
winners
at
reasonable
prices
has
been
out
of
favor
in
a
market
willing
to
pay
ever
higher
prices
for
established
leaders.
As
a
result,
performance
continued
to
be
pressured
more
by
what
we
don’t
own
(the
so-called
FAANG
stocks—Facebook,
Amazon,
Apple,
Netflix,
Google—and
their
international
counterparts)
than
what
we
do.
In
contrast,
stock
selection
and
overweightings
in
the
materials
and
industrials
sectors
contributed
to
relative
performance,
as
did
stock
selection
and
an
underweighting
in
the
consumer
staples
sector.
In
materials,
Freeport-McMoRan
contributed
to
relative
results.
Shares
of
the
U.S.
miner—the
world’s
largest
copper
producer
and
a
major
producer
of
gold—rallied
over
the
summer
as
copper
prices
rose
to
the
highest
level
in
over
two
years
and
gold
hit
an
all-time
nominal
high.
The
firm
recently
announced
a
well-received
austerity
plan
to
help
weather
this
period
of
uncertainty,
including
capital
expenditure
reduction,
executive
pay
cuts
and
a
suspension
Top
Five
Equity
Holdings
12/31/20
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Samsung
Electronics
Co.
Ltd.
1.7%
Technology
Hardware,
Storage
&
Peripherals
,
South
Korea
Berkshire
Hathaway,
Inc.
1.7%
Diversified
Financial
Services
,
United
States
Comcast
Corp.
1.7%
Media
,
United
States
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
1.6%
Semiconductors
&
Semiconductor
Equipment
,
Taiwan
AIA
Group
Ltd.
1.6%
Insurance
,
Hong
Kong
Templeton
Global
Balanced
Fund
8
franklintempleton.com
Annual
Report
of
the
dividend.
We
have
maintained
healthy
exposure
to
the
stock
given
relatively
tight
supply
fundamentals
in
the
copper
industry
and
above-average
production
growth
prospects
at
the
firm’s
world-class
mines.
United
Parcel
Service
(UPS),
one
of
the
world’s
largest
freight
delivery
service
companies,
was
a
significant
relative
contributor
in
the
industrials
sector.
After
numerous
years
of
consolidation
and
automation
investment,
the
industry
has
become
more
rational,
focusing
on
prioritizing
more
profitable
goods
and
services.
The
combination
of
this
industry
discipline,
higher
domestic
e-commerce
volumes
and
tighter
capacity
has
resulted
in
better-than-expected
margin
realization
and
returns.
The
market
responded
enthusiastically
to
earnings
momentum,
leading
to
positive
earnings
revisions
and
multiple
expansion
during
2020’s
third
quarter.
Management
changes,
higher
cash
generation
and
shifts
in
capital
allocation
have
also
fueled
outperformance.
Regionally,
overweightings
and
stock
selection
in
the
U.K.
and
Japan
detracted
significantly
from
relative
performance,
as
did
an
underweighting
and
stock
selection
in
the
U.S.
Conversely,
a
lack
of
exposure
to
Latin
America
contributed
to
results.
It
is
important
to
recognize
the
effect
of
currency
movements
on
the
Fund’s
performance.
In
general,
if
the
value
of
the
U.S.
dollar
goes
up
compared
with
a
foreign
currency,
an
investment
traded
in
that
foreign
currency
will
go
down
in
value
because
it
will
be
worth
fewer
U.S.
dollars.
This
can
have
a
negative
effect
on
Fund
performance.
Conversely,
when
the
U.S.
dollar
weakens
in
relation
to
a
foreign
currency,
an
investment
traded
in
that
foreign
currency
will
increase
in
value,
which
can
contribute
to
Fund
performance.
For
the
12
months
ended
December
31,
2020,
the
U.S.
dollar
rose
in
value
relative
to
many
currencies
in
which
the
Fund’s
equity
investments
were
traded.
As
a
result,
the
Fund’s
performance
was
negatively
affected
by
the
equity
portfolio’s
substantial
investment
in
securities
with
non-U.S.
currency
exposure.
Looking
ahead,
while
we
are
encouraged
by
recent
vaccine
developments
and
generally
optimistic
about
their
implications,
much
of
the
good
news
seems
discounted
by
expensive
valuations.
Low
interest
rates
may
justify
high
valuations,
but
if
the
combination
of
stimulus
and
vaccination
succeeds
in
reflating
the
global
economy,
rates
should
move
higher,
at
least
in
nominal
terms.
Governments
burdened
by
debts
they
can
never
pay
back
cannot
afford
to
let
interest
costs
spike,
leading
us
to
expect
continued
state
intervention
into
financial
markets
and
the
economy,
with
all
the
distortions
that
implies
for
pricing
signals.
The
era
of
free
markets
and
liberal
democracy
as
we
once
knew
it
is
likely
over,
in
our
view.
The
modern
policy
goal
of
engineering
a
permanent
recovery
will
prove
impossible.
Yet,
even
if
it
were
not,
the
question
remains:
recovery
to
what?
What
are
sustainable
levels
of
demand
in
an
economy
buffeted
by
the
major
structural
forces
of
deglobalization,
ageing
demographics,
accelerating
technology
adoption
and
permanent
government
intervention?
We
expect
the
push
and
pull
between
inflationary
and
deflationary
forces
to
accelerate,
cycles
to
compress
and
growth
to
be
harder
to
come
by.
That
certainly
didn’t
seem
to
be
the
case
in
2020,
when
policymakers
papered
over
a
global
catastrophe
and
managed
to
keep
the
party
going.
The
frenzy
was
evident
not
just
in
valuations,
but
also
in
the
amount
of
capital
raised
by
blank-check
firms
and
oversubscribed
initial
public
offerings,
as
well
as
the
sudden
retail
rush
into
the
stock
market.
Improved
political
clarity,
continued
stimulus
and
herd
immunity
may
become
logical
justifications
for
more
of
the
same
in
2021.
Or
it
may
simply
be
a
“buy
the
rumor,
sell
the
news”
event.
Either
way,
it
can’t
go
on
forever,
but
nor
can
we
sit
on
the
sidelines
and
wait
for
it
to
end.
Our
continued
efforts
toward
diversifying
and
upgrading
the
quality
of
the
portfolio
are
intended
to
help
us
succeed
in
the
challenging
environment
ahead.
After
all,
uncertainty
can
be
favorable
for
active
investment
managers
with
a
long-term
horizon
and
global
opportunity
set.
We
are
applying
all
our
energies
and
talents
to
uncovering
what
we
view
as
the
best
ideas
in
this
environment
and
getting
them
into
a
sensible
and
balanced
portfolio
suitable
for
a
future
of
increasing
adversity
and
complexity.
Fixed
Income
The
strategy
was
structured
around
four
key
pillars
during
much
of
the
reporting
period:
(1)
maintaining
high
liquidity
through
elevated
cash
balances
and
risk-adjusted
position
weights;
(2)
holding
long
exposures
to
perceived
safe-haven
assets
such
as
the
Japanese
yen,
Swiss
franc,
Norwegian
krone
and
Swedish
krona;
(3)
targeting
appropriate
risk-
adjusted
returns
in
a
select
subset
of
emerging
markets;
and
(4)
underweighting
overvalued
developed
fixed
income
markets,
notably
longer-term
USTs.
The
strategy
continued
to
emphasize
select
duration
exposures
in
countries
that
have
attractive
risk-adjusted
yields,
resilient
economic
fundamentals
and
prudent
fiscal
and
monetary
policies.
Several
emerging
markets
continued
to
offer
significantly
higher
yields
than
those
available
in
the
developed
markets.
The
strategy
entered
the
reporting
period
in
a
de-risked
state
as
the
investment
team
saw
elevated
global
financial
market
risks
that
it
believed
were
significantly
underappreciated
by
markets.
While
the
team
was
not
explicitly
anticipating
the
COVID-19
crisis,
it
was
concerned
that
overvalued
risk
assets
were
vulnerable
to
a
geopolitical,
economic
or
financial
market
shock.
The
team
adjusted
the
risk-sizing
Templeton
Global
Balanced
Fund
9
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Annual
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of
various
positions
and
hedged
(using
currency
forwards)
a
substantial
amount
of
local-currency
emerging
market
beta
risk
through
proxy
hedges
(net-negative
Australian
dollar)
and
direct
hedges
(Indian
rupee,
South
Korean
won,
Mexican
peso
and
Brazilian
real).
The
strategy
held
a
net-negative
position
in
the
euro
as
the
team
expected
fundamental
weakening
in
the
currency
due
to
structural
and
political
risks
in
the
eurozone,
along
with
headwinds
to
growth
and
reflation
efforts
across
Europe.
The
strategy
remained
significantly
underweighted
in
developed
market
duration,
preferring
to
hold
short-
to
intermediate-term
USTs,
while
holding
no
exposure
to
the
long
end
of
the
curve.
The
strategy
exited
its
negative
duration
exposure
to
USTs
in
the
first
quarter.
The
strategy
held
no
duration
exposure
in
the
eurozone,
and
instead
focused
on
higher-yielding
local-currency
bonds
in
specific
emerging
markets,
such
as
Brazil,
Mexico,
Colombia,
Indonesia,
India
and
Ghana.
The
team
also
continued
to
broadly
avoid
credit
sectors,
which
it
believed
were
overvalued
leading
up
to
the
crisis
and
increasingly
vulnerable
to
insolvencies
as
the
economic
crisis
progressed.
During
the
period,
the
team
used
forward
currency
exchange
contracts
to
actively
manage
currencies,
and
used
interest-rate
swaps
to
tactically
manage
duration
exposures.
During
the
period,
the
fixed
income
portion’s
negative
absolute
performance
was
primarily
due
to
currency
positions.
Interest-rate
strategies
contributed
to
absolute
results,
while
overall
credit
exposures
had
a
largely
neutral
effect.
Among
currencies,
positions
in
Latin
America
(the
Brazilian
real
and
Argentine
peso)
and
Asia
ex-Japan
(Indonesian
rupiah)
detracted
from
absolute
performance.
The
Fund’s
net-negative
positions
in
the
Australian
dollar
and
the
euro
also
detracted
from
absolute
results.
However,
the
Fund’s
net-positive
positions
in
the
Japanese
yen
and
the
Swiss
franc
contributed
to
absolute
performance,
as
did
positions
in
northern
European
currencies
(the
Norwegian
krone
and
Swedish
krona).
The
Fund
maintained
a
defensive
approach
regarding
interest
rates
in
developed
markets,
while
holding
duration
exposures
in
select
emerging
markets.
Select
duration
exposures
in
Latin
America
(Argentina
and
Mexico),
Asia
ex-Japan
(India
and
Indonesia)
and
Africa
(Ghana)
contributed
to
absolute
results,
while
negative
duration
exposure
to
USTs
during
the
first
quarter
detracted.
*Does
not
include
cash
and
cash
equivalents.
On
a
relative
basis,
the
fixed
income
portion
underperformed
the
fixed
income
benchmark
due
to
currency
positions,
followed
by
interest-rate
strategies
and
overall
credit
exposures.
Among
currencies,
overweighted
positions
in
Latin
America
(the
Brazilian
real
and
Argentine
peso)
and
Asia
ex-Japan
(Indonesian
rupiah)
detracted
from
relative
performance.
The
Fund’s
underweighted
positions
in
the
euro
and
the
Australian
dollar
also
detracted
from
relative
results.
However,
overweighted
positions
in
northern
European
currencies
(the
Norwegian
krone
and
Swedish
krona)
contributed
to
relative
performance,
as
did
the
Fund’s
overweighted
positions
in
the
Japanese
yen
and
the
Swiss
franc.
The
Fund
maintained
a
defensive
approach
regarding
interest
rates
in
developed
markets,
while
holding
duration
exposures
in
select
emerging
markets.
Underweighted
duration
exposure
in
the
U.S.
detracted
from
relative
performance,
as
did
select
underweighted
duration
exposures
in
Europe.
However,
select
overweighted
duration
exposures
in
Latin
America
(Argentina
and
Mexico),
Asia
ex-
Japan
(India
and
Indonesia)
and
Africa
(Ghana)
contributed
to
relative
results.
Among
credit
exposures,
underweighted
exposure
to
corporate
bonds
detracted
from
relative
return.
Michael
Hasenstab,
Ph.D.
Co-Lead
Portfolio
Manager
Warren
Pustam,
CFA
Co-Lead
Portfolio
Manager
Herbert
J.
Arnett,
Jr.
Portfolio
Manager
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
December
31,
2020
,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
Top
Five
Fixed
Income
Holdings
*
12/31/20
Issuer
%
of
Total
Net
Assets
a
a
Republic
of
Korea
7.9%
Government
of
Mexico
4.7%
U.S.
Treasury
Notes
3.3%
Federative
Republic
of
Brazil
2.2%
Republic
of
India
2.0%
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Templeton
Global
Balanced
Fund
10
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information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
December
31,
2020
Templeton
Global
Balanced
Fund
11
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Report
The
performance
table
and
graphs
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
12/31/20
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
1-Year
+1.49%
-4.24%
5-Year
+16.50%
+1.95%
10-Year
+47.47%
+3.39%
Advisor
1-Year
+1.75%
+1.75%
5-Year
+17.90%
+3.35%
10-Year
+51.38%
+4.23%
See
page
P
ublishingCrossReference
for
13
Templeton
Global
Balanced
Fund
Performance
Summary
12
franklintempleton.com
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See
page
13
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
indexes
include
reinvestment
of
any
income
or
distributions.
They
differ
from
the
Fund
in
composition
and
do
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
Class
A
(1/1/11–
12/31/20
)
Advisor
Class
(1/1/11–
12/31/20
)
Templeton
Global
Balanced
Fund
Performance
Summary
13
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Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Special
risks
are
associated
with
foreign
investing,
including
currency
fluctuations,
economic
instability
and
political
developments;
investments
in
emerging
markets
involve
heightened
risks
related
to
the
same
factors.
Stock
prices
fluctuate,
sometimes
rapidly
and
dramatically,
due
to
factors
affecting
individual
companies,
particular
industries
or
sectors,
or
general
market
conditions.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
the
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
The
risks
associated
with
higher
yielding,
lower
rated
debt
securities
include
higher
risk
of
default
and
loss
of
principal.
The
markets
for
a
particular
security
or
instrument
or
type
of
security
or
instrument
are
or
may
become
relatively
illiquid.
Reduced
liquidity
will
have
an
adverse
impact
on
the
security’s
value
and
on
the
Fund’s
ability
to
sell
such
securities
or
instruments
when
necessary
to
meet
the
Fund’s
liquidity
needs
or
in
response
to
a
specific
market
event.
The
Fund’s
investment
in
derivative
securities,
such
as
swaps,
financial
futures
and
option
contracts,
and
use
of
foreign
currency
techniques
involve
special
risks
as
such
may
not
achieve
the
anticipated
benefits
and/or
may
result
in
losses
to
the
Fund.
Unexpected
events
and
their
aftermaths,
such
as
the
spread
of
deadly
diseases;
natural,
environmental
or
man-made
disasters;
financial,
political
or
social
disruptions;
terrorism
and
war;
and
other
tragedies
or
catastrophes,
can
cause
investor
fear
and
panic,
which
can
adversely
affect
the
economies
of
many
companies,
sectors,
nations,
regions
and
the
market
in
general,
in
ways
that
cannot
necessarily
be
foreseen.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
The
Fund
has
a
fee
waiver
associated
with
any
investment
it
makes
in
a
Franklin
Templeton
money
fund
and/or
other
Franklin
Templeton
fund,
contractually
guaranteed
through
4/30/21.
