Templeton Global Investment Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08226

Templeton Global Investment Trust

(Exact name of registrant as specified in charter)

300 S.E. 2^nd 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: _3/31__

Date of reporting period:  9/30/20__

Item 1. Reports to Stockholders.

SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Templeton

Emerging

Markets

Small

Cap

Fund

A

Series

Templeton

Global

Investment

Trust

September

30,

2020

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Internet

Delivery

of

Fund

Reports

Unless

You

Request

Paper

Copies

:

Effective

January

1,

2021,

as

permitted

by

the

SEC,

paper

copies

of

the

Fund’s

shareholder

reports

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

them

from

the

Fund

or

your

financial

intermediary.

Instead,

the

reports

will

be

made

available

on

a

website,

and

you

will

be

notified

by

mail

each

time

a

report

is

posted

and

provided

with

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the

report.

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franklintempleton.com

Not

part

of

the

semiannual

report

1

Shareholder

Letter

Dear

Shareholder:

We

are

entering

the

final

stretch

of

what

has

been

an

extraordinary

year.

The

novel

coronavirus

(COVID-19)

pandemic

has

catalyzed

the

acceleration

of

some

long-

term

themes

that

we

have

identified

and

followed

in

recent

years.

We

believe

this

trajectory

will

likely

continue

into

2021.

A

further

marked

trend

in

2020

has

been

increased

differentiation

within

emerging

markets

amid

rapid

changes

brought

about

by

various

economic,

social

and

exogenous

shocks.

The

pandemic

has

reinforced

three

key

realities

in

emerging

markets

that

we

have

been

focusing

on:

the

increased

institutional

resilience

in

these

countries;

the

growth

of

consumption

and

technology,

resulting

in

more

diversified

economies;

and

the

growing

innovation

in

emerging

markets,

with

certain

companies

having

the

capacity

to

“leapfrog”

developed

market

competitors.

On

top

of

these

multiyear

themes,

three

nearer-term

issues

have

our

attention:

the

U.S.-China

relationship

and

deepening

bilateral

tensions;

the

impact

of

COVID-19

on

companies

and

markets;

and

companies’

readiness

to

embrace

the

new

normal.

Meanwhile,

many

emerging

market

countries

have

shown

a

continued

appetite

for

structural

reforms

that

we

believe

could

lay

the

foundation

for

lasting

economic

recoveries.

China,

for

example,

has

stayed

true

to

its

longer-term

goal

of

making

domestic

consumption

a

major

economic

engine—

and

a

source

of

potential

ballast

during

external

demand

shocks.

The

government

has

relaxed

duty-free

shopping

rules,

igniting

a

surge

in

duty-free

sales

in

China.

We

see

China’s

domestic

travel

and

duty-free

industries

heading

for

a

boom

in

the

next

few

years.

Emerging

market

corporate

resilience—especially

in

industries

bolstered

by

the

pandemic—is

likely

to

anchor

market

sentiment.

We

have

seen

many

companies

across

the

internet,

health

care,

new

energy,

consumer

and

technology

industries

and

sectors

deliver

stronger

financial

results.

We

believe

wider

technology

adoption,

increased

innovation,

accelerated

industry

consolidation

and

other

pandemic-induced

trends

could

continue

to

offer

growth

opportunities

for

a

wide

range

of

companies.

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

Emerging

Markets

Small

Cap

Fund’s

semiannual

report

includes

more

detail

about

prevailing

conditions

and

a

discussion

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

investment

needs

in

the

years

ahead.

Sincerely,

Manraj

S.

Sekhon,

CFA

Chief

Investment

Officer

Franklin

Templeton

Emerging

Markets

Equity

This

letter

reflects

our

analysis

and

opinions

as

of

September

30,

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.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

........

3

Performance

Summary

...........................

7

Your

Fund’s

Expenses

............................

9

Financial

Highlights

and

Statement

of

Investments

....

10

Financial

Statements

.............................

19

Notes

to

Financial

Statements

.....................

23

Shareholder

Information

..........................

32

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Templeton

Emerging

Markets

Small

Cap

Fund

This

semiannual

report

for

Templeton

Emerging

Markets

Small

Cap

Fund

covers

the

period

ended

September

30,

2020

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

appreciation.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

net

assets

in

securities

of

small-cap

companies

located

in

emerging

market

countries,

as

defined

in

the

Fund’s

prospectus.

For

this

Fund,

small-cap

companies

are

companies

with

a

market

capitalization

at

the

time

of

purchase

within

the

range

of

the

market

capitalizations

of

companies

included

in

the

MSCI

Emerging

Markets

(EM)

Small

Cap

Index.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+38.36%

cumulative

total

return

for

the

six

months

under

review.

In

comparison,

the

Fund’s

benchmark,

the

MSCI

EM

Small

Cap

Index-NR,

which

measures

stock

performance

of

small-cap

stocks

in

emerging

markets,

posted

a

+42.20%

total

return.

1

Please

note

index

performance

information

is

provided

for

reference

and

we

do

not

attempt

to

track

any

index

but

rather

undertake

investments

on

the

basis

of

fundamental

research.

In

addition,

the

Fund’s

return

reflects

the

effect

of

fees

and

expenses

for

professional

management,

while

an

index

does

not

have

such

costs.

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

7

.

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

The

novel

coronavirus

(COVID-19)

pandemic

pushed

the

economies

of

many

emerging

market

countries

into

contractions.

In

response,

many

emerging

market

central

banks

adopted

more

accommodative

monetary

policies

in

an

effort

to

support

their

economies.

Following

heightened

volatility

in

early

2020,

emerging

market

small-cap

equities

posted

significant

gains

for

the

period

as

investor

sentiment

improved

due

to

the

economic

reopening

of

several

emerging

market

countries,

notably

China.

Regarding

individual

countries,

China’s

economy

returned

to

growth

in

2020’s

second

quarter

as

businesses

reopened.

Year-on-year

growth

accelerated

in

the

third

quarter,

driven

by

retail

sales

and

industrial

production.

Taiwan’s

year-

on-year

growth

rate

contracted

in

the

second

quarter

as

the

country’s

export-dependent

economy

was

impacted

by

decreased

global

demand.

South

Korea’s

year-on-year

growth

rate

contracted

in

the

second

quarter,

partly

due

to

slower

services

sector

activity

and

a

contraction

in

exports.

India’s

year-on-year

growth

rate

contracted

in

the

second

quarter.

Russia’s

year-on-year

growth

rate

contracted

in

the

second

quarter

as

lower

oil

prices

exacerbated

the

effects

of

the

pandemic.

Brazil’s

economic

contraction

steepened

in

the

second

quarter.

Turning

to

specific

countries’

monetary

policies,

the

People’s

Bank

of

China

lowered

its

benchmark

loan

prime

rate

once

during

the

period.

Taiwan’s

central

bank

left

its

record-low

benchmark

interest

rate

unchanged,

while

South

Korea’s

central

bank

lowered

its

benchmark

interest

rate

once,

bringing

it

to

a

record

low.

India’s

central

bank

also

cut

its

benchmark

rate

once.

