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: 12/31

Date of reporting period: 6/30/21

Item 1. Reports to Stockholders.

a.)

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

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Templeton

Global

Balanced

Fund

A

Series

of

Templeton

Global

Investment

Trust

June

30,

2021

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Not

part

of

the

semiannual

report

1

SHAREHOLDER

LETTER

Dear

Shareholder:

During

the

six

months

ended

June

30,

2021,

many

global

economies

improved

as

coronavirus

vaccines

were

distributed

and

people

reengaged

with

the

world.

However,

inflation

surged

in

many

countries

in

the

period’s

second

half,

driven

by

resurgent

economic

activity,

supply

bottlenecks

in

certain

sectors

and

base

effects

off

of

the

pandemic

shocks

in

2020.

Many

central

banks

signaled

the

end

of

rate-cutting,

and

some

began

to

move

toward

policy

normalization,

but

the

U.S.

Federal

Reserve,

the

European

Central

Bank

and

the

Bank

of

Japan

kept

their

policy

rates

unchanged.

Rising

yields

during

2021’s

first

quarter

strained

valuations

across

global

fixed

income

markets,

creating

headwinds

for

the

asset

class

during

the

six-month

period.

In

this

environment,

global

developed

and

emerging

market

stocks,

as

measured

by

the

MSCI

All

Country

World

Index,

posted

a

+12.56%

total

return.

1

Global

government

and

corporate

bonds,

as

measured

by

the

Bloomberg

Barclays

Multiverse

Index,

posted

a

-2.95%

total

return.

1

We

are

committed

to

our

long-term

perspective

and

disciplined

investment

approach

as

we

conduct

a

rigorous,

fundamental

analysis

of

securities

with

a

regular

emphasis

on

investment

risk

management.

Historically,

patient

investors

have

achieved

rewarding

results

by

evaluating

their

goals,

diversifying

their

assets

globally

and

maintaining

a

disciplined

investment

program,

all

hallmarks

of

the

Templeton

investment

philosophy.

We

continue

to

recommend

investors

consult

their

financial

professionals

and

review

their

portfolios

to

design

a

long-term

strategy

and

portfolio

allocation

that

meet

their

individual

needs,

goals

and

risk

tolerance.

Templeton

Global

Balanced

Fund’s

semiannual

report

includes

more

detail

about

prevailing

conditions

and

a

discussion

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

investment

needs

in

the

years

ahead.

Sincerely,

Alan

Bartlett

Chief

Investment

Officer

Templeton

Equity

Group

This

letter

reflects

our

analysis

and

opinions

as

of

June

30,

2021,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Templeton

Global

Balanced

Fund

3

Performance

Summary

10

Your

Fund’s

Expenses

12

Consolidated

Financial

Highlights

and

Statement

of

Investments

13

Consolidated

Financial

Statements

34

Notes

to

Consolidated

Financial

Statements

39

Tax

Information

57

Shareholder

Information

58

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Templeton

Global

Balanced

Fund

This

semiannual

report

for

Templeton

Global

Balanced

Fund

covers

the

period

ended

June

30,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

both

income

and

capital

appreciation.

Under

normal

market

conditions,

the

Fund

invests

in

a

diversified

portfolio

of

debt

and

equity

securities

worldwide.

The

Fund

normally

invests

at

least

25%

of

its

assets

in

fixed

income

securities

and

at

least

25%

of

its

assets

in

equity

securities.

The

Fund

seeks

income

by

investing

in

a

combination

of

corporate,

agency

and

government

bonds

and

other

debt

securities

(including

inflation-indexed

securities)

of

any

maturity

issued

in

numerous

countries,

including

developing

markets

countries,

as

well

as

stocks

that

offer

or

could

offer

attractive

dividend

yields.

The

Fund

may

invest

in

high-yield

bonds

that

are

rated

below

investment

grade

and

are

sometimes

referred

to

as

“junk

bonds.”

The

Fund

seeks

capital

appreciation

by

investing

in

equity

securities

of

companies

from

a

variety

of

industries

located

anywhere

in

the

world,

including

developing

markets,

but

from

time

to

time,

based

on

economic

conditions,

the

Fund

may

have

significant

investments

in

particular

sectors.

The

equity

securities

in

which

the

Fund

invests

are

primarily

common

stock.

In

addition,

under

normal

market

conditions,

at

least

40%

of

the

Fund’s

net

assets

are

invested

in

non-U.S.

investments

and

in

at

least

three

different

countries.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+4.60%

cumulative

total

return

for

the

six

months

under

review.

In

comparison,

the

Fund’s

new

primary

benchmark,

the

MSCI

All

Country

World

Index

(ACWI)-NR

posted

a

+12.30%

cumulative

total

return,

while

its

old

primary

benchmark,

the

MSCI

ACWI

posted

a

+12.56%

cumulative

total

return.

1

The

MSCI

ACWI-NR

is

replacing

the

MSCI

ACWI

as

the

Fund’s

benchmark

because

the

investment

manager

believes

the

MSCI

ACWI-NR

provides

a

more

consistent

basis

for

comparison

relative

to

the

Fund’s

peers.

The

Fund’s

fixed

income

benchmark,

the

Bloomberg

Barclays

Multiverse

Index,

posted

a

-2.95%

cumulative

total

return.

1

For

the

same

period,

the

Fund’s

new

Blended

Benchmark,

the

Custom

50%

MSCI

ACWI-NR

+

50%

Bloomberg

Barclays

Multiverse

Index,

posted

a

+4.47%

cumulative

total

return,

while

its

old

Blended

Benchmark,

the

Custom

50%

MSCI

ACWI

+

50%

Bloomberg

Barclays

Multiverse

Index,

posted

a

+4.59%

cumulative

total

return.

1

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

10

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Economic

and

Market

Overview

Global

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

ACWI-NR,

posted

a

+12.30%

total

return

for

the

six

months

ended

June

30,

2021.

1

Global

equities

benefited

from

monetary

and

fiscal

stimulus

measures,

rebounding

economic

activity

and

easing

novel

coronavirus

(COVID-19)

pandemic

restrictions

in

many

regions.

The

implementation

of

vaccination

programs

and

additional

fiscal

stimulus

measures

led

many

equity

markets

to

reach

new

all-time

price

highs.

In

the

U.S.,

the

economy

continued

to

recover

and

equities

rallied

amid

an

accommodative

monetary

policy,

additional

fiscal

stimulus

measures

and

ongoing

vaccination

programs.

The

lifting

of

many

COVID-19

restrictions

and

strong

consumer

spending

also

supported

the

economy.

Gross

domestic

product

(GDP)

growth

accelerated

in

2021’s

first

quarter,

with

total

economic

output

nearly

reaching

pre-

pandemic

levels.

The

rebound

in

corporate

earnings

and

Portfolio

Composition

6/30/21

%

of

Total

Net

Assets

Common

Stocks

59.7%

Foreign

Government

and

Agency

Securities

24.9%

Other

0.7%

Short-Term

Investments

&

Other

Net

Assets

14.7%

1.

Source:

Morningstar.

The

Fund’s

Blended

Benchmark

was

calculated

internally.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

2.

Source:

U.S.

Bureau

of

Labor

Statistics.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

20

.

Templeton

Global

Balanced

Fund

4

franklintempleton.com

Semiannual

Report

progress

toward

a

bipartisan

infrastructure

plan

further

bolstered

investor

sentiment.

The

U.S.

Federal

Reserve

(Fed)

kept

the

federal

funds

target

rate

at

a

record-low

range

of

0.00%–0.25%

and

continued

its

program

of

open-ended

bond

purchases

to

help

keep

markets

functioning.

The

economic

recovery

in

the

eurozone

was

relatively

weak,

as

quarter-over-quarter

GDP

growth

contracted

during

2021’s

first

quarter.

GDP

growth

rates

were

mostly

negative

among

the

region’s

largest

economies

amid

renewed

lockdowns,

delays

in

COVID-19

vaccine

distribution

and

weak

consumer

spending.

Nevertheless,

optimism

that

successful

vaccine

programs

would

lift

global

growth

helped

European

developed

market

equities,

as

measured

by

the

MSCI

Europe

Index-NR,

to

post

a

+11.80%

total

return

for

the

six

months

under

review.

1

Asian

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

Asia

Index-NR,

posted

a

+4.54%

total

return

for

the

six-month

period.

1

The

region’s

economic

recovery

was

pressured

by

weak

domestic

demand,

most

notably

in

China,

despite

improvement

in

manufacturing

and

exports.

Asian

equity

markets

experienced

volatility

near

period-end

due

to

inflation

concerns,

rising

COVID-19

infection

rates

in

many

countries,

especially

India,

and

renewed

lockdowns.

Global

emerging

market

stocks,

as

measured

by

the

MSCI

Emerging

Markets

Index-NR,

posted

a

+7.45%

total

return

for

the

six

months

under

review.

1

The

recovery

in

oil

and

industrial

metals

prices

supported

global

emerging

market

equities.

Late

in

the

period,

higher

COVID-19

cases

in

some

countries,

limited

vaccine

rollouts

and

concerns

about

rising

interest

rates

and

inflation

amid

higher

commodity

prices

dampened

investor

enthusiasm

in

global

emerging

market

equities.

Sovereign

bond

yields

rose

across

much

of

the

world

during

the

first

three

months

of

the

six-month

period

ended

June

30,

2021,

as

vaccine

distributions,

ongoing

stimulus

measures

and

optimism

for

improving

economic

conditions

appeared

to

fuel

reflation

expectations

across

financial

markets.

In

April,

sovereign

bond

yields

in

much

of

Asia

and

the

Americas

pulled

back

from

their

March

peaks,

while

many

areas

of

Europe

saw

yields

continue

to

rise.

In

June,

sovereign

bond

yields

declined

across

developed

markets

but

shifted

in

varying

directions

in

emerging

markets.

On

the

whole,

most

countries

around

the

world

saw

yields

rise

significantly

over

the

six-month

period,

despite

the

general

trend

of

declining

yields

over

the

final

months

of

the

period.

The

yield

on

the

10-year

U.S.

Treasury

(UST)

note

finished

the

six-month

period

55

basis

points

(bps)

higher

at

1.47%.

It

reached

an

intra-period

peak

of

1.74%

on

March

31,

its

highest

level

since

January

2020.

In

Europe,

the

yield

on

the

10-year

German

Bund

finished

the

six-month

period

36

bps

higher

at

-0.21%.

In

Asia,

the

yield

on

the

10-year

Japanese

government

bond

rose

three

bps

to

0.05%.

Sovereign

bond

yields

also

notably

rose

in

the

U.K.,

Canada,

Australia,

Sweden

and

Norway.

In

emerging

markets,

yields

rose

in

India,

Indonesia,

Thailand,

Brazil,

Mexico,

Chile,

Colombia

and

Peru.

Rising

yields

strained

valuations

across

many

areas

of

the

global

fixed

income

markets

during

2021’s

first

quarter.

U.S.

dollar

(USD)-denominated

sovereign

credit

sectors

broadly

saw

negative

returns

in

January,

February

and

March,

before

sharply

reversing

to

generate

offsetting

positive

returns

in

April,

May

and

June

as

yields

declined.

Conditions

were

somewhat

different

in

corporate

credit

sectors

as

U.S.

investment-grade

credit

tiers

initially

saw

negative

returns

on

rate

pressures,

while

high-yield

credit

tiers

performed

better,

benefiting

from

greater

spread

cushioning.

Investment-grade

corporate

credits

returned

to

positive

performance

in

April,

May

and

June,

modestly

outpacing

similar

positive

returns

in

the

high-yield

credit

tiers.

In

currency

markets,

the

USD

broadly

strengthened

against

a

number

of

major

developed

market

and

emerging

market

currencies

in

the

first

quarter,

with

a

few

notable

exceptions.

That

trend

reversed

in

April

and

May

as

the

USD

broadly

depreciated,

before

returning

to

a

strengthening

pattern

in

June.

On

the

whole,

the

USD

finished

the

six-month

period

broadly

stronger

against

most

currencies,

with

some

exceptions.

In

Asia,

the

Chinese

yuan

appreciated

1.08%

against

the

USD

in

the

six-month

period,

while

the

Indonesian

rupiah

depreciated

3.10%,

the

Indian

rupee

1.76%,

the

Singapore

dollar

1.78%,

the

South

Korean

won

3.71%

and

the

Japanese

yen

7.05%.

In

Europe,

the

euro

depreciated

2.93%

against

the

USD.

The

Norwegian

krone

appreciated

2.60%

against

the

euro,

and

the

Canadian

dollar

appreciated

5.71%.

The

Swedish

krona

depreciated

0.96%

against

the

euro.

In

Latin

America,

the

Brazilian

real

appreciated

4.38%

against

the

USD,

while

the

Mexican

peso

depreciated

0.25%,

the

Colombian

peso

8.79%

and

the

Chilean

peso

3.25%.

Vaccine

distributions

progressively

accelerated

in

many

countries

during

the

period,

though

supply

setbacks

affected

areas

of

Europe

in

March

and

April.

COVID-19

infection

levels

peaked

in

January

in

the

U.S.

and

Europe

before

declining

in

February

and

plateauing

in

March.

Cases

continued

to

trend

lower

in

April,

May

and

June.

Governments

continued

to

struggle

with

balancing

the

needs

Templeton

Global

Balanced

Fund

5

franklintempleton.com

Semiannual

Report

of

their

economies

with

the

health

of

their

citizens

during

much

of

the

first

half

of

the

period

before

higher

vaccination

rates

and

lower

case

levels

enabled

many

regions

to

progressively

reopen

their

economies

in

the

second

quarter.

Business

and

consumer

confidence

surveys

strengthened

in

multiple

regions

during

the

period,

particularly

in

the

second

quarter,

despite

some

growing

concerns

over

the

proliferation

of

the

COVID-19

delta

variant

in

several

parts

of

the

world

in

June,

notably

in

the

U.K.

and

Australia.

Economic

activity

continued

to

broadly

expand

in

many

countries

during

the

second

half

of

the

period,

largely

driven

by

strength

in

goods

sectors

and

manufacturing.

Historically

high

savings

rates

in

many

countries

also

fueled

resurgent

growth

in

the

spring

and

summer

months.

Labor

market

conditions

generally

continued

to

improve

in

many

countries

during

the

period,

though

unemployment

broadly

remained

above

pre-pandemic

levels.

Inflation

figures

surged

higher

in

many

countries

in

April,

May

and

June,

driven

by

a

combination

of

factors

that

included

cyclical

upswings

associated

with

resurgent

economic

activity,

supply

bottlenecks

in

certain

sectors

and

base

effects

off

of

the

pandemic

shocks

in

2020.

Headline

Consumer

Price

Index

(CPI)

inflation

in

the

U.S.

rose

from

2.6%

year-over-year

in

March

to

4.2%

in

April

and

5.0%

in

May,

its

highest

level

since

2008.

In

Europe,

euro

area

(EA)

inflation

rose

from

0.9%

in

February

to

1.3%

in

March,

1.6%

in

April

and

2.0%

in

May,

before

levelling

off

at

1.9%

(estimated)

in

June;

the

EA

had

previously

endured

deflationary

pressures

through

the

third

and

fourth

quarters

of

2020.

Areas

of

non-core

Europe,

such

as

Hungary

and

Russia,

experienced

above-target

levels

of

inflation

in

May

and

June.

Globally,

areas

of

Latin

America,

such

as

Brazil

and

Mexico,

also

experienced

above-target

inflation

during

the

period,

while

inflation

levels

remained

relatively

more

contained

in

areas

of

Asia,

such

as

China,

South

Korea,

Indonesia

and

Thailand.

Pent-up

demand

outpaced

supply

recoveries

in

certain

sectors

during

the

spring

and

summer

months,

adding

to

pricing

pressures.

Supply

bottlenecks

have

intermittently

surfaced

across

a

myriad

of

industries

due

to

accelerating

demand,

as

well

as

logistical

disruptions

and

ongoing

uncertainties

(economic,

health

and

policy)

that

make

it

difficult

to

accurately

schedule

production.