Fund
investment
results
reflect
the
fee
waiver;
without
this
waiver,
the
results
would
have
been
lower.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Source:
Morningstar.
The
MSCI
ACWI
is
a
free
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
equity
market
performance
in
global
developed
and
emerging
markets.
The
Bloomberg
Barclays
Multiverse
Index
provides
a
broad-based
measure
of
the
global
fixed
income
bond
market.
The
index
represents
the
union
of
the
Global
Aggregate
Index
and
the
Global
High
Yield
Index
and
captures
investment-grade
and
high
yield
securities
in
all
eligible
currencies.
6.
Source:
FactSet.
The
Fund’s
blended
benchmark
was
calculated
internally
and
rebalanced
monthly
and
was
composed
of
50%
for
the
MSCI
ACWI
and
50%
for
the
Bloomberg
Barclays
Multiverse
Index.
7.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Consolidated
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(1/1/20–12/31/20)
Share
Class
Net
Investment
Income
A
$0.0536
A1
$0.0536
C
$0.0333
C1
$0.0418
R
$0.0495
R6
$0.0631
Advisor
$0.0601
Total
Annual
Operating
Expenses
7
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.22%
1.25%
Advisor
0.97%
1.00%
Your
Fund’s
Expenses
Templeton
Global
Balanced
Fund
14
franklintempleton.com
Annual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
184/366
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
7/1/20
Ending
Account
Value
12/31/20
Expenses
Paid
During
Period
7/1/20–12/31/20
1,2
Ending
Account
Value
12/31/20
Expenses
Paid
During
Period
7/1/20–12/31/20
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,156.14
$6.93
$1,018.71
$6.48
1.28%
A1
$1,000
$1,160.23
$6.94
$1,018.72
$6.48
1.28%
C
$1,000
$1,156.96
$10.97
$1,014.97
$10.25
2.02%
C1
$1,000
$1,157.58
$9.10
$1,016.70
$8.51
1.68%
R
$1,000
$1,158.76
$7.68
$1,018.03
$7.18
1.41%
R6
$1,000
$1,162.30
$4.99
$1,020.52
$4.66
0.92%
Advisor
$1,000
$1,161.01
$5.58
$1,019.98
$5.21
1.03%
Templeton
Global
Investment
Trust
Consolidated
Financial
Highlights
Templeton
Global
Balanced
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
Year
Ended
December
31,
2016
a
Year
Ended
March
31,
2016
2020
2019
2018
2017
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$2.84
$2.77
$3.17
$2.91
$2.72
$3.13
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.07
0.11
0.10
0.09
0.07
0.08
Net
realized
and
unrealized
gains
(losses)
(0.04)
0.08
(0.38)
0.25
0.15
(0.32)
Total
from
investment
operations
........
0.03
0.19
(0.28)
0.34
0.22
(0.24)
Less
distributions
from:
Net
investment
income
..............
(0.05)
(0.12)
(0.12)
(0.08)
(0.03)
(0.09)
Net
realized
gains
.................
—
—
—
—
—
(0.08)
Total
distributions
...................
(0.05)
(0.12)
(0.12)
(0.08)
(0.03)
(0.17)
Net
asset
value,
end
of
year
...........
$2.82
$2.84
$2.77
$3.17
$2.91
$2.72
Total
return
d
.......................
1.49%
6.96%
(9.44)%
12.18%
7.97%
(7.74)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.30%
1.22%
1.19%
1.17%
1.16%
1.11%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.26%
1.19%
1.16%
1.14%
1.15%
1.10%
Net
investment
income
...............
2.85%
3.81%
3.17%
2.82%
3.28%
2.55%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$354,879
$465,915
$557,604
$745,957
$780,810
$987,949
Portfolio
turnover
rate
................
74.03%
26.62%
45.92%
34.25%
16.66%
44.25%
a
For
the
period
April
1,
2016
to
December
31,
2016.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Consolidated
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
Year
Ended
December
31,
2016
a
Year
Ended
March
31,
2016
2020
2019
2018
2017
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$2.84
$2.77
$3.18
$2.91
$2.72
$3.13
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.07
0.11
0.10
0.09
0.07
0.08
Net
realized
and
unrealized
gains
(losses)
(0.03)
0.08
(0.39)
0.26
0.15
(0.32)
Total
from
investment
operations
........
0.04
0.19
(0.29)
0.35
0.22
(0.24)
Less
distributions
from:
Net
investment
income
..............
(0.05)
(0.12)
(0.12)
(0.08)
(0.03)
(0.09)
Net
realized
gains
.................
—
—
—
—
—
(0.08)
Total
distributions
...................
(0.05)
(0.12)
(0.12)
(0.08)
(0.03)
(0.17)
Net
asset
value,
end
of
year
...........
$2.83
$2.84
$2.77
$3.18
$2.91
$2.72
Total
return
d
.......................
1.49%
7.33%
(9.45)%
12.18%
7.97%
(7.76)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.30%
1.22%
1.19%
1.17%
1.16%
1.11%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.26%
1.19%
1.16%
1.14%
1.15%
1.10%
Net
investment
income
...............
2.86%
3.81%
3.17%
2.82%
3.28%
2.55%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$198,816
$252,990
$285,358
$293,488
$319,161
$370,212
Portfolio
turnover
rate
................
74.03%
26.62%
45.92%
34.25%
16.66%
44.25%
a
For
the
period
April
1,
2016
to
December
31,
2016.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Consolidated
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
a
Year
Ended
December
31,
2016
a
Year
Ended
March
31,
2016
2020
2019
2018
2017
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$2.82
$2.75
$3.16
$2.90
$2.70
$3.12
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.05
0.09
0.08
0.06
0.05
0.05
Net
realized
and
unrealized
gains
(losses)
(0.03)
0.08
(0.40)
0.26
0.16
(0.31)
Total
from
investment
operations
........
0.02
0.17
(0.32)
0.32
0.21
(0.26)
Less
distributions
from:
Net
investment
income
..............
(0.03)
(0.10)
(0.09)
(0.06)
(0.01)
(0.08)
Net
realized
gains
.................
—
—
—
—
—
(0.08)
Total
distributions
...................
(0.03)
(0.10)
(0.09)
(0.06)
(0.01)
(0.16)
Net
asset
value,
end
of
year
...........
$2.81
$2.82
$2.75
$3.16
$2.90
$2.70
Total
return
d
.......................
0.68%
6.55%
(10.23)%
11.03%
7.74%
(8.68)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.04%
1.97%
1.94%
1.92%
1.89%
1.86%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
2.00%
1.94%
1.91%
1.89%
1.88%
1.85%
Net
investment
income
...............
2.02%
3.06%
2.42%
2.07%
2.55%
1.80%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$83,658
$139,231
$203,587
$317,374
$340,265
$464,899
Portfolio
turnover
rate
................
74.03%
26.62%
45.92%
34.25%
16.66%
44.25%
a
For
the
period
April
1,
2016
to
December
31,
2016.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Consolidated
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
Year
Ended
December
31,
2016
a
Year
Ended
March
31,
2016
2020
2019
2018
2017
Class
C1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$2.84
$2.77
$3.17
$2.91
$2.72
$3.13
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.06
0.10
0.09
0.08
0.06
0.06
Net
realized
and
unrealized
gains
(losses)
(0.03)
0.08
(0.39)
0.25
0.15
(0.31)
Total
from
investment
operations
........
0.03
0.18
(0.30)
0.33
0.21
(0.25)
Less
distributions
from:
Net
investment
income
..............
(0.04)
(0.11)
(0.10)
(0.07)
(0.02)
(0.08)
Net
realized
gains
.................
—
—
—
—
—
(0.08)
Total
distributions
...................
(0.04)
(0.11)
(0.10)
(0.07)
(0.02)
(0.16)
Net
asset
value,
end
of
year
...........
$2.83
$2.84
$2.77
$3.17
$2.91
$2.72
Total
return
d
.......................
1.01%
6.82%
(9.88)%
11.71%
7.62%
(8.07)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.70%
1.62%
1.59%
1.57%
1.56%
1.51%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.66%
1.59%
1.56%
1.54%
1.55%
1.50%
Net
investment
income
...............
2.32%
3.41%
2.77%
2.42%
2.88%
2.15%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$13,050
$27,765
$62,418
$173,079
$202,929
$233,840
Portfolio
turnover
rate
................
74.03%
26.62%
45.92%
34.25%
16.66%
44.25%
a
For
the
period
April
1,
2016
to
December
31,
2016.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Consolidated
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
a
Year
Ended
December
31,
2016
a
Year
Ended
March
31,
2016
2020
2019
2018
2017
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$2.85
$2.78
$3.18
$2.92
$2.72
$3.14
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.07
0.10
0.09
0.08
0.06
0.07
Net
realized
and
unrealized
gains
(losses)
(0.03)
0.08
(0.38)
0.25
0.16
(0.32)
Total
from
investment
operations
........
0.04
0.18
(0.29)
0.33
0.22
(0.25)
Less
distributions
from:
Net
investment
income
..............
(0.05)
(0.11)
(0.11)
(0.07)
(0.02)
(0.09)
Net
realized
gains
.................
—
—
—
—
—
(0.08)
Total
distributions
...................
(0.05)
(0.11)
(0.11)
(0.07)
(0.02)
(0.17)
Net
asset
value,
end
of
year
...........
$2.84
$2.85
$2.78
$3.18
$2.92
$2.72
Total
return
d
.......................
1.68%
6.66%
(9.67)%
11.84%
8.11%
8.24%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.43%
1.47%
1.44%
1.42%
1.41%
1.36%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.40%
1.44%
1.41%
1.39%
1.40%
1.35%
Net
investment
income
...............
2.63%
3.56%
2.92%
2.57%
3.03%
2.30%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$1,591
$2,348
$2,778
$4,944
$5,487
$6,498
Portfolio
turnover
rate
................
74.03%
26.62%
45.92%
34.25%
16.66%
44.25%
a
For
the
period
April
1,
2016
to
December
31,
2016.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Consolidated
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
Year
Ended
December
31,
2016
a
Year
Ended
March
31,
2016
2020
2019
2018
2017
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$2.85
$2.78
$3.18
$2.92
$2.73
$3.14
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.08
0.12
0.11
0.09
0.08
0.08
Net
realized
and
unrealized
gains
(losses)
(0.04)
0.08
(0.38)
0.26
0.15
(0.31)
Total
from
investment
operations
........
0.04
0.20
(0.27)
0.35
0.23
(0.23)
Less
distributions
from:
Net
investment
income
..............
(0.06)
(0.13)
(0.13)
(0.09)
(0.04)
(0.10)
Net
realized
gains
.................
—
—
—
—
—
(0.08)
Total
distributions
...................
(0.06)
(0.13)
(0.13)
(0.09)
(0.04)
(0.18)
Net
asset
value,
end
of
year
...........
$2.83
$2.85
$2.78
$3.18
$2.92
$2.73
Total
return
d
.......................
1.87%
7.32%
(9.09)%
12.56%
8.35%
(7.44)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.99%
0.92%
0.89%
0.84%
0.81%
0.81%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.90%
0.84%
0.82%
0.77%
0.79%
0.75%
Net
investment
income
...............
3.18%
4.16%
3.51%
3.19%
3.64%
2.90%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$4,624
$6,080
$7,933
$11,254
$752
$1,089
Portfolio
turnover
rate
................
74.03%
26.62%
45.92%
34.25%
16.66%
44.25%
a
For
the
period
April
1,
2016
to
December
31,
2016.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Consolidated
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
a
Year
Ended
December
31,
2016
a
Year
Ended
March
31,
2016
2020
2019
2018
2017
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$2.85
$2.78
$3.19
$2.92
$2.73
$3.14
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.08
0.12
0.11
0.10
0.08
0.08
Net
realized
and
unrealized
gains
(losses)
(0.03)
0.08
(0.39)
0.26
0.14
(0.31)
Total
from
investment
operations
........
0.05
0.20
(0.28)
0.36
0.22
(0.23)
Less
distributions
from:
Net
investment
income
..............
(0.06)
(0.13)
(0.13)
(0.09)
(0.03)
(0.10)
Net
realized
gains
.................
—
—
—
—
—
(0.08)
Total
distributions
...................
(0.06)
(0.13)
(0.13)
(0.09)
(0.03)
(0.18)
Net
asset
value,
end
of
year
...........
$2.84
$2.85
$2.78
$3.19
$2.92
$2.73
Total
return
d
.......................
1.75%
7.57%
(9.19)%
12.42%
8.22%
(7.52)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.04%
0.97%
0.94%
0.92%
0.91%
0.86%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.00%
0.94%
0.91%
0.89%
0.90%
0.85%
Net
investment
income
...............
3.00%
4.06%
3.42%
3.07%
3.53%
2.80%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$77,426
$141,277
$207,346
$246,044
$212,161
$299,226
Portfolio
turnover
rate
................
74.03%
26.62%
45.92%
34.25%
16.66%
44.25%
a
For
the
period
April
1,
2016
to
December
31,
2016.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments,
December
31,
2020
Templeton
Global
Balanced
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
22
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
57.3%
Belgium
0.1%
a
Galapagos
NV
..................
Biotechnology
9,627
$
952,865
a
China
2.4%
a
Alibaba
Group
Holding
Ltd.
.........
Internet
&
Direct
Marketing
Retail
347,400
10,103,966
a,b
Xiabuxiabu
Catering
Management
China
Holdings
Co.
Ltd.,
144A,
Reg
S
....
Hotels,
Restaurants
&
Leisure
3,194,500
7,300,194
17,404,160
Denmark
0.9%
AP
Moller
-
Maersk
A/S,
B
..........
Marine
2,818
6,271,276
France
0.5%
a
Dassault
Aviation
SA
..............
Aerospace
&
Defense
3,726
4,057,496
a
Germany
4.9%
Bayer
AG
......................
Pharmaceuticals
130,029
7,660,478
Bayerische
Motoren
Werke
AG
......
Automobiles
65,406
5,772,747
E.ON
SE
.......................
Multi-Utilities
381,804
4,227,981
Fresenius
Medical
Care
AG
&
Co.
KGaA
Health
Care
Providers
&
Services
57,265
4,775,374
a,b
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...........................
Internet
&
Direct
Marketing
Retail
80,234
9,046,992
Siemens
AG
....................
Industrial
Conglomerates
30,551
4,400,944
35,884,516
Hong
Kong
1.7%
AIA
Group
Ltd.
..................
Insurance
939,200
11,445,206
Value
Partners
Group
Ltd.
..........
Capital
Markets
2,180,000
1,149,344
12,594,550
India
1.2%
Housing
Development
Finance
Corp.
Ltd.
.........................
Thrifts
&
Mortgage
Finance
262,257
9,190,065
Ireland
1.3%
a
Ryanair
Holdings
plc,
ADR
.........
Airlines
85,300
9,381,294
a
Japan
6.6%
Hitachi
Ltd.
.....................
Electronic
Equipment,
Instruments
&
Components
220,100
8,687,196
Hosokawa
Micron
Corp.
...........
Machinery
27,000
1,664,137
a
Japan
Airlines
Co.
Ltd.
............
Airlines
119,600
2,306,404
Komatsu
Ltd.
...................
Machinery
87,200
2,406,571
Nippon
Television
Holdings,
Inc.
.....