Russia’s

central

bank

cut

its

key

rate

three

times,

and

Brazil’s

central

bank

cut

its

benchmark

interest

rate

twice,

bringing

it

to

a

new

record

low.

Geographic

Composition

9/30/20

%

of

Total

Net

Assets

Asia

78.4%

Latin

America

&

Caribbean

7.3%

Europe

6.0%

Middle East & Africa

5.9%

North

America

1.2%

Short-Term

Investments

&

Other

Net

Assets

1.2%

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

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.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

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

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

15

.

Templeton

Emerging

Markets

Small

Cap

Fund

4

franklintempleton.com

Semiannual

Report

In

this

environment,

emerging

market

stocks,

as

measured

by

the

MSCI

EM

Small

Cap

Index-NR,

posted

a

+42.20%

total

return

for

the

six

months

ended

September

30,

2020.

1

Chinese

equities

rose

during

the

period,

as

investors

were

reassured

by

the

government’s

aggressive

actions

to

contain

the

pandemic

and

stimulate

economic

growth

in

2020’s

second

and

third

quarter.

Further

gains

were

restricted

by

tensions

with

the

U.S.

late

in

the

period.

Equities

in

Taiwan

increased

due

to

successful

government

efforts

to

control

COVID-19

and

a

late-period

rally

by

technology

stocks.

Russian

equities

rose

for

the

period,

despite

weakness

near

period-end

due

to

the

depreciation

of

the

ruble

and

lower

oil

prices,

which

weighed

heavily

on

Russia’s

energy

export-

dependent

economy.

Brazilian

equities

also

rose

for

the

period,

despite

a

decline

in

the

period’s

last

two

months

due

to

weaker-than-expected

second-quarter

growth,

political

concerns

and

the

Brazilian

real’s

depreciation

against

the

U.S.

dollar.

Investment

Strategy

Our

investment

strategy

employs

a

fundamental

research,

bottom-up,

long-term

approach.

We

focus

on

the

market

price

of

a

company’s

securities

relative

to

our

evaluation

of

the

company’s

long-term

earnings,

asset

value

and

cash

flow

potential.

Our

analysis

includes

an

assessment

of

the

potential

impacts

of

material

environmental,

social

and

governance

(ESG)

factors

on

the

long-term

risk

and

return

profile

of

a

company.

We

also

consider

a

company’s

profit

and

loss

outlook,

balance

sheet

strength,

cash

flow

trends

and

asset

value

in

relation

to

the

current

price

of

the

company’s

securities.

The

analysis

considers

the

company’s

corporate

governance

behavior

as

well

as

its

position

in

its

sector,

the

economic

framework

and

political

environment.

Manager’s

Discussion

During

the

six

months

under

review,

key

contributors

to

the

Fund’s

absolute

performance

included

investments

in

Merida

Industry,

Novatek

Microelectronics

and

Fit

Hon

Teng.

Based

in

Taiwan,

Merida

is

one

of

the

world’s

largest

bicycle

manufacturers,

with

a

focus

on

the

high-end

segment.

Driven

by

strong

end-user

demand,

Merida’s

second-

quarter

2020

earnings

exceeded

consensus

expectations.

Its

share

price

also

received

a

boost

from

stronger

investor

sentiment

toward

the

stock

amid

the

COVID-19

pandemic,

given

the

health

and

social

distancing

advantages

of

cycling.

Expectations

that

governments

globally

could

also

support

the

industry

by

expanding

infrastructure,

standardizing

regulations

and

providing

purchase

subsidies

further

supported

interest

in

the

stock.

In

our

view,

the

company

remains

a

beneficiary

of

favorable

trends

in

the

industry,

including

the

e-bike

boom.

We

reduced

holdings

in

the

stock

to

realign

the

Fund’s

portfolio

following

strong

outperformance.

Taiwan-based

Novatek

Microelectronics

is

a

major

fabless

chip

design

company

specializing

in

the

design,

development

and

sales

of

a

wide

range

of

display

driver

integrated

circuits

and

system-on-chip

(SoC)

solutions.

A

stay-at-home

trend

bolstered

demand

for

the

company’s

products,

which

include

chips

for

flat

panel

displays,

televisions,

smartphones

and

other

devices.

Novatek

reported

solid

second-quarter

2020

earnings

and

a

stronger-

than-expected

sales

outlook.

Increased

remote

working

remains

a

near-term

tailwind

for

Novatek;

however,

many

investors

expect

upgrades

in

device

specifications

and

declining

competition

in

certain

business

segments

to

benefit

the

company

in

the

longer

term.

Its

share

price

reached

a

record

high

in

August

before

correcting,

following

the

U.S.

government’s

increased

restrictions

on

suppliers

to

China-based

Huawei

Technologies

(not

a

Fund

holding).

Investor

expectations

that

Novatek’s

strong

market

position

across

diverse

product

segments

could

potentially

limit

the

longer-term

impact

of

any

drop

in

Huawei’s

orders

led

its

share

price

to

stabilize

in

September.

We

reduced

holdings

in

the

stock

to

realign

the

Fund’s

portfolio

following

strong

outperformance.

A

subsidiary

of

Taiwan’s

Hon

Hai

Precision

Industry

(not

a

Fund

holding),

Fit

Hon

Teng

manufactures

and

distributes

electrical

components

and

is

one

of

the

world’s

principal

connector

makers.

Its

shares

rose

sharply

due

to

expectations

that

increased

demand

for

mobile

devices

and

computers

as

a

result

of

a

shift

to

work-from-home

and

online

education

amid

the

COVID-19

pandemic

would

Top

10

Countries

9/30/20

a

%

of

Total

Net

Assets

a

a

China

20.3%

Taiwan

20.1%

India

12.6%

South

Korea

11.6%

Vietnam

6.1%

Brazil

4.0%

Philippines

3.0%

United

Arab

Emirates

2.6%

Saudi

Arabia

2.4%

Hong

Kong

2.2%

Templeton

Emerging

Markets

Small

Cap

Fund

5

franklintempleton.com

Semiannual

Report

drive

revenues.

A

profit

warning,

however,

caused

shares

to

correct

in

the

latter

part

of

the

reporting

period.

Although

first-half

2020

revenues

exceeded

expectations,

earnings

recorded

a

sharp

fall.

We

sold

out

of

this

stock

to

realign

the

Fund’s

portfolio

following

strong

outperformance.

Conversely,

major

detractors

from

the

Fund’s

absolute

performance

included

positions

in

Medy-Tox,

Intercorp

Financial

Services

(IFS)

and

Asia

Cement

(China)

Holdings.

Medy-Tox

is

a

South

Korean

developer

and

manufacturer

of

botulinum

toxin

and

hyaluronic

acid

dermal

filler.

The

company

reported

disappointing

sales

and

a

net

loss

in

the

first

two

quarters

of

2020

amid

the

COVID-19

pandemic.

Uncertainty

surrounding

a

local

license

suspension

on

Medy-

Tox’s

toxin

products

and

share

dilution

following

capital

raising

further

raised

investor

concerns.