Most

central

banks

around

the

world

signaled

during

the

middle

of

the

six-month

period

that

they

had

reached

the

end

of

their

rate-cutting

cycles,

with

several

banks

beginning

to

pivot

towards

plans

for

policy

normalization.

The

Bank

of

Canada

began

tapering

its

asset

purchases

in

April

and

indicated

that

interest

rates

could

be

raised

in

the

second

half

of

2022.

The

Bank

of

England

headed

towards

concluding

its

quantitative

easing

program

by

the

end

of

2021.

Norges

Bank

(Norway)

indicated

that

a

rate

hike

could

arrive

in

the

second

half

of

2021.

Riksbank

(Sweden)

was

on

pace

to

wind

down

its

asset

purchase

program

in

2021

but

intended

to

keep

rates

on

hold

at

0%

for

the

foreseeable

future.

The

Reserve

Bank

of

New

Zealand

intended

to

end

its

asset

purchases

by

September

and

begin

hiking

rates

by

mid-2022.

Other

developed

market

central

banks—including

the

Fed,

the

European

Central

Bank

(ECB)

and

the

Bank

of

Japan

(BOJ)—had

not

yet

signaled

a

normalization

schedule

as

of

the

end

of

June.

In

emerging

markets,

several

countries

faced

persistent

inflation

pressures

that

may

force

a

faster

tightening

response

from

their

central

banks.

Notably,

Brazil’s

central

bank

hiked

rates

75

bps

three

times

during

the

period

(March,

May

and

June)

to

4.25%,

and

Mexico’s

central

bank

hiked

its

policy

rate

25

bps

in

June

to

4.25%,

its

first

rate

hike

since

December

2018.

Other

countries

indicated

they

may

begin

pursuing

tightening

policies

in

the

second

half

of

2021.

The

Fed

kept

the

federal

funds

target

rate

unchanged

at

0.00%–0.25%,

at

each

of

its

policy

meetings

during

the

period.

In

March,

the

Fed

notably

upgraded

its

growth

forecast

for

2021

to

6.5%

from

its

prior

estimate

of

4.2%

in

December.

The

core

inflation

forecast

was

upgraded

to

2.2%

for

2021,

from

the

prior

estimate

of

1.8%.

However,

Fed

Chair

Jay

Powell

cautioned

that

a

full

recovery

was

still

distant

and

that

economic

conditions

continued

to

warrant

extraordinary

monetary

accommodation,

citing

the

uncertainty

related

to

the

course

of

the

pandemic.

In

June,

the

overall

policy

tone

shifted

in

a

hawkish

direction

as

the

Fed

raised

its

2021

growth

forecast

for

the

U.S.

economy

to

7.0%

and

increased

its

inflation

forecast

to

3.4%.

Powell

commented

that

“the

economy

has

clearly

made

progress,”

and

a

majority

of

Fed

officials

brought

forward

their

projected

expectations

for

rate

hikes.

The

Fed’s

dot

plot

survey

had

previously

indicated

expectations

for

no

hikes

until

2024

at

the

March

meeting.

In

June,

13

of

18

Fed

officials

indicated

expectations

for

a

rate

hike

by

the

end

of

2023,

with

11

indicating

expectations

for

two

hikes.

Seven

officials

indicated

expectations

for

at

least

one

hike

by

the

end

of

2022.

Powell

cautioned

that

the

dot

surveys

do

not

reflect

forward

guidance

from

the

committee

and

that

any

discussion

about

raising

rates

is

still

“highly

premature.”

Powell

also

indicated

in

June

that

discussions

of

when

to

begin

tapering

its

asset

purchase

program

had

begun,

but

that

the

timeline

is

yet

to

be

determined.

The

Fed

continued

to

purchase

“at

least

$80

billion

per

month”

in

USTs

and

Templeton

Global

Balanced

Fund

6

franklintempleton.com

Semiannual

Report

“at

least

$40

billion

per

month

in

agency

mortgage-backed

securities”

during

the

reporting

period.

The

Fed’s

balance

sheet

reached

US$8.1

trillion

at

the

end

of

June.

Despite

higher

U.S.

inflation

figures

during

the

period,

Powell

continued

to

dispel

the

notion

that

higher

inflation

figures

in

2021

would

necessitate

near-term

rate

hikes,

reiterating

the

Fed’s

view

that

the

figures

largely

reflect

“transitory

factors”

that

would

not

affect

the

course

of

monetary

policy.

Core

personal

consumption

expenditures

(PCE)

inflation

surged

to

3.4%

year-over-year

in

May,

its

highest

level

since

1992,

up

from

3.1%

in

April

and

1.9%

in

March.

The

Fed

continued

to

indicate

it

will

let

inflation

run

above

2.0%

for

periods

of

time

to

counterbalance

prior

periods

of

prolonged

below-target

inflation,

implying

that

the

Fed

will

allow

the

U.S.

economy

to

run

hot

in

upcoming

years.

However,

Powell

directly

addressed

Fed

credibility

concerns,

stating

that

“if

we

see

inflation

moving

materially

above

2%

in

a

persistent

way

that

risks

inflation

expectations

drifting

up,

then

we

will

use

our

tools

to

guide

inflation

expectations

back

down.”

As

of

the

June

meeting,

the

Fed

projected

core

PCE

will

be

3.0%

in

2021,

and

2.1%

in

2022

and

2023.

The

ECB

kept

monetary

policy

unchanged

at

each

of

its

policy

meetings

during

the

period,

leaving

the

main

refinancing

operations

rate

at

0.0%,

and

the

main

deposit

facility

rate

at

-0.5%.

In

March,

the

ECB

announced

that

it

would

accelerate

the

pace

of

its

bond

purchases

under

the

Pandemic

Emergency

Purchase

Programme

(PEPP).

In

June,

it

recommitted

to

those

levels,

stating

that

the

pace

and

volume

of

bond

purchases

under

the

PEPP

would

“continue

to

be

conducted

at

a

significantly

higher

pace

than

during

the

first

months

of

the

year.”

The

PEPP

is

currently

scheduled

to

run

through

March

2022

and

has

around

€700

billion

in

capacity

remaining

of

its

total

€1.85

trillion

size.

The

ECB

raised

its

2021

growth

forecast

for

the

EA

to

4.6%

at

its

June

meeting,

describing

conditions

as

“balanced”

and

removing

prior

comments

that

risks

were

“titled

to

the

downside.”

The

ECB

also

increased

its

2021

inflation

forecast

for

the

EA

to

1.9%

(harmonized

index

of

consumer

prices)

from

1.5%.

ECB

President

Christine

Lagarde

commented

in

June

that

inflation

remained

distant

from

the

ECB’s

target

and

is

expected

to

diminish

in

2022.

Lagarde

warned

that

monetary

tightening

would

jeopardize

the

economic

recovery

and

the

inflation

outlook.

The

BOJ

kept

monetary

policy

unchanged

at

each

of

its

policy

meetings

during

the

period,

leaving

the

overnight

interest

rate

at

0.1%

and

the

yield

target

on

the

10-year

Japanese

government

bond

at

0.0%.

The

BOJ

published

the

results

of

its

monetary

framework

review

in

March,

the

first

of

its

kind

since

2016.

The

findings

indicated

a

shift

of

emphasis

from

aggressive

stimulus

towards

more

“sustainable”

policy.

The

BOJ

said

it

plans

to

intervene

as

needed

during

events

that

require

financial

market

support,

but

will

shift

away

from

continuous

balance

sheet

expansion

solely

to

stimulate

economic

activity.

Japan

continued

to

struggle

against

deflationary

pressures

that

have

persisted

since

April

2020.

Core

inflation

(National

CPI

ex-fresh

food)

rose

to

0.1%

year-over-year

in

May,

from

-0.1%

in

April

and

March,

-0.4%

in

February

and

-0.6%

in

January.

Investment

Strategy

We

search

for

undervalued

or

out-of-favor

debt

and

equity

securities

and

for

equity

securities

that

offer

or

may

offer

current

income.

When

choosing

fixed

income

investments

for

the

Fund,

we

perform

an

independent

analysis

of

the

securities

being

considered

for

the

Fund’s

portfolio,

rather

than

relying

principally

on

their

ratings

assigned

by

rating

agencies,

as

well

as

an

assessment

of

the

potential

impacts

of

material

environmental,

social

and

governance

(ESG)

factors

on

the

long-term

risk

and

return

profile

of

a

country.

In

our

analysis

of

corporate

debt

securities,

we

consider

a

variety

of

factors,

including

a

company’s

experience

and

managerial

strength;

responsiveness

to

changes

in

interest

rates

and

business

conditions;

debt

maturity

schedules

and

borrowing

requirements;

a

company’s

changing

financial

condition

and

market

recognition

of

the

change;

and

a

security’s

relative

value

based

on

such

factors

as

anticipated

cash

flow,

Geographic

Composition

6/30/21

%

of

Total

Net

Assets

United

States

27.5%

South

Korea

9.5%

United

Kingdom

7.2%

China

5.8%

Japan

5.1%

Germany

4.7%

India

4.0%

Indonesia

3.8%

Mexico

2.5%

Taiwan

1.8%

Argentina

1.8%

Ghana

1.7%

Hong

Kong

1.6%

Colombia

1.5%

Other

6.8%

Short-Term

Investments

&

Other

Net

Assets

14.7%

Templeton

Global

Balanced

Fund

7

franklintempleton.com

Semiannual

Report

interest

or

dividend

coverage,

asset

coverage

and

earnings

prospects.

With

respect

to

sovereign

debt

securities,

we

consider

market,

political

and

economic

conditions,

and

evaluate

interest

and

currency

exchange

rate

changes

and

credit

risks.

We

regularly

enter

into

currency-related

transactions

involving

certain

derivative

instruments,

including

currency

and

cross

currency

forwards,

but

we

may

also

use

other

derivative

instruments,

to

provide

a

hedge

against

risks

associated

with

other

securities

held

in

the

Fund

or

to

implement

a

currency

investment

strategy.

The

use

of

these

derivative

transactions

may

allow

the

Fund

to

obtain

net

long

or

net

short

exposures

to

selected

currencies,

interest

rates,

countries,

durations

or

credit

risks,

and

may

be

used

for

hedging

or

investment

purposes.

When

choosing

equity

securities

for

the

Fund,

we

use

a

fundamental

research,

value-oriented,

long-term

approach,

focusing

on

the

market

price

of

a

security

relative

to

our

evaluation

of

the

company’s

long-term

earnings,

asset

value

and

cash

flow

potential,

as

reflected

by

various

metrics.

This

includes

an

assessment

of

the

potential

impacts

of

material

ESG

factors

on

the

long-term

risk

and

return

profile

of

a

company.

The

Fund

may

also

use

a

variety

of

equity-related

derivatives,

which

may

include

equity

futures

and

equity

index

futures

for

various

purposes.

Manager’s

Discussion

We

continued

to

allocate

in

favor

of

equities

during

the

period

as

we

sought

to

take

advantage

of

valuation

opportunities

within

emerging

market

equities.

Within

fixed

income,

we

sought

to

take

advantage

of

valuation

opportunities

in

emerging

market

countries

with

favorable

growth

prospects,

low

indebtedness

and

higher

reserves.

Equity

Global

equities

rose

during

the

period

under

review.

Progress

in

vaccination

campaigns

and

businesses

reopening,

along

with

ongoing

monetary

and

fiscal

stimulus,

aided

continued

economic

recovery

in

several

parts

of

the

world.

In

this

environment,

the

equity

portion

underperformed

its

benchmark

index

for

the

period,

primarily

due

to

stock

selection

and

an

overweighting

in

the

consumer

discretionary

sector

and

stock

selection

in

the

financials

and

communication

services

sectors.

China-based

Xiabuxiabu

Catering

Management

China

Holdings

(not

part

of

the

index),

which

operates

two

lines

of

hot

pot

restaurants

throughout

China,

was

a

significant

relative

detractor

in

the

consumer

discretionary

sector,

with

shares

impacted

by

pandemic-related

issues.

Looking

ahead,

the

company

operates

in

a

competitive

space,

but

with

its

centralized

kitchen

is

able

to

create

barriers

to

entry

and

benefit

from

economies

of

scale.

Historically,

the

company

experienced

strong

growth

as

it

expanded

throughout

China,

more

than

doubling

the

store

base

over

the

past

five

years.

India-based

Housing

Development

Finance

and

Hong

Kong-based

AIA

Group

were

major

relative

detractors

in

the

financials

sector.

Within

the

sector,

we

have

continued

to

avoid

banks

given

the

negative

implications

of

financial

repression

on

bank

profits

as

well

as

the

potential

for

an

eventual

loan-loss

cycle

once

credit

spreads

normalize

from

current

extreme

lows.

On

the

other

hand,

we

have

found

a

couple

of

limited

opportunities

in

the

insurance

and

consumer

finance

industries.

In

contrast,

stock

selection

and

an

underweighting

in

the

materials

sector

contributed

to

relative

returns.

Stock

selection

in

industrials

along

with

stock

selection

and

an

underweighting

in

consumer

staples

also

boosted

relative

performance.

Commodity

prices

strengthened

during

the

period,

which

broadly

supported

the

Fund’s

materials

holdings

such

as

Luxembourg-based

steelmaker

ArcelorMittal

and

U.S.

copper

producer

Freeport-McMoRan.

We

believe

copper

fundamentals

are

well

supported,

with

relatively

tight

supply

and

long-term

demand

drivers.

Freeport

also

has

a

higher-than-average

production

growth

outlook,

and

recent

operational

updates

have

increased

investor

confidence

in

the

company’s

fundamentals.

United

Parcel

Service

(UPS),

one

of

the

world’s

largest

freight

delivery

service

companies,

was

a

significant

relative

contributor

in

the

industrials

sector.

After

numerous

years

of

consolidation

and

automation

investment,

the

industry

has

become

more

rational.

The

combination

of

this

industry

discipline,

higher

domestic

e-commerce

volumes

and

tighter

capacity

has

resulted

in

better-than-expected

margin

Top

Five

Equity

Holdings

6/30/21

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

Facebook,

Inc.

2.7%

Interactive

Media

&

Services

,

United

States

UnitedHealth

Group,

Inc.

2.2%

Health

Care

Providers

&

Services

,

United

States

Just

Eat

Takeaway.com

NV

2.1%

Internet

&

Direct

Marketing

Retail

,

Germany

Alibaba

Group

Holding

Ltd.

2.1%

Internet

&

Direct

Marketing

Retail

,

China

Berkshire

Hathaway,

Inc.

1.9%

Diversified

Financial

Services

,

United

States

Templeton

Global

Balanced

Fund

8

franklintempleton.com

Semiannual

Report

realization

and

returns.

Management

changes,

higher

cash

generation

and

shifts

in

capital

allocation

have

also

fueled

outperformance.

Regionally,

stock

selection

in

the

U.S.

and

Japan

contributed

to

relative

performance

during

the

period.

We

remain

generally

constructive

on

Japan

given

ongoing

corporate

reforms.

At

the

policy

level,

the

economic

policies

of

former

prime

minister

Shinzo

Abe

encouraged

genuine

reform,

including

accommodative

monetary

policy,

lower

corporate

tax

rates,

deregulation,

corporate

governance

reforms

and

greater

openness

to

trade

and

immigration.

We

believe

these

positive

structural

trends

are

likely

to

continue

in

the

post-Abe

era.

We

also

like

the

bottom-up

opportunities

in

the

market,

as

many

companies

still

look

relatively

inexpensive

to

us

and

offer

an

interesting

combination

of

defensive

characteristics

(diverse

revenues

and

cash-rich

balance

sheets)

as

well

as

exposure

to

high-growth

end-markets

like

China

and

industries

like

technology

and

automation.

Finally,

Japan

is

a

relatively

uncorrelated

market,

and

some

Japanese

companies

may

offer

good

inflation

protection

given

elevated

commodity

exposure

and

a

stable

base

currency.

Stock

selection

in

Asia

ex-Japan,

particularly

China,

detracted

from

relative

performance.

