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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08226

Templeton Global Investment Trust

(Exact name of registrant as specified in charter)

300 S.E. 2^nd Street, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices)(Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code:(954)527-7500

Date of fiscal year end: 3/31

Date of reporting period: 9/30/21

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

Emerging

Markets

Small

Cap

Fund

A

Series

of

Templeton

Global

Investment

Trust

September

30,

2021

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Semiannual

Report

1

Shareholder

Letter

Dear

Shareholder:

Emerging

market

small-cap

equities

have

continued

their

ascent

so

far

this

year,

though

the

pace

has

moderated

from

the

momentum

of

2020.

China,

a

major

outperformer

in

the

emerging

markets

universe

in

recent

history,

has

fallen

behind

its

peers

as

the

government

stepped

up

its

regulatory

scrutiny

of

the

internet

industry

through

antitrust

measures

and

other

rules.

Although

these

government

actions

were

primarily

directed

at

large-cap

companies,

there

has

nonetheless

been

some

contagion

and

second-order

impact

on

smaller

businesses.

From

a

longer-term

perspective,

we

believe

the

Chinese

government

is

aiming

for

the

sustainable

development

of

an

industry

that

contributes

significantly

to

the

country’s

economic

growth

and

technological

progress.

Emerging

markets

in

general

have

shown

resilience

in

managing

and

adapting

to

COVID-19.

Across

India,

Brazil

and

other

major

emerging

markets,

technology's

role

as

a

key

economic

engine

has

only

strengthened

during

the

pandemic.

Many

companies

have

adapted

swiftly

to

an

increasingly

contactless

world,

bringing

forward

digital

transformation

to

attract

consumers

and

lift

productivity.

The

semiconductor

industry

is

experiencing

a

cyclical

and

secular

boom

as

growing

digitalization

powers

a

surge

in

demand,

while

COVID-19

continues

to

drive

a

global

supply

shortage.

This

environment

means

likely

multiyear

growth

not

only

for

semiconductor

giants

in

Taiwan

and

South

Korea,

but

also

the

small

caps

that

are

integral

to

the

broader

supply

chain.

China

has

also

been

climbing

the

technology

hardware

value

chain

as

it

prioritizes

innovation

and

self-sufficiency

in

its

longer-term

development

plans.

Inflation

concerns

in

the

U.S.

have

reemerged

as

a

stimulus-

fueled

global

economy

springs

back

from

the

depths

of

the

pandemic.

Even

as

we

stay

true

to

our

bottom-up

and

stock-driven

investment

approach,

we

remain

vigilant

about

possible

macroeconomic

headwinds.

Emerging

market

economic

fundamentals

have

improved

as

a

whole

over

the

past

decade,

and

we

believe

they

are

in

a

stronger

position

today

to

cope

with

market

volatility.

Our

overall

outlook

for

emerging

markets

remains

positive

as

they

continue

to

chart

a

path

out

of

the

pandemic,

though

some

risks

may

impact

our

medium-term

view.

Short-term

challenges

could

create

longer-term

investment

opportunities,

underpinned

by

emerging

markets’

structural

strengths

and

the

competitiveness

of

their

companies.

We

are

committed

to

our

long-term

perspective

and

disciplined

investment

approach

as

we

conduct

a

rigorous,

fundamental

analysis

of

securities

with

a

regular

emphasis

on

investment

risk

management.

Historically,

patient

investors

have

achieved

rewarding

results

by

evaluating

their

goals,

diversifying

their

assets

globally

and

maintaining

a

disciplined

investment

program,

all

hallmarks

of

the

Templeton

investment

philosophy.

We

continue

to

recommend

investors

consult

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

Emerging

Markets

Small

Cap

Fund’s

semiannual

report

includes

more

detail

about

prevailing

conditions

and

a

discussion

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

investment

needs

in

the

years

ahead.

Sincerely,

Manraj

S.

Sekhon,

CFA

Chief

Investment

Officer

Franklin

Templeton

Emerging

Markets

Equity

This

letter

reflects

our

analysis

and

opinions

as

of

September

30,

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.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

3

Performance

Summary

7

Your

Fund’s

Expenses

9

Financial

Highlights

and

Statement

of

Investments

10

Financial

Statements

19

Notes

to

Financial

Statements

23

Shareholder

Information

32

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMI

A

NNUAL

REPORT

Templeton

Emerging

Markets

Small

Cap

Fund

This

semiannual

report

for

Templeton

Emerging

Markets

Small

Cap

Fund

covers

the

period

ended

September

30,

2021.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

appreciation.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

net

assets

in

securities

of

small-cap

companies

located

in

emerging

market

countries,

as

defined

in

the

Fund’s

prospectus.

For

this

Fund,

small-cap

companies

are

companies

with

a

market

capitalization

at

the

time

of

purchase

within

the

range

of

the

market

capitalizations

of

companies

included

in

the

MSCI

Emerging

Markets

(EM)

Small

Cap

Index.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+7.10%

cumulative

total

return

for

the

six

months

under

review.

In

comparison,

the

Fund’s

benchmark,

the

MSCI

EM

Small

Cap

Index-NR,

which

measures

stock

performance

of

small-cap

stocks

in

emerging

markets,

posted

a

+8.85%

cumulative

total

return.

1

Please

note

index

performance

information

is

provided

for

reference

and

we

do

not

attempt

to

track

any

index

but

rather

undertake

investments

on

the

basis

of

fundamental

research.

In

addition,

the

Fund’s

return

reflects

the

effect

of

fees

and

expenses

for

professional

management,

while

an

index

does

not

have

such

costs.

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

7

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Economic

and

Market

Overview

Emerging

market

economies

continued

their

post-pandemic

recovery

during

the

six

months

ended

September

30,

2021,

though

resurgent

COVID-19

outbreaks

held

back

growth

in

some

countries.

Several

emerging

market

central

banks

raised

their

interest

rates

during

the

period

to

stem

inflation,

a

reversal

of

the

accommodative

monetary

policies

adopted

during

the

height

of

the

pandemic

in

2020.

During

the

period,

investor

concerns

about

the

global

spread

of

the

COVID-19

Delta

variant,

rising

inflation

and

new

Chinese

government

regulations

on

certain

businesses

tempered

optimism

about

increased

vaccinations

and

economies

reopening.

Regarding

individual

countries,

China’s

year-on-year

economic

growth

rate

was

less

robust

in

2021’s

second

quarter

due

to

higher

commodity

prices

and

COVID-19

outbreaks

within

the

country.

Taiwan’s

year-on-year

growth

rate

also

moderated

in

the

second

quarter

as

private

consumption

was

impacted

by

a

spike

in

infections,

though

foreign

demand

for

electronic

parts

supported

the

country’s

export-dependent

economy.

South

Korea’s

year-on-year

growth

rate

accelerated

in

2021’s

second

quarter

due

to

strong

exports,

private

and

government

spending

and

gross

fixed

capital

formation.