Media
371,700
4,052,218
Seria
Co.
Ltd.
...................
Multiline
Retail
177,000
6,497,733
Sony
Corp.
.....................
Household
Durables
27,500
2,771,122
Sumitomo
Metal
Mining
Co.
Ltd.
.....
Metals
&
Mining
103,090
4,585,546
Takeda
Pharmaceutical
Co.
Ltd.
.....
Pharmaceuticals
124,900
4,520,053
TBS
Holdings,
Inc.
...............
Media
261,600
4,600,940
Toyota
Industries
Corp.
............
Auto
Components
85,000
6,753,345
48,845,265
Luxembourg
1.4%
a
ArcelorMittal
SA
.................
Metals
&
Mining
445,744
10,194,562
a
Netherlands
1.9%
NN
Group
NV
...................
Insurance
115,313
4,985,212
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
54,990
8,743,960
13,729,172
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
23
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
South
Africa
0.0%
a,c,d
K2016470219
South
Africa
Ltd.,
A
....
Multiline
Retail
32,900,733
$
—
a,c,d
K2016470219
South
Africa
Ltd.,
B
....
Multiline
Retail
4,646,498
—
—
South
Korea
1.7%
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
167,820
12,513,097
Spain
2.0%
Amadeus
IT
Group
SA
............
IT
Services
110,941
8,189,696
b
Befesa
SA,
144A,
Reg
S
...........
Commercial
Services
&
Supplies
98,674
6,223,973
14,413,669
Taiwan
1.6%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
631,300
11,939,626
United
Kingdom
5.2%
Compass
Group
plc
..............
Hotels,
Restaurants
&
Leisure
262,704
4,900,145
Diageo
plc
.....................
Beverages
99,131
3,922,778
Imperial
Brands
plc
...............
Tobacco
380,649
7,984,538
a
Informa
plc
.....................
Media
696,615
5,209,226
Persimmon
plc
..................
Household
Durables
114,629
4,326,735
Prudential
plc
...................
Insurance
245,381
4,512,388
a
Travis
Perkins
plc
................
Trading
Companies
&
Distributors
383,857
7,067,598
37,923,408
United
States
23.9%
American
Express
Co.
............
Consumer
Finance
44,900
5,428,859
a
Berkshire
Hathaway,
Inc.,
B
.........
Diversified
Financial
Services
54,200
12,567,354
a
Booking
Holdings,
Inc.
............
Internet
&
Direct
Marketing
Retail
3,650
8,129,535
Comcast
Corp.,
A
................
Media
242,524
12,708,258
a
Dollar
Tree,
Inc.
.................
Multiline
Retail
106,000
11,452,240
a
EPAM
Systems,
Inc.
..............
IT
Services
25,754
9,228,946
a
F5
Networks,
Inc.
................
Communications
Equipment
56,700
9,975,798
a
Facebook,
Inc.,
A
................
Interactive
Media
&
Services
32,900
8,986,964
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
351,300
9,140,826
HCA
Healthcare,
Inc.
..............
Health
Care
Providers
&
Services
34,700
5,706,762
Kroger
Co.
(The)
.................
Food
&
Staples
Retailing
127,300
4,043,048
a
Laboratory
Corp.
of
America
Holdings
.
Health
Care
Providers
&
Services
10,300
2,096,565
a
LivaNova
plc
....................
Health
Care
Equipment
&
Supplies
97,500
6,455,475
Marathon
Petroleum
Corp.
.........
Oil,
Gas
&
Consumable
Fuels
115,100
4,760,536
Medtronic
plc
...................
Health
Care
Equipment
&
Supplies
50,800
5,950,712
Oracle
Corp.
....................
Software
16,610
1,074,501
Southwest
Airlines
Co.
............
Airlines
117,600
5,481,336
United
Parcel
Service,
Inc.,
B
.......
Air
Freight
&
Logistics
44,200
7,443,280
UnitedHealth
Group,
Inc.
...........
Health
Care
Providers
&
Services
25,710
9,015,983
Visa,
Inc.,
A
.....................
IT
Services
39,100
8,552,343
a
Walt
Disney
Co.
(The)
.............
Entertainment
59,300
10,743,974
Westinghouse
Air
Brake
Technologies
Corp.
........................
Machinery
68,600
5,021,520
a
Zendesk,
Inc.
...................
Software
78,718
11,266,120
175,230,935
Total
Common
Stocks
(Cost
$311,741,548)
.....................................
420,525,956
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
24
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
0.0%
†
South
Africa
0.0%
†
b,c,e
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note,
144A,
PIK,
3%,
12/31/22
.....................
Multiline
Retail
2,686,371
$
—
Senior
Secured
Note,
144A,
PIK,
8%,
12/31/22
.....................
Multiline
Retail
2,504,000
EUR
3,144
b,c,e
K2016470260
South
Africa
Ltd.,
Senior
Secured
Note,
144A,
PIK,
25%,
12/31/22
.....................
Multiline
Retail
1,251,881
5,487
8,631
Total
Corporate
Bonds
(Cost
$4,132,491)
.......................................
8,631
Foreign
Government
and
Agency
Securities
24.1%
Argentina
1.6%
f,g
Argentina
BONCER
,
Index
Linked,
1.1%,
4/17/21
.......
85,827,606
ARS
598,578
Index
Linked,
1%,
8/05/21
........
48,350,962
ARS
340,187
Index
Linked,
1.2%,
3/18/22
.......
558,397,798
ARS
3,908,864
Index
Linked,
1.3%,
9/20/22
.......
4,064,340
ARS
27,164
Index
Linked,
1.4%,
3/25/23
.......
296,917,443
ARS
1,939,701
Index
Linked,
1.5%,
3/25/24
.......
296,917,454
ARS
1,774,876
g,h
Argentina
Bonos
del
Tesoro
Nacional
en
Pesos
Badlar,
FRN,
31.641%,
(ARS
BADLAR
+
2%),
4/03/22
.........
37,519,000
ARS
242,307
g
Argentina
Government
Bond
,
18.2%,
10/03/21
................
193,279,000
ARS
1,115,049
16%,
10/17/23
.................
298,989,000
ARS
953,410
15.5%,
10/17/26
................
243,952,000
ARS
567,334
11,467,470
Brazil
2.2%
Brazil
Notas
do
Tesouro
Nacional,
10%,
1/01/21
......................
84,037,000
BRL
16,191,194
Colombia
1.1%
Colombia
Government
Bond
,
Senior
Bond,
7.75%,
4/14/21
......
689,000,000
COP
204,204
Senior
Bond,
4.375%,
3/21/23
.....
52,000,000
COP
15,531
Senior
Bond,
9.85%,
6/28/27
......
83,000,000
COP
31,662
Colombia
Titulos
de
Tesoreria
,
B,
7%,
5/04/22
.................
1,382,200,000
COP
429,157
B,
10%,
7/24/24
................
1,738,000,000
COP
616,987
B,
7.5%,
8/26/26
...............
19,829,000,000
COP
6,695,291
7,992,832
Ecuador
0.6%
b
Ecuador
Government
Bond
,
Senior
Note,
144A,
0.5%,
7/31/30
..
2,174,000
1,399,512
Senior
Bond,
144A,
0.5%,
7/31/35
..
5,283,000
2,885,839
Senior
Bond,
144A,
0.5%,
7/31/40
..
75,000
38,438
4,323,789
El
Salvador
0.0%
†
b
El
Salvador
Government
Bond,
Senior
Bond,
144A,
7.65%,
6/15/35
.......
100,000
95,250
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
25
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Ghana
1.6%
Ghana
Government
Bond
,
24.75%,
3/01/21
................
110,000
GHS
$
19,094
16.5%,
3/22/21
................
50,000
GHS
8,580
24.5%,
6/21/21
................
600,000
GHS
106,096
24.75%,
7/19/21
................
6,550,000
GHS
1,161,028
18.75%,
1/24/22
................
4,265,000
GHS
732,639
18.25%,
7/25/22
................
7,580,000
GHS
1,296,328
19.75%,
3/25/24
................
6,470,000
GHS
1,109,364
19%,
11/02/26
.................
25,220,000
GHS
4,087,594
19.75%,
3/15/32
................
18,450,000
GHS
2,932,807
11,453,530
India
2.0%
India
Government
Bond
,
7.16%,
5/20/23
................
83,000,000
INR
1,212,861
Senior
Note,
5.22%,
6/15/25
......
93,000,000
INR
1,284,142
7.59%,
1/11/26
.................
509,200,000
INR
7,700,755
7.27%,
4/08/26
................
280,500,000
INR
4,200,908
14,398,666
Indonesia
2.0%
Indonesia
Government
Bond
,
FR35,
Senior
Bond,
12.9%,
6/15/22
.
10,168,000,000
IDR
818,775
FR43,
10.25%,
7/15/22
..........
154,000,000
IDR
12,014
FR63,
5.625%,
5/15/23
..........
2,150,000,000
IDR
158,205
FR46,
9.5%,
7/15/23
............
73,000,000,000
IDR
5,819,176
FR39,
11.75%,
8/15/23
..........
1,616,000,000
IDR
134,901
FR70,
8.375%,
3/15/24
..........
84,648,000,000
IDR
6,637,544
FR81,
6.5%,
6/15/25
............
19,036,000,000
IDR
1,429,597
15,010,212
Mexico
4.7%
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
6.5%,
6/10/21
...............
222,870,000
MXN
11,303,871
M,
Senior
Note,
7.25%,
12/09/21
...
201,290,000
MXN
10,392,322
M,
6.5%,
6/09/22
...............
196,230,000
MXN
10,163,553
M,
Senior
Bond,
8%,
12/07/23
.....
32,730,000
MXN
1,807,821
M
20,
10%,
12/05/24
............
8,530,000
MXN
513,533
34,181,100
South
Korea
7.9%
Korea
Monetary
Stabilization
Bond,
1.18%,
8/02/21
................
208,000,000
KRW
191,703
Korea
Treasury
Bond
,
4.25%,
6/10/21
................
3,380,800,000
KRW
3,156,472
1.375%,
9/10/21
................
8,462,200,000
KRW
7,819,025
2%,
12/10/21
..................
380,000,000
KRW
353,549
2.25%,
9/10/23
................
876,000,000
KRW
831,848
1.875%,
3/10/24
................
2,205,000,000
KRW
2,077,414
1.375%,
9/10/24
................
4,655,400,000
KRW
4,310,844
3%,
9/10/24
...................
745,000,000
KRW
729,745
1.875%,
6/10/29
................
13,100,000,000
KRW
12,231,637
1.375%,
12/10/29
...............
29,872,200,000
KRW
26,697,545
58,399,782
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
26
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Supranational
0.4%
i
Inter-American
Development
Bank,
Senior
Bond,
7.5%,
12/05/24
......
60,000,000
MXN
$
3,283,856
Total
Foreign
Government
and
Agency
Securities
(Cost
$220,291,177)
............
176,797,681
U.S.
Government
and
Agency
Securities
3.3%
United
States
3.3%
U.S.
Treasury
Notes
,
1.375%,
1/31/25
................
11,380,000
11,892,544
2.625%,
12/31/25
...............
4,900,000
5,449,145
1.625%,
2/15/26
................
2,650,000
2,818,730
2.125%,
5/31/26
................
1,210,000
1,320,885
1.625%,
10/31/26
...............
2,650,000
2,825,977
24,307,281
Total
U.S.
Government
and
Agency
Securities
(Cost
$23,429,583)
.................
24,307,281
Total
Long
Term
Investments
(Cost
$559,594,799)
...............................
621,639,549
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.3%
Calls
-
Over-the-Counter
Currency
Options
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
January
Strike
Price
78.75
JPY,
Expires
1/22/21
...
1
3,791,000
AUD
46,622
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
January
Strike
Price
79.00
JPY,
Expires
1/22/21
...
1
3,405,000
AUD
36,168
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
April
Strike
Price
81.00
JPY,
Expires
4/29/21
.......
1
2,458,000
AUD
26,213
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
81.00
JPY,
Expires
6/21/21
.......
1
3,782,000
AUD
53,053
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
84.15
JPY,
Expires
6/18/21
.......
1
3,910,000
AUD
19,609
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
December
Strike
Price
86.50
JPY,
Expires
12/20/21
..
1
2,932,000
AUD
20,585
Foreign
Exchange
AUD/USD,
Counterparty
HSBK,
January
Strike
Price
$0.72,
Expires
1/22/21
......
1
1,012,000
AUD
55,746
Foreign
Exchange
AUD/USD,
Counterparty
MSCO,
April
Strike
Price
$0.75,
Expires
4/16/21
...........
1
1,513,000
AUD
41,849
Foreign
Exchange
AUD/USD,
Counterparty
MSCO,
May
Strike
Price
$0.77,
Expires
5/12/21
...........
1
2,719,000
AUD
57,040
Foreign
Exchange
AUD/USD,
Counterparty
HSBK,
February
Strike
Price
$0.78,
Expires
2/08/21
......
1
2,017,000
AUD
13,200
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
27
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
(continued)
Calls
-
Over-the-Counter
(continued)
Currency
Options
(continued)
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
March
Strike
Price
20.65
MXN,
Expires
3/25/21
..
1
5,659,000
$
104,368
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
21.16
MXN,
Expires
6/21/21
.......
1
3,343,000
82,634
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
April
Strike
Price
22.44
MXN,
Expires
4/21/21
.......
1
668,000
5,323
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
June
Strike
Price
22.83
MXN,
Expires
6/09/21
.......
1
844,000
8,509
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
22.98
MXN,
Expires
1/14/21
..
1
1,253,000
67
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
March
Strike
Price
23.23
MXN,
Expires
3/24/21
.......
1
2,183,000
6,526
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
April
Strike
Price
23.30
MXN,
Expires
4/29/21
.......
1
2,202,000
12,421
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
April
Strike
Price
23.75
MXN,
Expires
4/09/21
.......
1
1,360,000
4,385
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
24.50
MXN,
Expires
1/14/21
..
1
1,052,000
7
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
24.81
MXN,
Expires
6/30/21
.......
1
4,142,000
22,704
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
April
Strike
Price
25.48
MXN,
Expires
4/09/21
.......
1
1,298,000
1,814
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
December
Strike
Price
25.55
MXN,
Expires
12/22/22
.
1
3,007,000
96,212
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
December
Strike
Price
25.55
MXN,
Expires
12/22/22
.
1
3,007,000
96,212
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
26.09
MXN,
Expires
6/18/21
.......
1
2,761,000
8,446
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
October
Strike
Price
26.30
MXN,
Expires
10/19/23
.
1
1,135,000
52,264
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
October
Strike
Price
26.30
MXN,
Expires
10/19/23
.
1
1,135,000
52,264
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
October
Strike
Price
26.30
MXN,
Expires
10/19/23
.
1
2,121,000
97,668
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
26.53
MXN,
Expires
1/14/21
..
1
3,983,000
3
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
28
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
(continued)
Calls
-
Over-the-Counter
(continued)
Currency
Options
(continued)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
26.53
MXN,
Expires
1/14/21
..
1
421,000
$
—
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
26.53
MXN,
Expires
1/14/21
..
1
4,511,000
3
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
March
Strike
Price
28.75
MXN,
Expires
3/30/21
..
1
2,858,000
716
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
29.19
MXN,
Expires
8/29/24
..
1
2,531,000
117,996
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
29.71
MXN,
Expires
8/09/24
..
1
2,533,000
109,106
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
December
Strike
Price
29.73
MXN,
Expires
12/07/21
.