While

we

are

positive

about

many

of

the

longer-term

trends

driving

China’s

economic

growth,

we

also

recognize

the

economy’s

vulnerabilities.

Ongoing

concerns

about

excess

capacity

and

unproductive

debt

raise

the

likelihood

of

tightening

financial

conditions,

while

regulatory

and

political

risks

remain

ever

present.

Valuations

also

look

generally

expensive

for

the

kinds

of

digitally

native,

domestically-oriented

companies

we

might

like

to

own,

while

the

cheaper

companies

are

comprised

of

less

attractive

conglomerates

and

state-owned

enterprises.

It

is

important

to

recognize

the

effect

of

currency

movements

on

the

Fund’s

performance.

In

general,

if

the

value

of

the

U.S.

dollar

goes

up

compared

with

a

foreign

currency,

an

investment

traded

in

that

foreign

currency

will

go

down

in

value

because

it

will

be

worth

fewer

U.S.

dollars.

This

can

have

a

negative

effect

on

Fund

performance.

Conversely,

when

the

U.S.

dollar

weakens

in

relation

to

a

foreign

currency,

an

investment

traded

in

that

foreign

currency

will

increase

in

value,

which

can

contribute

to

Fund

performance.

For

the

six

months

ended

June

30,

2021,

the

U.S.

dollar

rose

in

value

relative

to

most

currencies.

As

a

result,

the

Fund’s

performance

was

negatively

affected

by

the

portfolio’s

investment

predominantly

in

securities

with

non-U.S.

currency

exposure.

Fixed

Income

The

successful

development

of

vaccines

against

COVID-19

in

the

final

months

of

2020

substantially

changed

our

outlook

and

positioning

for

2021.

In

the

weeks

before

the

six-month

reporting

period

began,

we

significantly

shifted

the

emphasis

of

the

Fund’s

strategic

positioning

from

a

safe-haven

stance

toward

an

increasing

allocation

in

risk

assets.

We

expected

a

rebound

in

global

economic

activity

and

improving

economic

conditions

in

the

spring

and

summer

months

of

2021

as

vaccines

were

progressively

distributed

and

people

increasingly

reengaged

with

the

world.

We

were

actively

constructive

in

a

number

of

regions

throughout

the

period,

particularly

in

areas

of

Asia

that

appeared

to

be

at

the

forefront

of

the

global

economic

recovery.

The

Fund

was

focused

on

three

core

themes

during

the

six-month

period:

(1)

weakness

in

the

euro

and

USD,

on

excessive

fiscal

and

monetary

policies

in

Europe

and

the

U.S.,

against

currencies

in

countries

with

strong

trade

dynamics,

current

account

surpluses,

better

fiscal

management

and

stronger

growth

potential,

notably

in

Asia;

(2)

avoiding

interest-rate

risks

in

low-yielding

developed

markets;

and

(3)

pursuing

sovereign

bonds

with

relatively

higher

yields

in

a

select

set

of

resilient

emerging

markets.

At

the

beginning

of

the

period,

the

Fund

held

overweighted

positions

in

specific

currencies

that

showed

medium-term

value

against

the

USD

and

the

euro.

We

held

notable

exposures

to

the

Chinese

yuan,

the

South

Korean

won,

the

Indian

rupee

and

the

Indonesian

rupiah

against

the

USD.

We

added

exposure

to

the

Singapore

dollar

in

April

and

the

New

Zealand

dollar

in

June.

In

Europe,

we

held

exposures

in

the

Norwegian

krone

and

Swedish

krona

against

the

euro.

In

the

Americas,

we

held

long

exposure

to

the

Canadian

dollar

against

the

euro,

and

long

exposures

to

the

Colombian

peso

and

Brazilian

real

against

the

USD.

In

May,

we

added

exposure

to

the

Chilean

peso

against

the

USD.

During

the

period,

we

used

currency

forwards

and

currency

options

to

actively

manage

currency

exposures.

We

also

continued

to

focus

on

compelling

risk-adjusted

yields

in

various

local-currency

bond

markets,

specifically

in

countries

with

resilient

economies

and

strong

trade

dynamics.

We

continued

to

largely

avoid

developed

market

duration

exposures

in

preference

for

higher

yields

available

in

select

emerging

markets,

notably

including

Indonesia,

India,

Mexico,

Colombia,

Brazil

and

Ghana,

among

others.

We

saw

pockets

of

value

in

certain

USD-denominated

sovereign

credits,

but

we

continued

to

largely

prefer

specific

valuations

in

the

local-currency

markets

over

the

more

fully

valued

credit

markets.

Templeton

Global

Balanced

Fund

9

franklintempleton.com

Semiannual

Report

During

the

period,

the

Fund’s

negative

absolute

performance

was

primarily

due

to

currency

positions.

Interest-rate

strategies

contributed

to

absolute

results,

as

did

overall

credit

exposures.

Among

currencies,

the

Fund’s

net-positive

position

in

the

Japanese

yen

detracted

from

absolute

performance,

as

did

currency

positions

in

Latin

America

(the

Argentine

peso)

and

Asia

ex-Japan

(the

South

Korean

won).

However,

the

Fund’s

position

in

the

Canadian

dollar

against

the

euro

contributed

to

absolute

results.

The

Fund

maintained

a

defensive

approach

regarding

interest

rates

in

developed

markets,

while

holding

duration

exposures

in

select

emerging

markets.

Select

duration

exposures

in

Latin

America

(Argentina)

and

Africa

(Ghana)

contributed

to

absolute

performance.

Among

credit

exposures,

subinvestment-grade

sovereign

credits

contributed

to

absolute

return.

On

a

relative

basis,

the

Fund’s

performance

fared

better

than

that

of

its

benchmark

index

primarily

due

to

interest-

rate

strategies,

followed

by

overall

credit

exposures.

Currency

positions

detracted

from

relative

results.

The

Fund

maintained

a

defensive

approach

regarding

interest

rates

in

developed

markets,

while

holding

duration

exposures

in

select

emerging

markets.

Select

overweighted

duration

exposures

in

Latin

America

(Argentina)

and

Africa

(Ghana)

contributed

to

relative

performance,

as

did

select

underweighted

duration

exposures

in

Europe.

Among

credit

exposures,

overweighted

exposure

to

subinvestment-

grade

sovereign

credits

contributed

to

relative

return.

Among

currencies,

the

Fund’s

overweighted

position

in

the

Japanese

yen

detracted

from

relative

results,

as

did

overweighted

currency

positions

in

Latin

America

(the

Argentine

peso)

and

Asia

ex-Japan

(the

South

Korean

won).

However,

the

Fund’s

underweighted

exposure

to

the

euro

contributed

to

relative

performance.

*Does

not

include

cash

and

cash

equivalents.

Thank

you

for

your

continued

participation

in

Templeton

Global

Balanced

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Michael

Hasenstab,

Ph.D.

Co-Lead

Portfolio

Manager

Warren

Pustam,

CFA

Co-Lead

Portfolio

Manager

Herbert

J.

Arnett,

Jr.

Portfolio

Manager

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

June

30,

2021,

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.

Top

Five

Fixed

Income

Holdings

*

6/30/21

Issuer

%

of

Total

Net

Assets

a

a

Republic

of

Korea

4.3%

Republic

of

Indonesia

3.8%

Republic

of

India

2.8%

United

Mexican

States

2.5%

Korea

Monetary

Stabilization

Bond

2.0%

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

June

30,

2021

Templeton

Global

Balanced

Fund

10

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

6/30/21

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

+4.60%

-1.01%

1-Year

+20.94%

+14.43%

5-Year

+26.25%

+3.56%

10-Year

+46.72%

+3.32%

Advisor

6-Month

+4.70%

+4.70%

1-Year

+21.56%

+21.56%

5-Year

+27.72%

+5.02%

10-Year

+51.13%

+4.22%

See

page

11

for

Performance

Summary

footnotes.

Templeton

Global

Balanced

Fund

Performance

Summary

11

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

involve

heightened

risks

related

to

the

same

factors.

Stock

prices

fluctuate,

sometimes

rapidly

and

dramatically,

due

to

factors

affecting

individual

companies,

particular

industries

or

sectors,

or

general

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

the

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

The

risks

associated

with

higher

yielding,

lower

rated

debt

securities

include

higher

risk

of

default

and

loss

of

principal.

The

markets

for

a

particular

security

or

instrument

or

type

of

security

or

instrument

are

or

may

become

relatively

illiquid.

Reduced

liquidity

will

have

an

adverse

impact

on

the

security’s

value

and

on

the

Fund’s

ability

to

sell

such

securities

or

instruments

when

necessary

to

meet

the

Fund’s

liquidity

needs

or

in

response

to

a

specific

market

event.

The

Fund’s

investment

in

derivative

securities,

such

as

swaps,

financial

futures

and

option

contracts,

and

use

of

foreign

currency

techniques

involve

special

risks

as

such

may

not

achieve

the

anticipated

benefits

and/or

may

result

in

losses

to

the

Fund.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

The

Fund

has

a

fee

waiver

associated

with

any

investment

it

makes

in

a

Franklin

Templeton

money

fund

and/or

other

Franklin

Templeton

fund,

contractually

guaranteed

through

4/30/22.

Fund

investment

results

reflect

the

fee

waiver;

without

this

waiver,

the

results

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(1/1/21–6/30/21)

Share

Class

Net

Investment

Income

A

$0.0300

A1

$0.0300

C

$0.0186

C1

$0.0223

R

$0.0262

R6

$0.0351

Advisor

$0.0335

Total

Annual

Operating

Expenses

5

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.23%

1.32%

Advisor

0.98%

1.07%

Your

Fund’s

Expenses

Templeton

Global

Balanced

Fund

12

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

181/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

1/1/21

Ending

Account

Value

6/30/21

Expenses

Paid

During

Period

1/1/21–6/30/21

1,2

Ending

Account

Value

6/30/21

Expenses

Paid

During

Period

1/1/21–6/30/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,046.00

$6.22

$1,018.72

$6.13

1.23%

A1

$1,000

$1,045.90

$6.22

$1,018.72

$6.13

1.23%

C

$1,000

$1,042.20

$10.01

$1,014.99

$9.88

1.98%

C1

$1,000

$1,046.70

$8.28

$1,016.70

$8.16

1.63%

R

$1,000

$1,044.40

$7.35

$1,017.61

$7.25

1.45%

R6

$1,000

$1,047.70

$4.44

$1,020.46

$4.38

0.87%

Advisor

$1,000

$1,047.00

$4.96

$1,019.95

$4.89

0.98%

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

June

30,

2021*

(unaudited)

Year

Ended

December

31,

2016

a

2020

2019

2018

2017

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.82

$2.84

$2.77

$3.17

$2.91

$2.72

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.03

0.07

0.11

0.10

0.09

0.07

Net

realized

and

unrealized

gains

(losses)

0.10

(0.04)

0.08

(0.38)

0.25

0.15

Total

from

investment

operations

........

0.13

0.03

0.19

(0.28)

0.34

0.22

Less

distributions

from:

Net

investment

income

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

(0.03)

(0.05)

(0.12)

(0.12)

(0.08)

(0.03)

Net

asset

value,

end

of

period

..........

$2.92

$2.82

$2.84

$2.77

$3.17

$2.91

Total

return

d

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

4.60%

1.49%

6.96%

(9.44)%

12.18%

7.97%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.28%

1.30%

1.22%

1.19%

1.17%

1.16%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.23%

1.26%

1.19%

1.16%

1.14%

1.15%

Net

investment

income

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

1.73%

2.85%

3.81%

3.17%

2.82%

3.28%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$342,688

$354,879

$465,915

$557,604

$745,957

$780,810

Portfolio

turnover

rate

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

34.98%

74.03%

26.62%

45.92%

34.25%

16.66%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

For

the

period

April

1,

2016

to

December

31,

2016.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

14

a

Six

Months

Ended

June

30,

2021*

(unaudited)

Year

Ended

December

31,

2016

a

2020

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.83

$2.84

$2.77

$3.18

$2.91

$2.72

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.03

0.07

0.11

0.10

0.09

0.07

Net

realized

and

unrealized

gains

(losses)

0.10

(0.03)

0.08

(0.39)

0.26

0.15

Total

from

investment

operations

........

0.13

0.04

0.19

(0.29)

0.35

0.22

Less

distributions

from:

Net

investment

income

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

(0.03)

(0.05)

(0.12)

(0.12)

(0.08)

(0.03)

Net

asset

value,

end

of

period

..........

$2.93

$2.83

$2.84

$2.77

$3.18

$2.91

Total

return

d

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

4.59%

1.49%

7.33%

(9.45)%

12.18%

7.97%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.28%

1.30%

1.22%

1.19%

1.17%

1.16%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.23%

1.26%

1.19%

1.16%

1.14%

1.15%

Net

investment

income

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

1.73%

2.86%

3.81%

3.17%

2.82%

3.28%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$192,525

$198,816

$252,990

$285,358

$293,488

$319,161

Portfolio

turnover

rate

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

34.98%

74.03%

26.62%

45.92%

34.25%

16.66%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

For

the

period

April

1,

2016

to

December

31,

2016.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

15

a

Six

Months

Ended

June

30,

2021*

(unaudited)

Year

Ended

December

31,

2016

a

2020

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.81

$2.82

$2.75

$3.16

$2.90

$2.70

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.01

0.05

0.09

0.08

0.06

0.05

Net

realized

and

unrealized

gains

(losses)

0.11

(0.03)

0.08

(0.40)

0.26

0.16

Total

from

investment

operations

........

0.12

0.02

0.17

(0.32)

0.32

0.21

Less

distributions

from:

Net

investment

income

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

(0.02)

(0.03)

(0.10)

(0.09)

(0.06)

(0.01)

Net

asset

value,

end

of

period

..........

$2.91

$2.81

$2.82

$2.75

$3.16

$2.90

Total

return

d

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

4.22%

0.68%

6.55%

(10.23)%

11.03%

7.74%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

2.03%

2.04%

1.97%

1.94%

1.92%

1.89%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.98%

2.00%

1.94%

1.91%

1.89%

1.88%

Net

investment

income

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

0.98%

2.02%

3.06%

2.42%

2.07%

2.55%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$72,604

$83,658

$139,231

$203,587

$317,374

$340,265

Portfolio

turnover

rate

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

34.98%

74.03%

26.62%

45.92%

34.25%

16.66%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

For

the

period

April

1,

2016

to

December

31,

2016.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

16

a

Six

Months

Ended

June

30,

2021*

(unaudited)

Year

Ended

December

31,

2016

a

2020

2019

2018

2017

Class

C1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.83

$2.84

$2.77

$3.17

$2.91

$2.72

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.02

0.06

0.10

0.09

0.08

0.06

Net

realized

and

unrealized

gains

(losses)

0.11

(0.03)

0.08

(0.39)

0.25

0.15

Total

from

investment

operations

........

0.13

0.03

0.18

(0.30)

0.33

0.21

Less

distributions

from:

Net

investment

income

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

(0.02)

(0.04)

(0.11)

(0.10)

(0.07)

(0.02)

Net

asset

value,

end

of

period

..........

$2.94

$2.83

$2.84

$2.77

$3.17

$2.91

Total

return

d

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

4.67%

1.01%

6.82%

(9.88)%

11.71%

7.62%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.68%

1.70%

1.62%

1.59%

1.57%

1.56%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.63%

1.66%

1.59%

1.56%

1.54%

1.55%

Net

investment

income

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

1.37%

2.32%

3.41%

2.77%

2.42%

2.88%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$7,832

$13,050

$27,765

$62,418

$173,079

$202,929

Portfolio

turnover

rate

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

34.98%

74.03%

26.62%

45.92%

34.25%

16.66%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

For

the

period

April

1,

2016

to

December

31,

2016.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

17

a

Six

Months

Ended

June

30,

2021*

(unaudited)

Year

Ended

December

31,

2016

a

2020

2019

2018

2017

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.84

$2.85

$2.78

$3.18

$2.92

$2.72

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.02

0.07

0.10

0.09

0.08

0.06

Net

realized

and

unrealized

gains

(losses)

0.11

(0.03)

0.08

(0.38)

0.25

0.16

Total

from

investment

operations

........