We

divested

our

position

in

the

company

to

focus

on

what

we

considered

more

attractive

investment

opportunities

in

the

Fund’s

portfolio.

IFS

is

a

Peruvian

financial

services

company

with

key

interests

in

banking,

insurance

and

wealth

management.

Following

weaker-than-expected

first-quarter

2020

earnings,

IFS

reported

a

net

loss

in

the

second

quarter

amid

a

contraction

in

revenues

and

higher

loan

loss

provisions

related

to

the

COVID-19

pandemic.

Concerns

of

increasing

delinquencies

and

credit

costs,

given

the

potential

for

a

slowdown

in

its

retail

loans

segment

in

the

near

term,

also

pressured

the

stock.

A

strong

balance

sheet

combined

with

government

support

and

easing

social

distancing

measures

provided

us

with

some

reasons

to

adopt

a

more

positive

longer-term

view

and

use

the

market

correction

as

an

opportunity

to

increase

our

position.

Asia

Cement

is

a

major

integrated

cement

producer

in

the

central

and

downstream

region

of

Yangtze

River

and

the

Sichuan

region

in

China.

The

company

issued

a

profit

warning

in

mid-July

2020

and

subsequently

reported

a

substantial

decline

in

first-half

2020

profits.

Heavy

seasonal

rains

in

China

put

a

hold

on

the

cement

industry’s

recovery

after

the

peak

of

the

pandemic

in

the

country

in

the

second

quarter,

impacting

earnings.

However,

the

company

remains

confident

about

its

outlook

for

the

second

half

of

2020,

as

demand

for

cement

remains

robust

and

could

potentially

underpin

a

strong

recovery

ahead.

Trading

at

valuations

we

considered

attractive,

we

added

the

company

to

the

portfolio

during

the

reporting

period.

In

the

past

six

months,

we

decreased

the

Fund’s

investments

across

most

markets

to

raise

funds

for

redemptions

and

to

seek

to

invest

in

opportunities

we

found

more

compelling.

Holdings

in

India,

Taiwan,

Hong

Kong

and

South

Korea

were

reduced

the

most.

Reductions

were

also

undertaken

in

the

health

care,

information

technology,

consumer

staples

and

industrials

sectors.

In

terms

of

key

sales,

we

closed

positions

in

the

aforementioned

Fit

Hon

Teng,

as

well

as

in

Indian

pharmaceuticals

company

Glenmark

Pharmaceuticals

and

Hankook

Technology

Group

(holding

company

for

South

Korean

automobile

parts

manufacturer

Hankook

Tire).

We

also

reduced

holdings

in

Indian

consumer

goods

company

Tata

Consumer

Products

and

in

the

aforementioned

Novatek

Microelectronics

and

Merida

Industry.

Meanwhile,

we

added

a

number

of

new

positions

to

the

Fund’s

portfolio

as

we

continued

to

identify

what

we

considered

to

be

attractive

companies

with

sustainable

earnings

power

and

also

trade

at

a

discount

to

their

intrinsic

worth

within

the

small-cap

investment

universe

in

emerging

markets.

Key

additions

included

Poya

International,

a

Taiwanese

specialty

retailer

of

health

and

beauty

products

and

fast-moving

consumer

goods;

China

Education

Group

Holdings,

a

private

higher

education

provider

in

China;

and

Century

Pacific

Food,

one

of

the

largest

manufacturers

of

canned

and

processed

food

in

the

Philippines.

We

also

added

to

existing

investments

in

Zinus,

a

South

Korean

e-commerce

mattress

and

furniture

company,

Huami,

a

Chinese

biometric

and

activity

data-driven

company

with

significant

expertise

in

smart

wearable

technology;

and

Luye

Pharma

Group,

a

Chinese

pharmaceuticals

company.

Top

10

Holdings

9/30/20

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

Merida

Industry

Co.

Ltd.

4.4%

Leisure

Products,

Taiwan

Bajaj

Holdings

&

Investment

Ltd.

4.0%

Diversified

Financial

Services,

India

Novatek

Microelectronics

Corp.

4.0%

Semiconductors

&

Semiconductor

Equipment,

Taiwan

Health

&

Happiness

H&H

International

Holdings

Ltd.

3.7%

Food

Products,

China

Hoa

Phat

Group

JSC

2.7%

Metals

&

Mining,

Vietnam

Aramex

PJSC

2.6%

Air

Freight

&

Logistics,

United

Arab

Emirates

Primax

Electronics

Ltd.

2.4%

Technology

Hardware,

Storage

&

Peripherals,

Taiwan

Mouwasat

Medical

Services

Co.

2.4%

Health

Care

Providers

&

Services,

Saudi

Arabia

Huami

Corp.

2.3%

Electronic

Equipment,

Instruments

&

Components,

China

Duratex

SA

2.3%

Paper

&

Forest

Products,

Brazil

Templeton

Emerging

Markets

Small

Cap

Fund

6

franklintempleton.com

Semiannual

Report

Thank

you

for

your

continued

participation

in

Templeton

Emerging

Markets

Small

Cap

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Chetan

Sehgal,

CFA

Portfolio

Manager

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

September

30,

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

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

September

30,

2020

Templeton

Emerging

Markets

Small

Cap

Fund

7

franklintempleton.com

Semiannual

Report

The

performance

table

does

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

9/30/20

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

6-Month

+38.36

%

+30.54%

1-Year

-3.85%

-9.13%

5-Year

+13.02%

+1.33%

10-Year

+12.44%

+0.61%

Advisor

6-Month

+38.41%

+38.41%

1-Year

-3.63%

-3.63%

5-Year

+14.41%

+2.73%

10-Year

+15.55%

+1.46%

See

page

8

for

Performance

Summary

footnotes.

Templeton

Emerging

Markets

Small

Cap

Fund

Performance

Summary

8

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

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,

of

which

frontier

markets

are

a

subset,

involve

heightened

risks

related

to

the

same

factors,

in

addition

to

those

associated

with

these

markets’

smaller

size,

lesser

liquidity

and

lack

of

established

legal,

political,

business

and

social

frameworks

to

support

securities

markets.

Because

these

frameworks

are

typically

even

less

developed

in

frontier

markets,

as

well

as

various

factors

including

the

increased

potential

for

extreme

price

volatility,

illiquidity,

trade

barriers

and

exchange

controls,

the

risks

associated

with

emerging

markets

are

magnified

in

frontier

markets.

Small-cap

company

stocks

have

historically

had

more

price

volatility

than

large-company

stocks,

particularly

over

the

short

term.

All

investments

in

the

Fund

should

be

thought

of

as

long-term

investments

that

could

experience

significant

price

volatility

in

any

given

year.

The

Fund

is

designed

for

the

aggressive

portion

of

a

well-diversified

portfolio.

Unexpected

events

and

their

aftermaths,

such

as

the

spread

of

deadly

diseases;

natural,

environmental

or

man-made

disas-

ters;

financial,

political

or

social

disruptions;

terrorism

and

war;

and

other

tragedies

or

catastrophes,

can

cause

investor

fear

and

panic,

which

can

adversely

af-

fect

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

an

expense

reduction

and

a

fee

waiver

associated

with

any

investments

it

makes

in

a

Franklin

Templeton

money

fund

and/or

other

Franklin

Templeton

fund,

contractually

guaranteed

through

7/31/21.