1
3,963,000
18,619
1,268,352
Puts
-
Exchange-Traded
Equity
Options
iShares
MSCI
EAFE
ETF,
February
Strike
Price
$62.00,
Expires
2/19/21
.
7,893
57,587,328
240,737
iShares
MSCI
United
Kingdom
ETF,
January
Strike
Price
$21.00,
Expires
1/15/21
......................
5,140
15,055,060
—
iShares
MSCI
United
Kingdom
ETF,
January
Strike
Price
$23.00,
Expires
1/15/21
......................
2,758
8,078,182
—
SPDR
S&P
500
ETF
Trust,
February
Strike
Price
$319.00,
Expires
2/19/21
1,030
38,509,640
160,680
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
58.95
JPY,
Expires
6/21/21
.......
1
5,042,000
AUD
2,079
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
March
Strike
Price
68.50
JPY,
Expires
3/24/21
.......
1
2,270,000
AUD
1,082
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
69.20
JPY,
Expires
6/24/21
.......
1
4,034,000
AUD
10,560
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
69.20
JPY,
Expires
6/24/21
.......
1
2,017,000
AUD
5,280
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
April
Strike
Price
71.00
JPY,
Expires
4/29/21
.......
1
6,553,000
AUD
13,761
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
71.44
JPY,
Expires
6/21/21
.......
1
5,042,000
AUD
19,730
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
29
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
(continued)
Puts
-
Over-the-Counter
(continued)
Currency
Options
(continued)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
December
Strike
Price
75.00
JPY,
Expires
12/20/21
..
1
5,865,000
AUD
$
96,320
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
76.20
JPY,
Expires
6/18/21
.......
1
7,819,000
AUD
79,917
Foreign
Exchange
AUD/USD,
Counterparty
HSBK,
February
Strike
Price
$0.65,
Expires
2/10/21
......
1
4,840,000
AUD
123
Foreign
Exchange
AUD/USD,
Counterparty
HSBK,
February
Strike
Price
$0.65,
Expires
2/08/21
......
1
4,035,000
AUD
114
Foreign
Exchange
AUD/USD,
Counterparty
MSCO,
April
Strike
Price
$0.67,
Expires
4/16/21
...........
1
2,944,000
AUD
2,471
Foreign
Exchange
AUD/USD,
Counterparty
MSCO,
January
Strike
Price
$0.68,
Expires
1/21/21
......
1
3,746,000
AUD
50
Foreign
Exchange
AUD/USD,
Counterparty
MSCO,
February
Strike
Price
$0.68,
Expires
2/02/21
......
1
4,283,000
AUD
195
Foreign
Exchange
AUD/USD,
Counterparty
HSBK,
March
Strike
Price
$0.69,
Expires
3/22/21
......
1
2,672,000
AUD
1,691
Foreign
Exchange
AUD/USD,
Counterparty
HSBK,
January
Strike
Price
$0.69,
Expires
1/22/21
......
1
3,127,000
AUD
106
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
March
Strike
Price
18.72
MXN,
Expires
3/25/21
..
1
4,753,000
19,058
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
18.83
MXN,
Expires
6/21/21
.......
1
4,052,000
38,804
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
19.43
MXN,
Expires
8/30/21
..
1
1,898,000
39,640
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
October
Strike
Price
19.85
MXN,
Expires
10/19/23
.
1
1,060,000
37,204
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
October
Strike
Price
19.85
MXN,
Expires
10/19/23
.
1
568,000
19,936
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
October
Strike
Price
19.85
MXN,
Expires
10/19/23
.
1
568,000
19,936
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
19.88
MXN,
Expires
8/11/21
..
1
1,899,000
56,344
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
June
Strike
Price
22.83
MXN,
Expires
6/09/21
.......
1
844,000
115,159
980,977
Total
Options
Purchased
(Cost
$5,360,435)
.....................................
2,249,329
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
30
Short
Term
Investments
13.4%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
5.5%
Argentina
0.1%
g,j
Argentina
Letras
de
la
Nacion
Argentina
con
Ajuste
por
CER
,
f
Index
Linked,
2/26/21
............
15,204,054
ARS
$
104,945
5/21/21
......................
51,583,860
ARS
373,543
f
Index
Linked,
9/13/21
............
28,470,759
ARS
203,943
g,j
Argentina
Letras
Del
Tesoro
En
Pesos
A
Descuento
,
3/31/21
.............
12,392,022
ARS
78,638
761,069
Brazil
0.4%
j
Brazil
Letras
do
Tesouro
Nacional
,
4/01/21
......................
5,020,000
BRL
961,841
7/01/21
......................
9,890,000
BRL
1,884,790
2,846,631
Egypt
0.5%
j
Egypt
Treasury
Bills
,
2/16/21
......................
5,200,000
EGP
327,535
2/23/21
......................
2,400,000
EGP
150,405
3/16/21
......................
3,300,000
EGP
205,745
6/22/21
......................
20,000,000
EGP
1,206,630
7/13/21
......................
8,000,000
EGP
479,309
9/07/21
......................
5,900,000
EGP
346,112
12/07/21
.....................
1,600,000
EGP
91,212
12/21/21
.....................
20,000,000
EGP
1,138,411
3,945,359
Japan
4.0%
j
Japan
Treasury
Bills
,
1/12/21
......................
690,400,000
JPY
6,686,510
1/12/21
......................
206,600,000
JPY
2,000,917
1/18/21
......................
175,000,000
JPY
1,694,903
2/10/21
......................
607,950,000
JPY
5,888,519
3/10/21
......................
54,100,000
JPY
524,044
3/22/21
......................
98,200,000
JPY
951,250
3/25/21
......................
76,300,000
JPY
739,113
4/12/21
......................
1,031,800,000
JPY
9,995,527
6/16/21
......................
99,300,000
JPY
962,204
29,442,987
Mexico
0.5%
j
Mexico
Cetes
,
BI,
1/28/21
....................
252,400
MXN
12,660
BI,
2/25/21
....................
15,538,300
MXN
776,738
BI,
3/25/21
....................
39,600,000
MXN
1,973,192
BI,
4/08/21
....................
10,492,100
MXN
521,908
BI,
5/06/21
....................
252,400
MXN
12,513
BI,
10/21/21
...................
7,561,600
MXN
367,796
3,664,807
Total
Foreign
Government
and
Agency
Securities
(Cost
$40,757,746)
..............
40,660,853
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
31
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
7.9%
United
States
7.9%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.............
57,777,120
$
57,777,120
Total
Money
Market
Funds
(Cost
$57,777,120)
..................................
57,777,120
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$98,534,866
)
................................
98,437,973
a
a
a
a
Total
Investments
(Cost
$663,490,100)
98.4%
...................................
$722,326,851
Options
Written
(0.4)%
.......................................................
(2,718,883)
Other
Assets,
less
Liabilities
2.0%
.............................................
14,436,597
Net
Assets
100.0%
...........................................................
$734,044,565
a
a
a
a
Number
of
Contracts
Notional
Amount
#
m
Options
Written
(0.4)%
a
Calls
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
January
Strike
Price
76.00
JPY,
Expires
1/22/21
...
1
3,405,000
AUD
(120,850)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
January
Strike
Price
76.25
JPY,
Expires
1/22/21
...
1
3,791,000
AUD
(125,804)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
April
Strike
Price
76.80
JPY,
Expires
4/29/21
.......
1
4,915,000
AUD
(173,050)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
January
Strike
Price
76.95
JPY,
Expires
1/22/21
...
1
4,034,000
AUD
(108,322)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
78.00
JPY,
Expires
6/21/21
.......
1
3,782,000
AUD
(113,455)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
80.50
JPY,
Expires
6/18/21
.......
1
3,910,000
AUD
(62,510)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
December
Strike
Price
81.20
JPY,
Expires
12/20/21
..
1
2,932,000
AUD
(63,858)
Foreign
Exchange
AUD/USD,
Counterparty
MSCO,
February
Strike
Price
$0.72,
Expires
2/02/21
......
1
1,536,000
AUD
(79,300)
Foreign
Exchange
AUD/USD,
Counterparty
MSCO,
April
Strike
Price
$0.72,
Expires
4/16/21
...........
1
1,008,500
AUD
(52,193)
Foreign
Exchange
AUD/USD,
Counterparty
MSCO,
May
Strike
Price
$0.74,
Expires
5/12/21
...........
1
5,438,000
AUD
(217,023)
Foreign
Exchange
AUD/USD,
Counterparty
HSBK,
May
Strike
Price
$0.78,
Expires
5/05/21
...........
1
2,518,000
AUD
(40,844)
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
March
Strike
Price
21.48
MXN,
Expires
3/25/21
..
1
5,659,000
(56,320)
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
32
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
m
Options
Written
(continued)
a
Calls
-
Over-the-Counter
(continued)
a
Currency
Options
(continued)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
April
Strike
Price
22.38
MXN,
Expires
4/29/21
.......
1
1,101,000
$
(9,926)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
22.56
MXN,
Expires
6/21/21
.......
1
2,228,000
(27,756)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
December
Strike
Price
22.75
MXN,
Expires
12/22/22
.
1
902,000
(51,696)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
December
Strike
Price
22.75
MXN,
Expires
12/22/22
.
1
902,000
(51,696)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
23.12
MXN,
Expires
1/21/21
..
1
334,000
(65)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
April
Strike
Price
24.57
MXN,
Expires
4/29/21
.......
1
551,000
(1,737)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
25.45
MXN,
Expires
1/14/21
..
1
751,000
(2)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
March
Strike
Price
25.87
MXN,
Expires
3/24/21
.......
1
2,072,000
(1,441)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
March
Strike
Price
26.08
MXN,
Expires
3/24/21
.......
1
873,000
(548)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
26.61
MXN,
Expires
8/30/21
..
1
1,898,000
(9,622)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
April
Strike
Price
27.24
MXN,
Expires
4/09/21
.......
1
2,600,000
(1,767)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
27.38
MXN,
Expires
8/11/21
..
1
1,899,000
(7,095)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
December
Strike
Price
27.93
MXN,
Expires
12/07/21
.
1
1,321,000
(8,757)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
28.24
MXN,
Expires
6/18/21
.......
1
2,761,000
(4,398)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
28.40
MXN,
Expires
6/30/21
.......
1
2,761,000
(5,057)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
29.21
MXN,
Expires
1/14/21
..
1
1,003,000
—
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
June
Strike
Price
30.36
MXN,
Expires
6/09/21
.......
1
844,000
(687)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
October
Strike
Price
34.95
MXN,
Expires
10/19/23
.
1
568,000
(9,445)
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
33
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
m
Options
Written
(continued)
a
Calls
-
Over-the-Counter
(continued)
a
Currency
Options
(continued)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
October
Strike
Price
34.95
MXN,
Expires
10/19/23
.
1
568,000
$
(9,445)
(1,414,669)
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
64.86
JPY,
Expires
6/21/21
.......
1
7,563,000
AUD
(8,622)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
April
Strike
Price
66.00
JPY,
Expires
4/29/21
.......
1
3,277,000
AUD
(2,357)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
December
Strike
Price
68.40
JPY,
Expires
12/20/21
..
1
2,932,000
AUD
(19,713)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
71.60
JPY,
Expires
6/18/21
.......
1
7,819,000
AUD
(30,760)
Foreign
Exchange
AUD/USD,
Counterparty
MSCO,
January
Strike
Price
$0.64,
Expires
1/21/21
......
1
1,873,000
AUD
(3)
Foreign
Exchange
AUD/USD,
Counterparty
HSBK,
March
Strike
Price
$0.65,
Expires
3/22/21
......
1
1,084,000
AUD
(197)
Foreign
Exchange
AUD/USD,
Counterparty
HSBK,
January
Strike
Price
$0.66,
Expires
1/27/21
......
1
1,334,000
AUD
(10)
Foreign
Exchange
AUD/USD,
Counterparty
HSBK,
January
Strike
Price
$0.66,
Expires
1/22/21
......
1
1,513,000
AUD
(8)
Foreign
Exchange
AUD/USD,
Counterparty
MSCO,
February
Strike
Price
$0.69,
Expires
2/02/21
......
1
1,536,000
AUD
(165)
Foreign
Exchange
AUD/USD,
Counterparty
HSBK,
January
Strike
Price
$0.72,
Expires
1/22/21
......
1
1,012,000
AUD
(184)
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
March
Strike
Price
19.40
MXN,
Expires
3/25/21
..
1
4,753,000
(57,706)
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
June
Strike
Price
19.61
MXN,
Expires
6/09/21
.......
1
844,000
(17,880)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
19.79
MXN,
Expires
6/21/21
.......
1
4,052,000
(104,311)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
December
Strike
Price
19.93
MXN,
Expires
12/22/22
.
1
902,000
(32,655)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
December
Strike
Price
19.93
MXN,
Expires
12/22/22
.
1
902,000
(32,655)
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
34
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
m
Options
Written
(continued)
a
Puts
-
Over-the-Counter
(continued)
a
Currency
Options
(continued)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
20.24
MXN,
Expires
6/30/21
.......
1
1,381,000
$
(51,646)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
20.39
MXN,
Expires
1/21/21
..
1
334,000
(9,949)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
20.94
MXN,
Expires
8/30/21
..
1
1,898,000
(113,773)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
21.43
MXN,
Expires
8/11/21
..
1
1,899,000
(146,900)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
October
Strike
Price
22.32
MXN,
Expires
10/19/23
.
1
1,135,000
(99,113)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
October
Strike
Price
22.32
MXN,
Expires
10/19/23
.
1
1,135,000
(99,113)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
October
Strike
Price
22.32
MXN,
Expires
10/19/23
.
1
2,121,000
(185,215)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
22.37
MXN,
Expires
1/14/21
..
1
646,000
(78,874)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
23.10
MXN,
Expires
1/14/21
..
1
1,253,000
(199,060)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
January
Strike
Price
23.10
MXN,
Expires
1/14/21
..
1
84,000
(13,345)
(1,304,214)
Total
Options
Written
(Premiums
received
$2,034,621)
...........................
$
(2,718,883)
#
Notional
amount
is
the
number
of
units
specified
in
the
contract,
and
can
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
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
December
31,
2020,
the
aggregate
value
of
these
securities
was
$26,998,829,
representing
3.7%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
13
regarding
fair
value
measurements.
d
See
Note
10
regarding
restricted
securities.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Redemption
price
at
maturity
is
adjusted
for
inflation.
See
Note
1(h).
g
Securities
denominated
in
Argentine
Peso
have
been
designated
as
Level
3
investments.
See
Note
13
regarding
fair
value
measurements.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
j
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
k
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
m
See
Note
1(c)
regarding
written
options.
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
35
At
December
31,
2020,
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
Brazilian
Real
......
CITI
Buy
20,161,451
4,002,670
1/04/21
$
—
$
(120,989)
Brazilian
Real
......
CITI
Sell
20,161,451
3,479,832
1/04/21
—
(401,849)
Brazilian
Real
......
HSBK
Buy
9,528,984
1,872,835
1/05/21
—
(38,221)
Brazilian
Real
......
HSBK
Sell
9,528,984
1,645,482
1/05/21
—
(189,132)
South
Korean
Won
..
HSBK
Buy
9,458,966,732
8,580,340
1/08/21
114,030
—
South
Korean
Won
..
HSBK
Sell
9,458,966,732
8,087,352
1/08/21
—
(607,018)
Australian
Dollar
....