0.13

0.04

0.18

(0.29)

0.33

0.22

Less

distributions

from:

Net

investment

income

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

(0.03)

(0.05)

(0.11)

(0.11)

(0.07)

(0.02)

Net

asset

value,

end

of

period

..........

$2.94

$2.84

$2.85

$2.78

$3.18

$2.92

Total

return

d

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

4.44%

1.68%

6.66%

(9.67)%

11.84%

8.11%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.50%

1.43%

1.47%

1.44%

1.42%

1.41%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.45%

1.40%

1.44%

1.41%

1.39%

1.40%

Net

investment

income

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

1.53%

2.63%

3.56%

2.92%

2.57%

3.03%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,362

$1,591

$2,348

$2,778

$4,944

$5,487

Portfolio

turnover

rate

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

34.98%

74.03%

26.62%

45.92%

34.25%

16.66%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

For

the

period

April

1,

2016

to

December

31,

2016.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

18

a

Six

Months

Ended

June

30,

2021*

(unaudited)

Year

Ended

December

31,

2016

a

2020

2019

2018

2017

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.83

$2.85

$2.78

$3.18

$2.92

$2.73

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.03

0.08

0.12

0.11

0.09

0.08

Net

realized

and

unrealized

gains

(losses)

0.11

(0.04)

0.08

(0.38)

0.26

0.15

Total

from

investment

operations

........

0.14

0.04

0.20

(0.27)

0.35

0.23

Less

distributions

from:

Net

investment

income

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

(0.04)

(0.06)

(0.13)

(0.13)

(0.09)

(0.04)

Net

asset

value,

end

of

period

..........

$2.93

$2.83

$2.85

$2.78

$3.18

$2.92

Total

return

d

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

4.77%

1.87%

7.32%

(9.09)%

12.56%

8.35%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.97%

0.99%

0.92%

0.89%

0.84%

0.81%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.87%

0.90%

0.84%

0.82%

0.77%

0.79%

Net

investment

income

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

2.09%

3.18%

4.16%

3.51%

3.19%

3.64%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$4,171

$4,624

$6,080

$7,933

$11,254

$752

Portfolio

turnover

rate

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

34.98%

74.03%

26.62%

45.92%

34.25%

16.66%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

For

the

period

April

1,

2016

to

December

31,

2016.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

19

a

Six

Months

Ended

June

30,

2021*

(unaudited)

Year

Ended

December

31,

2016

a

2020

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.84

$2.85

$2.78

$3.19

$2.92

$2.73

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.03

0.08

0.12

0.11

0.10

0.08

Net

realized

and

unrealized

gains

(losses)

0.10

(0.03)

0.08

(0.39)

0.26

0.14

Total

from

investment

operations

........

0.13

0.05

0.20

(0.28)

0.36

0.22

Less

distributions

from:

Net

investment

income

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

(0.03)

(0.06)

(0.13)

(0.13)

(0.09)

(0.03)

Net

asset

value,

end

of

period

..........

$2.94

$2.84

$2.85

$2.78

$3.19

$2.92

Total

return

d

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

4.70%

1.75%

7.57%

(9.19)%

12.42%

8.22%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.03%

1.04%

0.97%

0.94%

0.92%

0.91%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.98%

1.00%

0.94%

0.91%

0.89%

0.90%

Net

investment

income

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

1.99%

3.00%

4.06%

3.42%

3.07%

3.53%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$69,048

$77,426

$141,277

$207,346

$246,044

$212,161

Portfolio

turnover

rate

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

34.98%

74.03%

26.62%

45.92%

34.25%

16.66%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

For

the

period

April

1,

2016

to

December

31,

2016.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited),

June

30,

2021

Templeton

Global

Balanced

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

20

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

59.7%

Belgium

0.3%

a

Galapagos

NV

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

Biotechnology

26,604

$

1,839,576

a

China

5.8%

a

Alibaba

Group

Holding

Ltd.

.........

Internet

&

Direct

Marketing

Retail

505,100

14,321,431

a,b

Kuaishou

Technology,

144A,

Reg

S

...

Interactive

Media

&

Services

58,700

1,476,252

a

New

Oriental

Education

&

Technology

Group,

Inc.

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

Diversified

Consumer

Services

764,700

6,280,378

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

37,890

7,794,731

Tencent

Holdings

Ltd.

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

Interactive

Media

&

Services

82,200

6,189,004

a,b

Xiabuxiabu

Catering

Management

China

Holdings

Co.

Ltd.,

144A,

Reg

S

....

Hotels,

Restaurants

&

Leisure

3,756,500

3,936,332

39,998,128

France

0.6%

Dassault

Aviation

SA

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

Aerospace

&

Defense

3,454

4,069,099

Germany

4.7%

Continental

AG

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

Auto

Components

32,227

4,741,673

Deutsche

Boerse

AG

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

Capital

Markets

26,211

4,575,418

E.ON

SE

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

Multi-Utilities

353,866

4,094,460

a,b

Just

Eat

Takeaway.com

NV,

144A,

Reg

S

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

Internet

&

Direct

Marketing

Retail

158,081

14,621,139

Siemens

AG

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

Industrial

Conglomerates

27,545

4,373,931

32,406,621

Hong

Kong

1.6%

AIA

Group

Ltd.

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

Insurance

870,400

10,797,746

India

1.2%

Housing

Development

Finance

Corp.

Ltd.

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

Thrifts

&

Mortgage

Finance

248,705

8,296,163

Ireland

0.6%

a

Ryanair

Holdings

plc,

ADR

.........

Airlines

39,400

4,263,474

a

Japan

5.1%

Hitachi

Ltd.

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

Industrial

Conglomerates

203,900

11,685,986

Honda

Motor

Co.

Ltd.

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

Automobiles

223,400

7,185,915

Seria

Co.

Ltd.

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

Multiline

Retail

201,800

7,442,227

Takeda

Pharmaceutical

Co.

Ltd.

.....

Pharmaceuticals

115,800

3,886,664

Toyota

Industries

Corp.

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

Auto

Components

57,600

4,981,419

35,182,211

Luxembourg

0.6%

ArcelorMittal

SA

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

Metals

&

Mining

139,841

4,305,656

Netherlands

0.6%

NN

Group

NV

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

Insurance

93,011

4,394,149

Singapore

0.6%

a,c,d

Aspirational

Consumer

Lifestyle

Corp.

.

Capital

Markets

439,500

4,395,000

a

South

Africa

0.0%

a,c,d

K2016470219

South

Africa

Ltd.,

A

....

Multiline

Retail

32,900,733

—

a,c,d

K2016470219

South

Africa

Ltd.,

B

....

Multiline

Retail

4,646,498

—

—

South

Korea

1.6%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

155,540

11,097,508

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

21

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Spain

0.6%

a

Amadeus

IT

Group

SA

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

IT

Services

61,448

$

4,332,243

a

Taiwan

1.8%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

584,300

12,560,780

United

Kingdom

7.2%

a

Allfunds

Group

plc

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

Capital

Markets

182,800

3,181,800

AstraZeneca

plc

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

Pharmaceuticals

44,865

5,390,660

a

Compass

Group

plc

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

Hotels,

Restaurants

&

Leisure

213,791

4,504,456

Diageo

plc

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

Beverages

262,604

12,587,133

Imperial

Brands

plc

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

Tobacco

185,176

3,993,190

a

Informa

plc

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

Media

597,985

4,156,153

Persimmon

plc

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

Household

Durables

106,242

4,352,373

Prudential

plc

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

Insurance

330,400

6,286,571

a

Travis

Perkins

plc

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

Trading

Companies

&

Distributors

218,729

5,118,041

49,570,377

United

States

26.8%

a

Alphabet,

Inc.,

A

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

Interactive

Media

&

Services

1,813

4,426,965

American

Express

Co.

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

Consumer

Finance

30,100

4,973,423

a

Array

Technologies,

Inc.

...........

Electrical

Equipment

145,600

2,271,360

a

Berkshire

Hathaway,

Inc.,

B

.........

Diversified

Financial

Services

47,000

13,062,240

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

4,730

10,349,666

Comcast

Corp.,

A

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

Media

200,124

11,411,071

a

DXC

Technology

Co.

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

IT

Services

211,800

8,247,492

a

F5

Networks,

Inc.

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

Communications

Equipment

52,400

9,780,984

a

Facebook,

Inc.,

A

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

Interactive

Media

&

Services

54,000

18,776,340

Freeport-McMoRan,

Inc.

...........

Metals

&

Mining

52,100

1,933,431

General

Dynamics

Corp.

...........

Aerospace

&

Defense

24,400

4,593,544

H&R

Block,

Inc.

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

Diversified

Consumer

Services

53,000

1,244,440

HCA

Healthcare,

Inc.

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

Health

Care

Providers

&

Services

32,100

6,636,354

Keurig

Dr

Pepper,

Inc.

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

Beverages

118,100

4,161,844

a

LivaNova

plc

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

Health

Care

Equipment

&

Supplies

28,800

2,422,368

Marathon

Petroleum

Corp.

.........

Oil,

Gas

&

Consumable

Fuels

81,600

4,930,272

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

35,500

4,406,615

a

Sabre

Corp.

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

IT

Services

358,800

4,477,824

a

Southwest

Airlines

Co.

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

Airlines

75,000

3,981,750

a

T-Mobile

US,

Inc.

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

Wireless

Telecommunication

Services

30,600

4,431,798

United

Parcel

Service,

Inc.,

B

.......

Air

Freight

&

Logistics

35,700

7,424,529

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

&

Services

38,510

15,420,944

Visa,

Inc.,

A

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

IT

Services

36,200

8,464,284

a

Walt

Disney

Co.

(The)

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

Entertainment

54,900

9,649,773

Westinghouse

Air

Brake

Technologies

Corp.

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

Machinery

83,100

6,839,130

a

Zendesk

,

Inc.

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

Software

72,918

10,524,984

184,843,425

Total

Common

Stocks

(Cost

$306,726,169)

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

412,352,156

Principal

Amount

*

a

a

a

a

a

Corporate

Bonds

0.0%

South

Africa

0.0%

b,c,e

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note,

144A,

PIK,

3%,

12/31/22

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

Multiline

Retail

2,767,566

—

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

22

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

b,c,e

K2016470219

South

Africa

Ltd.,

(continued)

Senior

Secured

Note,

144A,

PIK,

8%,

12/31/22

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

Multiline

Retail

2,708,327

EUR

$

—

b,c,e

K2016470260

South

Africa

Ltd.,

Senior

Secured

Note,

144A,

PIK,

25%,

12/31/22

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

Multiline

Retail

1,408,368

—

—

Total

Corporate

Bonds

(Cost

$4,390,313)

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

—

a

a

Industry

Principal

Amount

*

a

Value

Foreign

Government

and

Agency

Securities

24.9%

Argentina

1.8%

f,g

Argentina

BONCER

,

Index

Linked,

1%,

8/05/21

........

61,069,185

ARS

364,483

Index

Linked,

1.2%,

3/18/22

.......

705,278,260

ARS

4,185,439

Index

Linked,

1.3%,

9/20/22

.......

5,133,424

ARS

30,083

Index

Linked,

1.4%,

3/25/23

.......

446,669,321

ARS

2,550,262

Index

Linked,

1.5%,

3/25/24

.......

403,862,950

ARS

2,189,396

g,h

Argentina

Bonos

del

Tesoro

Nacional

en

Pesos

Badlar

,

FRN,

36.104%,

(ARS

BADLAR

+

2%),

4/03/22

.........

37,519,000

ARS

214,989

g

Argentina

Government

Bond

,

18.2%,

10/03/21

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

193,279,000

ARS

1,083,797

16%,

10/17/23

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

308,428,000

ARS

1,121,734

15.5%,

10/17/26

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

243,952,000

ARS

579,445

12,319,628

Brazil

0.5%

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/25

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

6,510,000

BRL

1,386,798

10%,

1/01/27

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

2,780,000

BRL

595,521

10%,

1/01/29

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

2,780,000

BRL

597,418

10%,

1/01/31

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

4,450,000

BRL

949,259

3,528,996

Colombia

1.5%

Colombia

Government

Bond

,

Senior

Bond,

4.375%,

3/21/23

.....

52,000,000

COP

14,195

Senior

Bond,

9.85%,

6/28/27

......

83,000,000

COP

26,439

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

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

1,382,200,000

COP

380,711

B,

10%,

7/24/24

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

1,738,000,000

COP

528,251

B,

6.25%,

11/26/25

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

3,538,000,000

COP

956,728

B,

7.5%,

8/26/26

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

26,717,000,000

COP

7,546,007

B,

5.75%,

11/03/27

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

2,434,000,000

COP

621,595

10,073,926

Ecuador

1.0%

b

Ecuador

Government

Bond

,

Senior

Note,

144A,

0.5%,

7/31/30

..

2,460,000

2,115,625

Senior

Bond,

144A,

0.5%,

7/31/35

..

6,275,000

4,329,750

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

23

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Ecuador

(continued)

b

Ecuador

Government

Bond,

(continued)

Senior

Bond,

144A,

0.5%,

7/31/40

..

599,000

$

373,626

6,819,001

El

Salvador

0.0%

†

b

El

Salvador

Government

Bond,

Senior

Bond,

144A,

7.65%,

6/15/35

.......

100,000

91,760

Ghana

1.7%

Ghana

Government

Bond

,

24.75%,

7/19/21

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

6,550,000

GHS

1,119,455

18.75%,

1/24/22

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

4,265,000

GHS

738,584

18.25%,

7/25/22

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

7,580,000

GHS

1,318,366

Senior

Note,

17.6%,

2/20/23

......

50,000

GHS

8,682

19.75%,

3/25/24

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

6,470,000

GHS

1,171,884

Senior

Note,

18.3%,

3/02/26

......

105,000

GHS

18,095

19%,

11/02/26

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

25,220,000

GHS

4,413,760

19.75%,

3/15/32

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

18,450,000

GHS

3,251,801

12,040,627

India

2.8%

India

Government

Bond

,

7.16%,

5/20/23

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

83,000,000

INR

1,167,485

Senior

Note,

5.22%,

6/15/25

......

93,000,000

INR

1,235,816

8.2%,

9/24/25

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

289,100,000

INR

4,240,108

Senior

Note

,

5.15%,

11/09/25

.....

115,000,000

INR

1,519,162

7.59%,

1/11/26

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

509,200,000

INR

7,308,562

7.27%,

4/08/26

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

280,500,000

INR

3,984,673

19,455,806

Indonesia

3.8%

Indonesia

Government

Bond

,

FR35,

Senior

Bond,

12.9%,

6/15/22

.

10,168,000,000

IDR

763,175

FR43,

10.25%,

7/15/22

..........

154,000,000

IDR

11,331

FR63,

5.625%,

5/15/23

..........

2,150,000,000

IDR

151,879

FR46,

9.5%,

7/15/23

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

73,000,000,000

IDR

5,525,597

FR39,

11.75%,

8/15/23

..........

1,616,000,000

IDR

127,685

FR70,

8.375%,

3/15/24

..........

84,648,000,000

IDR

6,385,203

FR81,

6.5%,

6/15/25

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

50,707,000,000

IDR

3,674,894

FR86,

5.5%,

4/15/26

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

142,120,000,000

IDR

9,849,406

26,489,170

Mexico

2.5%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

Senior

Note,

7.25%,

12/09/21

...

99,890,000

MXN

5,058,912

M,

6.5%,

6/09/22

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

196,230,000

MXN

9,941,088

M,

Senior

Bond,

8%,

12/07/23

.....

32,730,000

MXN

1,721,701

M

20,

10%,

12/05/24

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

8,530,000

MXN

478,162

17,199,863

South

Korea

7.9%

Korea

Government

Bond,

3.375%,

9/10/23

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

12,173,000,000

KRW

11,265,934

Korea

Monetary

Stabilization

Bond

,

1.18%,

8/02/21

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

208,000,000

KRW

184,172

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

24

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

South

Korea

(continued)

Korea

Monetary

Stabilization

Bond,

(continued)

Senior

Note

,

0.905%,

4/02/23

.....

