UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08226
Templeton Global Investment Trust
(Exact name of registrant as specified in charter)
300 S.E. 2nd Street
, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices) (Zip code)
Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant's telephone number, including area code:(954)527-7500
Date of fiscal year end: 12/31
Date of reporting period: 12/31/22
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
.
Annual
Report
and
Shareholder
Letter
Templeton
Global
Balanced
Fund
A
Series
of
Templeton
Global
Investment
Trust
December
31,
2022
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
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FDIC
Insured
May
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Value
No
Bank
Guarantee
franklintempleton.com
Annual
Report
1
SHAREHOLDER
LETTER
Dear
Shareholder:
The
12-month
period
ended
December
31,
2022,
was
a
challenging
year
for
total
return
strategies
as
stocks
and
bonds
declined
in
tandem.
The
year
was
defined
by
a
break
in
the
decades-long
trend
of
falling
interest
rates
and
disinflation.
Strong
consumer
demand
and
credit
creation
spurred
by
policy
stimulus,
combined
with
supply
challenges
related
to
COVID-19
and
the
outbreak
of
war
in
Ukraine,
galvanized
inflationary
pressures.
Central
bankers
reacted
by
raising
interest
rates
and
winding
down
bond
purchases,
negatively
impacting
asset
prices.
In
this
environment,
global
developed
and
emerging
market
stocks,
as
measured
by
the
MSCI
All
Country
World
Index-NR,
posted
a
-18.36%
total
return.
1
Global
government
and
corporate
bonds,
as
measured
by
the
Bloomberg
Multiverse
Index,
posted
a
-16.01%
total
return.
1
While
we
are
always
disappointed
by
periods
of
decline,
we
were
pleased
to
avoid
the
worst
of
the
drawdowns
in
2022,
and
to
deliver
clients
better
returns
than
the
referenced
benchmark
indexes.
After
a
period
of
cheap
money
and
constant
stimulus,
we
are
optimistic
that
the
rising
cost
of
capital
and
ongoing
normalization
of
central
bank
policies
will
continue
to
favor
investors,
like
Templeton,
who
focus
on
long-term
fundamental
value.
We
are
committed
to
our
long-term
perspective
and
disciplined
investment
approach
as
we
conduct
a
rigorous,
fundamental
analysis
of
securities
with
a
regular
emphasis
on
investment
risk
management.
Historically,
patient
investors
have
achieved
rewarding
results
by
evaluating
their
goals,
diversifying
their
assets
globally
and
maintaining
a
disciplined
investment
program,
all
hallmarks
of
the
Templeton
investment
philosophy.
We
continue
to
recommend
investors
consult
their
financial
professionals
and
review
their
portfolios
to
design
a
long-term
strategy
and
portfolio
allocation
that
meet
their
individual
needs,
goals
and
risk
tolerance.
Templeton
Global
Balanced
Fund’s
annual
report
includes
more
detail
about
prevailing
conditions
and
a
discussion
about
investment
decisions
during
the
period.
Please
remember
all
securities
markets
fluctuate,
as
do
mutual
fund
share
prices.
We
thank
you
for
investing
with
Franklin
Templeton,
welcome
your
questions
and
comments,
and
look
forward
to
serving
your
investment
needs
in
the
years
ahead.
Sincerely,
Alan
Bartlett
Chief
Investment
Officer
Templeton
Global
Equity
Group
This
letter
reflects
our
analysis
and
opinions
as
of
December
31,
2022,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Annual
Report
2
Contents
Annual
Report
Templeton
Global
Balanced
Fund
3
Performance
Summary
8
Your
Fund’s
Expenses
11
Financial
Highlights
and
Schedule
of
Investments
12
Financial
Statements
28
Notes
to
Financial
Statements
33
Report
of
Independent
Registered
Public
Accounting
Firm
50
Tax
Information
51
Board
Members
and
Officers
52
Shareholder
Information
57
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Templeton
Global
Balanced
Fund
This
annual
report
for
Templeton
Global
Balanced
Fund
covers
the
fiscal
year
ended
December
31,
2022
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
both
income
and
capital
appreciation.
Under
normal
market
conditions,
the
Fund
invests
in
a
diversified
portfolio
of
debt
and
equity
securities
worldwide.
The
Fund
normally
invests
at
least
25%
of
its
assets
in
fixed
income
securities
and
at
least
25%
of
its
assets
in
equity
securities.