DBAB
Buy
6,950,000
5,211,040
1/11/21
147,638
—
Australian
Dollar
....
DBAB
Sell
6,950,000
4,849,536
1/11/21
—
(509,143)
Euro
.............
UBSW
Sell
849,411
910,085
CHF
1/11/21
—
(9,689)
Swiss
Franc
.......
UBSW
Sell
910,085
844,364
EUR
1/11/21
3,522
—
Euro
.............
JPHQ
Sell
4,367,348
4,630,000
CHF
1/13/21
—
(105,458)
Euro
.............
UBSW
Sell
527,832
568,795
CHF
1/13/21
—
(2,330)
Mexican
Peso
......
CITI
Buy
30,162,000
1,509,209
1/13/21
6,227
—
Mexican
Peso
......
CITI
Sell
30,162,000
1,395,549
1/13/21
—
(119,888)
Swiss
Franc
.......
JPHQ
Sell
4,630,000
4,296,406
EUR
1/13/21
18,771
—
Swiss
Franc
.......
UBSW
Sell
568,795
527,744
EUR
1/13/21
2,222
—
Euro
.............
GSCO
Sell
831,752
893,160
CHF
1/14/21
—
(7,212)
Swiss
Franc
.......
GSCO
Sell
893,160
828,319
EUR
1/14/21
3,018
—
Mexican
Peso
......
CITI
Buy
38,403,000
1,921,168
1/15/21
7,858
—
Mexican
Peso
......
CITI
Sell
44,398,000
2,050,526
1/15/21
—
(179,635)
Chinese
Yuan
......
CITI
Buy
19,903,590
3,045,118
1/19/21
12,747
—
Chinese
Yuan
......
HSBK
Buy
21,550,930
3,296,409
1/19/21
14,543
—
Euro
.............
DBAB
Sell
914,461
10,071,000
NOK
1/19/21
57,070
—
Euro
.............
DBAB
Sell
1,203,188
12,471,100
SEK
1/19/21
45,806
—
Euro
.............
JPHQ
Sell
1,247,656
13,536,100
NOK
1/19/21
54,023
—
Mexican
Peso
......
MSCO
Sell
37,583,000
1,695,554
1/19/21
—
(191,373)
South
Korean
Won
..
HSBK
Buy
5,354,972,927
4,857,559
1/19/21
64,614
—
South
Korean
Won
..
HSBK
Sell
5,354,972,927
4,442,855
1/19/21
—
(479,318)
Mexican
Peso
......
CITI
Sell
37,609,000
1,770,543
1/21/21
—
(117,232)
Mexican
Peso
......
JPHQ
Sell
7,255,000
327,658
1/22/21
—
(36,461)
Euro
.............
HSBK
Sell
2,803,568
345,514,478
JPY
1/25/21
—
(79,749)
Mexican
Peso
......
MSCO
Sell
8,199,000
385,654
1/25/21
—
(25,695)
Australian
Dollar
....
HSBK
Buy
3,124,000
2,326,527
1/27/21
82,871
—
Australian
Dollar
....
HSBK
Sell
3,124,000
2,223,688
1/27/21
—
(185,710)
Mexican
Peso
......
CITI
Sell
28,955,000
1,372,229
1/27/21
—
(80,108)
South
Korean
Won
..
HSBK
Buy
10,479,924,341
9,506,118
1/29/21
126,903
—
South
Korean
Won
..
HSBK
Sell
10,479,924,341
9,241,963
1/29/21
—
(391,057)
Brazilian
Real
......
CITI
Sell
22,620,861
4,190,290
2/02/21
—
(164,197)
Brazilian
Real
......
HSBK
Sell
21,369,190
4,065,170
2/02/21
37,451
(85,822)
Brazilian
Real
......
JPHQ
Sell
35,970,773
6,653,492
2/02/21
—
(270,836)
Indian
Rupee
......
CITI
Buy
82,812,900
1,116,905
2/08/21
13,062
—
Indian
Rupee
......
JPHQ
Buy
113,619,700
1,532,361
2/08/21
17,958
—
Euro
.............
UBSW
Sell
849,598
910,093
CHF
2/09/21
—
(9,712)
Indian
Rupee
......
HSBK
Buy
133,568,000
1,800,872
2/09/21
21,452
—
Swiss
Franc
.......
UBSW
Sell
910,093
844,474
EUR
2/09/21
3,447
—
Australian
Dollar
....
HSBK
Buy
2,017,000
1,502,276
2/10/21
53,622
—
Australian
Dollar
....
HSBK
Sell
2,017,000
1,450,677
2/10/21
—
(105,221)
Euro
.............
UBSW
Sell
2,116,864
2,275,258
CHF
2/10/21
—
(15,517)
Swiss
Franc
.......
UBSW
Sell
2,275,258
2,111,789
EUR
2/10/21
9,312
—
Australian
Dollar
....
HSBK
Buy
885,000
659,154
2/12/21
23,536
—
Australian
Dollar
....
HSBK
Sell
885,000
642,687
2/12/21
—
(40,003)
Euro
.............
GSCO
Sell
1,105,932
1,190,889
CHF
2/12/21
—
(5,595)
Swiss
Franc
.......
GSCO
Sell
1,190,889
1,103,973
EUR
2/12/21
3,200
—
Euro
.............
DBAB
Sell
1,340,172
13,656,214
SEK
2/16/21
21,963
—
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
36
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Mexican
Peso
......
CITI
Sell
28,599,400
1,288,755
2/16/21
$
—
$
(142,486)
Chinese
Yuan
......
JPHQ
Buy
14,973,410
2,286,059
2/18/21
9,818
—
Euro
.............
DBAB
Sell
2,556,660
27,581,500
NOK
2/19/21
90,193
—
Australian
Dollar
....
JPHQ
Sell
34,173,782
2,603,437,288
JPY
2/22/21
—
(1,135,679)
Japanese
Yen
......
JPHQ
Sell
2,645,848,623
34,173,782
AUD
2/22/21
724,709
—
Euro
.............
HSBK
Sell
2,803,435
351,939,058
JPY
2/24/21
—
(18,523)
Euro
.............
HSBK
Sell
5,607,098
695,247,974
JPY
2/25/21
—
(121,030)
Australian
Dollar
....
CITI
Sell
5,235,270
396,717,242
JPY
2/26/21
—
(194,449)
Japanese
Yen
......
CITI
Buy
76,440,300
723,216
2/26/21
17,526
—
Japanese
Yen
......
CITI
Sell
307,076,933
3,910,000
AUD
2/26/21
40,707
—
Brazilian
Real
......
CITI
Sell
20,161,451
3,996,402
3/02/21
122,823
—
Mexican
Peso
......
CITI
Sell
42,325,000
1,894,058
3/02/21
—
(220,834)
Euro
.............
JPHQ
Sell
11,745,813
13,986,679
3/04/21
—
(382,091)
Euro
.............
UBSW
Sell
943,744
1,122,215
3/08/21
—
(32,378)
Indian
Rupee
......
CITI
Buy
110,703,100
1,489,206
3/08/21
16,960
—
Indian
Rupee
......
JPHQ
Buy
113,941,400
1,532,360
3/08/21
17,864
—
Mexican
Peso
......
CITI
Sell
32,831,000
1,501,223
3/08/21
—
(138,170)
Indian
Rupee
......
HSBK
Buy
133,941,730
1,800,873
3/09/21
21,255
—
Indian
Rupee
......
JPHQ
Buy
147,383,500
1,982,427
3/09/21
22,562
—
South
Korean
Won
..
GSCO
Buy
5,211,000,000
4,799,954
3/09/21
—
(10,258)
South
Korean
Won
..
GSCO
Sell
5,211,000,000
4,392,835
3/09/21
—
(396,861)
Australian
Dollar
....
CITI
Sell
17,534,250
1,341,277,193
JPY
3/10/21
—
(528,742)
Euro
.............
UBSW
Sell
1,054,583
1,137,589
CHF
3/10/21
—
(2,862)
Swiss
Franc
.......
UBSW
Sell
1,137,590
1,052,666
EUR
3/10/21
515
—
Euro
.............
GSCO
Sell
1,383,702
1,488,600
CHF
3/11/21
—
(8,284)
Mexican
Peso
......
CITI
Sell
40,252,000
1,787,405
3/11/21
—
(221,842)
Swiss
Franc
.......
GSCO
Sell
1,488,600
1,380,238
EUR
3/11/21
4,046
—
Chinese
Yuan
......
JPHQ
Buy
29,990,050
4,571,569
3/15/21
19,110
—
Euro
.............
DBAB
Sell
4,026,129
41,570,267
SEK
3/15/21
130,678
—
Euro
.............
GSCO
Sell
1,105,842
1,190,881
CHF
3/15/21
—
(5,219)
Russian
Ruble
.....
DBAB
Buy
190,779,900
2,588,383
3/15/21
—
(30,356)
Swiss
Franc
.......
GSCO
Sell
1,190,881
1,099,166
EUR
3/15/21
—
(2,949)
Chinese
Yuan
......
HSBK
Buy
10,814,530
1,648,205
3/16/21
7,095
—
Euro
.............
JPHQ
Sell
1,274,502
13,536,100
NOK
3/16/21
19,016
—
Mexican
Peso
......
CITI
Sell
40,653,000
1,870,669
3/16/21
—
(157,400)
Mexican
Peso
......
MSCO
Sell
74,563,400
3,543,581
3/17/21
—
(175,749)
Euro
.............
DBAB
Sell
3,295,477
35,502,500
NOK
3/22/21
107,031
—
Mexican
Peso
......
MSCO
Sell
11,648,000
525,087
3/24/21
—
(55,453)
Euro
.............
HSBK
Sell
2,803,598
344,853,806
JPY
3/25/21
—
(88,427)
Euro
.............
DBAB
Sell
603,145
6,689,000
NOK
3/31/21
41,697
—
Euro
.............
JPHQ
Sell
10,822,516
120,073,113
NOK
3/31/21
753,927
—
Mexican
Peso
......
GSCO
Sell
52,403,000
2,323,034
4/05/21
—
(285,054)
Euro
.............
GSCO
Sell
830,477
893,165
CHF
4/13/21
—
(5,043)
Euro
.............
JPHQ
Sell
2,022,607
21,150,000
SEK
4/13/21
97,202
—
Euro
.............
UBSW
Sell
528,210
568,795
CHF
4/13/21
—
(2,399)
Mexican
Peso
......
CITI
Sell
24,486,500
1,093,582
4/13/21
—
(123,960)
South
Korean
Won
..
DBAB
Buy
33,248,000,000
30,736,803
4/13/21
—
(183,986)
South
Korean
Won
..
DBAB
Sell
33,248,000,000
28,625,054
4/13/21
—
(1,927,763)
Swiss
Franc
.......
GSCO
Sell
893,165
824,193
EUR
4/13/21
—
(2,652)
Swiss
Franc
.......
UBSW
Sell
568,795
526,019
EUR
4/13/21
—
(283)
Euro
.............
DBAB
Sell
1,606,255
16,628,116
SEK
4/15/21
56,676
—
Euro
.............
DBAB
Sell
1,201,987
12,471,100
SEK
4/16/21
45,801
—
Australian
Dollar
....
MSCO
Buy
267,000
200,432
4/21/21
5,620
—
Australian
Dollar
....
MSCO
Sell
267,000
189,770
4/21/21
—
(16,281)
Euro
.............
UBSW
Sell
392,930
467,707
4/23/21
—
(13,520)
Australian
Dollar
....
HSBK
Buy
2,004,000
1,493,255
4/27/21
53,341
—
Australian
Dollar
....
HSBK
Sell
2,004,000
1,425,950
4/27/21
—
(120,645)
Templeton
Global
Investment
Trust
Consolidated
Statement
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
37
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Mexican
Peso
......
CITI
Sell
76,540,900
3,419,294
4/30/21
$
—
$
(378,932)
Australian
Dollar
....
CITI
Sell
305,000
22,772,825
JPY
5/06/21
—
(14,521)
Mexican
Peso
......
CITI
Sell
2,972,000
142,847
5/13/21
—
(4,408)
Euro
.............
DBAB
Sell
1,877,412
2,238,401
5/27/21
—
(62,597)
Russian
Ruble
.....
JPHQ
Buy
14,536,100
193,094
6/07/21
46
—
Russian
Ruble
.....
MSCO
Buy
200,145,100
2,650,156
6/07/21
9,159
—
Indian
Rupee
......
CITI
Buy
83,985,600
1,116,904
6/08/21
12,517
—
Euro
.............
UBSW
Sell
844,587
910,085
CHF
6/09/21
—
(2,718)
Indian
Rupee
......
CITI
Buy
49,456,700
657,319
6/09/21
7,676
—
Russian
Ruble
.....
JPHQ
Buy
26,883,800
360,565
6/09/21
—
(3,442)
Swiss
Franc
.......
UBSW
Sell
910,085
841,214
EUR
6/09/21
—
(1,417)
Euro
.............
DBAB
Sell
3,232,593
33,256,202
SEK
6/11/21
85,813
—
Euro
.............
DBAB
Sell
638,369
6,561,800
SEK
6/15/21
16,223
—
Euro
.............
DBAB
Sell
656,774
7,055,400
NOK
6/15/21
17,132
—
Japanese
Yen
......
CITI
Buy
307,199,313
2,962,099
6/15/21
18,971
—
Japanese
Yen
......
JPHQ
Buy
1,531,174,755
14,757,600
6/15/21
100,963
—
Russian
Ruble
.....
DBAB
Buy
121,099,600
1,624,473
6/15/21
—
(16,871)
Chinese
Yuan
......
HSBK
Buy
10,877,490
1,648,204
6/16/21
7,184
—
Euro
.............
DBAB
Sell
1,014,026
10,786,400
NOK
6/16/21
13,971
—
Euro
.............
DBAB
Sell
1,635,986
16,715,200
SEK
6/16/21
29,239
—
Euro
.............
DBAB
Sell
820,743
8,716,000
NOK
6/18/21
9,575
—
Japanese
Yen
......
BNDP
Buy
317,077,140
3,077,298
6/22/21
—
(98)
Russian
Ruble
.....
JPHQ
Buy
19,160,000
252,132
9/08/21
—
(239)
Russian
Ruble
.....
MSCO
Buy
123,931,100
1,630,865
9/08/21
—
(1,567)
Russian
Ruble
.....
JPHQ
Buy
26,883,900
357,222
9/09/21
—
(3,825)
Russian
Ruble
.....
DBAB
Buy
122,261,200
1,624,474
9/14/21
—
(18,241)
Euro
.............
DBAB
Sell
638,364
6,569,400
SEK
9/15/21
16,221
—
Euro
.............
DBAB
Sell
656,768
7,070,900
NOK
9/15/21
16,974
—
Euro
.............
JPHQ
Sell
1,296,662
13,824,100
NOK
9/20/21
17,452
—
Japanese
Yen
......
MSCO
Buy
6,285,774,700
60,935,831
9/21/21
139,742
—
Russian
Ruble
.....
DBAB
Buy
182,569,600
2,405,993
12/15/21
—
(32,723)
Total
Forward
Exchange
Contracts
...................................................
$3,911,896
$(11,867,397)
Net
unrealized
appreciation
(depreciation)
............................................
$(7,955,501)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Note 11
regarding
other
derivative
information.
See
Abbreviations
on
page
60
.