India’s

year-on-year

growth

rate

accelerated

to

an

all-time

high

in

2021’s

second

quarter,

albeit

compared

to

a

sharp

contraction

during

last

year’s

second

quarter.

Surges

in

construction

and

manufacturing

supported

India’s

economy.

Russia’s

year-on-year

growth

rate

returned

to

positive

territory

in

2021’s

second

quarter

following

four

consecutive

quarters

of

contractions,

aided

by

an

increase

in

oil

prices.

Brazil’s

year-on-year

growth

rate

accelerated

in

2021’s

second

quarter

due

to

strength

in

manufacturing,

particularly

automotive

production,

and

transportation

and

storage.

Turning

to

specific

countries’

monetary

policies,

the

People’s

Bank

of

China

held

its

benchmark

loan

prime

rate

steady

during

the

period.

The

central

banks

of

Taiwan

and

India

also

Geographic

Composition

9/30/21

%

of

Total

Net

Assets

Asia

80.1%

Latin

America

&

Caribbean

8.6%

Middle East & Africa

4.6%

Europe

4.5%

Short-Term

Investments

&

Other

Net

Assets

2.2%

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

15

.

Templeton

Emerging

Markets

Small

Cap

Fund

4

franklintempleton.com

Semiannual

Report

left

their

benchmark

interest

rates

unchanged.

The

central

bank

of

South

Korea

raised

its

benchmark

rate

once,

the

first

major

Asian

central

bank

to

do

so

since

the

start

of

the

pandemic,

citing

increased

growth

and

inflation

forecasts.

The

central

banks

of

Russia

and

Brazil

both

raised

their

respective

benchmark

rates

several

times

during

the

period

to

combat

rising

inflation.

In

this

environment,

emerging

market

small-cap

stocks,

as

measured

by

the

MSCI

EM

Small

Cap

Index-NR,

posted

a

+8.85%

total

return

for

the

six

months

ended

September

30,

2021.

1

Chinese

small-cap

equities

fell

during

the

period

due

to

new

government

regulations

of

internet

companies,

political

and

economic

tensions

with

the

U.S.,

power

outages

and

a

debt

crisis

at

a

major

property

developer.

Taiwanese

small-cap

equities

grew

during

the

period,

with

the

country’s

strong

export

sector

supporting

markets

amid

a

renewed

domestic

COVID-19

outbreak.

Russian

small-cap

equities

posted

slightly

positive

net

returns,

aided

by

increased

oil

prices,

easing

political

tensions

with

the

U.S.

and

better-

than-expected

economic

growth.

Brazilian

small-cap

equities

rose

during

the

period,

as

large

gains

early

in

the

period

offset

losses

later

in

the

period

caused

by

investor

concerns

about

severe

drought,

increased

interest

rates

and

fiscal

uncertainties.

Investment

Strategy

Our

investment

strategy

employs

a

fundamental

research,

bottom-up,

long-term

approach.

We

focus

on

the

market

price

of

a

company’s

securities

relative

to

our

evaluation

of

the

company’s

long-term

earnings,

asset

value

and

cash

flow

potential.

Our

analysis

includes

an

assessment

of

the

potential

impacts

of

material

environmental,

social

and

governance

(ESG)

factors

on

the

long-term

risk

and

return

profile

of

a

company.

We

also

consider

a

company’s

profit

and

loss

outlook,

balance

sheet

strength,

cash

flow

trends

and

asset

value

in

relation

to

the

current

price

of

the

company’s

securities.

The

analysis

considers

the

company’s

corporate

governance

behavior

as

well

as

its

position

in

its

sector,

the

economic

framework

and

political

environment.

Manager’s

Discussion

During

the

six

months

under

review,

key

contributors

to

the

Fund’s

absolute

performance

included

momo.com,

Hoa

Phat

Group

and

Xtep

International

Holdings.

Shares

in

momo.com,

one

of

the

largest

e-commerce

companies

in

Taiwan

in

terms

of

gross

merchandise

value

and

number

of

users,

surged

over

the

reporting

period.

The

company

has

been

a

beneficiary

of

rising

e-commerce

penetration

driven

by

a

shift

in

consumer

spending

behavior

to

online

purchases

amid

the

COVID-19

pandemic

and

lockdown

measures.

Momo.com

reported

solid

first-half

2021

earnings

growth,

supported

by

growth

in

new

and

active

customers,

as

a

second

COVID-19

wave

boosted

online

sales.

Investors

expect

the

company’s

established

infrastructure,

higher

operating

efficiency

and

synergies

with

its

parent

company

to

continue

to

support

its

long-term

growth.

We

trimmed

our

holdings

in

the

company

to

realize

gains

and

raise

funds

for

new

investment

opportunities.

Hoa

Phat

is

one

of

the

largest

industrial

manufacturing

conglomerates

and

steel

producers

in

Vietnam.

Solid

sales

volume

growth

and

high

steel

prices

resulted

in

record-high

earnings

in

the

second

quarter

of

2021,

which

drove

Hoa

Phat’s

share

price

higher.

Hoa

Phat’s

operations

were

also

able

to

continue

despite

lockdowns

in

parts

of

Vietnam,

due

to

its

involvement

in

public-sector

projects

and

the

classification

of

steel

and

steel

materials

as

necessity

goods

by

the

Ministry

of

Industry

and

Trade.

Market

sentiment

was

further

driven

by

expectations

that

the

company’s

scale

and

cost

competitiveness

in

steel

manufacturing

make

it

well-positioned

to

benefit

from

increased

government

infrastructure

expenditure

as

the

COVID-19

pandemic

subsides

and

the

economy

opens.

We

trimmed

our

holdings

in

the

company

to

realize

gains

and

raise

funds

for

new

investment

opportunities.

Xtep

International

is

a

Chinese

designer,

manufacturer

and

distributor

of

branded

sports

footwear

and

apparel.

The

company’s

share

price

surged

over

the

reporting

period,

supported

by

strong

first-half

2021

earnings

growth

that

was

driven

by

a

rebound

in

retail

sales

and

a

positive

management

outlook,

and

a

strategic

partnership

with

a

private

equity

firm

to

develop

two

Xtep

brands.

Sales

growth

was

supported

by

the

preference

of

local

brands

by

younger

Chinese

consumers

amid

greater

nationalism

trends.

China’s

plans

to

boost

sports

spending

and

encourage

physical

Top

10

Countries

9/30/21

a

%

of

Total

Net

Assets

a

a

Taiwan

18.7%

China

18.0%

South

Korea

15.0%

India

14.9%

Vietnam

6.5%

Brazil

3.8%

Philippines

3.7%

Peru

2.1%

Hungary

2.0%

South

Africa

2.0%

Templeton

Emerging

Markets

Small

Cap

Fund

5

franklintempleton.com

Semiannual

Report

activity

further

boosted

investor

sentiment

in

the

stock.