The
Fund
seeks
income
by
investing
in
a
combination
of
corporate,
agency
and
government
bonds
and
other
debt
securities
(including
inflation-indexed
securities)
of
any
maturity
issued
in
numerous
countries,
including
developing
market
countries,
as
well
as
stocks
that
offer
or
could
offer
attractive
dividend
yields.
The
Fund
may
invest
in
high-
yield
bonds
that
are
rated
below
investment
grade
and
are
sometimes
referred
to
as
“junk
bonds.”
The
Fund
seeks
capital
appreciation
by
investing
in
equity
securities
of
companies
from
a
variety
of
industries
located
anywhere
in
the
world,
including
developing
markets,
but
from
time
to
time,
based
on
economic
conditions,
the
Fund
may
have
significant
investments
in
particular
sectors.
The
equity
securities
in
which
the
Fund
invests
are
primarily
common
stock.
In
addition,
under
normal
market
conditions,
at
least
40%
of
the
Fund’s
net
assets
are
invested
in
non-U.S.
investments
and
in
at
least
three
different
countries.
Performance
Overview
The
Fund’s
Class
A
shares
posted
-14.28%
cumulative
total
return
for
the
12
months
under
review.
In
comparison,
the
Fund’s
primary
benchmark,
the
MSCI
All
Country
World
Index
(ACWI)-NR,
which
measures
the
equity
market
performance
of
global
developed
and
emerging
markets,
posted
a
-18.36%
cumulative
total
return.
1
The
Fund’s
fixed
income
benchmark,
the
Bloomberg
Multiverse
Index,
which
provides
a
broad-based
measure
of
the
global
fixed
income
bond
market,
posted
a
-16.01%
cumulative
total
return.
1
For
the
same
period,
the
Fund’s
Blended
Benchmark,
the
Custom
50%
MSCI
ACWI-NR
+
50%
Bloomberg
Multiverse
Index,
posted
a
-16.99%
cumulative
total
return.
2
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
8
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Economic
and
Market
Overview
The
12
months
ending
December
31,
2022,
was
one
of
the
worst
years
on
record
for
the
combined
fixed
income
and
equity
asset
classes.
Rising
inflation,
tightening
monetary
policy,
and
escalating
geopolitical
tensions
resulted
in
a
year
of
sharply
higher
interest
rates,
supply-chain
challenges
and
faltering
consumer
confidence.
Russia’s
invasion
of
Ukraine
in
February
2022
and
the
subsequent
escalation
of
the
war
increased
investor
uncertainty,
as
international
sanctions
on
Russia
disrupted
global
trade
and
commodity
markets.
Meanwhile,
shifting
public
health
policy
in
China
added
volatility
to
the
global
economy,
as
lockdowns
during
most
of
2022
to
quell
the
spread
COVID-19
slowed
economic
activity,
while
widespread
protests
late
in
the
period
led
the
government
to
relax
its
strict
zero-COVID
policy.
Inflation
rates
pushed
higher
over
the
year,
with
energy
and
food
prices
after
Russia’s
invasion
of
Ukraine
a
significant
impetus.
Inflation
across
many
countries
showed
similar
patterns
whereby
the
upcycle
was
spurred
by
these
factors
and
then
spread
wider
into
core
measures,
started
reaching
a
multi-decade
or
multi-year
high
along
the
way,
while
headline
inflation
started
to
peak
and
recede
nearer
Portfolio
Composition
12/31/22
%
of
Total
Net
Assets
Common
Stocks
48.6%
Foreign
Government
and
Agency
Securities
34.6%
Other
1.0%
Short-Term
Investments
&
Other
Net
Assets
15.8%
1.
Source:
Morningstar.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
2.
Source:
FactSet.
The
Fund’s
Blended
Benchmark
was
calculated
internally.
The
indexes
are
unmanaged
and
include
reinvestment
of
any
income
or
distributions.
They
do
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
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
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
19
.
Templeton
Global
Balanced
Fund
4
franklintempleton.com
Annual
Report
year-end
as
the
effects
of
the
food
and
energy
price
spikes
dissipated.
Global
equities
had
their
worst
year
since
the
2008
global
financial
crisis,
pressured
by
the
long-duration
thematic
growth
stocks
in
sectors
like
technology,
e-commerce
and
media
that
had
led
the
post-COVID-19
market
rally.
Global
value
stocks
strongly
outperformed
in
2022,
beating
global
growth
stocks
by
their
widest
margin
since
the
bursting
of
the
technology,
media
and
telecommunications
bubble
in
2000.