15,660,000,000

KRW

$

13,768,454

Korea

Treasury

Bond

,

1.375%,

9/10/21

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

8,462,200,000

KRW

7,501,468

2%,

12/10/21

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

380,000,000

KRW

338,264

2.25%,

9/10/23

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

876,000,000

KRW

789,660

0.875%,

12/10/23

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

12,469,000,000

KRW

10,901,513

1.875%,

3/10/24

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

2,205,000,000

KRW

1,973,104

Senior

Note

,

1.125%,

6/10/24

.....

3,396,000,000

KRW

2,978,702

1.375%,

9/10/24

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

4,655,400,000

KRW

4,097,845

3%,

9/10/24

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

745,000,000

KRW

688,996

54,488,112

Sri

Lanka

0.3%

b

Sri

Lanka

Government

Bond

,

Senior

Note,

144A,

5.75%,

4/18/23

..

200,000

149,750

Senior

Note,

144A,

6.35%,

6/28/24

..

400,000

276,000

Senior

Bond,

144A,

6.85%,

11/03/25

600,000

403,500

Senior

Bond,

144A,

6.2%,

5/11/27

..

1,600,000

991,696

Senior

Bond,

144A,

6.75%,

4/18/28

.

200,000

125,854

Senior

Bond,

144A,

7.85%,

3/14/29

.

200,000

128,000

2,074,800

Supranational

0.5%

i

Inter-American

Development

Bank,

Senior

Bond,

7.5%,

12/05/24

......

60,000,000

MXN

3,088,587

Turkey

0.6%

Turkey

Government

Bond

,

13.9%,

11/09/22

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

17,350,000

TRY

1,910,964

12.2%,

1/18/23

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

1,170,000

TRY

125,102

7.1%,

3/08/23

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

4,980,000

TRY

488,020

16.2%,

6/14/23

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

6,170,000

TRY

693,579

8.8%,

9/27/23

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

3,200,000

TRY

309,530

10.4%,

3/20/24

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

270,000

TRY

26,511

12.6%,

10/01/25

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

2,990,000

TRY

293,764

3,847,470

Total

Foreign

Government

and

Agency

Securities

(Cost

$218,717,689)

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

171,517,746

U.S.

Government

and

Agency

Securities

0.7%

United

States

0.7%

U.S.

Treasury

Notes

,

1.625%,

2/15/26

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

950,000

984,994

2.125%,

5/31/26

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

1,210,000

1,283,545

1.625%,

10/31/26

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

2,650,000

2,745,338

5,013,877

Total

U.S.

Government

and

Agency

Securities

(Cost

$4,968,803)

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

5,013,877

Total

Long

Term

Investments

(Cost

$534,802,974)

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

588,883,779

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

25

a

a  

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

0.2%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

86.50

JPY,

Expires

12/20/21

..

1

2,932,000

AUD

$

18,738

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

20.98

MXN,

Expires

10/07/21

.

1

7,238,000

77,304

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

21.57

MXN,

Expires

9/15/21

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

1

1,106,000

4,911

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

21.65

MXN,

Expires

8/20/21

.......

1

1,781,000

3,800

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

22.02

MXN,

Expires

6/09/22

..

1

6,006,000

153,116

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

22.26

MXN,

Expires

8/02/21

.......

1

2,803,000

1,392

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

22.36

MXN,

Expires

12/28/21

.

1

4,010,000

35,302

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

25.55

MXN,

Expires

12/22/22

.

1

3,007,000

46,930

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

25.55

MXN,

Expires

12/22/22

.

1

3,007,000

46,930

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

2,121,000

59,157

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

1,135,000

31,657

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

1,135,000

31,657

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.19

MXN,

Expires

8/29/24

..

1

2,531,000

72,069

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.71

MXN,

Expires

8/09/24

..

1

2,533,000

64,356

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

29.73

MXN,

Expires

12/07/21

.

1

3,963,000

1,373

648,692

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

July

Strike

Price

71.10

JPY,

Expires

7/15/21

.......

1

815,000

AUD

—

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

26

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

75.00

JPY,

Expires

12/20/21

..

1

5,865,000

AUD

$

15,708

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

77.45

JPY,

Expires

9/14/21

...

1

2,595,000

AUD

3,243

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

July

Strike

Price

78.50

JPY,

Expires

7/15/21

.......

1

3,260,000

AUD

194

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

80.55

JPY,

Expires

9/14/21

...

1

4,938,000

AUD

19,754

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

81.61

JPY,

Expires

12/14/21

..

1

5,190,000

AUD

62,513

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

82.66

JPY,

Expires

9/14/21

...

1

11,125,000

AUD

100,088

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

18.70

MXN,

Expires

6/09/22

..

1

3,003,000

14,668

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

18.76

MXN,

Expires

10/27/21

.

1

4,052,000

7,982

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

19.04

MXN,

Expires

6/09/22

..

1

3,003,000

21,798

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

19.23

MXN,

Expires

8/20/21

.......

1

1,336,000

2,697

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

19.35

MXN,

Expires

8/02/21

.......

1

981,000

1,610

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.43

MXN,

Expires

8/30/21

..

1

1,898,000

8,282

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

September

Strike

Price

19.59

MXN,

Expires

9/03/21

..

1

3,666,000

24,351

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

1,060,000

13,999

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

568,000

7,501

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

568,000

7,501

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.88

MXN,

Expires

8/11/21

..

1

1,899,000

19,695

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

27

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

21.15

MXN,

Expires

8/20/21

.......

1

1,712,000

$

98,928

430,512

Total

Options

Purchased

(Cost

$2,338,436)

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

1,079,204

Short

Term

Investments

13.5%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

7.8%

Argentina

0.2%

f,g,j

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER

,

Index

Linked,

9/13/21

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

36,041,030

ARS

213,421

Index

Linked,

2/28/22

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

51,259,940

ARS

300,482

Index

Linked,

4/18/22

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

140,531,141

ARS

820,703

1,334,606

Brazil

1.3%

j

Brazil

Letras

do

Tesouro

Nacional

,

1/01/24

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

11,220,000

BRL

1,863,851

7/01/24

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

46,240,000

BRL

7,360,187

9,224,038

Egypt

0.8%

j

Egypt

Treasury

Bills

,

7/13/21

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

8,000,000

EGP

509,613

8/10/21

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

3,300,000

EGP

208,453

8/31/21

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

6,000,000

EGP

376,081

9/07/21

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

5,900,000

EGP

368,762

9/28/21

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

3,300,000

EGP

204,316

11/09/21

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

10,800,000

EGP

658,825

12/07/21

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

1,600,000

EGP

96,645

12/14/21

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

7,300,000

EGP

439,621

12/21/21

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

20,000,000

EGP

1,202,019

1/11/22

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

4,700,000

EGP

280,989

2/15/22

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

5,200,000

EGP

306,813

3/01/22

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

2,400,000

EGP

140,867

3/22/22

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

5,400,000

EGP

314,989

5,107,993

Japan

3.5%

j

Japan

Treasury

Bills

,

7/19/21

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

1,031,400,000

JPY

9,285,245

8/10/21

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

284,000,000

JPY

2,556,887

8/25/21

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

54,000,000

JPY

486,189

9/13/21

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

99,200,000

JPY

893,197

9/27/21

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

174,000,000

JPY

1,566,761

11/22/21

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

499,550,000

JPY

4,498,977

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

28

Short

Term

Investments

(continued)

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Japan

(continued)

j

Japan

Treasury

Bills,

(continued)

12/20/21

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

571,200,000

JPY

$

5,144,796

24,432,052

Mexico

0.1%

j

Mexico

Cetes

,

BI

,

1/13/22

..........

16,004,500

MXN

783,707

Singapore

1.9%

j

Singapore

Treasury

Bills

,

7/16/21

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

5,300,000

SGD

3,940,864

8/13/21

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

750,000

SGD

557,561

8/20/21

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

5,040,000

SGD

3,746,615

8/24/21

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

6,390,000

SGD

4,750,032

12,995,072

Total

Foreign

Government

and

Agency

Securities

(Cost

$54,501,575)

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

53,877,468

Industry

Shares

Money

Market

Funds

5.7%

United

States

5.7%

k,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

39,594,779

39,594,779

Total

Money

Market

Funds

(Cost

$39,594,779)

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

39,594,779

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$94,096,354

)

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

93,472,247

a

a

a

a

Total

Investments

(Cost

$631,237,764)

99.0%

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

$683,435,230

Options

Written

(0.1)%

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

(1,051,558)

Other

Assets,

less

Liabilities

1.1%

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

7,847,807

Net

Assets

100.0%

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

$690,231,479

a

a

a

a

Number

of

Contracts

Notional

Amount

#

m

Options

Written

(0.1)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

81.20

JPY,

Expires

12/20/21

..

1

2,932,000

AUD

(86,140)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

85.74

JPY,

Expires

9/14/21

...

1

7,417,000

AUD

(23,330)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

September

Strike

Price

21.10

MXN,

Expires

9/03/21

..

1

3,666,000

(20,730)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

21.15

MXN,

Expires

8/20/21

.......

1

1,712,000

(6,633)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.61

MXN,

Expires

10/07/21

.

1

3,619,000

(10,447)

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

29

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

m

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

902,000

$

(32,282)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

902,000

(32,282)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

23.43

MXN,

Expires

8/20/21

.......

1

1,781,000

(656)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

24.20

MXN,

Expires

9/15/21

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

1

668,000

(371)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

24.62

MXN,

Expires

8/02/21

.......

1

701,000

(35)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

25.33

MXN,

Expires

12/28/21

.

1

2,570,000

(5,427)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

25.41

MXN,

Expires

6/09/22

..

1

4,004,000

(29,409)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

26.61

MXN,

Expires

8/30/21

..

1

1,898,000

(118)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

27.38

MXN,

Expires

8/11/21

..

1

1,899,000

(36)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

27.93

MXN,

Expires

12/07/21

.

1

1,321,000

(798)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

568,000

(4,229)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

568,000

(4,229)

(257,152)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

68.40

JPY,

Expires

12/20/21

..

1

2,932,000

AUD

(1,957)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

July

Strike

Price

75.90

JPY,

Expires

7/15/21

.......

1

3,260,000

AUD

(27)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

78.33

JPY,

Expires

12/14/21

..

1

7,793,000

AUD

(42,600)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

80.56

JPY,

Expires

9/14/21

...

1

5,562,000

AUD

(22,336)

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

30

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

m

Options

Written

(continued)

a

Puts

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

82.09

JPY,

Expires

9/14/21

...

1

2,469,000

AUD

$

(17,886)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.32

MXN,

Expires

10/07/21

.

1

6,510,000

(33,262)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.71

MXN,

Expires

10/27/21

.

1

4,052,000

(47,242)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

19.84

MXN,

Expires

6/09/22

..

1

6,006,000

(101,209)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

19.86

MXN,

Expires

8/20/21

.......

1

2,671,000

(28,417)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

902,000

(14,784)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

902,000

(14,784)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

20.21

MXN,

Expires

9/15/21

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

1

334,000

(7,238)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

20.94

MXN,

Expires

8/30/21

..

1

1,898,000

(92,059)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

21.43

MXN,

Expires

8/11/21

..

1

1,899,000

(135,767)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

1,135,000

(60,702)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

2,121,000

(113,434)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

1,135,000

(60,702)

(794,406)

Total

Options

Written

(Premiums

received

$1,463,879)

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

$

(1,051,558)

#

Notional

amount

is

the

number

of

units

specified

in

the

contract,

and

can

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2021,

the

aggregate

value

of

these

securities

was

$29,019,284,

representing

4.2%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

13

regarding

fair

value

measurements.

d

See

Note

10

regarding

restricted

securities.

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

31

At

June

30,

2021,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(c).

At

June

30,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c). 

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Redemption

price

at

maturity

is

adjusted

for

inflation.

See

Note

1(h).

g

Securities

denominated

in

Argentine

Peso

have

been

designated

as

Level

3

investments.

See

Note

13

regarding

fair

value

measurements.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

j

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

k

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

m

See

Note

1(c)

regarding

written

options.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

MSCI

ACWI

NTR

Index

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

Short

269

$

19,841,440

9/17/21

$

(16,845)

Total

Futures

Contracts

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

$(16,845)

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Chilean

Peso

......

JPHQ

Buy

195,530,000

269,140

7/01/21

$

—

$

(2,888)

Chilean

Peso

......

JPHQ

Sell

195,530,000

263,692

7/01/21

—

(2,560)

Chilean

Peso

......

GSCO

Buy

239,550,000

330,414

7/02/21

—

(4,220)

Chilean

Peso

......

GSCO

Sell

239,550,000

325,476

7/02/21

—

(718)

Chilean

Peso

......

JPHQ

Buy

385,130,000

531,023

7/02/21

—

(6,595)

Chilean

Peso

......

JPHQ

Sell

385,130,000

519,379

7/02/21

—

(5,050)

Chilean

Peso

......

JPHQ

Buy

672,180,000

935,825

7/06/21

—

(20,622)

Chilean

Peso

......

JPHQ

Sell

672,180,000

912,668

7/06/21

—

(2,535)

Mexican

Peso

......

CITI

Buy

73,484,000

3,705,288

7/08/21

—

(21,932)

Mexican

Peso

......

CITI

Sell

73,484,000

3,422,914

7/08/21

—

(260,441)

Euro

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

JPHQ

Sell

2,076,595

21,150,000

SEK

7/12/21

8,682

—

Indian

Rupee

......

HSBK

Buy

133,568,000

1,782,451

7/12/21

11,548

—

Chinese

Yuan

......

CITI

Buy

19,903,590

3,049,985

7/14/21

24,555

—

Chilean

Peso

......

GSCO

Buy

627,450,000

868,888

7/15/21

—

(14,796)

Euro

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

DBAB

Sell

1,626,786

16,628,116

SEK

7/15/21

13,671

—

Euro

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

UBSW

Sell

392,930

472,714

7/23/21

6,537

—

Euro

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

HSBK

Sell

8,418,017

13,093,945

CAD

8/03/21

571,511

—

Euro

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

JPHQ

Sell

5,340,000

8,315,635

CAD

8/03/21

370,157

—

Chilean

Peso

......

GSCO

Buy

1,319,352,647

1,835,182

8/06/21

—

(40,332)

Chilean

Peso

......

GSCO

Buy

239,550,000

325,308

8/09/21

551

—

Mexican

Peso

......

CITI

Sell

13,244,000

666,583

8/13/21

5,837

—

Australian

Dollar

....

DBAB

Sell

3,330,000

2,574,713

8/16/21

77,371

—

Australian

Dollar

....

MSCO

Sell

3,379,000

2,631,126

8/16/21

97,037

—

Chilean

Peso

......

GSCO

Buy

712,184,411

1,008,560

8/16/21

—

(39,958)

Euro

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

JPHQ

Sell

2,356,016

3,450,000

CAD

8/16/21

—

(13,976)

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

32

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Chilean

Peso

......

GSCO

Buy

681,736,936

963,641

8/17/21

$

—

$

(36,472)

Chilean

Peso

......

JPHQ

Buy

1,529,700,000

2,146,173

8/17/21

—

(65,767)

Mexican

Peso

......

CITI

Sell

46,247,000

2,148,044

8/23/21

—

(156,296)

Japanese

Yen

......

CITI

Buy

70,330,000

667,550

8/24/21

—

(34,147)

Euro

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

DBAB

Sell

1,877,412

2,304,486

8/27/21

75,466

—

Chilean

Peso

......

GSCO

Buy

967,151,740

1,328,182

9/01/21

—

(13,372)

Euro

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

JPHQ

Sell

6,405,813

7,821,977

9/02/21

215,504

—

Euro

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

UBSW

Sell

943,744

1,145,353

9/07/21

24,595

—

Indian

Rupee

......

JPHQ

Buy

113,941,400

1,514,795

9/07/21

4,951

—

Indian

Rupee

......

CITI

Buy

110,703,100

1,472,214

9/08/21

4,150

—

Indian

Rupee

......