We

exited

our

investment

in

the

company

after

its

strong

price

appreciation,

as

the

market

price

exceeded

our

fair-value

assessment.

Conversely,

major

detractors

from

absolute

performance

included

Novatek

Microelectronics,

Baozun

and

Health

&

Happiness

H&H

International

Holdings.

Novatek

Microelectronics

is

a

major

fabless

chip

design

company

specializing

in

the

design,

development

and

sales

of

a

wide

range

of

display

driver

integrated

circuits

and

system-on-chip

solutions.

Products

designed

by

Novatek

Microelectronics

are

used

in

smartphone,

notebook

and

television

displays.

Although

the

company

reported

first-

and

second-quarter

2021

corporate

results

that

exceeded

market

expectations

and

a

positive

2022

management

outlook,

the

stock

gave

up

earlier

gains

amid

bouts

of

investor

rotation

into

cyclical

names

tied

to

the

global

economic

reopening

theme.

Concerns

around

component

shortages

and

the

durability

of

a

price

and

demand

recovery

also

weighed

on

investor

sentiment

later

in

the

period.

Baozun

is

a

Chinese

e-commerce

solutions

provider.

It

partners

with

brands

to

execute

their

e-commerce

strategies,

providing

services

ranging

from

online

store

construction

to

site

operation,

digital

marketing

and

supply

chain

management.

Negative

sentiment

towards

Chinese

stocks

listed

in

the

U.S.

influenced

the

company’s

share

price.

New

rules

in

China’s

internet

industry

governing

data

security,

market

competition

and

staff

protection

further

pressured

shares

of

Baozun.

Operationally,

the

company

reported

mixed

second-quarter

2021

corporate

results

with

earnings

exceeding

consensus

on

lower

costs

but

revenue

growth

missing

market

expectations.

Although

further

regulatory

news

could

drive

share-price

volatility

in

the

short

term,

Baozun

continues

to

offer

valuable

e-commerce

solutions

and

is

well-positioned

to

benefit

from

its

established

relationships

with

well-known

international

brands.

H&H

International

is

a

leading

family

nutrition

product

company

in

China.

The

company

primarily

sells

baby

nutrition

and

care

products

such

as

infant

formula

and

adult

nutrition

and

care

products.

Although

H&H

International’s

first-half

2021

revenue

grew

slightly,

baby

nutritional

and

personal

care

sales

declined.

Soft

instant

milk

formula

sales,

amid

a

decreasing

birth

rate

and

intense

competition,

were

a

key

reason

for

the

decline.

Concerns

that

regulatory

changes

in

China’s

education

sector

could

extend

to

other

areas

such

as

baby

nutrition

as

part

of

the

government’s

desire

to

reduce

the

cost

burden

on

parents

weighed

on

market

sentiment

in

H&H

International.

The

announcement

of

the

acquisition

of

a

leading

online

premium

pet

supplement

company

in

the

U.S.

was,

however,

viewed

positively

by

investors

on

synergy

expectations.

In

the

past

six

months,

we

increased

the

Fund’s

holdings

in

South

Korea,

Peru

and

South

Africa,

as

we

continued

to

identify

companies

with

sustainable

earnings

power

trading

at

a

discount

to

their

intrinsic

worth.

In

terms

of

sectors,

purchases

were

made

in

financials,

information

technology

and

communication

services.

New

additions

to

the

portfolio

included

Soulbrain,

a

major

South

Korean

supplier

of

key

chemicals

for

semiconductor

and

display

manufacturing,

RFHIC,

a

leading

global

provider

of

radio

frequency

and

microwave

solutions

utilizing

gallium

nitride

technology,

and

Longshine

Technology

Group,

a

Chinese

software

and

information

technology

services

provider

for

the

power

industry.

We

also

added

to

our

existing

high-conviction

portfolio

holdings

with

purchases

in

Synnex

Technology

International,

a

Taiwan-based

distributor

of

information,

communication,

consumer

product

and

semiconductor

products,

Netcare,

a

private

hospital

group

in

South

Africa,

and

Intercorp

Financial

Services,

a

Peru-based

banking,

insurance

and

wealth

management

company.

Meanwhile,

we

decreased

the

Fund’s

investments

in

Taiwan,

Vietnam

and

Poland

in

favor

of

opportunities

that

we

found

more

compelling

in

the

emerging

market

small

cap

investment

universe.

Reductions

were

also

undertaken

in

the

consumer

discretionary,

consumer

staples

and

real

estate

sectors.

In

terms

of

key

sales,

we

closed

positions

in

Stock

Spirits,

a

Central

European

branded

spirits

producer,

COSCO

SHIPPING

Ports,

a

Chinese

ports

operator,

and

the

Top

10

Holdings

9/30/21

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

Bajaj

Holdings

&

Investment

Ltd.

4.2%

Diversified

Financial

Services,

India

Merida

Industry

Co.

Ltd.

3.1%

Leisure

Products,

Taiwan

Hoa

Phat

Group

JSC

2.9%

Metals

&

Mining,

Vietnam

Novatek

Microelectronics

Corp.

2.7%

Semiconductors

&

Semiconductor

Equipment,

Taiwan

International

Container

Terminal

Services,

Inc.

2.4%

Transportation

Infrastructure,

Philippines

Fila

Holdings

Corp.

2.1%

Textiles,

Apparel

&

Luxury

Goods,

South

Korea

Synnex

Technology

International

Corp.

2.1%

Electronic

Equipment,

Instruments

&

Components,

Taiwan

Intercorp

Financial

Services,

Inc.

2.1%

Banks,

Peru

Daqo

New

Energy

Corp.

2.1%

Semiconductors

&

Semiconductor

Equipment,

China

Richter

Gedeon

Nyrt

.

2.0%

Pharmaceuticals,

Hungary

Templeton

Emerging

Markets

Small

Cap

Fund

6

franklintempleton.com

Semiannual

Report

previously

mentioned

Xtep

International.

We

also

reduced

holdings

in

South

Korean

fabless

integrated

circuit

design

company

LX

Semicon

(formerly

Silicon

Works)

and

the

aforementioned

momo.com

and

Hoa

Phat.

Thank

you

for

your

continued

participation

in

Templeton

Emerging

Markets

Small

Cap

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Chetan

Sehgal,

CFA

Vikas

Chiranewal,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

September

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.

Performance

Summary

as

of

September

30,

2021

Templeton

Emerging

Markets

Small

Cap

Fund

7

franklintempleton.com

Semiannual

Report

The

performance

table

does

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

9/30/21

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

+7.10%

+1.19%

1-Year

+38.34%

+30.72%

5-Year

+39.80%

+5.72%

10-Year

+100.39%

+6.60%

Advisor

6-Month

+7.18%

+7.18%

1-Year

+38.69%

+38.69%

5-Year

+41.53%

+7.19%

10-Year

+105.68%

+7.48%

See

page

8

for

Performance

Summary

footnotes.