Templeton
Global
Investment
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Assets
and
Liabilities
December
31,
2020
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Templeton
Global
Balanced
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$605,712,980
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
57,777,120
Value
-
Unaffiliated
issuers
..................................................................
$664,549,731
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
57,777,120
Cash
....................................................................................
5,290,828
Restricted
currency,
at
value
(cost
$
811
)
(Note
1d)
..................................................
800
Foreign
currency,
at
value
(cost
$472,542)
........................................................
472,536
Receivables:
Investment
securities
sold
...................................................................
1,479,545
Capital
shares
sold
........................................................................
98,534
Dividends
and
interest
.....................................................................
3,723,743
European
Union
tax
reclaims
(Note
1
g
)
.........................................................
8,192,167
Deposits
with
brokers
for:
OTC
derivative
contracts
..................................................................
9,460,000
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
3,911,896
FT
Subsidiary
deferred
tax
benefit
(Note
1
f
)
.......................................................
143,814
Other
assets
..............................................................................
116
Total
assets
..........................................................................
755,100,830
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,103,204
Capital
shares
redeemed
...................................................................
995,962
Management
fees
.........................................................................
484,743
Distribution
fees
..........................................................................
196,364
Transfer
agent
fees
........................................................................
176,316
IRS
closing
agreement
fees
for
European
Union
tax
reclaims
(Note
1
g
)
.................................
1,449,550
Options
written,
at
value
(premiums
received
$2,034,621)
............................................
2,718,883
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
11,867,397
Deferred
tax
...............................................................................
686,709
Accrued
expenses
and
other
liabilities
...........................................................
377,137
Total
liabilities
.........................................................................
21,056,265
Net
assets,
at
value
.................................................................
$734,044,565
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$890,362,466
Total
distributable
earnings
(losses)
.............................................................
(156,317,901)
Net
assets,
at
value
.................................................................
$734,044,565
Templeton
Global
Investment
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2020
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
39
Templeton
Global
Balanced
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$354,878,713
Shares
outstanding
........................................................................
125,721,729
Net
asset
value
per
share
a
..................................................................
$2.82
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
................................
$2.98
Class
A1:
Net
assets,
at
value
.......................................................................
$198,816,227
Shares
outstanding
........................................................................
70,325,440
Net
asset
value
per
share
a
..................................................................
$2.83
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$2.94
Class
C:
Net
assets,
at
value
.......................................................................
$83,658,156
Shares
outstanding
........................................................................
29,777,118
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$2.81
Class
C1:
Net
assets,
at
value
.......................................................................
$13,050,249
Shares
outstanding
........................................................................
4,609,968
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$2.83
Class
R:
Net
assets,
at
value
.......................................................................
$1,591,435
Shares
outstanding
........................................................................
560,957
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.84
Class
R6:
Net
assets,
at
value
.......................................................................
$4,623,572
Shares
outstanding
........................................................................
1,633,737
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.83
Advisor
Class:
Net
assets,
at
value
.......................................................................
$77,426,213
Shares
outstanding
........................................................................
27,299,706
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.84
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Templeton
Global
Investment
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Operations
for
the
year
ended
December
31,
2020
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
Templeton
Global
Balanced
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$834,566)
Unaffiliated
issuers
........................................................................
$7,897,783
Non-controlled
affiliates
(Note
3
f
)
.............................................................
260,414
Interest:
(net
of
foreign
taxes
of
$355,645)
Unaffiliated
issuers:
Inflation
principal
adjustments
..............................................................
1,942,733
Paid
in
cash
a
...........................................................................
15,474,270
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
7,531
Non-controlled
affiliates
(Note
3
f
)
.............................................................
75
Other
income
(Note
1g
)
......................................................................
7,846,562
Less:
IRS
closing
agreement
fees
for
European
Union
tax
reclaims
(Note
1
g
)
..............................
(1,449,550)
Total
investment
income
...................................................................
31,979,818
Expenses:
Management
fees
(Note
3
a
)
...................................................................
6,194,229
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
921,879
Class
A1
...............................................................................
507,508
Class
C
................................................................................
992,083
Class
C1
...............................................................................
112,275
Class
R
................................................................................
7,155
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
510,505
Class
A1
...............................................................................
281,608
Class
C
................................................................................
137,718
Class
C1
...............................................................................
23,862
Class
R
................................................................................
2,566
Class
R6
...............................................................................
3,819
Advisor
Class
............................................................................
126,231
Custodian
fees
(Note
4
)
......................................................................
150,868
Reports
to
shareholders
......................................................................
164,995
Registration
and
filing
fees
....................................................................
125,010
Professional
fees
...........................................................................
185,846
Trustees'
fees
and
expenses
..................................................................
127,122
Other
....................................................................................
162,545
Total
expenses
.........................................................................
10,737,824
Expense
reductions
(Note
4
)
...............................................................
(52,887)
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(307,269)
Net
expenses
.........................................................................
10,377,668
Net
investment
income
................................................................
21,602,150
Templeton
Global
Investment
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Operations
(continued)
for
the
year
ended
December
31,
2020
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
41
Templeton
Global
Balanced
Fund
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$435,197)
Unaffiliated
issuers
......................................................................
(113,283,328)
Written
options
...........................................................................
(4,390,647)
Foreign
currency
transactions
................................................................
(1,670,533)
Forward
exchange
contracts
.................................................................
(1,281,914)
Swap
contracts
...........................................................................
(16,517,124)
Net
realized
gain
(loss)
..................................................................
(137,143,546)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
95,410,131
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
173,151
Written
options
...........................................................................
(1,272,658)
Forward
exchange
contracts
.................................................................
(2,379,430)
Swap
contracts
...........................................................................
5,160,817
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(392,098)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
96,699,913
Net
realized
and
unrealized
gain
(loss)
............................................................
(40,443,633)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(18,841,483)
a
Includes
amortization
of
premium
and
accretion
of
discount.
Templeton
Global
Investment
Trust
Consolidated
Financial
Statements
Consolidated
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
42
Templeton
Global
Balanced
Fund
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$21,602,150
$45,282,342
Net
realized
gain
(loss)
.................................................
(137,143,546)
(53,854,942)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
96,699,913
89,352,368
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(18,841,483)
80,779,768
Distributions
to
shareholders:
Class
A
.............................................................
(7,638,802)
(21,685,405)
Class
A1
............................................................
(4,211,501)
(11,542,983)
Class
C
.............................................................
(1,311,955)
(5,974,221)
Class
C1
............................................................
(277,743)
(1,648,499)
Class
R
.............................................................
(35,053)
(102,554)
Class
R6
............................................................
(116,532)
(310,749)
Advisor
Class
........................................................
(2,125,461)
(7,809,150)
Total
distributions
to
shareholders
..........................................
(15,717,047)
(49,073,561)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(98,421,442)
(105,366,578)
Class
A1
............................................................
(48,191,066)
(39,225,200)
Class
C
.............................................................
(49,773,621)
(69,062,384)
Class
C1
............................................................
(13,329,161)
(36,115,316)
Class
R
.............................................................
(700,761)
(494,695)
Class
R6
............................................................
(1,245,261)
(2,056,106)
Advisor
Class
........................................................
(55,341,265)
(70,805,226)
Total
capital
share
transactions
............................................
(267,002,577)
(323,125,505)
Net
increase
(decrease)
in
net
assets
...................................
(301,561,107)
(291,419,298)
Net
assets:
Beginning
of
year
.......................................................
1,035,605,672
1,327,024,970
End
of
year
...........................................................
$734,044,565
$1,035,605,672
Templeton
Global
Investment
Trust
43
franklintempleton.com
Annual
Report
Notes
to
Consolidated
Financial
Statements
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 two separate
funds
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
Templeton
Global
Balanced
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers seven
classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
C1,
Class
R,
Class
R6
and
Advisor
Class. Class
C
and
Class
C1
shares
automatically
convert
to
Class
A
shares
after
they
have
been
held
for
10
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust's Board
of
Trustees
(the
Board),
the Fund's
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instru
ments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
44
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
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
December
31,
2020,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy.
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
Consolidated
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
Consolidated
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Consolidated
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
45
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
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
Consolidated
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
terms
are
contract
specific
for
OTC
derivatives.
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
the
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,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
The
Fund
entered
into
interest
rate
swap
contracts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
depreciation
and
appreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
The
Fund
purchased
or
wrote
exchange
traded
and
OTC
option
contracts
primarily
to
manage
and/or
gain
exposure
to
equity
price
and
foreign
exchange
rate
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
See
Note
11 regarding
other
derivative
information.
d.
Restricted
Currency
At
December
31,
2020,
the
Fund
held
currencies
in
certain
markets
in
which
the
ability
to
repatriate
such
currency
is
limited.
As
a
result
of
such
limitations
on
repatriation,
the
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
46
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
Fund
may
incur
substantial
delays
in
gaining
access
to
these
assets
and
may
be
exposed
to
potential
adverse
movements
in
currency
value.
e.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the Fund,
and/or
a
joint
repurchase
agreement.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the
Consolidated
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
At
December
31,
2020,
the Fund
had
no
securities
on
loan.
f.
Investments
in
FT
Holdings
Corporation
IV
(FT
Subsidiary)
The
Fund
invested
in
a
certain
financial
instrument
through
its
investment
in
FT
Subsidiary.
FT
Subsidiary
is
a
Delaware
Corporation,
is
a
wholly-owned
subsidiary
of
the
Fund,
and
is
able
to
invest
in
certain
financial
instruments
consistent
with
the
investment
objective
of
the
Fund.
Prior
to
December
31,
2020,
FT
Subsidiary’s
investment,
Turtle
Bay
Resort,
liquidated
and
paid
a
final
distribution.
At December
31,
2020, other
assets
and
liabilities
of
FT
Subsidiary
are
reflected
in
the
Fund’s
Consolidated
Statement
of
Assets
and
Liabilities.
Prior
to
December
31,
2020,
FT
Subsidiary,
which
is
a
tax
paying
entity,
recognized
a
realized
loss
on
its
Turtle
Bay
investment.
An
estimated
deferred
tax
asset
based
on
such
realized
loss
is
reflected
as
FT
Subsidiary
deferred
tax
benefit
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
The
estimated
benefit
was
calculated
using
a
federal
rate
of
21%.
The
capital
loss
will
be
carried-back
to
offset
prior
year
capital
gains,
resulting
in
a
tax
refund
which
will
relieve
the
estimated
deferred
tax
asset
currently
reflected
in
the
Consolidated
Statement
of
Assets
and
Liabilities
once
the
final
tax
return
is
completed.
All
intercompany
transactions
and
balances
have
been
eliminated.
At
December
31,
2020,
the
net
assets
of
the
FT
Subsidiary
were
$5,299,400,
representing
0.7%
of
the
Fund's
consolidated
net
assets.
g.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
As
a
result
of
several
court
cases,
in
certain
countries
across
the
European
Union,
the
Fund
filed
additional
tax
reclaims
for
previously
withheld
taxes
on
dividends
earned
in
those
countries
(EU
reclaims).
These
additional
filings
are
subject
to
various
administrative
proceedings
by
the
local
jurisdictions’
tax
authorities
within
the
European
Union,
as
well
as
a
number
of
related
judicial
proceedings.
Income
recognized,
if
any,
for
EU
reclaims
is
reflected
as
other
income
in
the
Consolidated
Statement
of
Operations
and
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Restricted
Currency
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
47
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
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
consolidated
financial
statements.
For
U.S.
income
tax
purposes,
EU
reclaims
received
by
the
Fund,
if
any,
reduce
the
amounts
of
foreign
taxes
Fund
shareholders
can
use
as
tax
credits
in
their
individual
income
tax
returns.
In
the
event
that
EU
reclaims
received
by
the
Fund
during
the
fiscal
year
exceed
foreign
withholding
taxes
paid,
and
the
Fund
previously
passed
foreign
tax
credit
on
to
its
shareholders,
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.
During
the
fiscal
year
ended
December
31,
2020,
the
Fund
received
EU
reclaims
in
excess
of
the
foreign
taxes
paid
during
the
year.
The
Fund
determined
to
enter
into
a
closing
agreement
with
the
IRS
and
recorded
the
estimated
fees
as
a
reduction
to
income,
as
reflected
in
the
Consolidated
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
December
31,
2020,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
consolidated
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.
h.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
inflation
principal
adjustments
in
the
Consolidated
Statement
of
Operations.
i.
Accounting
Estimates
The
preparation
of
consolidated
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
consolidated
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
j.
Guarantees
and
Indemnifications
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
1.
Organization
and
Significant
Accounting
Policies
(continued)
g.
Income
and
Deferred
Taxes
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
48
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
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
December
31,
2020,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
11,969,597
$30,740,318
15,457,226
$43,595,980
Shares
issued
in
reinvestment
of
distributions
..........
3,025,251
7,334,279
7,443,835
20,890,310
Shares
redeemed
...............................
(53,437,948)
(136,496,039)
(60,106,395)
(169,852,868)
Net
increase
(decrease)
..........................
(38,443,100)
$(98,421,442)
(37,205,334)
$(105,366,578)
Class
A1
Shares:
Shares
sold
...................................
4,465,813
$11,503,081
9,105,301
$25,895,514
Shares
issued
in
reinvestment
of
distributions
..........
1,671,192
4,060,344
3,954,661
11,127,734
Shares
redeemed
...............................
(24,816,714)
(63,754,491)
(26,966,275)
(76,248,448)
Net
increase
(decrease)
..........................
(18,679,709)
$(48,191,066)
(13,906,313)
$(39,225,200)
Class
C
Shares:
Shares
sold
...................................
1,719,577
$4,468,395
3,745,169
$10,592,333
Shares
issued
in
reinvestment
of
distributions
..........
530,492
1,258,691
2,035,382
5,686,049
Shares
redeemed
a
..............................
(21,785,484)
(55,500,707)
(30,382,070)
(85,340,766)
Net
increase
(decrease)
..........................
(19,535,415)
$(49,773,621)
(24,601,519)
$(69,062,384)
Class
C1
Shares:
Shares
sold
...................................
300,507
$745,468
311,079
$881,750
Shares
issued
in
reinvestment
of
distributions
..........
111,556
267,725
560,212
1,577,535
Shares
redeemed
...............................
(5,566,846)
(14,342,354)
(13,620,596)
(38,574,601)
Net
increase
(decrease)
..........................
(5,154,783)
$(13,329,161)
(12,749,305)
$(36,115,316)
Class
R
Shares:
Shares
sold
...................................
108,372
$285,128
94,956
$268,890
Shares
issued
in
reinvestment
of
distributions
..........
9,318
22,614
23,796
67,155
Shares
redeemed
...............................
(380,527)
(1,008,503)
(294,355)
(830,740)
Net
increase
(decrease)
..........................
(262,837)
$(700,761)
(175,603)
$(494,695)
Class
R6
Shares:
Shares
sold
...................................
643,174
$1,684,430
448,072
$1,272,111
Shares
issued
in
reinvestment
of
distributions
..........
47,861
116,497
110,227
310,365
Shares
redeemed
...............................
(1,194,267)
(3,046,188)
(1,279,143)
(3,638,582)
Net
increase
(decrease)
..........................
(503,232)
$(1,245,261)
(720,844)
$(2,056,106)
1.
Organization
and
Significant
Accounting
Policies
(continued)
j.
Guarantees
and
Indemnifications
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
49
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee
to
Global
Advisors
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
year
ended
December
31,
2020,
the
gross
effective
investment
management
fee
rate
was
0.789%
of
the
Fund’s
average
daily
net
assets.