Fund

investment

results

reflect

the

expense

reduction

and

fee

waiver;

without

these

reductions,

the

results

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Total

Annual

Operating

Expenses

5

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.82%

1.95%

Advisor

1.57%

1.70%

Your

Fund’s

Expenses

Templeton

Emerging

Markets

Small

Cap

Fund

9

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

183/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

4/1/20

Ending

Account

Value

9/30/20

Expenses

Paid

During

Period

4/1/20–9/30/20

Ending

Account

Value

9/30/20

Expenses

Paid

During

Period

4/1/20–9/30/20

a

Net

Annualized

Expense

Ratio

A

$1,000

$1,382.05

$10.75

$1,016.05

$9.09

1.80%

C

$1,000

$1,377.15

$15.16

$1,012.31

$12.83

2.54%

R

$1,000

$1,380.84

$12.23

$1,014.79

$10.35

2.05%

R6

$1,000

$1,384.53

$8.49

$1,017.95

$7.18

1.43

%

Advisor

$1,000

$1,384.09

$9.26

$1,017.30

$7.84

1.55%

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

September

30,

2020

(unaudited)

Year

Ended

March

31,

2020

2019

2018

2017

2016

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.68

$13.78

$15.25

$13.02

$11.41

$12.25

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.08

0.10

0.03

—

c

0.16

d

0.04

Net

realized

and

unrealized

gains

(losses)

3.25

(4.96)

(1.15)

2.23

1.65

(0.85)

Total

from

investment

operations

........

3.33

(4.86)

(1.12)

2.23

1.81

(0.81)

Less

distributions

from:

Net

investment

income

..............

—

(—)

c

—

—

(0.20)

(0.03)

Net

realized

gains

.................

—

(0.24)

(0.35)

—

—

—

Total

distributions

...................

—

(0.24)

(0.35)

—

(0.20)

(0.03)

Net

asset

value,

end

of

period

..........

$12.01

$8.68

$13.78

$15.25

$13.02

$11.41

Total

return

e

.......................

38.36%

(35.73)%

(7.09)%

17.13%

16.09%

(6.60)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

2.08%

1.93%

1.94%

1.96%

1.98%

2.00%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.80%

1.91%

1.92%

1.94%

1.97%

1.99%

Net

investment

income

(loss)

..........

1.44%

0.94%

0.19%

(0.01)%

1.25%

d

0.33%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$172,215

$143,312

$268,761

$315,469

$257,388

$257,977

Portfolio

turnover

rate

................

13.38%

4.72%

12.22%

7.57%

21.26%

18.09%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.48%.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

September

30,

2020

(unaudited)

Year

Ended

March

31,

2020

2019

2018

2017

2016

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.14

$13.02

$14.54

$12.51

$10.96

$11.82

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.04

0.02

(0.06)

(0.10)

0.07

c

(0.04)

Net

realized

and

unrealized

gains

(losses)

3.03

(4.66)

(1.11)

2.13

1.59

(0.82)

Total

from

investment

operations

........

3.07

(4.64)

(1.17)

2.03

1.66

(0.86)

Less

distributions

from:

Net

investment

income

..............

—

—

—

—

(0.11)

—

Net

realized

gains

.................

—

(0.24)

(0.35)

—

—

—

Total

distributions

...................

—

(0.24)

(0.35)

—

(0.11)

—

Net

asset

value,

end

of

period

..........

$11.21

$8.14

$13.02

$14.54

$12.51

$10.96

Total

return

d

.......................

37.71%

(36.23)%

(7.85)%

16.23%

15.29%

(7.28)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

2.83%

2.68%

2.69%

2.71%

2.72%

2.73%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

2.54%

2.66%

2.67%

2.69%

2.71%

2.72%

Net

investment

income

(loss)

..........

0.71%

0.19%

(0.56)%

(0.76)%

0.51%

c

(0.40)%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$25,243

$23,168

$52,300

$78,836

$62,889

$62,148

Portfolio

turnover

rate

................

13.38%

4.72%

12.22%

7.57%

21.26%

18.09%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

(0.26)%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Six

Months

Ended

September

30,

2020

(unaudited)

Year

Ended

March

31,

2020

2019

2018

2017

2016

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.56

$13.62

$15.11

$12.93

$11.33

$12.16

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.06

0.04

(0.05)

(0.04)

0.12

c

0.02

Net

realized

and

unrealized

gains

(losses)

3.20

(4.86)

(1.09)

2.22

1.65

(0.85)

Total

from

investment

operations

........

3.26

(4.82)

(1.14)

2.18

1.77

(0.83)

Less

distributions

from:

Net

investment

income

..............

—

—

—

—

(0.17)

(—)

d

Net

realized

gains

.................

—

(0.24)

(0.35)

—

—

—

Total

distributions

...................

—

(0.24)

(0.35)

—

(0.17)

(—)

d

Net

asset

value,

end

of

period

..........

$11.82

$8.56

$13.62

$15.11

$12.93

$11.33

Total

return

e

.......................

38.08%

(35.95)%

(7.29)%

16.86%

15.84%

(6.82)%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

..........................

2.33%

2.18%

2.19%

2.21%

2.23%

2.23%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

2.05%

2.16%

2.17%

2.19%

2.22%

2.22%

Net

investment

income

(loss)

..........

1.14%

0.69%

(0.06)%

(0.26)%

1.00%

c

0.10%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$2,072

$1,365

$1,728

$929

$532

$477

Portfolio

turnover

rate

................

13.38%

4.72%

12.22%

7.57%

21.26%

18.09%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.23%.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

September

30,

2020

(unaudited)

Year

Ended

March

31,

Period

Ended

March

31,

2018

a

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$8.79

$13.94

$15.41

$14.41

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

.................................

0.10

0.22

(0.07)

(0.04)

Net

realized

and

unrealized

gains

(losses)

........................

3.28

(5.07)

(1.01)

1.08

Total

from

investment

operations

.................................

3.38

(4.85)

(1.08)

1.04

Less

distributions

from:

Net

investment

income

.......................................

—

(0.06)

(0.04)

(0.04)

Net

realized

gains

..........................................

—

(0.24)

(0.35)

—

Total

distributions

............................................

—

(0.30)

(0.39)

(0.04)

Net

asset

value,

end

of

period

...................................

$12.17

$8.79

$13.94

$15.41

Total

return

d

................................................

38.45%

(35.48)%

(6.76)%

7.27%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...................

1.64%

1.53%

1.57%

1.59%

Expenses

net

of

waiver

and

payments

by

affiliates

....................

1.43%

1.51%

1.55%

1.54%

Net

investment

income

........................................

1.79%

1.34%

0.56%

f

0.39%

f

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$39,652

$47,904

$198,106

$23,964

Portfolio

turnover

rate

.........................................