Templeton

Emerging

Markets

Small

Cap

Fund

Performance

Summary

8

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Special

risks

are

associated

with

foreign

investing,

including

currency

fluctuations,

economic

instability

and

political

developments.

Investments

in

emerging

markets,

of

which

frontier

markets

are

a

subset,

involve

heightened

risks

related

to

the

same

factors,

in

addition

to

those

associated

with

these

markets’

smaller

size,

lesser

liquidity

and

lack

of

established

legal,

political,

business

and

social

frameworks

to

support

securities

markets.

Because

these

frameworks

are

typically

even

less

developed

in

frontier

markets,

as

well

as

various

factors

including

the

increased

potential

for

extreme

price

volatility,

illiquidity,

trade

barriers

and

exchange

controls,

the

risks

associated

with

emerging

markets

are

magnified

in

frontier

markets.

Small-cap

company

stocks

have

historically

had

more

price

volatility

than

large-company

stocks,

particularly

over

the

short

term.

All

investments

in

the

Fund

should

be

thought

of

as

long-term

investments

that

could

experience

significant

price

volatility

in

any

given

year.

The

Fund

is

designed

for

the

aggressive

portion

of

a

well-diversified

portfolio.

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

an

expense

reduction

contractually

guaranteed

through

7/31/22.

Fund

investment

results

reflect

the

expense

reduction;

without

this

reduction,

the

results

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Total

Annual

Operating

Expenses

5

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.75%

1.99%

Advisor

1.50%

1.74%

Your

Fund’s

Expenses

Templeton

Emerging

Markets

Small

Cap

Fund

9

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

183/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

4/1/21

Ending

Account

Value

9/30/21

Expenses

Paid

During

Period

4/1/21–9/30/21

1,2

Ending

Account

Value

9/30/21

Expenses

Paid

During

Period

4/1/21–9/30/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,071.00

$9.08

$1,016.30

$8.84

1.75%

C

$1,000

$1,067.00

$12.95

$1,012.54

$12.61

2.50%

R

$1,000

$1,069.50

$10.37

$1,015.05

$10.10

2.00%

R6

$1,000

$1,073.20

$7.01

$1,018.31

$6.82

1.35%

Advisor

$1,000

$1,071.80

$7.78

$1,017.56

$7.58

1.50%

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.08

$8.68

$13.78

$15.25

$13.02

$11.41

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.11

0.02

0.10

0.03

—

c

0.16

d

Net

realized

and

unrealized

gains

(losses)

0.96

6.77

(4.96)

(1.15)

2.23

1.65

Total

from

investment

operations

........

1.07

6.79

(4.86)

(1.12)

2.23

1.81

Less

distributions

from:

Net

investment

income

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

—

(0.39)

(—)

c

—

—

(0.20)

Net

realized

gains

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

—

—

(0.24)

(0.35)

—

—

Total

distributions

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

—

(0.39)

(0.24)

(0.35)

—

(0.20)

Net

asset

value,

end

of

period

..........

$16.15

$15.08

$8.68

$13.78

$15.25

$13.02

Total

return

e

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

7.10%

78.52%

(35.73)%

(7.09)%

17.13%

16.09%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

1.96%

1.99%

1.93%

1.94%

1.96%

1.98%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.75%

1.80%

1.91%

1.92%

1.94%

1.97%

Net

investment

income

(loss)

..........

1.28%

0.16%

0.94%

0.19%

(0.01)%

1.25%

d

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$230,060

$210,269

$143,312

$268,761

$315,469

$257,388

Portfolio

turnover

rate

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

19.42%

31.70%

4.72%

12.22%

7.57%

21.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.48%.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.03

$8.14

$13.02

$14.54

$12.51

$10.96

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.04

(0.06)

0.02

(0.06)

(0.10)

0.07

c

Net

realized

and

unrealized

gains

(losses)

0.90

6.31

(4.66)

(1.11)

2.13

1.59

Total

from

investment

operations

........

0.94

6.25

(4.64)

(1.17)

2.03

1.66

Less

distributions

from:

Net

investment

income

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

—

(0.36)

—

—

—

(0.11)

Net

realized

gains

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

—

—

(0.24)

(0.35)

—

—

Total

distributions

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

—

(0.36)

(0.24)

(0.35)

—

(0.11)

Net

asset

value,

end

of

period

..........

$14.97

$14.03

$8.14

$13.02

$14.54

$12.51

Total

return

d

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

6.70%

77.25%

(36.23)%

(7.85)%

16.23%

15.29%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

2.71%

2.73%

2.68%

2.69%

2.71%

2.72%

Expenses

net

of

waiver

and

payments

by

affiliates

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

2.50%

2.54%

2.66%

2.67%

2.69%

2.71%

Net

investment

income

(loss)

..........

0.56%

(0.51)%

0.19%

(0.56)%

(0.76)%

0.51%

c

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$21,828

$27,434

$23,168

$52,300

$78,836

$62,889

Portfolio

turnover

rate

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

19.42%

31.70%

4.72%

12.22%

7.57%

21.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

(0.26)%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.82

$8.56

$13.62

$15.11

$12.93

$11.33

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.08

(0.03)

0.04

(0.05)

(0.04)

0.12

c

Net

realized

and

unrealized

gains

(losses)

0.95

6.68

(4.86)

(1.09)

2.22

1.65

Total

from

investment

operations

........

1.03

6.65

(4.82)

(1.14)

2.18

1.77

Less

distributions

from:

Net

investment

income

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

—

(0.39)

—

—

—

(0.17)

Net

realized

gains

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

—

—

(0.24)

(0.35)

—

—

Total

distributions

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

—

(0.39)

(0.24)

(0.35)

—

(0.17)

Net

asset

value,

end

of

period

..........

$15.85

$14.82

$8.56

$13.62

$15.11

$12.93

Total

return

d

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

6.95%

78.18%

(35.95)%

(7.29)%

16.86%

15.84%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

2.21%

2.24%

2.18%

2.19%

2.21%

2.23%

Expenses

net

of

waiver

and

payments

by

affiliates

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

2.00%

2.05%

2.16%

2.17%

2.19%

2.22%

Net

investment

income

(loss)

..........

1.05%

(0.20)%

0.69%

(0.06)%

(0.26)%

1.00%

c

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$2,773

$2,966

$1,365

$1,728

$929

$532

Portfolio

turnover

rate

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

19.42%

31.70%

4.72%

12.22%

7.57%

21.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.23%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

Period

Ended

March

31,

2018

a

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$15.30

$8.79

$13.94

$15.41

$14.41

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

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

0.14

0.08

0.22

(0.07)

(0.04)

Net

realized

and

unrealized

gains

(losses)

...........