Sovereign
bond
yields
rose
sharply
over
most
of
the
year
on
the
combination
of
the
withdrawal
of
direct
market
support
from
central
banks,
rising
inflation,
rising
policy
rates,
and
increasingly
hawkish
central
bank
commentary.
U.S.
Treasury
(UST)
and
other
bond
yields
surged
to
multi-year
highs
during
the
period,
but
a
number
of
markets
saw
bond
yields
end
the
year
below
their
peaks.
The
USD
gained
significantly
against
almost
all
other
currencies
in
2022,
supported
by
hawkish
U.S.
Federal
Reserve
(Fed)
policy,
growth
differentials
were
in
favor
of
the
U.S.
(as
U.S.
growth
benefited
from
post-pandemic
reopening/normalization),
while
continued
COVID-19
lockdowns
disadvantaged
Asian
growth
and
the
war
affected
growth
in
Europe,
amidst
continued
geopolitical
concerns.
As
some
of
these
factors
started
to
moderate
towards
year-end,
the
USD
slid
off
its
highs
of
2022,
while
still
ending
the
year
8.2%
stronger,
according
to
the
U.S.
Dollar
Index
(DXY),
than
where
it
began.
Investment
Strategy
We
search
for
undervalued
or
out-of-favor
debt
and
equity
securities
and
for
equity
securities
that
offer
or
may
offer
current
income.
When
choosing
fixed
income
investments
for
the
Fund,
we
perform
an
independent
analysis
of
the
securities
being
considered
for
the
Fund’s
portfolio,
rather
than
relying
principally
on
their
ratings
assigned
by
rating
agencies.
In
our
analysis
of
corporate
debt
securities,
we
consider
a
variety
of
factors,
including
a
company’s
experience
and
managerial
strength;
responsiveness
to
changes
in
interest
rates
and
business
conditions;
debt
maturity
schedules
and
borrowing
requirements;
a
company’s
changing
financial
condition
and
market
recognition
of
the
change;
and
a
security’s
relative
value
based
on
such
factors
as
anticipated
cash
flow,
interest
or
dividend
coverage,
asset
coverage
and
earnings
prospects.
With
respect
to
sovereign
debt
securities,
we
consider
market,
political
and
economic
conditions,
and
evaluate
interest
and
currency
exchange
rate
changes
and
credit
risks.
We
regularly
enter
into
currency-related
transactions
involving
certain
derivative
instruments,
including
currency
and
cross
currency
forwards,
currency
and
currency
options.
The
Fund
maintains
significant
positions
in
currency
related
derivative
instruments
as
a
hedging
technique
or
to
implement
a
currency
investment
strategy.
The
use
of
these
derivative
transactions
may
allow
the
Fund
to
obtain
net
long
or
net
short
exposures
to
selected
currencies,
interest
rates,
countries,
durations
or
credit
risks,
and
may
be
used
for
hedging
or
investment
purposes.
When
choosing
equity
securities
for
the
Fund,
we
use
a
fundamental
research,
value-oriented,
long-term
approach,
focusing
on
the
market
price
of
a
security
relative
to
our
evaluation
of
the
company’s
long-term
earnings,
asset
value
and
cash
flow
potential,
as
reflected
by
various
metrics.
The
Fund
may
also
use
a
variety
of
equity-related
derivatives,
which
may
include
equity
futures
and
equity
index
futures
for
various
purposes.
Geographic
Composition
12/31/22
%
of
Total
Net
Assets
United
States
22.6%
South
Korea
9.5%
Germany
7.6%
India
4.7%
Indonesia
4.3%
Colombia
3.5%
United
Kingdom
3.5%
China
3.4%
Netherlands
2.3%
Hungary
2.2%
Malaysia
2.0%
Japan
1.9%
Hong
Kong
1.9%
Brazil
1.9%
Egypt
1.7%
Thailand
1.6%
Switzerland
1.5%
France
1.4%
Ecuador
1.3%
Taiwan
1.2%
Dominican
Republic
1.1%
Other
3.1%
Short-Term
Investments
&
Other
Net
Assets
15.8%
Templeton
Global
Balanced
Fund
5
franklintempleton.com
Annual
Report
Manager’s
Discussion
Over
the
12-month
period,
the
Fund
outperformed
its
custom
blended
benchmark
comprised
of
50%
MSCI
All
Country
World
Index
and
50%
Bloomberg
Multiverse
Index.
In
what
was,
in
some
measures,
the
worst
year
on
record
for
total
return
strategies,
the
Fund
declined
overall
in
absolute
terms.