13.38%

4.72%

12.22%

7.57%

a

For

the

period

August

1,

2017

(effective

date)

to

March

31,

2018.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Ratio

is

calculated

based

on

the

Fund

level

net

investment

income,

as

reflected

in

the

Statement

of

Operations,

and

adjusted

for

class

specific

expenses.

The

amount

may

not

correlate

with

the

per

share

amount

due

to

the

timing

of

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund

in

relation

to

the

timing

of

sales

and

repurchases

of

Fund

shares.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

Six

Months

Ended

September

30,

2020

(unaudited)

Year

Ended

March

31,

2020

2019

2018

2017

2016

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.80

$13.96

$15.42

$13.15

$11.52

$12.37

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.10

0.15

0.09

0.03

0.18

c

0.07

Net

realized

and

unrealized

gains

(losses)

3.28

(5.03)

(1.19)

2.26

1.68

(0.86)

Total

from

investment

operations

........

3.38

(4.88)

(1.10)

2.29

1.86

(0.79)

Less

distributions

from:

Net

investment

income

..............

—

(0.04)

(0.01)

(0.02)

(0.23)

(0.06)

Net

realized

gains

.................

—

(0.24)

(0.35)

—

—

—

Total

distributions

...................

—

(0.28)

(0.36)

(0.02)

(0.23)

(0.06)

Net

asset

value,

end

of

period

..........

$12.18

$8.80

$13.96

$15.42

$13.15

$11.52

Total

return

d

.......................

38.41%

(35.61)%

(6.90)%

17.48%

16.42%

(6.35)%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

..........................

1.83%

1.68%

1.69%

1.71%

1.73%

1.73%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.55%

1.66%

1.67%

1.69%

1.72%

1.72%

Net

investment

income

...............

1.81%

1.19%

0.44%

0.24%

1.50%

c

0.60%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$158,279

$168,808

$387,850

$668,474

$442,583

$361,128

Portfolio

turnover

rate

................

13.38%

4.72%

12.22%

7.57%

21.26%

18.09%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.73%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited),

September

30,

2020

Templeton

Emerging

Markets

Small

Cap

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Industry

Shares

a

Value

a

Common

Stocks

98.2%

Brazil

4.0%

Arezzo

Industria

e

Comercio

SA

.....

Textiles,

Apparel

&

Luxury

Goods

236,100

$

2,284,018

a

Duratex

SA

.....................

Paper

&

Forest

Products

2,889,000

9,221,718

Grendene

SA

...................

Textiles,

Apparel

&

Luxury

Goods

1,544,611

2,109,106

b

Ser

Educacional

SA,

144A,

Reg

S

....

Diversified

Consumer

Services

902,500

2,275,068

15,889,910

China

20.3%

Asia

Cement

China

Holdings

Corp.

...

Construction

Materials

2,230,500

1,976,881

a,c

Baozun

,

Inc.,

ADR

................

Internet

&

Direct

Marketing

Retail

266,561

8,660,567

b

China

Education

Group

Holdings

Ltd.,

Reg

S

.......................

Diversified

Consumer

Services

2,014,000

3,705,427

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

3,217,947

1,848,562

Fanhua

,

Inc.,

ADR

................

Insurance

64,300

1,077,025

Health

&

Happiness

H&H

International

Holdings

Ltd.

..................

Food

Products

3,387,800

14,644,140

a

Huami

Corp.,

ADR

...............

Electronic

Equipment,

Instruments

&

Components

720,769

9,261,881

Huaxin

Cement

Co.

Ltd.,

B

.........

Construction

Materials

2,466,374

5,618,733

b

JNBY

Design

Ltd.,

Reg

S

..........

Textiles,

Apparel

&

Luxury

Goods

3,229,000

3,136,903

Ju

Teng

International

Holdings

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

3,320,000

1,000,647

b,c

Luye

Pharma

Group

Ltd.,

144A,

Reg

S

Pharmaceuticals

13,455,000

7,857,411

a,b

Mobvista

,

Inc.,

144A,

Reg

S

........

Media

3,700,000

1,828,323

a

Noah

Holdings

Ltd.,

ADR

..........

Capital

Markets

148,886

3,881,458

TravelSky

Technology

Ltd.,

H

.......

IT

Services

1,155,200

2,482,926

Uni

-President

China

Holdings

Ltd.

....

Food

Products

2,944,000

2,699,974

Xinyi

Solar

Holdings

Ltd.

...........

Semiconductors

&

Semiconductor

Equipment

4,800,000

7,652,445

Xtep

International

Holdings

Ltd.

......

Textiles,

Apparel

&

Luxury

Goods

11,349,937

3,378,311

80,711,614

Czech

Republic

0.6%

b

Moneta

Money

Bank

A/S,

144A,

Reg

S

Banks

1,080,557

2,480,534

Egypt

0.5%

b

Integrated

Diagnostics

Holdings

plc,

144A,

Reg

S

..................

Health

Care

Providers

&

Services

502,799

1,810,076

Georgia

0.5%

a

Georgia

Capital

plc

...............

Capital

Markets

383,294

1,813,045

a

Hong

Kong

2.2%

a

IT

Ltd.

.........................

Specialty

Retail

8,854,295

1,161,395

Luk

Fook

Holdings

International

Ltd.

..

Specialty

Retail

3,109,800

7,539,784

8,701,179

Hungary

2.1%

Richter

Gedeon

Nyrt

.

.............

Pharmaceuticals

398,860

8,416,719

India

12.6%

Bajaj

Holdings

&

Investment

Ltd.

.....

Diversified

Financial

Services

484,898

16,041,282

Dalmia

Bharat

Ltd.

...............

Construction

Materials

349,776

3,721,215

Essel

Propack

Ltd.

...............

Containers

&

Packaging

531,000

1,761,083

a

Federal

Bank

Ltd.

................

Banks

7,756,637

5,148,759

JK

Cement

Ltd.

..................

Construction

Materials

350,133

7,182,340

Redington

India

Ltd.

..............

Electronic

Equipment,

Instruments

&

Components

3,858,768

6,217,977

Tata

Chemicals

Ltd.

..............

Chemicals

514,400

2,106,160

Tata

Consumer

Products

Ltd.

.......

Food

Products

387,427

2,635,986

a

Vardhman

Textiles

Ltd.

............

Textiles,

Apparel

&

Luxury

Goods

468,044

5,119,803

49,934,605

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Malaysia

0.0%

†

7-Eleven

Malaysia

Holdings

Bhd.

....

Food

&

Staples

Retailing

250,403

$

80,659

Mexico

1.4%

Bolsa

Mexicana

de

Valores

SAB

de

CV

Capital

Markets

1,082,800

2,452,167

Grupo

Herdez

SAB

de

CV

..........

Food

Products

610,733

1,104,878

b

Nemak

SAB

de

CV,

144A,

Reg

S

....

Auto

Components

6,720,300

1,943,776

5,500,821

Peru

1.3%

Intercorp

Financial

Services,

Inc.

.....

Banks

213,850

5,025,475

Philippines

3.0%

Century

Pacific

Food,

Inc.