0.98

6.83

(5.07)

(1.01)

1.08

Total

from

investment

operations

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

1.12

6.91

(4.85)

(1.08)

1.04

Less

distributions

from:

Net

investment

income

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

—

(0.40)

(0.06)

(0.04)

(0.04)

Net

realized

gains

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

—

—

(0.24)

(0.35)

—

Total

distributions

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

—

(0.40)

(0.30)

(0.39)

(0.04)

Net

asset

value,

end

of

period

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

$16.42

$15.30

$8.79

$13.94

$15.41

Total

return

d

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

7.32%

79.19%

(35.48)%

(6.76)%

7.27%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

......

1.57%

1.60%

1.53%

1.57%

1.59%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.35%

1.40%

1.51%

1.55%

1.54%

Net

investment

income

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

1.68%

0.61%

1.34%

0.56%

f

0.39%

f

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$48,198

$46,062

$47,904

$198,106

$23,964

Portfolio

turnover

rate

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

19.42%

31.70%

4.72%

12.22%

7.57%

a

For

the

period

August

1,

2017

(effective

date)

to

March

31,

2018.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Ratio

is

calculated

based

on

the

Fund

level

net

investment

income,

as

reflected

in

the

Statement

of

Operations,

and

adjusted

for

class

specific

expenses.

The

amount

may

not

correlate

with

the

per

share

amount

due

to

the

timing

of

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund

in

relation

to

the

timing

of

sales

and

repurchases

of

Fund

shares.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.32

$8.80

$13.96

$15.42

$13.15

$11.52

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.13

0.07

0.15

0.09

0.03

0.18

c

Net

realized

and

unrealized

gains

(losses)

0.97

6.84

(5.03)

(1.19)

2.26

1.68

Total

from

investment

operations

........

1.10

6.91

(4.88)

(1.10)

2.29

1.86

Less

distributions

from:

Net

investment

income

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

—

(0.39)

(0.04)

(0.01)

(0.02)

(0.23)

Net

realized

gains

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

—

—

(0.24)

(0.35)

—

—

Total

distributions

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

—

(0.39)

(0.28)

(0.36)

(0.02)

(0.23)

Net

asset

value,

end

of

period

..........

$16.42

$15.32

$8.80

$13.96

$15.42

$13.15

Total

return

d

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

7.18%

79.10%

(35.61)%

(6.90)%

17.48%

16.42%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.71%

1.74%

1.68%

1.69%

1.71%

1.73%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.50%

1.54%

1.66%

1.67%

1.69%

1.72%

Net

investment

income

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

1.55%

0.53%

1.19%

0.44%

0.24%

1.50%

c

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$189,115

$177,989

$168,808

$387,850

$668,474

$442,583

Portfolio

turnover

rate

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

19.42%

31.70%

4.72%

12.22%

7.57%

21.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.09

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.73%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited),

September

30,

2021

Templeton

Emerging

Markets

Small

Cap

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Industry

Shares

a

Value

a

Common

Stocks

96.9%

Brazil

3.8%

Arezzo

Industria

e

Comercio

SA

.....

Textiles,

Apparel

&

Luxury

Goods

236,100

$

3,590,876

Dexco

SA

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

Paper

&

Forest

Products

1,819,000

5,665,284

Grendene

SA

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

Textiles,

Apparel

&

Luxury

Goods

1,174,611

1,996,237

Iguatemi

Empresa

de

Shopping

Centers

SA

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

Real

Estate

Management

&

Development

388,000

2,245,952

a

M

Dias

Branco

SA

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

Food

Products

565,500

3,429,097

b

Ser

Educacional

SA,

144A,

Reg

S

....

Diversified

Consumer

Services

902,500

1,921,376

18,848,822

Chile

0.4%

Aguas

Andinas

SA,

A

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

Water

Utilities

9,000,000

1,807,541

China

18.0%

Asia

Cement

China

Holdings

Corp.

...

Construction

Materials

3,155,500

2,477,932

a

Baozun

,

Inc.,

ADR

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

Internet

&

Direct

Marketing

Retail

278,561

4,883,174

b,c

China

Education

Group

Holdings

Ltd.,

Reg

S

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

Diversified

Consumer

Services

4,399,000

7,587,872

a

Daqo

New

Energy

Corp.,

ADR

......

Semiconductors

&

Semiconductor

Equipment

177,427

10,113,339

Health

&

Happiness

H&H

International

Holdings

Ltd.

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

Food

Products

3,657,800

8,720,794

Huaxin

Cement

Co.

Ltd.,

B

.........

Construction

Materials

2,739,594

5,040,853

b

JNBY

Design

Ltd.,

Reg

S

..........

Textiles,

Apparel

&

Luxury

Goods

2,785,000

4,843,976

Longshine

Technology

Group

Co.

Ltd.,

A

Software

2,287,307

9,129,214

a,b,c,d

Luye

Pharma

Group

Ltd.,

144A,

Reg

S

Pharmaceuticals

15,684,700

8,148,772

a,b,c

Mobvista

,

Inc.,

144A,

Reg

S

........

Media

1,970,000

1,794,932

a

Noah

Holdings

Ltd.,

ADR

..........

Capital

Markets

122,101

4,533,610

TravelSky

Technology

Ltd.,

H

.......

IT

Services

2,305,200

4,446,130

Uni

-President

China

Holdings

Ltd.

....

Food

Products

4,558,600

4,326,981

a,b,c

Weimob

,

Inc.,

144A,

Reg

S

.........

Software

2,066,400

2,982,667

Xinyi

Solar

Holdings

Ltd.

...........

Semiconductors

&

Semiconductor

Equipment

2,407,784

4,929,000

a

Zepp

Health

Corp.,

ADR

...........

Electronic

Equipment,

Instruments

&

Components

540,506

4,340,263

88,299,509

Egypt

0.5%

b

Integrated

Diagnostics

Holdings

plc,

144A,

Reg

S

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

Health

Care

Providers

&

Services

2,011,196

2,473,771

Georgia

0.6%

a

Georgia

Capital

plc

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

Capital

Markets

383,294

3,098,357

a

Hong

Kong

0.9%

Luk

Fook

Holdings

International

Ltd.

..

Specialty

Retail

1,659,800

4,251,551

Hungary

2.0%

Richter

Gedeon

Nyrt

.

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

Pharmaceuticals

363,860

9,948,450

India

14.9%

a

Affle

India

Ltd.

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

Media

64,103

4,577,469

Apollo

Hospitals

Enterprise

Ltd.

......

Health

Care

Providers

&

Services

17,901

1,078,137

Bajaj

Holdings

&

Investment

Ltd.

.....

Diversified

Financial

Services

319,468

20,665,558

Dalmia

Bharat

Ltd.

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

Construction

Materials

314,776

8,887,702

b

Dilip

Buildcon

Ltd.,

144A,

Reg

S

.....

Construction

&

Engineering

616,416

4,708,955

EPL

Ltd.

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

Containers

&

Packaging

1,227,458

3,944,941

Federal

Bank

Ltd.