However,
the
Fund
limited
losses
relative
to
its
benchmark
indexes
due
to
strong
investment
selection,
a
focus
on
valuation
support,
and
a
bias
toward
shorter
duration.
On
the
equity
side,
this
was
due
primarily
to
thematic
positioning
and
good
stock-
picking.
We
held
positions
in
aerospace
and
defense
stocks
that
supported
industrials
outperformance
during
a
period
of
rising
geopolitical
tensions
and
were
underweight
the
most
expensive
technology
stocks
at
a
time
when
rising
interest
rates
spurred
a
major
growth
factor
de-
rating.
Our
underweight
to
the
expensive
U.S.
market,
and
discriminating
stock
selection
therein,
also
helped
cushion
some
of
the
downside,
as
did
an
overweight
in
Europe.
More
generally,
we
rotated
out
of
more
expensive,
higher-growth
names
during
the
year
and
into
cheaper
value
stocks
that
appeared
to
offer
more
upside
potential
given
the
macro
environment
that
we
saw
unfolding.
That
repositioning
positively
impacted
absolute
and
relative
returns
during
the
year.
On
the
fixed
income
side,
our
interest
rate
exposures
positively
contributed,
helped
by
underweight
duration
in
developed
markets
and
overweight
duration
in
emerging
markets.
Currencies
delivered
mixed
results,
with
tactical
positioning
in
the
Japanese
yen
adding
value
alongside
an
underweight
to
the
euro
and
overweight
to
the
Brazilian
real.
However,
overweighted
positions
in
a
handful
of
South
American
and
Asian
currencies
detracted
from
results
as
did
the
Russian
ruble
for
the
part
of
the
period.
The
equity
portion
of
the
Fund
performed
slightly
better
than
its
benchmark
index
for
the
year,
driven
by
stock
selection
in
the
industrials
sector,
an
underweight
in
the
information
technology
(IT)
sector,
an
overweight
in
the
materials
sector
and
lack
of
exposure
to
the
weak
real
estate
sector.
The
top
three
stock
contributors
for
the
period
were
T-Mobile
US,
Marathon
Petroleum
and
Dassault
Aviation.
We
exited
all
three
positions
during
the
year
to
take
advantage
of
share-
price
strength.
Industrials
returns
were
boosted
by
the
strong
relative
performance
of
France-based
Dassault
and
U.S.-based
Array
Technologies
and
General
Dynamics.
Dassault
Aviation
manufactures
military
aircraft
and
business
jets.
The
company
benefited
from
increased
demand
due
to
ongoing
geopolitical
volatility.
On
the
commercial
side,
Dassault’s
business
jet
division
has
recovered
strongly,
with
Dassault’s
next-generation
aircraft
receiving
a
positive
reception
from
the
market.
Array
Technologies
(not
held
at
period-end)
is
a
leading
designer
and
manufacturer
of
solar
tracking
systems,
currently
used
on
around
50%
of
new
U.S.
solar
installations
to
help
increase
the
electricity
output
per
module.
Shares
rose
on
stronger-than-expected
revenue
forecasts.
General
Dynamics
(not
held
at
period-end)
is
an
aerospace
and
defense
company
with
a
broad
portfolio
of
products
and
services
including
business
jet
aviation
and
aftermarket
services,
armored
tanks
and
vehicles,
naval
ships
and
submarines,
and
highly
specialized
defense
electronic
systems.
Investor
sentiment
was
increasingly
positive
for
defense
companies
like
General
Dynamics
in
a
year
rife
with
geopolitical
tensions,
including
the
Russia-Ukraine
war.
An
overweight
and
stock
selection
in
the
consumer
discretionary
sector,
an
underweight
and
stock
selection
in
the
utilities
sector
and
stock
selection
in
the
communication
services
sector
detracted
from
relative
performance
for
the
period.
The
top
three
stock
detractors
for
the
period
were
online
luxury
fashion
retail
platform
Farfetch
and
media
companies
Paramount
Global
and
Walt
Disney.
We
exited
Farfetch
and
Walt
Disney
during
the
year
for
more
attractive
long-term
value
opportunities.
In
addition
to
Farfetch,
which
declined
following
three
cuts
to
the
company’s
outlook
by
management,
consumer
discretionary
returns
were
impacted
by
the
underperformance
of
Netherlands-based
food
delivery
platform
Just
Eat
Takeaway.com.