..........

Food

Products

9,000,000

3,190,611

DMCI

Holdings,

Inc.

..............

Industrial

Conglomerates

15,192,600

1,258,552

International

Container

Terminal

Services,

Inc.

..................

Transportation

Infrastructure

2,789,320

6,364,775

Robinsons

Retail

Holdings,

Inc.

......

Food

&

Staples

Retailing

900,000

1,208,598

12,022,536

Russia

0.8%

a,b

Mail.Ru

Group

Ltd.,

GDR,

Reg

S

.....

Interactive

Media

&

Services

123,126

3,368,934

a

Saudi

Arabia

2.4%

Mouwasat

Medical

Services

Co.

.....

Health

Care

Providers

&

Services

287,874

9,593,498

South

Africa

0.4%

a

Massmart

Holdings

Ltd.

............

Food

&

Staples

Retailing

801,259

1,509,862

a

South

Korea

11.6%

Fila

Holdings

Corp.

...............

Textiles,

Apparel

&

Luxury

Goods

264,533

8,292,970

a

Hans

Biomed

Corp.

...............

Biotechnology

271,714

5,318,865

i

-SENS,

Inc.

....................

Health

Care

Equipment

&

Supplies

158,283

3,745,364

Mando

Corp.

....................

Auto

Components

156,920

4,791,302

NeoPharm

Co.

Ltd.

...............

Personal

Products

39,714

966,902

Sebang

Global

Battery

Co.

Ltd.

......

Auto

Components

111,300

2,636,045

Silicon

Works

Co.

Ltd.

.............

Semiconductors

&

Semiconductor

Equipment

209,770

8,093,333

Vieworks

Co.

Ltd.

................

Health

Care

Equipment

&

Supplies

151,355

3,895,884

Zinus

,

Inc.

......................

Household

Durables

118,592

8,369,249

46,109,914

Sri

Lanka

0.6%

a

Hemas

Holdings

plc

..............

Industrial

Conglomerates

6,119,274

2,470,864

a

Taiwan

20.1%

Eclat

Textile

Co.

Ltd.

..............

Textiles,

Apparel

&

Luxury

Goods

427,000

5,345,665

Flytech

Technology

Co.

Ltd.

........

Electronic

Equipment,

Instruments

&

Components

1,467,020

3,125,605

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

2,135,400

17,328,685

Novatek

Microelectronics

Corp.

......

Semiconductors

&

Semiconductor

Equipment

1,701,800

15,717,371

PChome

Online,

Inc.

..............

Internet

&

Direct

Marketing

Retail

1,648,635

5,756,709

a

PharmaEssentia

Corp.

............

Biotechnology

2,542,074

8,831,614

Poya

International

Co.

Ltd.

.........

Multiline

Retail

210,000

4,021,629

Primax

Electronics

Ltd.

............

Technology

Hardware,

Storage

&

Peripherals

6,462,100

9,630,561

Shin

Zu

Shing

Co.

Ltd.

............

Machinery

1,641,402

7,973,901

Synnex

Technology

International

Corp.

Electronic

Equipment,

Instruments

&

Components

1,400,000

2,008,607

79,740,347

Thailand

1.9%

Dynasty

Ceramic

PCL

.............

Building

Products

23,444,540

1,859,309

Major

Cineplex

Group

PCL

.........

Entertainment

4,998,000

2,452,770

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Thailand

(continued)

Tisco

Financial

Group

PCL

.........

Banks

1,608,600

$

3,252,351

7,564,430

Turkey

0.9%

Soda

Sanayii

A/S

................

Chemicals

3,397,306

3,632,576

United

Arab

Emirates

2.6%

Aramex

PJSC

...................

Air

Freight

&

Logistics

8,924,018

10,391,834

United

Kingdom

1.1%

Stock

Spirits

Group

plc

............

Beverages

1,591,284

4,429,135

United

States

1.2%

a

IMAX

Corp.

.....................

Entertainment

398,458

4,765,558

a

Vietnam

6.1%

FPT

Corp.

......................

Electronic

Equipment,

Instruments

&

Components

3,514,627

7,641,239

Hoa

Phat

Group

JSC

.............

Metals

&

Mining

9,334,113

10,707,889

a

Masan

Group

Corp.

..............

Food

Products

713,660

1,688,511

a

Vincom

Retail

JSC

...............

Real

Estate

Management

&

Development

3,589,152

4,320,745

24,358,384

Total

Common

Stocks

(Cost

$367,716,839)

.....................................

390,322,509

Preferred

Stocks

0.6%

Chile

0.6%

d

Embotelladora

Andina

SA,

A,

6.54%

..

Beverages

1,250,500

2,341,552

Total

Preferred

Stocks

(Cost

$4,139,414)

.......................................

2,341,552

Total

Long

Term

Investments

(Cost

$371,856,253)

...............................

392,664,061

Short

Term

Investments

1.6%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.5%

United

States

0.5%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.............

2,042,825

2,042,825

Total

Money

Market

Funds

(Cost

$2,042,825)

...................................

2,042,825

g

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

1.1%

Money

Market

Funds

1.1%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.............

4,364,134

4,364,134

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$4,364,134)

.................................................................

4,364,134

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$6,406,959

)

.................................

6,406,959

a

a

a

a

Total

Investments

(Cost

$378,263,212)

100.4%

..................................

$399,071,020

Other

Assets,

less

Liabilities

(0.4)%

...........................................

(1,609,057)

Net

Assets

100.0%

...........................................................

$397,461,963

a

a

a

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

See

Abbreviations

on

page

31

.

†

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

September

30,

2020,

the

aggregate

value

of

these

securities

was

$28,406,452,

representing

7.1%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2020.

See

Note

1(c).

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

g

See

Note

1(c)

regarding

securities

on

loan.

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

September

30,

2020

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

Templeton

Emerging

Markets

Small

Cap

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$371,856,253

Cost

-

Non-controlled

affiliates

(Not

e

3f)

........................................................

6,406,959

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

$6,606,133)

...................................

$392,664,061

Value

-

Non-controlled

affiliates

(Not

e

3f)

........................................................

6,406,959

Foreign

currency,

at

value

(cost

$725,657)

........................................................

736,585

Receivables:

Investment

securities

sold

...................................................................

1,034,627

Capital

shares

sold

........................................................................

2,163,836

Dividends

...............................................................................

630,601

European

Union

tax

reclaims

................................................................

271,914

Other

assets

..............................................................................

288

Total

assets

..........................................................................

403,908,871

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

669,845

Capital

shares

redeemed

...................................................................

638,507

Management

fees

.........................................................................

382,327

Distribution

fees

..........................................................................

57,895

Transfer

agent

fees

........................................................................

104,718

Trustees'

fees

and

expenses

.................................................................

12,007

Payable

upon

return

of

securities

loaned

.........................................................

4,364,134

Accrued

expenses

and

other

liabilities

...........................................................

217,475

Total

liabilities

.........................................................................

6,446,908

Net

assets,

at

value

.................................................................

$397,461,963

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$409,939,029

Total

distributable

earnings

(losses)

.............................................................