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

Banks

8,098,264

9,149,036

JK

Cement

Ltd.

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

Construction

Materials

71,133

2,976,371

a

MakeMyTrip

Ltd.

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

Hotels,

Restaurants

&

Leisure

202,000

5,492,380

Redington

India

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

3,628,116

6,796,052

Tata

Consumer

Products

Ltd.

.......

Food

Products

287,427

3,143,601

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

India

(continued)

Vardhman

Textiles

Ltd.

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

Textiles,

Apparel

&

Luxury

Goods

80,043

$

1,990,764

73,410,966

Kazakhstan

0.7%

b

Halyk

Savings

Bank

of

Kazakhstan

JSC,

GDR,

Reg

S

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

Banks

206,000

3,502,000

Mexico

1.4%

Bolsa

Mexicana

de

Valores

SAB

de

CV

Capital

Markets

2,628,117

5,056,238

a,b

Nemak

SAB

de

CV,

144A,

Reg

S

....

Auto

Components

6,481,529

1,648,201

6,704,439

Peru

2.1%

Intercorp

Financial

Services,

Inc.

.....

Banks

457,450

10,214,859

10,214,859

Philippines

3.7%

Century

Pacific

Food,

Inc.

..........

Food

Products

11,750,000

6,160,501

International

Container

Terminal

Services,

Inc.

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

Transportation

Infrastructure

3,149,320

12,032,081

18,192,582

Russia

1.2%

a,b

Mail.Ru

Group

Ltd.,

GDR,

Reg

S

.....

Interactive

Media

&

Services

296,126

6,076,110

a

Saudi

Arabia

0.6%

Mouwasat

Medical

Services

Co.

.....

Health

Care

Providers

&

Services

63,874

3,071,931

South

Africa

2.0%

a

Massmart

Holdings

Ltd.

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

Food

&

Staples

Retailing

801,259

3,307,742

a

Netcare

Ltd.

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

Health

Care

Providers

&

Services

5,900,000

6,346,656

9,654,398

South

Korea

15.0%

Fila

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

294,533

10,499,313

Hankook

Tire

&

Technology

Co.

Ltd.

..

Auto

Components

71,717

2,598,372

a

Hugel

,

Inc.

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

Biotechnology

20,500

2,964,103

i

-SENS,

Inc.

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

Health

Care

Equipment

&

Supplies

158,283

4,173,588

L&F

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

35,000

5,203,779

LEENO

Industrial,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

24,000

3,541,761

a

Lock&Lock

Co.

Ltd.

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

Household

Durables

320,292

3,075,493

LX

Semicon

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

114,751

9,660,073

NeoPharm

Co.

Ltd.

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

Personal

Products

64,000

1,499,455

a

Pearl

Abyss

Corp.

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

Entertainment

66,729

4,504,498

RFHIC

Corp.

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

Semiconductors

&

Semiconductor

Equipment

199,182

5,178,478

Soulbrain

Co.

Ltd.

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

Chemicals

29,000

6,616,269

Vieworks

Co.

Ltd.

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

Health

Care

Equipment

&

Supplies

151,355

5,088,353

Zinus

,

Inc.

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

Household

Durables

147,451

9,140,454

73,743,989

Sri

Lanka

0.2%

Hemas

Holdings

plc

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

Industrial

Conglomerates

3,019,274

1,067,313

Taiwan

18.7%

Eclat

Textile

Co.

Ltd.

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

Textiles,

Apparel

&

Luxury

Goods

141,561

3,070,677

Kinsus

Interconnect

Technology

Corp.

.

Semiconductors

&

Semiconductor

Equipment

1,009,000

7,254,589

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

1,470,400

15,381,858

momo.com,

Inc.

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

Internet

&

Direct

Marketing

Retail

109,973

6,378,802

Novatek

Microelectronics

Corp.

......

Semiconductors

&

Semiconductor

Equipment

921,800

13,403,504

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Taiwan

(continued)

PChome

Online,

Inc.

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

Internet

&

Direct

Marketing

Retail

909,985

$

4,314,894

a

PharmaEssentia

Corp.

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

Biotechnology

2,245,859

7,147,895

Poya

International

Co.

Ltd.

.........

Multiline

Retail

398,249

6,734,610

Primax

Electronics

Ltd.

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

Technology

Hardware,

Storage

&

Peripherals

2,642,100

4,825,830

Shin

Zu

Shing

Co.

Ltd.

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

Machinery

1,892,402

7,002,010

Synnex

Technology

International

Corp.

Electronic

Equipment,

Instruments

&

Components

5,546,000

10,336,433

Visual

Photonics

Epitaxy

Co.

Ltd.

....

Semiconductors

&

Semiconductor

Equipment

1,525,808

6,383,632

92,234,734

Thailand

1.5%

Dynasty

Ceramic

PCL

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

Building

Products

23,444,540

1,993,204

a

Major

Cineplex

Group

PCL

.........

Entertainment

4,998,000

3,209,180

Tisco

Financial

Group

PCL

.........

Banks

753,600

2,045,013

7,247,397

Turkey

0.7%

Turkiye

Sise

ve

Cam

Fabrikalari

A/S

..

Industrial

Conglomerates

3,940,776

3,630,560

United

Arab

Emirates

1.5%

Aramex

PJSC

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

Air

Freight

&

Logistics

7,722,378

7,368,167

Vietnam

6.5%

FPT

Corp.

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

IT

Services

2,397,116

9,777,967

Hoa

Phat

Group

JSC

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

Metals

&

Mining

6,179,552

14,288,295

Mobile

World

Investment

Corp.

......

Specialty

Retail

568,750

3,184,117

a

Vincom

Retail

JSC

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

Real

Estate

Management

&

Development

3,589,152

4,579,929

31,830,308

Total

Common

Stocks

(Cost

$385,333,303)

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

476,677,754

a

Preferred

Stocks

0.9%

Chile

0.9%

e

Embotelladora

Andina

SA,

A,

6.93%

..

Beverages

1,250,500

2,311,176

e

Embotelladora

Andina

SA,

B,

6.54%

..

Beverages

1,080,000

2,328,866

4,640,042

Total

Preferred

Stocks

(Cost

$6,721,785)

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

4,640,042

Total

Long

Term

Investments

(Cost

$392,055,088)

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

481,317,796

Short

Term

Investments

2.2%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.8%

United

States

1.8%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

8,865,265

8,865,265

Total

Money

Market

Funds

(Cost

$8,865,265)

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

8,865,265

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

Short

Term

Investments

(continued)

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

h

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.4%

Money

Market

Funds

0.4%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

1,934,318

$

1,934,318

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$1,934,318)

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

1,934,318

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$10,799,583

)

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

10,799,583

a

a

a

Total

Investments

(Cost

$402,854,671)

100.0%

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

$492,117,379

Other

Assets,

less

Liabilities

(0.0)%

†

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

(143,329)

Net

Assets

100.0%

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

$491,974,050

a

a

a

See

Abbreviations

on

page

31

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2021,

the

aggregate

value

of

these

securities

was

$45,688,632,

representing

9.3%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2021.