After
a
few
challenging
quarters
due
to
investor
concerns
over
subsidiary
Grubhub,
positive
news
around
a
Grubhub/Amazon
(not
a
Fund
holding)
partnership
and
a
divestiture
led
to
a
re-rating
of
the
stock
for
a
short
period
of
time.
We
took
advantage
of
the
share-price
appreciation
of
the
shares
and
sold
our
stake.
Top
Five
Equity
Holdings
12/31/22
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
DuPont
de
Nemours,
Inc.
2.2%
Chemicals
,
United
States
Fidelity
National
Information
Services,
Inc.
1.7%
IT
Services
,
United
States
FedEx
Corp.
1.7%
Air
Freight
&
Logistics
,
United
States
Tapestry,
Inc.
1.6%
Textiles,
Apparel
&
Luxury
Goods
,
United
States
Adecco
Group
AG
1.5%
Professional
Services
,
Switzerland
Templeton
Global
Balanced
Fund
6
franklintempleton.com
Annual
Report
U.S.
multimedia
giant
Paramount
Global,
along
with
other
streaming
companies
and
content
producers
such
as
Walt
Disney,
came
under
pressure
after
rival
Netflix
(not
a
Fund
holding)
reported
worse-than-expected
user
growth,
raising
concerns
about
over-saturation
and
reduced
profitability
in
this
hyper-competitive
industry.
For
our
part,
we
continue
to
believe
that
the
highest
quality,
leading
content
libraries
in
the
space
will
not
only
survive,
but
also
thrive
over
time,
and
we
view
Paramount
as
one
of
the
best
in
the
business.
In
a
consolidating
industry
with
fierce
competition
for
expensive
and
difficult-to-produce
high
quality
content,
we
believe
Paramount
remains
well
positioned
and
attractively
valued.
Regionally,
stock
selection
and
an
underweight
in
the
U.S.
contributed
significantly
to
relative
performance
for
the
period.
Stock
selection
in
Asia,
primarily
China,
was
the
largest
detractor.
*Does
not
include
cash
and
cash
equivalents.
During
the
period,
the
fixed
income
portion
of
the
Fund’s
negative
absolute
performance
was
primarily
due
to
currency
positions,
followed
by
sovereign
credit
exposures.
Interest-rate
strategies
contributed
to
absolute
return.
Among
currencies,
positions
in
the
Russian
ruble
(for
part
of
the
year),
Ghanaian
cedi,
South
Korean
won,
Indonesian
rupiah,
Chinese
yuan,
Indian
rupee,
Colombian
peso
and
Argentine
peso
and
detracted
from
absolute
performance.
However,
the
Fund’s
tactical
positioning
in
the
Japanese
yen
and
position
in
the
Brazilian
real
were
positive
contributors
to
absolute
results.
The
Fund’s
position
in
sub-investment
grade
sovereign
debt
detracted
from
absolute
performance.
The
Fund’s
duration
exposures
in
Argentina,
Brazil
and
the
U.S.
contributed.
On
a
relative
basis,
during
the
period
under
review,
the
Fund’s
performance
fared
better
than
that
of
its
benchmark
index
primarily
due
to
interest-rate
strategies,
followed
by
overall
credit
exposures.
Currency
positions
detracted
from
relative
results.
The
Fund
maintained
duration
exposures
primarily
in
select
emerging
markets.
A
lack
of
duration
exposure
in
the
euro
area
contributed
to
relative
performance,
as
did
underweighted
duration
exposures
in
the
U.S.,
the
U.K.
and
Japan.
Overweighted
duration
exposures
in
Argentina
and
Brazil
also
contributed
to
relative
results.
Among
currencies,
tactical
positioning
in
the
Japanese
yen
contributed
to
relative
performance,
as
did
the
Fund’s
underweighted
exposure
to
the
euro
and
its
overweighted
position
in
the
Brazilian
real.
However,
overweighted
positions
in
the
Colombian
peso,
Argentine
peso,
Indonesian
rupiah,
South
Korean
won,
Indian
rupee
and
Ghanaian
cedi
detracted
from
relative
results,
as
did
the
Russian
ruble
for
part
of
the
period.
From
a
positioning
standpoint,
we
continued
to
maintain
low
portfolio
duration,
while
aiming
at
a
high
overall
portfolio
yield
by
holding
what
we
believe
to
be
compelling
risk-adjusted
yields
in
various
local-currency
bond
markets,
specifically
in
countries
with
resilient
economies
and
strong
trade
dynamics.