(12,477,066)

Net

assets,

at

value

.................................................................

$397,461,963

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

September

30,

2020

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

Templeton

Emerging

Markets

Small

Cap

Fund

Class

A:

Net

assets,

at

value

.......................................................................

$172,215,469

Shares

outstanding

........................................................................

14,341,900

Net

asset

value

per

share

a

..................................................................

$12.01

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

................................

$12.71

Class

C:

Net

assets,

at

value

.......................................................................

$25,243,226

Shares

outstanding

........................................................................

2,251,803

Net

asset

value

and

maximum

offering

price

per

share

a

.............................................

$11.21

Class

R:

Net

assets,

at

value

.......................................................................

$2,071,910

Shares

outstanding

........................................................................

175,276

Net

asset

value

and

maximum

offering

price

per

share

.............................................

$11.82

Class

R6:

Net

assets,

at

value

.......................................................................

$39,651,915

Shares

outstanding

........................................................................

3,258,584

Net

asset

value

and

maximum

offering

price

per

share

.............................................

$12.17

Advisor

Class:

Net

assets,

at

value

.......................................................................

$158,279,443

Shares

outstanding

........................................................................

12,992,435

Net

asset

value

and

maximum

offering

price

per

share

.............................................

$12.18

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

September

30,

2020

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

Templeton

Emerging

Markets

Small

Cap

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$672,939

respectively)

Unaffiliated

issuers

........................................................................

$6,645,365

Non-controlled

affiliates

(Note

3

f

)

.............................................................

235

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

.....................................................

21,886

Non-controlled

affiliates

(Note

3

f

)

.............................................................

272

Total

investment

income

...................................................................

6,667,758

Expenses:

Management

fees

(Note

3

a

)

...................................................................

2,845,657

Distribution

fees:

(Note

3c

)

    Class

A

................................................................................

210,024

    Class

C

................................................................................

129,631

    Class

R

................................................................................

4,607

Transfer

agent

fees:

(Note

3e

)

    Class

A

................................................................................

208,230

    Class

C

................................................................................

32,342

    Class

R

................................................................................

2,286

    Class

R6

...............................................................................

11,476

    Advisor

Class

............................................................................

206,041

Custodian

fees

(Note

4

)

......................................................................

112,795

Reports

to

shareholders

......................................................................

97,872

Registration

and

filing

fees

....................................................................

40,834

Professional

fees

...........................................................................

55,144

Trustees'

fees

and

expenses

..................................................................

47,524

Other

....................................................................................

20,403

Total

expenses

.........................................................................

4,024,866

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

..............................................

(561,271)

Net

expenses

.........................................................................

3,463,595

Net

investment

income

................................................................

3,204,163

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(37,859,735)

Foreign

currency

transactions

................................................................

(20,159)

Net

realized

gain

(loss)

..................................................................

(37,879,894)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

165,058,812

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

59,813

Net

change

in

unrealized

appreciation

(depreciation)

............................................

165,118,625

Net

realized

and

unrealized

gain

(loss)

............................................................

127,238,731

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$130,442,894

Templeton

Global

Investment

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

Templeton

Emerging

Markets

Small

Cap

Fund

Six

Months

Ended

September

30,

2020

(unaudited)

Year

Ended

March

31,

2020

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$3,204,163

$8,227,975

Net

realized

gain

(loss)

.................................................

(37,879,894)

(1,503,333)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

165,118,625

(256,252,537)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

130,442,894

(249,527,895)

Distributions

to

shareholders:

Class

A

.............................................................

—

(4,331,906)

Class

C

.............................................................

—

(742,939)

Class

R

.............................................................

—

(36,147)

Class

R6

............................................................

—

(2,317,331)

Advisor

Class

........................................................

—

(6,504,854)

Total

distributions

to

shareholders

..........................................

—

(13,933,177)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

(23,287,150)

(35,053,048)

Class

C

.............................................................

(6,095,551)

(13,914,156)

Class

R

.............................................................

163,876

416,927

Class

R6

............................................................

(22,967,584)

(109,346,254)

Advisor

Class

........................................................

(65,350,899)

(102,829,365)

Total

capital

share

transactions

............................................

(117,537,308)

(260,725,896)

Net

increase

(decrease)

in

net

assets

...................................

12,905,586

(524,186,968)

Net

assets:

Beginning

of

period

.....................................................

384,556,377

908,743,345

End

of

period

..........................................................

$397,461,963

$384,556,377

Templeton

Global

Investment

Trust

23

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

1.

Organization

and

Significant

Accounting

Policies

Templeton

Global

Investment

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of two separate

funds

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

Templeton

Emerging

Markets

Small

Cap

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class. Class

C

shares

automatically

convert

to

Class

A

shares

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

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

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

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 

4

p.m.

Eastern

time.

At September

30,

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

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

24

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

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

uninvested

cash

as

included

in

due

from

custodian

in

the

Statement

of

Assets

and

Liabilities.

Additionally,

the

Fund

received

$2,495,646.27

in

U.S.

Government

and

Agency

securities

as

collateral.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the

Statement

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

d.

Income

and

Deferred

Taxes

It

is the

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

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

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

25

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

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

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

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

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.

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

September

30,

2020,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

e.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

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.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Income

and

Deferred

Taxes

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

26

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

2.

Shares

of

Beneficial

Interest

At

September

30,

2020,

there

were

an

unlimited

number

of

shares

authorized

($0.01

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Trust

are

also

officers

and/or

directors

of

the

following

subsidiaries:

Six

Months

Ended

September

30,

2020

Year

Ended

March

31,

2020

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

...................................

1,084,378

$11,507,455

3,221,121

$40,743,117

Shares

issued

in

reinvestment

of

distributions

..........

—

—

305,041

3,877,065

Shares

redeemed

...............................

(3,243,753)

(34,794,605)

(6,528,281)

(79,673,230)

Net

increase

(decrease)

..........................

(2,159,375)

$(23,287,150)

(3,002,119)

$(35,053,048)

Class

C

Shares:

Shares

sold

...................................

64,644

$661,633

426,130

$4,963,769

Shares

issued

in

reinvestment

of

distributions

..........

—

—

59,857

714,694

Shares

redeemed

a

..............................

(659,664)

(6,757,184)

(1,655,253)

(19,592,619)

Net

increase

(decrease)

..........................

(595,020)

$(6,095,551)

(1,169,266)

$(13,914,156)

Class

R

Shares:

Shares

sold

...................................

29,190

$316,074

70,844

$908,240

Shares

issued

in

reinvestment

of

distributions

..........

—

—

2,883

36,147

Shares

redeemed

...............................

(13,385)

(152,198)

(41,136)

(527,460)

Net

increase

(decrease)

..........................

15,805

$163,876

32,591

$416,927

Class

R6

Shares:

Shares

sold

...................................

106,592

$1,157,231

2,043,837

$26,938,707

Shares

issued

in

reinvestment

of

distributions

..........

—

—

31,681

406,790

Shares

redeemed

...............................