See

Note

1(d).

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

e

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

f

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

See

Note

1(d)

regarding

securities

on

loan.

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

September

30,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

Templeton

Emerging

Markets

Small

Cap

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$392,055,088

Cost

-

Non-controlled

affiliates

(Note

3

f

)

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

10,799,583

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$5,177,757)

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

$481,317,796

Value

-

Non-controlled

affiliates

(Note

3

f

)

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

10,799,583

Cash

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

4,417

Foreign

currency,

at

value

(cost

$4,689,488)

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

4,670,059

Receivables:

Investment

securities

sold

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

1,576,199

Capital

shares

sold

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

281,577

Dividends

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

599,709

European

Union

tax

reclaims

(Note

1e)

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

239,910

Other

assets

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

18,901

Total

assets

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

499,508,151

Liabilities:

Payables:

Investment

securities

purchased

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

1,967,569

Capital

shares

redeemed

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

629,692

Management

fees

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

495,292

Distribution

fees

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

69,008

Transfer

agent

fees

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

168,349

Trustees'

fees

and

expenses

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

15,885

Payable

upon

return

of

securities

loaned

(Note

1

d

)

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

1,934,318

Deferred

tax

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

1,989,890

Accrued

expenses

and

other

liabilities

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

264,098

Total

liabilities

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

7,534,101

Net

assets,

at

value

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

$491,974,050

Net

assets

consist

of:

Paid-in

capital

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

$373,216,962

Total

distributable

earnings

(losses)

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

118,757,088

Net

assets,

at

value

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

$491,974,050

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

September

30,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

Templeton

Emerging

Markets

Small

Cap

Fund

Class

A:

Net

assets,

at

value

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

$230,059,957

Shares

outstanding

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

14,246,862

Net

asset

value

per

share

a

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

$16.15

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

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

$17.09

Class

C:

Net

assets,

at

value

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

$21,828,311

Shares

outstanding

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

1,458,271

Net

asset

value

and

maximum

offering

price

per

share

a

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

$14.97

Class

R:

Net

assets,

at

value

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

$2,772,749

Shares

outstanding

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

174,934

Net

asset

value

and

maximum

offering

price

per

share

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

$15.85

Class

R6:

Net

assets,

at

value

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

$48,197,793

Shares

outstanding

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

2,935,552

Net

asset

value

and

maximum

offering

price

per

share

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

$16.42

Advisor

Class:

Net

assets,

at

value

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

$189,115,240

Shares

outstanding

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

11,514,580

Net

asset

value

and

maximum

offering

price

per

share

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

$16.42

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

September

30,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

Templeton

Emerging

Markets

Small

Cap

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$909,112)

Unaffiliated

issuers

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

$7,788,262

Non-controlled

affiliates

(Note

3

f

)

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

519

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

35,723

Non-controlled

affiliates

(Note

3

f

)

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

157

Total

investment

income

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

7,824,661

Expenses:

Management

fees

(Note

3

a

)

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

3,595,729

Distribution

fees:

(Note

3c

)

    Class

A

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

289,752

    Class

C

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

137,225

    Class

R

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

7,487

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

213,053

    Class

C

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

25,223

    Class

R

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

2,752

    Class

R6

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

11,361

    Advisor

Class

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

186,630

Custodian

fees

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

110,954

Reports

to

shareholders

fees

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

47,132

Registration

and

filing

fees

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

78,608

Professional

fees

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

54,081

Trustees'

fees

and

expenses

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

31,682

Other

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

17,694

Total

expenses

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

4,809,363

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(551,365)

Net

expenses

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

4,257,998

Net

investment

income

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

3,566,663

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$193,979)

Unaffiliated

issuers

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

47,225,515

Foreign

currency

transactions

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

(98,417)

Net

realized

gain

(loss)

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

47,127,098

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(15,592,725)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(109,612)

Change

in

deferred

taxes

on

unrealized

appreciation

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

(1,485,237)

Net

change

in

unrealized

appreciation

(depreciation)

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

(17,187,574)

Net

realized

and

unrealized

gain

(loss)

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

29,939,524

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$33,506,187

Templeton

Global

Investment

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

Templeton

Emerging

Markets

Small

Cap

Fund

Six

Months

Ended

September

30,

2021

(unaudited)

Year

Ended

March

31,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$3,566,663

$1,314,772

Net

realized

gain

(loss)

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

47,127,098

(9,379,741)

Net

change

in

unrealized

appreciation

(depreciation)

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

(17,187,574)

248,426,809

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

33,506,187

240,361,840

Distributions

to

shareholders:

Class

A

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

—

(5,395,630)

Class

C

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

—

(746,927)

Class

R

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

—

(67,960)

Class

R6

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

—

(1,252,604)

Advisor

Class

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

—

(4,727,858)

Total

distributions

to

shareholders

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

—

(12,190,979)

Capital

share

transactions:

(Note

2

)

Class

A

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

5,139,136

(28,189,282)

Class

C

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

(7,697,608)

(9,965,543)

Class

R

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

(397,591)

531,332

Class

R6

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

(1,230,934)

(26,340,215)

Advisor

Class

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

(2,064,015)

(84,044,655)

Total

capital

share

transactions

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

(6,251,012)

(148,008,363)

Net

increase

(decrease)

in

net

assets

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

27,255,175

80,162,498

Net

assets:

Beginning

of

period

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

464,718,875

384,556,377

End

of

period

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

$491,974,050

$464,718,875

Templeton

Global

Investment

Trust

23

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

1.

Organization

and

Significant

Accounting

Policies

Templeton

Global

Investment

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of two separate

funds

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

Templeton

Emerging

Markets

Small

Cap

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class. Effective

August

2,

2021,

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Prior

to

August

2,

2021,

Class

C

shares

converted

to

Class

A

shares

after

a

10-year

holding

period.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

September

30,

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

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

24

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

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.

Securities

Purchased

on

a

Delayed

Delivery

Basis

The

Fund

purchases

securities

on

a

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities,

it

may

sell

the

securities

before

the

settlement

date.

c.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

d.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the Fund.

Additionally,

the

Fund

held

$3,608,882

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

segregated

accounts

with

the

Fund’s

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

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

Statement

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

e.

Income

and

Deferred

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

25

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

September

30,

2021,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

f.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

g.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1.

Organization

and

Significant

Accounting

Policies

(continued)

e.

Income

and

Deferred

Taxes

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

26

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

h.

Guarantees

and

Indemnifications

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust, on

behalf

of

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

September

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

September

30,

2021

Year

Ended

March

31,

2021

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

1,439,475

$23,820,376

2,136,752

$26,473,724

Shares

issued

in

reinvestment

of

distributions

..........