JPHQ

Buy

147,383,500

1,972,161

9/08/21

—

(6,619)

Russian

Ruble

.....

JPHQ

Buy

19,160,000

252,132

9/08/21

7,099

—

Russian

Ruble

.....

MSCO

Buy

123,931,100

1,630,865

9/08/21

45,895

—

Indian

Rupee

......

CITI

Buy

133,442,300

1,800,477

9/09/21

—

(21,088)

Russian

Ruble

.....

JPHQ

Buy

26,883,900

357,222

9/09/21

6,449

—

Chinese

Yuan

......

BOFA

Buy

19,668,730

3,062,115

9/10/21

—

(36,603)

Chinese

Yuan

......

CITI

Buy

30,403,810

4,732,938

9/10/21

—

(56,119)

Chinese

Yuan

......

BOFA

Buy

23,581,730

3,665,744

9/13/21

—

(39,126)

Indian

Rupee

......

HSBK

Buy

133,941,730

1,813,896

9/13/21

—

(28,774)

Japanese

Yen

......

CITI

Buy

230,199,313

2,102,951

9/13/21

—

(29,355)

Russian

Ruble

.....

DBAB

Buy

190,779,900

2,532,306

9/13/21

46,710

—

Russian

Ruble

.....

DBAB

Buy

122,261,200

1,624,474

9/14/21

28,006

—

Chilean

Peso

......

GSCO

Buy

1,481,871,479

2,041,811

9/15/21

—

(28,152)

Euro

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

DBAB

Sell

638,364

6,569,400

SEK

9/15/21

10,007

—

Euro

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

DBAB

Sell

656,768

7,070,900

NOK

9/15/21

41,713

—

Mexican

Peso

......

MSCO

Sell

10,211,400

514,091

9/15/21

6,866

—

Euro

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

DBAB

Sell

2,045,137

20,785,138

SEK

9/16/21

1,466

—

Euro

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

JPHQ

Sell

1,335,487

13,536,100

NOK

9/16/21

—

(13,074)

Euro

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

JPHQ

Sell

1,296,662

13,824,100

NOK

9/20/21

66,398

—

Japanese

Yen

......

MSCO

Buy

6,285,774,700

60,935,831

9/21/21

—

(4,310,191)

Japanese

Yen

......

MSCO

Sell

6,088,200,000

56,070,779

9/21/21

1,224,997

—

New

Zealand

Dollar

.

BOFA

Buy

1,200,000

850,815

9/21/21

—

(12,355)

Euro

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

DBAB

Sell

3,507,563

35,502,500

NOK

9/22/21

—

(40,529)

Chilean

Peso

......

JPHQ

Buy

777,430,000

1,

047,438

9/24/21

8,680

—

Australian

Dollar

....

CITI

Sell

2,121,000

1,607,347

9/28/21

16,420

—

Japanese

Yen

......

CITI

Buy

177,926,070

1,608,008

9/28/21

—

(5,044)

Chilean

Peso

......

GSCO

Buy

201,220,000

274,291

9/29/21

—

(982)

Chilean

Peso

......

JPHQ

Buy

1,262,000,000

1,763,287

9/30/21

—

(49,219)

Euro

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

DBAB

Sell

661,727

6,689,000

NOK

9/30/21

—

(8,791)

Euro

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

JPHQ

Sell

11,889,369

120,073,113

NOK

9/30/21

—

(170,657)

Mexican

Peso

......

CITI

Sell

36,742,000

1,832,884

10/01/21

11,881

—

Chilean

Peso

......

JPHQ

Buy

672,180,000

911,443

10/04/21

1,390

—

Chinese

Yuan

......

HSBK

Buy

21,550,930

3,242,277

10/15/21

64,526

—

Euro

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

DBAB

Sell

1,229,043

12,471,100

SEK

10/18/21

—

(1,989)

Euro

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

DBAB

Sell

999,137

10,071,000

NOK

10/19/21

—

(17,382)

Euro

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

DBAB

Sell

1,228,668

12,471,100

SEK

10/19/21

—

(1,559)

Euro

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

JPHQ

Sell

1,343,210

13,536,100

NOK

10/19/21

—

(23,724)

Euro

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

HSBK

Sell

2,803,568

353,684,074

JPY

10/25/21

—

(145,546)

Japanese

Yen

......

HSBK

Sell

356,839,209

2,803,568

EUR

10/25/21

117,110

—

Mexican

Peso

......

CITI

Sell

36,742,000

1,825,055

11/01/21

11,997

—

Euro

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

HSBK

Sell

5,849,853

8,743,745

CAD

11/03/21

96,513

—

Indian

Rupee

......

CITI

Buy

82,812,900

1,087,211

11/10/21

8,482

—

Chinese

Yuan

......

JPHQ

Buy

14,973,410

2,295,176

11/22/21

—

(3,493)

Russian

Ruble

.....

JPHQ

Buy

14,536,100

193,132

12/06/21

259

—

Russian

Ruble

.....

MSCO

Buy

200,145,100

2,662,035

12/06/21

742

—

Russian

Ruble

.....

JPHQ

Buy

26,883,800

358,498

12/07/21

—

(900)

Chinese

Yuan

......

JPHQ

Buy

11,668,020

1,804,742

12/10/21

—

(21,111)

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

33

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Chinese

Yuan

......

JPHQ

Buy

29,990,050

4,637,008

12/13/21

$

—

$

(53,506)

Euro

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

DBAB

Sell

3,297,950

33,256,202

SEK

12/13/21

—

(32,178)

Chinese

Yuan

......

HSBK

Buy

21,692,020

3,352,242

12/15/21

—

(37,408)

Russian

Ruble

.....

DBAB

Buy

182,569,600

2,405,993

12/15/21

18,666

—

Euro

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

DBAB

Sell

3,461,912

35,026,930

SEK

12/16/21

—

(20,178)

New

Zealand

Dollar

.

JPHQ

Buy

3,950,000

2,817,776

12/20/21

—

(59,159)

New

Zealand

Dollar

.

CITI

Buy

1,410,000

999,197

12/21/21

—

(14,480)

New

Zealand

Dollar

.

JPHQ

Buy

1,410,000

996,857

12/21/21

—

(12,141)

Chilean

Peso

......

GSCO

Buy

809,130,000

1,093,568

12/23/21

4,277

(2,233)

Japanese

Yen

......

BNDP

Buy

317,077,140

2,883,290

12/23/21

—

(23,126)

Indian

Rupee

......

JPHQ

Buy

113,619,700

1,471,948

1/27/22

16,383

—

Russian

Ruble

.....

DBAB

Buy

121,099,600

1,609,524

3/11/22

—

(24,274)

Euro

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

DBAB

Sell

648,944

6,561,800

SEK

6/15/22

—

(6,147)

Euro

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

DBAB

Sell

1,059,287

10,786,400

NOK

6/16/22

—

(16,630)

Euro

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

DBAB

Sell

851,288

8,716,000

NOK

6/20/22

—

(8,016)

Total

Forward

Exchange

Contracts

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

$3,375,055

$(6,124,535)

Net

unrealized

appreciation

(depreciation)

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

$(2,749,480)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note 11

regarding

other

derivative

information.

See

Abbreviations

on

page

56

.

Templeton

Global

Investment

Trust

Consolidated

Financial

Statements

Statement

of

Assets

and

Liabilities

June

30,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

34

Templeton

Global

Balanced

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$591,642,985

Cost

-

Non-controlled

affiliates

(Note

3f)

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

39,594,779

Value

-

Unaffiliated

issuers

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

$643,840,451

Value

-

Non-controlled

affiliates

(Note

3f)

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

39,594,779

Cash

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

379,604

Restricted

currency,

at

value

(cost

$857)

(Note

1d)

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

857

Foreign

currency,

at

value

(cost

$4,265,557)

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

4,257,817

Receivables:

Capital

shares

sold

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

58,617

Dividends

and

interest

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

3,849,858

European

Union

tax

reclaims

(Note

1g)

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

8,016,477

Deposits

with

brokers

for:

OTC

derivative

contracts

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

3,300,000

Futures

contracts

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

1,394,496

Variation

margin

on

futures

contracts

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

52,455

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

3,375,055

Deferred

tax

benefit

(Note

1f)

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

312,828

Total

assets

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

708,433,294

Liabilities:

Payables:

Investment

securities

purchased

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

5,428,677

Capital

shares

redeemed

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

1,224,662

Management

fees

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

409,539

Distribution

fees

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

178,291

Transfer

agent

fees

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

179,071

Trustees'

fees

and

expenses

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

33,452

IRS

closing

agreement

fees

for

European

Union

tax

reclaims

(Note

1g)

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

2,623,074

Deposits

from

brokers

for:

OTC

derivative

contracts

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

200,000

Options

written,

at

value

(premiums

received

$1,463,879)

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

1,051,558

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

6,124,535

Deferred

tax

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

422,660

Accrued

expenses

and

other

liabilities

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

326,296

Total

liabilities

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

18,201,815

Net

assets,

at

value

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

$690,231,479

Net

assets

consist

of:

Paid-in

capital

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

$820,430,387

Total

distributable

earnings

(losses)

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

(130,198,908)

Net

assets,

at

value

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

$690,231,479

Templeton

Global

Investment

Trust

Consolidated

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

June

30,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

35

Templeton

Global

Balanced

Fund

Class

A:

Net

assets,

at

value

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

$342,688,352

Shares

outstanding

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

117,176,862

Net

asset

value

per

share

a

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

$2.92

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

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

$3.09

Class

A1:

Net

assets,

at

value

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

$192,525,107

Shares

outstanding

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

65,728,728

Net

asset

value

per

share

a

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

$2.93

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

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

$3.04

Class

C:

Net

assets,

at

value

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

$72,604,130

Shares

outstanding

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

24,940,146

Net

asset

value

and

maximum

offering

price

per

share

a

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

$2.91

Class

C1:

Net

assets,

at

value

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

$7,832,299

Shares

outstanding

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

2,668,120

Net

asset

value

and

maximum

offering

price

per

share

a

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

$2.94

Class

R:

Net

assets,

at

value

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

$1,362,480

Shares

outstanding

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

463,558

Net

asset

value

and

maximum

offering

price

per

share

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

$2.94

Class

R6:

Net

assets,

at

value

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

$4,171,283

Shares

outstanding

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

1,422,545

Net

asset

value

and

maximum

offering

price

per

share

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

$2.93

Advisor

Class:

Net

assets,

at

value

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

$69,047,828

Shares

outstanding

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

23,495,361

Net

asset

value

and

maximum

offering

price

per

share

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

$2.94

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Templeton

Global

Investment

Trust

Consolidated

Statement

of

Operations*

Consolidated

Statement

of

Operations*

for

the

six

months

ended

June

30,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

36

Templeton

Global

Balanced

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$259,624)

Unaffiliated

issuers

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

$3,087,250

Non-controlled

affiliates

(Note

3f)

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

1,600

Interest:

(net

of

foreign

taxes

of

$240,557)

Unaffiliated

issuers:

Inflation

principal

adjustments

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

2,406,638

Paid

in

cash

a

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

6,156,323

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

1,929

Non-controlled

affiliates

(Note

3f)

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

101

Other

income

(Note

1g)

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

67,051

Less:

IRS

closing

agreement

fees

for

European

Union

tax

reclaims

(Note

1g)

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

(1,173,524)

Total

investment

income

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

10,547,368

Expenses:

Management

fees

(Note

3a)

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

2,835,518

Distribution

fees:

(Note

3c)

    Class

A

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

438,424

    Class

A1

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

245,092

    Class

C

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

385,045

    Class

C1

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

34,343

    Class

R

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

3,580

Transfer

agent

fees:

(Note

3e)

    Class

A

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

231,963

    Class

A1

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

129,673

    Class

C

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

50,943

    Class

C1

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

6,996

    Class

R

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

1,001

    Class

R6

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

1,577

    Advisor

Class

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

48,600

Custodian

fees

(Note

4)

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

56,374

Reports

to

shareholders

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

80,929

Registration

and

filing

fees

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

62,193

Professional

fees

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

76,778

Trustees'

fees

and

expenses

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

63,992

Other

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

22,928

Total

expenses

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

4,775,949

Expense

reductions

(Note

4)

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

(1,649)

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

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

(188,061)

Net

expenses

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

4,586,239

Net

investment

income

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

5,961,129

Templeton

Global

Investment

Trust

Consolidated

Statement

of

Operations*

Consolidated

Statement

of

Operations*

(continued)

for

the

six

months

ended

June

30,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

37

Templeton

Global

Balanced

Fund

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

34,446,277

Written

options

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

(576,109)

Foreign

currency

transactions

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

332,045

Forward

exchange

contracts

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

(5,451,533)

Futures

contracts

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

(1,108,727)

Net

realized

gain

(loss)

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

27,641,953

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(6,639,285)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(523,995)

Written

options

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

1,096,583

Forward

exchange

contracts

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

5,206,021

Futures

contracts

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

(16,845)

Change

in

deferred

tax

be

nefit

(Note

1f)

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

169,014

Change

in

deferred

taxes

on

unrealized

appreciation

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

264,049

Net

change

in

unrealized

appreciation

(depreciation)

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

(444,458)

Net

realized

and

unrealized

gain

(loss)

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

27,197,495

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$33,158,624

*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

Includes

amortization

of

premium

and

accretion

of

discount.

Templeton

Global

Investment

Trust

Consolidated

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

38

Templeton

Global

Balanced

Fund

Six

Months

Ended

June

30,

2021*

(unaudited)

Year

Ended

December

31,

2020

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$5,961,129

$21,602,150

Net

realized

gain

(loss

)

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

27,641,953

(137,143,546)

Net

change

in

unrealized

appreciation

(depreciation)

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

(444,458)

96,699,913

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

33,158,624

(18,841,483)

Distributions

to

shareholders:

Class

A

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

(3,589,095)

(7,638,802)

Class

A1

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

(2,008,864)

(4,211,501)

Class

C

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

(481,735)

(1,311,955)

Class

C1

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

(72,079)

(277,743)

Class

R

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

(12,855)

(35,053)

Class

R6

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

(52,363)

(116,532)

Advisor

Class

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

(822,640)

(2,125,461)

Total

distributions

to

shareholders

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

(7,039,631)

(15,717,047)

Capital

share

transactions:

(Note

2)

Class

A

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

(24,865,275)

(98,421,442)

Class

A1

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

(13,354,567)

(48,191,066)

Class

C

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

(13,967,935)

(49,773,621)

Class

C1

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

(5,712,351)

(13,329,161)

Class

R

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

(285,002)

(700,761)

Class

R6

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

(622,104)

(1,245,261)

Advisor

Class

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

(11,124,845)

(55,341,265)

Total

capital

share

transactions

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

(69,932,079)

(267,002,577)

Net

increase

(decrease)

in

net

assets

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

(43,813,086)

(301,561,107)

Net

assets:

Beginning

of

period

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

734,044,565

1,035,605,672

End

of

period

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

$690,231,479

$734,044,565

*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

Templeton

Global

Investment

Trust

39

franklintempleton.com

Semiannual

Report

Notes

to

Consolidated

Financial

Statements

(unaudited)

Templeton

Global

Balanced

Fund

1.

Organization

and

Significant

Accounting

Policies

Templeton

Global

Investment

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of two separate

funds

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

Templeton

Global

Balanced

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers seven

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

C1,

Class

R,

Class

R6

and

Advisor

Class. Class

C

and

Class

C1

shares

automatically

convert

to

Class

A

shares

after

they

have

been

held

for

10

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust's Board

of

Trustees

(the

Board),

the Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instru

ments

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

40

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

June

30,

2021,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Consolidated

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Derivative

Financial

Instruments

The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Consolidated

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

41

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement. 

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

the

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

The

Fund

purchased

or

wrote

exchange

traded

and

OTC

option

contracts

primarily

to

manage

and/or

gain

exposure

to

equity

price

and

foreign

exchange

rate

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

See

Note

11

regarding

other

derivative

information.

d.

Restricted

Currency

At

June

30,

2021,

the

Fund

held

currencies

in

certain

markets

in

which

the

ability

to

repatriate

such

currency

is

limited.