Under
a
subadvisory
agreement,
Advisers,
an
affiliate
of
Global
Advisors,
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid
by
Global
Advisors
based
on
the
Fund’s
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
Shares
Amount
Shares
Amount
Advisor
Class
Shares:
Shares
sold
...................................
4,393,821
$11,486,915
8,325,950
$23,723,126
Shares
issued
in
reinvestment
of
distributions
..........
773,816
1,869,231
2,440,632
6,892,913
Shares
redeemed
...............................
(27,406,158)
(68,697,411)
(35,767,251)
(101,421,265)
Net
increase
(decrease)
..........................
(22,238,521)
$(55,341,265)
(25,000,669)
$(70,805,226)
a
May
include
a
portion
of
Class
C1
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Templeton
Global
Advisors
Limited
(Global
Advisors)
Investment
manager
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Templeton
Distributors,
Inc.
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.825%
Up
to
and
including
$500
million
0.725%
Over
$500
million,
up
to
and
including
$1
billion
0.675%
Over
$1
billion,
up
to
and
including
$1.5
billion
0.625%
Over
$1.5
billion,
up
to
and
including
$6.5
billion
0.600%
Over
$6.5
billion,
up
to
and
including
$11.5
billion
0.578%
Over
$11.5
billion,
up
to
and
including
$16.5
billion
0.565%
Over
$16.5
billion,
up
to
and
including
$19
billion
0.555%
Over
$19
billion,
up
to
and
including
$21.5
billion
0.545%
In
excess
of
$21.5
billion
2.
Shares
of
Beneficial
Interest
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
50
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
b.
Administrative
Fees
Under
an
agreement
with
Global
Advisors,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Global
Advisors
based
on
the
Fund’s
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class A and
A1 reimbursement
distribution
plans,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
and
A1
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class C,
C1
and
R
compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
year:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
year
ended
December
31,
2020,
the
Fund
paid
transfer
agent
fees
of
$1,086,309,
of
which $444,927
was
retained
by
Investor
Services.
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.25%
Class
C
....................................................................................
1.00%
Class
C1
...................................................................................
0.65%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$15,953
CDSC
retained
..............................................................................
$6,414
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
51
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
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
Consolidated
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
December
31,
2020,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
g.
Waiver
and
Expense
Reimbursements
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
April
30,
2021.
4.
Expense
Offset
Arrangement
The
Fund
has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund’s
custodian
expenses.
During
the
year
ended
December
31,
2020,
the
custodian
fees
were
reduced
as
noted
in
the
Consolidated
Statement
of
Operations.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2020,
the
capital
loss
carryforwards
were
as
follows:
For
tax
purposes,
the
Fund
may
elect
to
defer
any
portion
of
a
post-October
capital
loss
or
late-year
ordinary
loss
to
the
first
day
of
the
following
fiscal
year.
At
December
31,
2020,
the
Fund
deferred
late-year
ordinary
losses
of
$3,669,679.
aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Global
Balanced
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$131,795,067
$340,786,708
$(414,804,655)
$—
$—
$57,777,120
57,777,120
$260,414
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$—
$5,032,000
$(5,032,000)
$
—
$
—
$—
—
$75
Total
Affiliated
Securities
....
$131,795,067
$345,818,708
$(419,836,655)
$—
$—
$57,777,120
$260,489
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$42,302,683
Long
term
................................................................................
168,531,075
Total
capital
loss
carryforwards
...............................................................
$210,833,758
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
52
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
The
tax
character
of
distributions
paid
during
the
years
ended
December
31,
2020
and
2019,
was
as
follows:
At
December
31,
2020,
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,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax,
payments-
in-kind,
bond
discounts
and
premiums,
tax
straddles,
inflation
related
adjustments
on
foreign
securities
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
year
ended
December
31,
2020,
aggregated
$445,749,496
and
$629,101,379,
respectively.
7.
Credit
Risk
At
December
31,
2020,
the
Fund
had
7.1%
of
its
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
8.
Concentration
of
Risk
Investments
in
issuers
domiciled
or
with
significant
operations
in
developing
or
emerging
market
countries
may
be
subject
to
higher
risks
than
investments
in
developed
countries.
These
risks
include
fluctuating
currency
values,
underdeveloped
legal
or
business
systems,
and
changing
local
and
regional
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Currencies
of
developing
or
emerging
market
countries
may
be
subject
to
significantly
greater
risks
than
currencies
of
developed
countries,
including
the
potential
inability
to
repatriate
those
currencies
into
U.S.
dollars.
At
December
31,
2020,
the
Fund
had
1.7%
of
its
net
assets
denominated
in
Argentine
Pesos. Argentina
has
restricted
currency
repatriation
since
September
2019,
and
had
restructured
certain
issues
of
its
debt.
Political
and
economic
conditions
in
Argentina
could
continue
to
affect
the
value
of
the
Fund's
holdings.
2020
2019
Distributions
paid
from:
Ordinary
income
..........................................................
$15,717,047
$49,073,561
Cost
of
investments
..........................................................................
$662,593,314
Unrealized
appreciation
........................................................................
$138,234,975
Unrealized
depreciation
........................................................................
(89,175,822)
Net
unrealized
appreciation
(depreciation)
..........................................................
$49,059,153
5.
Income
Taxes
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
53
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
9.
Novel
Coronavirus
Pandemic
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
10.
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
December
31,
2020,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
11.
Other
Derivative
Information
At
December
31,
2020,
investments
in
derivative
contracts
are
reflected
in
the
Consolidated
Statement of
Assets
and
Liabilities
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Templeton
Global
Balanced
Fund
32,900,733
a
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13
–
2/01/17
$
81,025
$
—
4,646,498
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
3,450
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$84,475
$—
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,144
as
of
December
31,
2020.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Consolidated
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Consolidated
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Templeton
Global
Balanced
Fund
Foreign
exchange
contracts
..
Investments
in
securities,
at
value
$
1,847,912
a
Options
written,
at
value
$
2,718,883
Unrealized
appreciation
on
OTC
forward
exchange
contracts
3,911,896
Unrealized
depreciation
on
OTC
forward
exchange
contracts
11,867,397
Equity
contracts
...........
Investments
in
securities,
at
value
401,417
a
Options
written,
at
value
—
Total
....................
$6,161,225
$14,586,280
a
Purchased
option
contracts
are
included
in
investments
in
securities,
at
value
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
54
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
For
the
year
ended
December
31,
2020,
the
effect
of
derivative
contracts
in
the
Consolidated
Statement
of
Operations
was
as
follows:
For
the
year
ended
December
31,
2020,
the
average
month
end
notional
amount
of
swap
contracts
and
options
represented
$7,648,462
and
$361,560,431,
respectively.
The
average
month
end
contract
value
of
forward
exchange
contracts
was
$466,649,606.
At
December
31,
2020,
OTC
derivative
assets
and
liabilities
are
as
follows:
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Consolidated
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Year
Consolidated
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Year
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Templeton
Global
Balanced
Fund
Interest
rate
contracts
.......
Swap
contracts
$(16,517,124)
Swap
contracts
$5,160,817
Foreign
exchange
contracts
..
Investments
6,698,099
a
Investments
193,260
a
Written
options
(4,393,716)
Written
options
(1,272,658)
Forward
exchange
contracts
(1,281,914)
Forward
exchange
contracts
(2,379,430)
Equity
Contracts
...........
Investments
(7,084,776)
a
Investments
(1,090,866)
a
Written
options
3,069
Written
options
—
Total
....................
$(22,576,362)
$611,123
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation) on
investments
in
the
Consolidated
Statement
of
Operations.
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Consolidated
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Derivatives
Templeton
Global
Balanced
Fund
Forward
exchange
contracts
.............................
$
3,911,896
$
11,867,397
Options
purchased
.....................................
1,847,912
—
Options
written
........................................
—
2,718,883
Total
.............................................
$5,759,808
$14,586,280
a
Absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
11.
Other
Derivative
Information
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
55
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
At
December
31,
2020,
OTC
derivative
assets,
which
may
be
offset
against
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
At
December
31,
2020,
OTC
derivative
liabilities,
which
may
be
offset
against
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
Amounts
Not
Offset
in
the
Consolidated
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Consolidated
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
Cash
Collateral
Received
Net
Amount
(Not
less
than
zero)
Templeton
Global
Balanced
Fund
Counterparty
BNDP
...................
$—
$—
$—
$—
$—
CITI
.....................
1,183,678
(1,183,678)
—
—
—
DBAB
...................
949,701
(949,701)
—
—
—
GSCO
...................
257,358
(257,358)
—
—
—
HSBK
...................
698,877
(698,877)
—
—
—
JPHQ
...................
1,873,421
(1,873,421)
—
—
—
MSCO
...................
777,755
(777,755)
—
—
—
UBSW
...................
19,018
(19,018)
—
—
—
Total
...................
$5,759,808
$(5,759,808)
$
—
$—
$—
$
1
Amounts
Not
Offset
in
the
Consolidated
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Consolidated
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
Cash
Collateral
Pledged
a
Net
Amount
(Not
less
than
zero)
Templeton
Global
Balanced
Fund
Counterparty
BNDP
...................
$98
$—
$—
$—
$98
CITI
.....................
4,758,618
(1,183,678)
—
(3,470,000)
104,940
DBAB
...................
2,781,680
(949,701)
—
(1,831,979)
—
GSCO
...................
861,720
(257,358)
—
(580,000)
24,362
HSBK
...................
2,591,119
(698,877)
—
(1,892,242)
—
JPHQ
...................
1,938,031
(1,873,421)
—
(64,610)
—
MSCO
...................
1,562,189
(777,755)
—
(784,434)
—
UBSW
...................
92,825
(19,018)
—
—
73,807
Total
...................
$14,586,280
$(5,759,808)
$—
$(8,623,265)
$203,207
11.
Other
Derivative
Information
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
56
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
See
Note
1(c)
regarding
derivative
financial
instruments.
See
Abbreviations
page
60.
12.
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
billion
(Global
Credit
Facility)
which
matured
on
February
5,
2021.
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.
Effective
February
5,
2021,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one
year
term,
maturing
February
4,
2022,
for
a
total
of
$2.675
billion.
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
Consolidated
Statement
of
Operations.
During
the
year
ended
December
31,
2020,
the Fund
did
not
use
the
Global
Credit
Facility.
13.
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
December
31,
2020,
in
valuing
the
Fund's
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
a
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
collateral
amounts
to
avoid
the
effect
of
overcollateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
Level
1
Level
2
Level
3
Total
Templeton
Global
Balanced
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Belgium
.............................
$
—
$
952,865
$
—
$
952,865
China
...............................
—
17,404,160
—
17,404,160
Denmark
............................
—
6,271,276
—
6,271,276
France
..............................
—
4,057,496
—
4,057,496
11.
Other
Derivative
Information
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
57
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
Level
1
Level
2
Level
3
Total
Templeton
Global
Balanced
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Germany
............................
$
—
$
35,884,516
$
—
$
35,884,516
Hong
Kong
...........................
—
12,594,550
—
12,594,550
India
................................
—
9,190,065
—
9,190,065
Ireland
..............................
9,381,294
—
—
9,381,294
Japan
...............................
—
48,845,265
—
48,845,265
Luxembourg
..........................
—
10,194,562
—
10,194,562
Netherlands
..........................
8,743,960
4,985,212
—
13,729,172
South
Africa
..........................
—
—
—
a
—
South
Korea
..........................
—
12,513,097
—
12,513,097
Spain
...............................
—
14,413,669
—
14,413,669
Taiwan
..............................
—
11,939,626
—
11,939,626
United
Kingdom
.......................
—
37,923,408
—
37,923,408
United
States
.........................
175,230,935
—
—
175,230,935
Corporate
Bonds
........................
—
—
8,631
a
8,631
Foreign
Government
and
Agency
Securities
:
Argentina
............................
—
—
11,467,470
11,467,470
Brazil
...............................
—
16,191,194
—
16,191,194
Colombia
............................
—
7,992,832
—
7,992,832
Ecuador
.............................
—
4,323,789
—
4,323,789
El
Salvador
...........................
—
95,250
—
95,250
Ghana
..............................
—
11,453,530
—
11,453,530
India
................................
—
14,398,666
—
14,398,666
Indonesia
............................
—
15,010,212
—
15,010,212
Mexico
..............................
—
34,181,100
—
34,181,100
South
Korea
..........................
—
58,399,782
—
58,399,782
Supranational
.........................
—
3,283,856
—
3,283,856
U.S.
Government
and
Agency
Securities
.......
—
24,307,281
—
24,307,281
Options
purchased
.......................
401,417
1,847,912
—
2,249,329
Short
Term
Investments
...................
57,777,120
39,899,784
761,069
98,437,973
Total
Investments
in
Securities
...........
$251,534,726
$458,554,955
$12,237,170
$722,326,851
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
3,911,896
$
—
$
3,911,896
Restricted
Currency
(ARS)
.................
—
—
800
800
Total
Other
Financial
Instruments
.........
$—
$3,911,896
$800
$3,912,696
Receivables:
Interest
(ARS)
...........................
$—
$—
$234,213
$234,213
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
—
$
2,718,883
$
—
$
2,718,883
Forward
exchange
contracts
................
—
11,867,397
—
11,867,397
Total
Other
Financial
Instruments
.........
$—
$14,586,280
$—
$14,586,280
Payables:
Investment
Securities
Purchased
(ARS)
.......
$—
$—
$118,056
$118,056
Deferred
Tax(ARS)
.......................
$—
$—
$524
$524
a
Includes
securities
determined
to
have
no
value
at
December
31,
2020.
13.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
58
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
year.
At
December
31,
2020,
the
reconciliation
is
as
follows:
Balance
at
Beginning
of
Year
Purchases
Sales
Transfer
Into
Level
3
a
Transfer
Out
of
Level
3
Cost
Basis
Adjust-
ments
b
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciation
(Depreciation)
Balance
at
End
of
Year
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Year
End
a
a
a
a
a
a
a
a
a
a
a
Templeton
Global
Balanced
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
South
Africa
.......
$
26,811
c
$
—
$
—
$
—
$
—
$
—
$
—
$
(26,811)
$
—
c
$
(26,811)
United
States
......
34,934
—
(15,311)
—
—
—
(1,932,922)
1,913,299
—
—
Corporate
Bonds
:
South
Africa
.......
8,254
c
—
(5,506)
6,506
—
403,319
(196,524)
(207,418)
8,631
c
(73,288)
Foreign
Government
and
Agency
Securities
:
Argentina
.........
9,148,100
7,644,330
(2,739,406)
—
—
1,244,017
(4,677,895)
848,324
11,467,470
(1,549,976)
Short
Term
Investments
.
702,477
799,450
(458,335)
—
—
(108,202)
(112,300)
(62,021)
761,069
15,206
Total
Investments
in
Securities
.
$9,920,576
$8,443,780
$(3,218,558)
$6,506
$—
1,539,134
(6,919,641)
2,465,373
$12,237,170
$(1,634,869)
Other
Financial
Instruments:
Restricted
Currency
(ARS)
$2,466,942
$4,723,143
$(6,786,452)
$—
$—
$—
$(464,570)
$61,737
$800
$(11)
Receivables:
Interest
(ARS)
......
$419,240
$2,528,491
$(2,443,413)
$—
$—
$—
$(304,071)
$33,966
$234,213
$8,242
Liabilities:
Payables:
Deferred
Tax
(ARS)
....