(2,300,930)

(24,124,815)

(10,835,962)

(136,691,751)

Net

increase

(decrease)

..........................

(2,194,338)

$(22,967,584)

(8,760,444)

$(109,346,254)

Advisor

Class

Shares:

Shares

sold

...................................

1,443,933

$15,939,621

6,620,262

$86,116,265

Shares

issued

in

reinvestment

of

distributions

..........

—

—

437,732

5,633,610

Shares

redeemed

...............................

(7,634,387)

(81,290,520)

(15,660,224)

(194,579,240)

Net

increase

(decrease)

..........................

(6,190,454)

$(65,350,899)

(8,602,230)

$(102,829,365)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Templeton

Asset

Management

Ltd.

(Asset

Management)

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

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

27

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

a.

Management

Fees

The

Fund

pays

an

investment

management

fee

to

Asset

Management

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

b.

Administrative

Fees

Under

an

agreement

with

Asset

Management,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Asset

Management

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class A reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class C

and

R

compensation

distribution

plans,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

The

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

Annualized

Fee

Rate

Net

Assets

1.400%

Up

to

and

including

$500

million

1.300%

Over

$500

million,

up

to

and

including

$1

billion

1.200%

In

excess

of

$1

billion

Class

A

....................................................................................

0.35%

Class

C

....................................................................................

1.00%

Class

R

....................................................................................

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$4,995

CDSC

retained

..............................................................................

$565

3.

Transactions

with

Affiliates

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

September

30,

2020,

the

Fund

paid

transfer

agent

fees

of

$460,375,

of

which $129,278

was

retained

by

Investor

Services.

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

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

September

30,

2020,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

g.

Waiver

and

Expense

Reimbursements

Effective,

April

1,

2020,

Asset

Management

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating

expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

1.55%,

based

on

the

average

net

assets

of

each

class

until

July

31,

2021.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

July

31,

2021.

a

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a

a

a

a

a

a

a

a

a

Templeton

Emerging

Markets

Small

Cap

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$1,958,014

$71,595,193

$(71,510,382)

$

—

$

—

$

2,042,825

2,042,825

$

235

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$2,811,982

$32,913,326

$(31,361,174)

$

—

$

—

$

4,364,134

4,364,134

$

272

Total

Affiliated

Securities

....

$4,769,996

$104,508,519

$(102,871,556)

$—

$—

$6,406,959

$507

3.

Transactions

with

Affiliates

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

4.

Expense

Offset

Arrangement

The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

September

30,

2020,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

During

the

period

ended

September

30,

2020,

there

were

no

credits

earned.

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

March

31,

2020,

the

capital

loss

carryforwards

were

as

follows:

At

September

30,

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

treatment

of

corporate

actions.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

September

30,

2020,

aggregated

$52,372,109

and

$161,560,191,

respectively.

7.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Current

political

and

financial

uncertainty

surrounding

the

European

Union

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

Europe.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

8. 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.

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

................................................................................

$2,263,736

Cost

of

investments

..........................................................................

$376,362,410

Unrealized

appreciation

........................................................................

$77,038,102

Unrealized

depreciation

........................................................................

(58,693,626)

Net

unrealized

appreciation

(depreciation)

..........................................................

$18,344,476

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

9.

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

matures

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.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

September

30,

2020,

the

Fund

did

not

use

the

Global

Credit

Facility.

10.

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

September

30,

2020,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

...............................

$

15,889,910

$

—

$

—

$

15,889,910

China

...............................

22,880,931

57,830,683

—

80,711,614

Czech

Republic

.......................

—

2,480,534

—

2,480,534

Egypt

...............................

1,810,076

—

—

1,810,076

Georgia

.............................

—

1,813,045

—

1,813,045

Hong

Kong

...........................

—

8,701,179

—

8,701,179

Hungary

.............................

—

8,416,719

—

8,416,719

India

................................

—

49,934,605

—

49,934,605

Malaysia

.............................

—

80,659

—

80,659

Mexico

..............................

5,500,821

—

—

5,500,821

Peru

................................

5,025,475

—

—

5,025,475

Philippines

...........................

—

12,022,536

—

12,022,536

Russia

..............................

—

3,368,934

—

3,368,934

Saudi

Arabia

..........................

9,593,498

—

—

9,593,498

South

Africa

..........................

—

1,509,862

—

1,509,862

South

Korea

..........................

—

46,109,914

—

46,109,914

Sri

Lanka

............................

2,470,864

—

—

2,470,864

Taiwan

..............................

—

79,740,347

—

79,740,347

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

11.

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

financial

statements. 

12.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

Thailand

.............................

$

—

$

7,564,430

$

—

$

7,564,430

Turkey

..............................

—

3,632,576

—

3,632,576

United

Arab

Emirates

...................

—

10,391,834

—

10,391,834

United

Kingdom

.......................

—

4,429,135

—

4,429,135

United

States

.........................

4,765,558

—

—

4,765,558

Vietnam

.............................

—

24,358,384

—

24,358,384

Preferred

Stocks

........................

2,341,552

—

—

2,341,552

Short

Term

Investments

...................

6,406,959

—

—

6,406,959

Total

Investments

in

Securities

...........

$76,685,644

$322,385,376

$—

$399,071,020

Selected

Portfolio

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

10.

Fair

Value

Measurements

(continued)

Templeton

Global

Investment

Trust

Shareholder

Information

32

franklintempleton.com

Semiannual

Report

Liquidity

Risk

Management

Program

Each

of

the

Funds

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

SEC

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis).

The

Funds’

Board

of

Trustees

approved

the

appointment

of

the

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

as

the

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

FT

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Investment

Compliance,

Investment

Operations,

Valuation

Committee

and

Product

Management

groups.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

The

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2020,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

during

the

period

December

1,

2018

to

December

31,

2019.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

At

the

same

time,

the

Program

Administrator

also

presented

the

Fund

Board

of

Trustees

an

update

on

liquidity

during

the

first

quarter

of

2020

in

relation

to

the

COVID-19

pandemic.

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

Trust’s

Templeton

Global

Investment

Trust

Shareholder

Information

33

franklintempleton.com

Semiannual

Report

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

Statement

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

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

the

Fund’s

financial

report

every

six

months

as

well

as

an

annual

updated

summary

prospectus

(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

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

426

S

11/20

©

2020

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Templeton

Emerging

Markets

Small

Cap

Fund

Investment

Manager

Distributor

Shareholder

Services

Templeton

Asset

Management

Ltd.

Franklin

Templeton

Distributors,

Inc.

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics. 

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial experts are Ann Torre Bates and David W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.

Principal Accountant Fees and Services.          N/A

Item 5. Audit Committee

of Listed Registrants.

        N/A

Item 6. Schedule of Investments.

                      N/A

Item 7

. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.             N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

        N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.            N/A

Item 10

. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

 Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)

 Changes in Internal Controls.

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

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

Section 302

(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

Section 906

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 November 25, 2020

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 November 25, 2020

By  S\ROBERT G. KUBILIS _______

 Robert G. Kubilis

    Chief Financial Officer and Chief Accounting Officer

Date November 25, 2020