As

a

result

of

such

limitations

on

repatriation,

the

Fund

may

incur

substantial

delays

in

gaining

access

to

these

assets

and

may

be

exposed

to

potential

adverse

movements

in

currency

value.

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Derivative

Financial

Instruments

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

42

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

e.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the Fund,

and/or

a

joint

repurchase

agreement

in

the

Statement

of

Assets

and

Liabilities.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the

Consolidated

Statement

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

June

30,

2021,

the Fund

had

no

securities

on

loan.

f.

Investments

in

FT

Holdings

Corporation

IV

(FT

Subsidiary)

Prior

to

April

27,

2021,

the

Fund

invested

in

FT

Subsidiary.

FT

Subsidiary

was

a

Delaware

Corporation,

was

a

wholly-

owned

subsidiary

of

the

Fund,

and

was

able

to

invest

in

certain

financial

instruments

consistent

with

the

investment

objective

of

the

Fund.

In

December

2020,

FT

Subsidiary’s

sole

investment,

Turtle

Bay

Resort,

liquidated

and

paid

a

final

distribution.

FT

Subsidiary,

which

is

a

tax

paying

entity,

recognized

a

realized

loss

on

its

Turtle

Bay

Resort

investment.

An

estimated

deferred

tax

asset

based

on

such

realized

loss

was

recorded.

The

estimated

benefit

was

calculated

using

the

federal

rates

applicable

at

the

time

the

tax

was

paid.

The

losses

will

be

carried-back

to

offset

prior

year

gains,

resulting

in

a

tax

refund

which

will

relieve

the

estimated

deferred

tax

asset

once

the

final

tax

filings

are

completed.

On

April

27,

2021,

the

Fund

redeemed

out

of

FT

Subsidiary.

FT

Subsidiary

ceased

operations

and

simultaneously

transferred

its

assets

and

liabilities

to

the

Fund

(including

the

deferred

tax

asset).

The

results

of

operations

of

the

FT

Subsidiary

through

April

27,

2021

have

been

consolidated

into

the

Consolidated

Statement

of

Operations,

Consolidated

Statements

of

Changes

in

Net

Assets

and

Consolidated

Financial

Highlights.

g.

Income

and

Deferred

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Consolidated

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

consolidated

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

In

the

event

that

1.

Organization

and

Significant

Accounting

Policies

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

43

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

EU

reclaims

received

by

the Fund

during a

fiscal

year

exceed

foreign

withholding

taxes

paid

by

the

Fund,

and

the

Fund previously

passed

through to

its

shareholders

foreign

taxes

incurred

by

the

Fund

to

be

used

as

a

credit

or

deduction

on

a

shareholder’s

income

tax

return,

the Fund

will enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the Fund's

shareholders.

The

Fund

determined

to

enter

into

a

closing

agreement

with

the

IRS

and

recorded

the

estimated

fees

as

a

reduction

to

income,

as

reflected

in

the

Consolidated

Statement

of

Operations.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

2021,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

consolidated

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

h.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Inflation-indexed

bonds

are

adjusted

for

inflation

through

periodic

increases

or

decreases

in

the

security's

interest

accruals,

face

amount,

or

principal

redemption

value,

by

amounts

corresponding

to

the

rate

of

inflation

as

measured

by

an

index.

Any

increase

or

decrease

in

the

face

amount

or

principal

redemption

value

will

be

included

as

inflation

principal

adjustments

in

the

Consolidated

Statement

of

Operations.

i.

Accounting

Estimates

The

preparation

of

consolidated

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

consolidated

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

j.

Guarantees

and

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust, on

behalf

of

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

g.

Income

and

Deferred

Taxes

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

44

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

2.

Shares

of

Beneficial

Interest

At

June

30,

2021,

there

were

an

unlimited

number

of

shares

authorized

($0.01

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

Six

Months

Ended

June

30,

2021

Year

Ended

December

31,

2020

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

5,209,122

$15,139,133

11,969,597

$30,740,318

Shares

issued

in

reinvestment

of

distributions

..........

1,166,377

3,433,470

3,025,251

7,334,279

Shares

redeemed

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

(14,920,366)

(43,437,878)

(53,437,948)

(136,496,039)

Net

increase

(decrease)

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

(8,544,867)

$(24,865,275)

(38,443,100)

$(98,421,442)

Class

A1

Shares:

Shares

sold

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

2,227,869

$6,552,861

4,465,813

$11,503,081

Shares

issued

in

reinvestment

of

distributions

..........

659,771

1,942,221

1,671,192

4,060,344

Shares

redeemed

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

(7,484,352)

(21,849,649)

(24,816,714)

(63,754,491)

Net

increase

(decrease)

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

(4,596,712)

$(13,354,567)

(18,679,709)

$(48,191,066)

Class

C

Shares:

Shares

sold

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

1,162,009

$3,382,377

1,719,577

$4,468,395

Shares

issued

in

reinvestment

of

distributions

..........

162,398

475,431

530,492

1,258,691

Shares

redeemed

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

(6,161,379)

(17,825,743)

(21,785,484)

(55,500,707)

Net

increase

(decrease)

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

(4,836,972)

$(13,967,935)

(19,535,415)

$(49,773,621)

Class

C1

Shares:

Shares

sold

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

41,783

$121,558

300,507

$745,468

Shares

issued

in

reinvestment

of

distributions

..........

24,313

71,700

111,556

267,725

Shares

redeemed

a

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

(2,007,944)

(5,905,609)

(5,566,846)

(14,342,354)

Net

increase

(decrease)

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

(1,941,848)

$(5,712,351)

(5,154,783)

$(13,329,161)

Class

R

Shares:

Shares

sold

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

33,753

$99,056

108,372

$285,128

Shares

issued

in

reinvestment

of

distributions

..........

2,541

7,498

9,318

22,614

Shares

redeemed

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

(133,693)

(391,556)

(380,527)

(1,008,503)

Net

increase

(decrease)

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

(97,399)

$(285,002)

(262,837)

$(700,761)

Class

R6

Shares:

Shares

sold

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

316,859

$920,824

643,174

$1,684,430

Shares

issued

in

reinvestment

of

distributions

..........

17,614

51,915

47,861

116,497

Shares

redeemed

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

(545,665)

(1,594,843)

(1,194,267)

(3,046,188)

Net

increase

(decrease)

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

(211,192)

$(622,104)

(503,232)

$(1,245,261)

Advisor

Class

Shares:

Shares

sold

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

1,374,474

$4,024,083

4,393,821

$11,486,915

Shares

issued

in

reinvestment

of

distributions

..........

246,794

728,936

773,816

1,869,231

Shares

redeemed

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

(5,425,613)

(15,877,864)

(27,406,158)

(68,697,411)

Net

increase

(decrease)

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

(3,804,345)

$(11,124,845)

(22,238,521)

$(55,341,265)

a

May

include

a

portion

of

Class

C1

shares

that

were

automatically

converted

to

Class

A.

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

45

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

The

Fund

pays

an

investment

management

fee

to

Global

Advisors

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

June

30,

2021,

the

annualized

gross

effective

investment

management

fee

rate

was

0.795%

of

the

Fund’s

average

daily

net

assets. 

Under

a

subadvisory

agreement,

Advisers,

an

affiliate

of

Global

Advisors,

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid

by

Global

Advisors

based

on

the

Fund’s

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

b.

Administrative

Fees

Under

an

agreement

with

Global

Advisors,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Global

Advisors

based

on

the

Fund’s

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class A and

A1 reimbursement

distribution

plans,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class C,

C1

and

R

compensation

Subsidiary

Affiliation

Templeton

Global

Advisors

Limited

(Global

Advisors)

Investment

manager

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

(formerly

Franklin

Templeton

Distributors,

Inc.)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.825%

Up

to

and

including

$500

million

0.725%

Over

$500

million,

up

to

and

including

$1

billion

0.675%

Over

$1

billion,

up

to

and

including

$1.5

billion

0.625%

Over

$1.5

billion,

up

to

and

including

$6.5

billion

0.600%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.578%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.565%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.555%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.545%

In

excess

of

$21.5

billion

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

46

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

distribution

plans,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

.

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

June

30,

2021,

the

Fund

paid

transfer

agent

fees

of

$470,753,

of

which $203,248

was

retained

by

Investor

Services.

f.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Consolidated

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

June

30,

2021,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Class

A

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

0.25%

Class

A1

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

0.25%

Class

C

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

1.00%

Class

C1

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

0.65%

Class

R

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

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$9,231

CDSC

retained

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

$842

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

47

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

g.

Waiver

and

Expense

Reimbursements

Effective

March

1,

2021,

Global

Advisors

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses,

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.95%

based

on

the

average

net

assets

of

each

class

until

April

30,

2022.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

April

30,

2022.

4.

Expense

Offset

Arrangement

The

Fund

has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund’s

custodian

expenses.

During

the

period

ended

June

30,

2021,

the

custodian

fees

were

reduced

as

noted

in

the

Consolidated

Statement

of

Operations.

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains. 

At

December

31,

2020,

the

capital

loss

carryforwards

were

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Global

Balanced

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.......

$57,777,120

$149,648,258

$(167,830,599)

$—

$—

$39,594,779

39,594,779

$1,600

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.......

$—

$53,791,000

$(53,791,000)

$

—

$

—

$—

—

$101

Total

Affiliated

Securities

....

$57,777,120

$203,439,258

$(221,621,599)

$—

$—

$39,594,779

$1,701

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$42,302,683

Long

term

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

168,531,075

Total

capital

loss

carryforwards

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

$210,833,758

3.

Transactions

with

Affiliates

(continued)

f.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

48

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

For

tax

purposes,

the

Fund

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At

December

31,

2020,

the

Fund

deferred

late-year

ordinary

losses

of

$3,669,679.

At

June

30,

2021,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions,

passive

foreign

investment

company

shares,

foreign

capital

gains

tax,

payments-

in-kind,

bond

discounts

and

premiums,

tax

straddles,

inflation

related

adjustments

on

foreign

securities

and

wash

sales.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

June

30,

2021,

aggregated

$215,578,153

and

$282,262,642,

respectively.

7.

Credit

Risk

At

June

30,

2021,

the

Fund

had

9.4%

of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

8.

Concentration

of

Risk

Investments

in

issuers

domiciled

or

with

significant

operations

in

developing

or

emerging

market

countries

may

be

subject

to

higher

risks

than

investments

in

developed

countries.

These

risks

include

fluctuating

currency

values,

underdeveloped

legal

or

business

systems,

and

changing

local

and

regional

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Currencies

of

developing

or

emerging

market

countries

may

be

subject

to

significantly

greater

risks

than

currencies

of

developed

countries,

including

the

potential

inability

to

repatriate

those

currencies

into

U.S.

dollars.

At

June

30,

2021,

the

Fund

had

2.0%

of

its

net

assets

denominated

in

Argentine

Pesos. Argentina

has

restricted

currency

repatriation

since

September

2019,

and

had

restructured

certain

issues

of

its

debt.

Political

and

economic

conditions

in

Argentina

could

continue

to

affect

the

value

of

the

Fund's

holdings.

9.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

Cost

of

investments

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

$630,787,475

Unrealized

appreciation

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

$126,984,912

Unrealized

depreciation

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

(78,155,041)

Net

unrealized

appreciation

(depreciation)

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

$48,829,871

5.

Income

Taxes

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

49

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

10.

Restricted

Securities

The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

June

30,

2021,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

11.

Other

Derivative

Information

At

June

30,

2021,

investments

in

derivative

contracts

are

reflected

in

the

Statement of

Assets

and

Liabilities

as

follows:

Shares

Issuer

Acquisition

Date

Cost

Value

Templeton

Global

Balanced

Fund

439,500

Aspirational

Consumer

Lifestyle

Corp

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

2/01/21

$

4,395,000

$

4,395,000

32,900,733

a

K2016470219

South

Africa

Ltd.,

A

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

2/08/13

-

2/01/17

81,025

—

4,646,498

a

K2016470219

South

Africa

Ltd.,

B

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

2/01/17

3,450

—

Total

Restricted

Securities

(Value

is

0.64%

of

Net

Assets)

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

$4,479,475

$4,395,000

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$-

as

of

June

30,

2021.

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Templeton

Global

Balanced

Fund

Foreign

exchange

contracts

..

Investments

in

securities,

at

value

$

1,079,204

a

Options

written,

at

value

$

1,051,558

Unrealized

appreciation

on

OTC

forward

exchange

contracts

3,37

5,055

Unrealized

depreciation

on

OTC

forward

exchange

contracts

6,12

4,535

Equity

contracts

...........

Variation

margin

on

futures

contracts

—

Variation

margin

on

futures

contracts

16,845

b

Total

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

$4,454,259

$7,192,938

a

Purchased

option

contracts

are

included

in

investments

in

securities,

at

value

in

the

Statement

of

Assets

and

Liabilities.

b

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Statement

of

Investments.

Only

the

variation

margin

receivable/

payable

at

year

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

50

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

For

the

period

ended

June

30,

2021,

the

effect

of

derivative

contracts

in

the

Consolidated

Statement

of

Operations

was

as

follows:

For

the

period

ended

June

30,

2021,

the

average

month

end

notional

amount

of

futures

contracts

and

options

contracts

represented

$6,567,712,

and

$219,676,534,

respectively.

The

average

month

end

contract

value

of

forward

exchange

contracts

was

$397,218,201.

At

June

30,

2021,

OTC

derivative

assets

and

liabilities

are

as

follows:

At

June

30,

2021,

OTC

derivative

assets,

which

may

be

offset

against

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Consolidated

Statement

of

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Period

Consolidated

Statement

of

Operations

Location

Net

Change

in

Unrealized

Appreciation

(Depreciation)

for

the

Period

Templeton

Global

Balanced

Fund

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Investments

$(2,158,898)

a

Investments

$761,009

a

Written

options

(576,109)

Written

options

1,096,583

Forward

exchange

contracts

(5,451,533)

Forward

exchange

contracts

5,206,021

Equity

Contracts

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

Investments

(2,474,687)

a

Investments

1,090,865

a

Futures

contracts

(1,108,727)

Futures

contracts

(16,845)

Total

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

$(11,769,954)

$8,137,633

a

Purchased

option

contracts

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation) on

investments

in

the

Consolidated

Statement

of

Operations.

Gross

Amounts

of

Assets

and

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Assets

a

Liabilities

a

Templeton

Global

Balanced

Fund

Derivatives

Forward

exchange

contracts

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

$

3,37

5,055

$

6,12

4,535

Options

purchased

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

1,079,204

—

Options

written

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

—

1,051,558

Total

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

$4,454,259

$7,176,093

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

11.

Other

Derivative

Information

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

51

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

At

June

30,

2021,

OTC

derivative

liabilities,

which

may

be

offset

against

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

Available

for

Offset

Financial

Instruments

Collateral

Received

a,b

Cash

Collateral

Received

b

Net

Amount

(Not

less

than

zero)

Templeton

Global

Balanced

Fund

Counterparty

BNDP

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

$—

$—

$—

$—

$—

BOFA

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

—

—

—

—

—

CITI

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

709,771

(709,771)

—

—

—

DBAB

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

313,076

(177,673)

—

(135,403)

—

GSCO

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

4,828

(4,828)

—

—

—

HSBK

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

861,208

(211,728)

(649,480)

—

—

JPHQ

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

705,952

(533,596)

(172,356)

—

—

MSCO

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

1,828,292

(1,828,292)

—

—

—

UBSW

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

31,132

—

—

—

31,132

Total

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

$4,454,259

$(3,465,888)

$

(821,836)

$(135,403)

$31,132

$

1

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

Available

for

Offset

Financial

Instruments

Collateral

Pledged

Cash

Collateral

Pledged

b

Net

Amount

(Not

less

than

zero)

Templeton

Global

Balanced

Fund

Counterparty

BNDP

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

$23,126

$—

$—

$—

$23,126

BOFA

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

88,084

—

—

—

88,084

CITI

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

1,190,121

(709,771)

—

(400,000)

80,350

DBAB

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

177,673

(177,673)

—

—

—

GSCO

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

181,235

(4,828)

—

(90,000)

86,407

HSBK

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

211,728

(211,728)

—

—

—

JPHQ

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

533,596

(533,596)

—

—

—

MSCO

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

4,770,530

(1,828,292)

—

(2,810,000)

132,238

UBSW

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

—

—

—

—

—

Total

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

$7,176,093

$(3,465,888)

$—

$(3,300,000)

$410,205

a

In

At

June

30,

2021,

the

Fund

received

U.S.