$1,002
$—
$—
$—
$—
$—
$—
$(478)
$524
$(478)
Investment
Securities
Purchased
(ARS)
....
$—
$118,056
$—
$—
$—
$—
$—
$—
$118,056
$—
a
Transferred
into
level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
b
May
include
accretion,
amortization,
partnership
adjustments,
and/or
other
cost
basis
adjustments.
c
Includes
securities
determined
to
have
no
value.
13.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
59
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
Significant
unobservable
valuation
inputs
for
material
Level
3 assets
and/or
liabilities and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
December
31,
2020,
are
as
follows:
14.
New
Accounting
Pronouncements
In
March
2020,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
–
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
amendments
in
the
ASU
provides
optional
temporary
financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR)
and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021.
The
ASU
is
effective
for
certain
reference
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2022. Management
has
reviewed
the
requirements
and
believes
the
adoption
of
this
ASU
will
not
have
a
material
impact
on
the
consolidated
financial
statements.
15.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the consolidated
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
consolidated
financial
statements.
Description
Fair
Value
at
End
of
Year
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Templeton
Global
Balanced
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities:
Argentina
...........
$11,467,470
Market
comparables
Implied
foreign
exchange
rate
143.8
ARS/USD
Decrease
b
Short
Term
Investments:
Argentina
..........
761,069
Market
comparables
Implied
foreign
exchange
rate
143.8
ARS/USD
Decrease
c
All
Other
............
243,644
d,e
Liabilities:
All
Other
............
118,580
e
Total
...............
$12,353,603
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
b
c
Represents
a
significant
impact
to
fair
value
and
net
assets.
Represents
a
significant
impact
to
fair
value
but
not
net
assets.
d
Includes
securities
determined
to
have
no
value
at
December
31,
2020.
e
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
13.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Notes
to
Consolidated
Financial
Statements
60
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
UBSW
UBS
AG
Selected
Portfolio
ADR
American
Depositary
Receipt
BADLAR
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
CER
Reference
Stabilization
Coefficient
ETF
Exchange-Traded
Fund
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
Currency
ARS
Argentine
Peso
AUD
Australian
Dollar
BRL
Brazilian
Real
CHF
Swiss
Franc
COP
Colombian
Peso
EGP
Egyptian
Pound
EUR
Euro
GHS
Ghanaian
Cedi
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
SEK
Swedish
Krona
USD
United
States
Dollar
Templeton
Global
Investment
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
61
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
of
Templeton
Global
Investment
Trust
and
Shareholders
of
Templeton
Global
Balanced
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
consolidated
statement
of
assets
and
liabilities,
including
the
consolidated
statement
of
investments,
of
Templeton
Global
Balanced
Fund
and
its
subsidiary
(one
of
the
funds
constituting
Templeton
Global
Investment
Trust,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2020,
the
related
consolidated
statements
of
operations
for
the
year
ended
December
31,
2020,
the
consolidated
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2020,
including
the
related
notes,
and
the
consolidated
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“consolidated
financial
statements”).
In
our
opinion,
the
consolidated
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2020,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2020
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
consolidated
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
consolidated
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
consolidated
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
consolidated
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
consolidated
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
consolidated
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
consolidated
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2020
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
February
19,
2021
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Templeton
Global
Investment
Trust
Tax
Information
(unaudited)
62
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
Under
Section
854(b)(1)(A)
of
the
Internal
Revenue
Code,
the
Fund
hereby
reports
8.79%
of
the
ordinary
income
dividends
as
income
qualifying
for
the
dividends
received
deduction
for
the
fiscal
year
ended
December
31,
2020.
Under
Section
854(b)(1)(B)
of
the
Internal
Revenue
Code,
the
Fund
hereby
reports
the
maximum
amount
allowable
but
no
less
than
$6,549,125
as
qualified
dividends
for
purposes
of
the
maximum
rate
under
Section
1(h)(11)
of
the
Internal
Revenue
Code
for
the
fiscal
year
ended
December
31,
2020.
Distributions,
including
qualified
dividend
income,
paid
during
calendar
year
2020
will
be
reported
to
shareholders
on
Form
1099-DIV
by
mid-February
2021.
Shareholders
are
advised
to
check
with
their
tax
advisors
for
information
on
the
treatment
of
these
amounts
on
their
individual
income
tax
returns.
At
December
31,
2020,
more
than
50%
of
the
Fund's
total
assets
were
invested
in
securities
of
foreign
issuers.
In
most
instances,
foreign
taxes
were
withheld
from
income
paid
to
the
Fund
on
these
investments.
The
Fund
elects
to
treat
foreign
taxes
paid
as
allowed
under
Section
853
of
the
Internal
Revenue
Code.
This
election
will
allow
shareholders
of
record
as
of
the
2021
distribution
date,
to
treat
their
proportionate
share
of
foreign
taxes
paid
by
the
Fund
as
having
been
paid
directly
by
them.
The
shareholder
shall
consider
these
amounts
as
foreign
taxes
paid
in
the
tax
year
in
which
they
receive
the
Fund
distribution.
Templeton
Global
Investment
Trust
Board
Members
and
Officers
63
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
1994
125
Bar-S
Foods
(meat
packing
company)
(1981-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Ann
Torre
Bates
(1958)
Trustee
Since
2008
30
Ares
Capital
Corporation
(specialty
finance
company)
(2010-present),
United
Natural
Foods,
Inc.
(distributor
of
natural,
organic
and
specialty
foods)
(2013-present),
formerly
,
Allied
Capital
Corporation
(financial
services)
(2003-
2010),
SLM
Corporation
(Sallie
Mae)
(1997-2014)
and
Navient
Corporation
(loan
management,
servicing
and
asset
recovery)
(2014-2016).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Executive
Vice
President
and
Chief
Financial
Officer,
NHP
Incorporated
(manager
of
multifamily
housing)
(1995-1997);
and
Vice
President
and
Treasurer,
US
Airways,
Inc.
(until
1995).
Mary
C.
Choksi
(1950)
Trustee
Since
2017
125
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-May
2020).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Templeton
Global
Investment
Trust
64
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
1996
and
Lead
Independent
Trustee
since
2007
125
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Canadian
National
Railway
(railroad)
(2001-present),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
125
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Private
investor;
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(May
2019-January
1,
2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
David
W.
Niemiec
(1949)
Trustee
Since
2006
30
Hess
Midstream
LP
(oil
and
gas
midstream
infrastructure)
(2017-present).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Advisor,
Saratoga
Partners
(private
equity
fund);
and
formerly
,
Managing
Director,
Saratoga
Partners
(1998-2001)
and
SBC
Warburg
Dillon
Read
(investment
banking)
(1997-1998);
Vice
Chairman,
Dillon,
Read
&
Co.
Inc.
(investment
banking)
(1991-1997);
and
Chief
Financial
Officer,
Dillon,
Read
&
Co.
Inc.
(1982-1997).
Larry
D.
Thompson
(1945)
Trustee
Since
2006
125
Graham
Holdings
Company
(education
and
media
organization)
(2011-present);
and
formerly
,
The
Southern
Company
(energy
company)
(2014-May
2020;
previously
2010-2012),
Cbeyond,
Inc.
(business
communications
provider)
(2010-2012).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-September
2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Templeton
Global
Investment
Trust
65
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Constantine
D.
Tseretopoulos
(1954)
Trustee
Since
2001
19
None
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Physician,
Chief
of
Staff,
owner
and
operator
of
the
Lyford
Cay
Hospital
(1987-present);
director
of
various
nonprofit
organizations;
and
formerly
,
Cardiology
Fellow,
University
of
Maryland
(1985-1987);
and
Internal
Medicine
Resident,
Greater
Baltimore
Medical
Center
(1982-
1985).
Robert
E.
Wade
(1946)
Trustee
Since
2006
30
El
Oro
Ltd
(investments)
(2003-
2019).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Attorney
at
law
engaged
in
private
practice
as
a
sole
practitioner
(1972-2008)
and
member
of
various
boards.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Gregory
E.
Johnson
(1961)
Trustee
Since
2006
136
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
39
of
the
investment
companies
in
Franklin
Templeton;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015),
Franklin
Resources,
Inc.
**Rupert
H.
Johnson,
Jr.
(1940)
Chairman
of
the
Board,
Trustee
and
Vice
President
Chairman
of
the
Board
and
Trustee
since
2013
and
Vice
President
since
1996
125
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
37
of
the
investment
companies
in
Franklin
Templeton.
Alan
Bartlett
(1970)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2019
Not
Applicable
Not
Applicable
Lyford
Cay
Nassau,
Bahamas
Principal
Occupation
During
at
Least
the
Past
5
Years:
President
and
Director,
Templeton
Global
Advisors
Limited;
Chief
Investment
Officer
of
Templeton
Global
Equity
Group;
officer
of
five
of
the
investment
companies
in
Franklin
Templeton;
Chairman
of
the
Board,
Goodhart
Partners;
and
formerly
,
Chief
Executive
Officer,
Goodhart
Partners
(2009-2019).
Independent
Board
Members
(continued)
Templeton
Global
Investment
Trust
66
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Alison
E.
Baur
(1964)
Vice
President
Since
2012
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
41
of
the
investment
companies
in
Franklin
Templeton.
Breda
M.
Beckerle
(1958)
Chief
Compliance
Officer
Since
October
2020
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Compliance
Officer,
Fiduciary
Investment
Management
International,
Inc.,
Franklin
Advisers,
Inc.,
Franklin
Advisory
Services,
LLC,
Franklin
Mutual
Advisers,
LLC,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
41
of
the
investment
companies
in
Franklin
Templeton.
Steven
J.
Gray
(1955)
Vice
President
Since
2009
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Vice
President,
Franklin
Templeton
Distributors,
Inc.
and
FASA,
LLC;
and
officer
of
41
of
the
investment
companies
in
Franklin
Templeton.
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
–
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
41
of
the
investment
companies
in
Franklin
Templeton;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Robert
G.
Kubilis
(1973)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
2017
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting
and
officer
of
39
of
the
investment
companies
in
Franklin
Templeton.
Robert
Lim
(1948)
Vice
President
–
AML
Compliance
Since
2016
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Vice
President,
Franklin
Templeton
Companies,
LLC;
Chief
Compliance
Officer,
Franklin
Templeton
Distributors,
Inc.
and
Franklin
Templeton
Investor
Services,
LLC;
and
officer
of
41
of
the
investment
companies
in
Franklin
Templeton.
Navid
J.
Tofigh
(1972)
Vice
President
Since
2015
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Associate
General
Counsel
and
officer
of
41
of
the
investment
companies
in
Franklin
Templeton.
Interested
Board
Members
and
Officers
(continued)
Templeton
Global
Investment
Trust
67
franklintempleton.com
Annual
Report
*We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
**Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund’s
investment
manager
and
distributor.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
major
shareholder
of
Resources.
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
U.S.
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
each
of
Ann
Torre
Bates
and
David
W.
Niemiec
as
an
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
qualify
as
such
an
expert
in
view
of
their
extensive
business
background
and
experience.
Ms.
Bates
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2008.
She
currently
serves
as
a
director
of
Ares
Capital
Corporation
(2010-present)
and
United
Natural
Foods,
Inc.
(2013-present)
and
was
formerly
a
director
of
Navient
Corporation
from
2014
to
2016,
SLM
Corporation
from
1997
to
2014
and
Allied
Capital
Corporation
from
2003
to
2010,
Executive
Vice
President
and
Chief
Financial
Officer
of
NHP
Incorporated
from
1995
to
1997
and
Vice
President
and
Treasurer
of
US
Airways,
Inc.
until
1995.
Mr.
Niemiec
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2005,
currently
serves
as
an
Advisor
to
Saratoga
Partners
and
was
formerly
its
Managing
Director
from
1998
to
2001
and
serves
as
a
director
of
Hess
Midstream
LP
(2017-present).
Mr.
Niemiec
was
formerly
a
director
of
Emeritus
Corporation
from
1999
to
2010
and
OSI
Pharmaceuticals,
Inc.
from
2006
to
2010,
Managing
Director
of
SBC
Warburg
Dillon
Read
from
1997
to
1998,
and
was
Vice
Chairman
from
1991
to
1997
and
Chief
Financial
Officer
from
1982
to
1997
of
Dillon,
Read
&
Co.
Inc.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
have
each
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Bates
and
Mr.
Niemiec
are
independent
Board
members
as
that
term
is
defined
under
the
applicable
U.S.
Securities
and
Exchange
Commission
Rules
and
Releases
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Craig
S.
Tyle
(1960)
Vice
President
Since
2005
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
General
Counsel
and
Executive
Vice
President,
Franklin
Resources,
Inc.;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
41
of
the
investment
companies
in
Franklin
Templeton.
Lori
A.
Weber
(1964)
Vice
President
and
Secretary
Vice
President
since
2011
and
Secretary
since
2013
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
41
of
the
investment
companies
in
Franklin
Templeton.
Interested
Board
Members
and
Officers
(continued)
Templeton
Global
Investment
Trust
Shareholder
Information
68
franklintempleton.com
Annual
Report
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Consolidated
Statement
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
consolidated
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
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325
A
02/21
©
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Annual
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Shareholder
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Templeton
Global
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Templeton
Global
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Franklin
Templeton
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BEN
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Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
(2) The audit committee financial experts are Ann Torre Bates and David W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
Item 4.
Principal Accountant Fees and Services.
(a) Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $73,275 for the fiscal year ended December 31, 2020 and $73,997 for the fiscal year ended December 31, 2019.
(b) Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.
(c) Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $0 for the fiscal year ended December 31, 2020 and $20,000 for the fiscal year ended December 31, 2019. The services for which these fees were paid included professional fees in connection with tax treatment of equipment lease transactions and professional fees in connection with an Indonesia withholding tax refund claim.
(d) All Other Fees
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended December 31, 2020 and $446 for the fiscal year ended December 31, 2019. The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process.
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $49,800 for the fiscal year ended December 31, 2020 and $175,544 for the fiscal year ended December 31, 2019. The services for which these fees were paid included issuance of an Auditors' Certificate for South Korean regulatory shareholder disclosures, valuation Services related to Fair Value engagement, professional fees in connection with determining the feasibility of a U.S. direct lending structure, and benchmarking services in connection with ICI survey.
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
(i) pre-approval of all audit and audit related services;
(ii) pre-approval of all non-audit related services to be provided to the Fund by the auditors;
(iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
(iv) establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
(f) No disclosures are required by this Item 4(f).
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $49,800 for the fiscal year ended December 31, 2020 and $195,990 for the fiscal year ended December 31, 2019.
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee
of Listed Registrants.
N/AItem 6. Schedule of Investments.
N/A
Item 7
. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A
Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. N/A
Item 10
. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
Item 11. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b) Changes in Internal Controls.
During the period covered by this report, a third-party service provider commenced performing certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company. N/A
Item 13. Exhibits.
(a)(1)
Code of Ethics
(a)(2)
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer
(b)
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TEMPLETON GLOBAL INVESTMENT TRUST
By _S\MATTHEW T. HINKLE_______________________
Matthew T. Hinkle
Chief Executive Officer – Finance and Administration
Date February 26, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By S\MATTHEW T. HINKLE________________________
Matthew T. Hinkle
Chief Executive Officer – Finance and Administration
Date February 26, 2021
By S\ROBERT G. KUBILIS________________________
Robert G. Kubilis
Chief Financial Officer and Chief Accounting Officer
Date February 26, 2021