—

—

350,365

4,740,442

Shares

redeemed

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

(1,137,383)

(18,681,240)

(5,043,622)

(59,403,448)

Net

increase

(decrease)

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

302,092

$5,139,136

(2,556,505)

$(28,189,282)

Class

C

Shares:

Shares

sold

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

82,500

$1,252,642

156,793

$1,896,159

Shares

issued

in

reinvestment

of

distributions

..........

—

—

58,888

743,171

Shares

redeemed

a

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

(579,499)

(8,950,250)

(1,107,234)

(12,604,873)

Net

increase

(decrease)

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

(496,999)

$(7,697,608)

(891,553)

$(9,965,543)

Class

R

Shares:

Shares

sold

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

13,410

$217,890

67,927

$874,835

Shares

issued

in

reinvestment

of

distributions

..........

—

—

5,106

67,960

Shares

redeemed

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

(38,590)

(615,481)

(32,390)

(411,463)

Net

increase

(decrease)

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

(25,180)

$(397,591)

40,643

$531,332

Class

R6

Shares:

Shares

sold

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

112,807

$1,895,700

214,426

$2,735,351

Shares

issued

in

reinvestment

of

distributions

..........

—

—

27,722

380,073

Shares

redeemed

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

(187,763)

(3,126,634)

(2,684,562)

(29,455,639)

Net

increase

(decrease)

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

(74,956)

$(1,230,934)

(2,442,414)

$(26,340,215)

Advisor

Class

Shares:

Shares

sold

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

2,063,781

$34,344,543

2,674,444

$33,406,457

Shares

issued

in

reinvestment

of

distributions

..........

—

—

302,621

4,154,984

Shares

redeemed

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

(2,169,504)

(36,408,558)

(10,539,651)

(121,606,096)

Net

increase

(decrease)

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

(105,723)

$(2,064,015)

(7,562,586)

$(84,044,655)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

27

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

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

Trust

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

The

Fund

pays

an

investment

management

fee

to

Asset

Management

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

September

30,

2021,

the

annualized

gross

effective

investment

management

fee

rate

was

1.396%

of

the

Fund’s

average

daily

net

assets. 

b.

Administrative

Fees

Under

an

agreement

with

Asset

Management,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Asset

Management

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class A reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class

C

and

R

compensation

distribution

plans,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

The

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

Subsidiary

Affiliation

Templeton

Asset

Management

Ltd.

(Asset

Management)

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

1.400%

Up

to

and

including

$500

million

1.300%

Over

$500

million,

up

to

and

including

$1

billion

1.200%

In

excess

of

$1

billion

Class

A

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

0.35%

Class

C

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

1.00%

Class

R

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

0.50%

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

September

30,

2021,

the

Fund

paid

transfer

agent

fees

of

$439,019,

of

which $153,766

was

retained

by

Investor

Services.

f.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

September

30,

2021,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$10,072

CDSC

retained

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

$229

    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

Emerging

Markets

Small

Cap

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$6,393,164

$73,880,440

$(71,408,339)

$—

$—

$8,865,265

8,865,265

$519

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$946,465

$22,828,654

$(21,840,801)

$

—

$

—

$1,934,318

1,934,318

$157

Total

Affiliated

Securities

...

$7,339,629

$96,709,094

$(93,249,140)

$—

$—

$10,799,583

$676

3.

Transactions

with

Affiliates

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

g.

Waiver

and

Expense

Reimbursements

Asset

Management

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating

expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

1.50%,

based

on

the

average

net

assets

of

each

class

until

July

31,

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

July

31,

202

2

.

4.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

March

31,

2021,

the

capital

loss

carryforwards

were

as

follows:

At

September

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,

EU

reclaims

and

corporate

actions.

5.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

September

30,

2021,

aggregated

$96,660,885

and

$104,716,880,

respectively.

At

September

30,

2021,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$1,934,318

of

cash

collateral.

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statement

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

6.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

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

$19,859,744

Cost

of

investments

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

$403,222,787

Unrealized

appreciation

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

$135,439,998

Unrealized

depreciation

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

(46,545,406)

Net

unrealized

appreciation

(depreciation)

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

$88,894,592

3.

Transactions

with

Affiliates

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

7. 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.

8.

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

Statement

of

Operations.

During

the

period

ended

September

30,

2021,

the Fund

did

not

use

the

Global

Credit

Facility.

9.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

September

30,

2021,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

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

$

18,848,822

$

—

$

—

$

18,848,822

Chile

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

1,807,541

—

—

1,807,541

China

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

42,476,009

45,823,500

—

88,299,509

Egypt

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

2,473,771

—

—

2,473,771

Georgia

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

3,098,357

—

—

3,098,357

Hong

Kong

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

—

4,251,551

—

4,251,551

Hungary

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

9,948,450

—

—

9,948,450

India

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

5,492,380

67,918,586

—

73,410,966

Kazakhstan

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

3,502,000

—

—

3,502,000

Mexico

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

6,704,439

—

—

6,704,439

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

10.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

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

for

certain

LIBOR

settings

and

2023

for

the

remainder. 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

financial

statements. 

11.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

Peru

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

$

10,214,859

$

—

$

—

$

10,214,859

Philippines

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

12,032,081

6,160,501

—

18,192,582

Russia

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

—

6,076,110

—

6,076,110

Saudi

Arabia

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

—

3,071,931

—

3,071,931

South

Africa

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

9,654,398

—

—

9,654,398

South

Korea

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

—

73,743,989

—

73,743,989

Sri

Lanka

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

1,067,313

—

—

1,067,313

Taiwan

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

11,462,789

80,771,945

—

92,234,734

Thailand

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

5,202,384

2,045,013

—

7,247,397

Turkey

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

3,630,560

—

—

3,630,560

United

Arab

Emirates

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

—

7,368,167

—

7,368,167

Vietnam

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

—

31,830,308

—

31,830,308

Preferred

Stocks

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

4,640,042

—

—

4,640,042

Short

Term

Investments

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

10,799,583

—

—

10,799,583

Total

Investments

in

Securities

...........

$163,055,778

$329,061,601

a

$—

$492,117,379

a

Includes

foreign

securities

valued

at

$329,061,601,

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.

Selected

Portfolio

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

9.

Fair

Value

Measurements

(continued)

Templeton

Global

Investment

Trust

Shareholder

Information

32

franklintempleton.com

Semiannual

Report

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

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.

Templeton

Global

Investment

Trust

Shareholder

Information

33

franklintempleton.com

Semiannual

Report

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

as

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.

426

S

11/21

©

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

Emerging

Markets

Small

Cap

Fund

Investment

Manager

Distributor

Shareholder

Services

Templeton

Asset

Management

Ltd.

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

Ryan R. Wheeler

, Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

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 Ryan R. Wheeler, Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

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 November 29, 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 November 29, 2021

By S\Ryan R. Wheeler________________________

Ryan R. Wheeler

     Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

Date November 29, 2021