Treasury

Bonds

and

Notes

and

U.K

Treasury

Inflation-Linked

Gilt

Bonds

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

collateral

amounts

to

avoid

the

effect

of

overcollateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

11.

Other

Derivative

Information

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

52

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

See

Note

1(c)

regarding

derivative

financial

instruments. 

See

Abbreviations

page

56.

12.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

4,

2022.

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

Consolidated

Statement

of

Operations.

During

the

period

ended

June

30,

2021,

the Fund

did

not

use

the

Global

Credit

Facility.

13.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

June

30,

2021,

in

valuing

the

Fund's

assets

and

liabilities

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Global

Balanced

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

$

—

$

1,839,576

$

—

$

1,839,576

China

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

7,794,731

32,203,397

—

39,998,128

France

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

—

4,069,099

—

4,069,099

Germany

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

—

32,406,621

—

32,406,621

Hong

Kong

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

—

10,797,746

—

10,797,746

India

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

—

8,296,163

—

8,296,163

Ireland

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

4,263,474

—

—

4,263,474

Japan

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

—

35,182,211

—

35,182,211

Luxembourg

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

—

4,305,656

—

4,305,656

Netherlands

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

—

4,394,149

—

4,394,149

Singapore

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

—

—

4,395,000

4,395,000

11.

Other

Derivative

Information

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

53

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At

June

30,

2021,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Global

Balanced

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

South

Africa

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

$

—

$

—

$

—

a

$

—

South

Korea

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

—

11,097,508

—

11,097,508

Spain

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

—

4,332,243

—

4,332,243

Taiwan

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

—

12,560,780

—

12,560,780

United

Kingdom

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

3,181,800

46,388,577

—

49,570,377

United

States

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

184,843,425

—

—

184,843,425

Corporate

Bonds

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

—

—

—

a

—

Foreign

Government

and

Agency

Securities

:

Argentina

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

—

—

12,319,628

12,319,628

Brazil

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

—

3,528,996

—

3,528,996

Colombia

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

—

10,073,926

—

10,073,926

Ecuador

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

—

6,819,001

—

6,819,001

El

Salvador

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

—

91,760

—

91,760

Ghana

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

—

12,040,627

—

12,040,627

India

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

—

19,455,806

—

19,455,806

Indonesia

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

—

26,489,170

—

26,489,170

Mexico

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

—

17,199,863

—

17,199,863

South

Korea

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

—

54,488,112

—

54,488,112

Sri

Lanka

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

—

2,074,800

—

2,074,800

Supranational

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

—

3,088,587

—

3,088,587

Turkey

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

—

3,847,470

—

3,847,470

U.S.

Government

and

Agency

Securities

.......

—

5,013,877

—

5,013,877

Options

purchased

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

—

1,079,204

—

1,079,204

Short

Term

Investments

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

39,594,779

52,542,862

1,334,606

93,472,247

Total

Investments

in

Securities

...........

$239,678,209

$425,707,787

b

$18,049,234

$683,435,230

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

3,375,055

$

—

$

3,375,055

Restricted

Currency

(ARS)

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

—

—

857

857

Total

Other

Financial

Instruments

.........

$—

$3,375,055

$857

$3,375,912

Receivables:

Interest

(ARS)

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

$—

$—

$224,467

$224,467

Liabilities:

Other

Financial

Instruments:

Options

written

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

$

—

$

1,051,558

$

—

$

1,051,558

Forward

exchange

contracts

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

—

6,124,535

—

6,124,535

Futures

contracts

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

16,845

—

—

16,845

Total

Other

Financial

Instruments

.........

$16,845

$7,176,093

$—

$7,192,938

Payables:

Deferred

Tax(ARS)

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

$—

$—

$444

$444

a

Includes

securities

determined

to

have

no

value

at

June

30,

2021.

b

Includes

foreign

securities

valued

at

$207,873,726,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

13.

Fair

Value

Measurements

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

54

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

Significant

unobservable

valuation

inputs

for

material

Level

3 assets

and/or

liabilities and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

June

30,

2021,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Templeton

Global

Balanced

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Singapore

.....

$

—

$

4,395,000

$

—

$

—

$

—

$

—

$

—

$

—

$

4,395,000

$

—

South

Africa

...

—

c

—

—

—

—

—

—

—

—

c

—

Corporate

Bonds

:

South

Africa

...

8,631

c

793

—

—

—

257,029

—

(266,453)

—

c

(266,453)

Foreign

Government

and

Agency

Securities

:

Argentina

.....

11,467,470

2,776,094

(660,506)

—

—

510,491

(174,371)

(1,599,550)

12,319,628

(1,342,327)

Short

Term

Investments

...

761,069

1,355,561

(570,367)

—

—

8,607

(53,955)

(166,309)

1,334,606

(155,247)

Total

Investments

in

Securities

........

$12,237,170

$8,527,448

$(1,230,873)

$—

$—

$776,127

$(228,326)

$(2,032,312)

$18,049,234

$(1,764,027)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

.......

$800

$5,234,495

$(5,189,902)

$—

$—

$—

$(44,547)

$11

$857

$—

Receivables:

Interest

(ARS)

..

$234,213

$2,930,442

$(2,915,996)

$—

$—

$—

$(2,430)

$(21,762)

$224,467

$(10,005)

Liabilities:

Payables:

Deferred

Tax

(ARS)

$524

$—

$—

$—

$—

$—

$—

$(80)

$444

$(80)

Investment

Securities

Purchased

(ARS)

$118,056

$—

$(119,044)

$—

$—

$—

$988

$—

$—

$—

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Includes

securities

determined

to

have

no

value.

13.

Fair

Value

Measurements

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

55

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

14.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

In

January

2021,

the

FASB

issued

ASU

No.

2021-01,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and 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

and

2023. The

ASUs

are

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

these

ASUs

will

not

have

a

material

impact

on

the

consolidated

financial

statements. 

15.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the consolidated

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure,

except

for

the

following:

On

July

14,

2021,

the

Board

approved

a

change

to

the

automatic

conversion

feature

for

Class

C

and

C1

that

will

convert

shareholders’

Class

C

and

C1

shares

into

Class

A

shares

after

they

have

been

held

for

8

years.

The

change

will

become

effective

August

2,

2021.

Further

details

are

disclosed

in

the

Fund’s

Prospectus.

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Templeton

Global

Balanced

Fund

Assets:

Investments

in

Securities:

Common

Stocks:

Singapore

..........

$4,395,000

Market

comparables

Discount

rate

0.4%

Decrease

Foreign

Government

and

agency

Securities

Argentina

12,319,628

Market

comparables

Implied

foreign

exchange

rate

169.8

ARS/USD

Decrease

b

Short

Term

Investments:

Argentina

...........

1,334,606

Market

comparables

Implied

foreign

exchange

rate

169.8

ARS/USD

Decrease

c

All

Other

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

225,324

d,e

Liabilities:

All

Other

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

444

e

Total

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

$18,274,114

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

b

c

Represents

a

significant

impact

to

fair

value

and

net

assets.

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

d

Includes

securities

determined

to

have

no

value

at

June

30,

2021.

e

Includes

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

13.

Fair

Value

Measurements

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

(unaudited)

56

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America

Corp.

CITI

Citibank

NA

DBAB

Deutsche

Bank

AG

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

UBSW

UBS

AG

Cu

r

rency

ARS

Argentine

Peso

AUD

Australian

Dollar

BRL

Brazilian

Real

COP

Colombian

Peso

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

GHS

Ghanaian

Cedi

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

SEK

Swedish

Krona

SGD

Singapore

Dollar

TRY

Turkish

Lira

USD

United

States

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

BADLAR

Argentina

Deposit

Rates

Badlar

Private

Banks

ARS

CER

Reference

Stabilization

Coefficient

FRN

Floating

Rate

Note

PIK

Payment-In-Kind

Templeton

Global

Investment

Trust

Tax

Information

(unaudited)

57

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

Under

Section

853

of

the

Internal

Revenue

Code,

the

Fund

intends

to

elect

to

pass

through

to

its

shareholders

$

1,212,011

of

foreign

taxes

paid

and

$

13,106,030

of

foreign

source

income

earned

by

the

fund,

or

amounts

as

finally

determined,

during

the

fiscal

year

ended

December

31,

202

0

.

Templeton

Global

Investment

Trust

Shareholder

Information

58

franklintempleton.com

Semiannual

Report

Board

Approval

of

Investment

Management

Agreements

TEMPLETON

GLOBAL

INVESTMENT

TRUST

Templeton

Global

Balanced

Fund

(Fund)

At

a

meeting

held

on

February

23,

2021

(Meeting),

the

Board

of

Trustees

(Board)

of

the

Templeton

Global

Investment

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Templeton

Global

Advisors

Limited

(TGAL)

and

the

Trust,

on

behalf

of

the

Fund

and

the

investment

sub-advisory

agreement

between

TGAL

and

Franklin

Advisers,

Inc.

(Sub-

Adviser),

an

affiliate

of

TGAL,

on

behalf

of

the

Fund

(each

a

Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

each

Management

Agreement.

TGAL

and

the

Sub-Adviser

are

each

referred

to

herein

as

a

Manager.

In

considering

the

continuation

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

each

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

each

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

telephonic

contract

renewal

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters

and,

in

some

cases,

requested

additional

information

from

each

Manager

relating

to

the

contract.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

each

Manager;

(ii)

the

investment

performance

of

the

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

each

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

such

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

each

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

each

Manager;

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services,

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

each

Manager

and

its

affiliates;

and

management

fees

charged

by

each

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-

party

servicing

arrangements

which

included

discussion

of

the

changing

distribution

landscape

for

the

Fund.

The

Board

noted

management’s

continuing

efforts

and

expenditures

in

establishing

effective

business

continuity

plans

and

developing

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

such

as

cybersecurity

in

the

current

work-from-home

environment

and

liquidity

risk

management.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Managers’

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Fund

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

enhancing

services

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and

controlling

costs,

as

reflected

in

its

outsourcing

of

certain

administrative

functions,

and

growth

opportunities,

as

evidenced

by

its

recent

acquisition

of

the

Legg

Mason

companies.

The

Board

also

noted

FT’s

attention

focused

on

expanding

the

distribution

opportunities

for

all

funds

in

the

FT

family

of

funds.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

each

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

November

30,

2020.

The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

a

customized

peer

group

(Performance

Customized

Peer

Group)

selected

by

the

Manager.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund’s

performance

results

is

below.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-asset

target

allocation

moderate

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

also

provided

for

the

Board’s

consideration

included

funds

that

hold

at

least

40%

non-US

stocks/

bonds

in

at

least

3

different

countries

and

at

least

25%

of

assets

in

fixed

income

securities

and

at

least

25%

of

its

assets

in

equity

securities.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

medians

of

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

medians

of

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

noted

the

small

size

of

the

Fund’s

Performance

Customized

Peer

Group

for

both

annualized

total

return

and

annualized

income

return

for

the

10-year

period

and

that

therefore

no

quintile

information

was

provided

for

the

Fund

for

that

period.

The

Board

discussed

this

performance

with

management

and

management

explained

that

the

Performance

Universe

was

overly

broad

in

that

it

not

only

included

global

allocation

funds

like

the

Fund,

but

also

funds

with

little

to

no

exposure

outside

of

the

US

that

benefited

from

the

outperformance

of

US

equity

investments

versus

international

equity

investments.

Management

further

explained

that

the

equity

sleeve

of

the

Fund

had

a

significant

US

underweight

relative

to

its

Performance

Universe

and

Performance

Customized

Peer

Group,

which

contributed

to

underperformance.

Management

also

explained

that,

with

respect

to

the

Fund’s

fixed

income

sleeve,

the

Fund

had

little

exposure

to

US

bonds

(compared

to

33.2%

median

exposure

for

the

peer

group),

which

contributed

to

the

Fund’s

underperformance.

Management

further

explained

that

the

Performance

Universe

included

a

mix

of

value,

blend

and

growth

funds,

whereas

the

Fund

followed

a

value-oriented

investment

approach

(which

has

been

out

of

favor

for

an

extended

period

of

time).

Management

also

noted

the

Fund’s

significantly

higher

cash

balance

(20.1%)

versus

the

peer

median

(4.2%)

as

of

October

31,

2020.

The

Board

noted

a

number

of

changes

implemented

by

management

to

address

the

Fund’s

below

median

annualized

total

return,

in

particular,

changes

to

the

Fund’s

portfolio

management

team

and

portfolio

construction.

The

Board

also

noted

the

Fund’s

first

(best)

and

second

quintile

annualized

income

return

compared

to

that

of

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

further

noted

that

management

has

continued

to

add

resources

to

the

portfolio

management

team

as

needed

and

that

the

sources

of

analysis

and

input

have

continued

to

expand.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

and

these

changes

continued

to

be

monitored.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

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those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A1

shares

for

the

Fund

and

for

Class

A

shares

for

other

funds

in

the

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

12

other

mixed-asset

target

allocation

moderate

funds.

The

Board

noted

that

the

Management

Rate

and

the

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

and

in

the

fifth

quintile

(most

expensive)

of

its

Expense

Group.

The

Board

took

into

account

the

complexity

and

costs

of

managing

a

global

portfolio

of

both

equity

and

debt

securities.

The

Board

also

noted

management’s

agreement

to

implement

a

waiver

to

reduce

expenses

of

the

Fund.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

In

doing

so,

the

Board

noted

that

the

Sub-Adviser

is

paid

out

of

the

management

fee

TGAL

receives

from

the

Fund.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

each

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2020,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund’s

profitability

report

presentations

from

prior

years.

The

Board

further

noted

management’s

representation

that

the

profitability

analysis

excluded

the

impact

of

the

recent

acquisition

of

the

Legg

Mason

companies

and

that

management

expects

to

incorporate

the

legacy

Legg

Mason

companies

into

the

profitability

analysis

beginning

next

year.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund’s

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

each

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management’s

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

each

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

each

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

each

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

each

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

each

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Fund

had

experienced

a

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term,

but

concluded

that

to

the

extent

economies

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of

scale

may

be

realized

by

a

Manager

and

its

affiliates,

the

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

each

Management

Agreement

for

an

additional

one-year

period.

Liquidity

Risk

Management

Program-

Funds

no

HLIM

Each

Fund

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

FT

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

Each

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2021,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2020.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

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

Templeton

Global

Investment

Trust

Shareholder

Information

62

franklintempleton.com

Semiannual

Report

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

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,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

325

S

08/21

©

2021

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Templeton

Global

Balanced

Fund

Investment

Manager

Distributor

Shareholder

Services

Templeton

Global

Advisors

Limited

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics. 

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

(c) N/A

(d) N/A

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4.

Principal Accountant Fees and Services.       N/A

Item 5. Audit Committee

of Listed Registrants.

        N/A

Item 6. Schedule of Investments.

    N/A

Item 7

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

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

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

Item 10

. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.

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

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

(b) Changes in Internal Controls.

There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                                         N/A

Item 13. Exhibits.

(a)(1)

Code of Ethics

codeofethics

(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

section302

(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

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TEMPLETON GLOBAL INVESTMENT TRUST

By S\Matthew T. Hinkle__________________________

     Matthew T. Hinkle

     Chief Executive Officer - Finance and Administration

Date August 25, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\Matthew T. Hinkle____________________________

     Matthew T. Hinkle

     Chief Executive Officer - Finance and Administration

Date August 25, 2021

By S\Robert G. Kubilis_______________________________

     Robert G. Kubilis

     Chief Financial Officer and Chief Accounting Officer

Date August 25, 2021