We
were
significantly
underweight
developed
market
duration
in
the
U.S.
and
the
euro
area
(less
so
later
in
the
year),
with
a
preference
for
the
higher
yields
available
in
select
emerging
market
local-currency
bonds.
At
the
beginning
of
the
period,
the
Fund
held
overweight
positions
in
specific
currencies
against
the
USD
and
the
euro.
In
Asia,
we
held
notable
exposures
to
the
South
Korean
won,
Chinese
yuan,
Indonesian
rupiah,
Indian
rupee
and
Singapore
dollar,
while
holding
an
underweight
in
the
Japanese
yen.
We
closed
our
exposure
to
the
Japanese
yen
in
March
2022,
primarily
due
to
expected
depreciation
pressures
on
the
currency
from
widening
rate
differentials
with
the
U.S.
During
the
third
quarter
2022,
after
it
had
subsequently
weakened
significantly,
we
re-established
a
position
in
the
Japanese
yen,
and
reduced
exposure
in
Chinese
yuan
and
Indonesian
rupiah.
We
closed
our
position
in
the
Singapore
dollar
and
added
a
new
position
in
Malaysian
ringgit.
We
exited
our
underweight
position
in
the
Australian
dollar
which
had
been
used
to
hedge
against
emerging
market
beta
risks,
as
we
anticipated
rising
commodity
prices
to
support
the
currency.
We
added
a
new
USD-denominated
sovereign
credit
exposure
in
Mongolia.
In
EMEA
(Europe,
Middle
East
and
Africa),
the
Fund
initially
held
overweight
positions
in
the
Norwegian
krone
and
the
Swedish
krona
against
the
euro.
We
exited
our
Russian
ruble
position
in
the
first
quarter
2022.
We
added
a
position
in
the
British
pound
against
the
euro
in
April
which
we
exited
in
the
fourth
quarter
2022.
We
closed
the
Swedish
krona
position.
We
reduced
our
short
in
the
euro
in
the
third
and
fourth
quarters,
given
that
the
currency
had
already
weakened
significantly.
We
added
a
new
position
in
Hungarian
forint.
We
reduced
our
Ghanaian
cedi
exposure.
Top
Five
Fixed
Income
Holdings
*
12/31/22
Issuer
%
of
Total
Net
Assets
a
a
Republic
of
Korea
8.1%
Republic
of
India
4.7%
Republic
of
Indonesia
4.3%
Republic
of
Colombia
3.5%
Federation
of
Malaysia
2.0%
Templeton
Global
Balanced
Fund
7
franklintempleton.com
Annual
Report
We
closed
our
local
currency
exposure
to
Egypt
and
added
a
new
USD-denominated
sovereign
credit
exposure
instead.
In
the
Americas,
we
started
the
period
holding
long
exposures
to
the
Brazilian
real,
Colombian
peso,
Chilean
peso
and
Argentine
peso
against
the
USD,
and
long
exposure
to
the
Canadian
dollar
against
the
euro.
We
closed
our
position
in
the
Argentine
peso
and
added
a
new
position
in
the
Mexican
peso.
We
added
to
and
extended
duration
in
our
Colombian
peso
position,
and
also
extended
duration
in
Brazil.
We
added
a
new
USD-denominated
sovereign
credit
exposure
in
the
Dominican
Republic.
During
the
period,
we
used
currency
forwards
and
currency
options
to
actively
manage
currency
exposures,
as
well
as
using
interest
rate
swaps
to
manage
duration
risk
and
to
hedge
duration
exposure
in
specific
sovereign
credit
positions.
The
portfolio
overall
remains
biased
toward
opportunities
outside
of
the
U.S.
given
extreme
valuation
and
interest-
rate
differentials.
Europe
has
been
an
area
of
opportunity,
with
Germany
specifically
representing
compelling
value
on
the
equity
side.
The
managers
are
also
finding
attractive
opportunities
in
Asia
across
equity
and
fixed
income
markets,
with
the
equity
manager
adding
to
Chinese
exposure
during
the
period.
Asia
is
still
projected
to
have
some
of
the
strongest
growth
rates
in
the
world
in
2022
and
2023
and
should
continue
to
benefit
from
the
reopening
that
began
in
2022,
which
will
underpin
domestic
demand
going
forward.
The
fixed
income
team
also
likes
Latin
America,
where
high
commodity
prices
remain
supportive
of
revenues
and
where
several
central
banks
have
been
aggressively
raising
interest
rates
to
confront
inflation,
support
their
currencies
and
maintain
policy
credibility.
Both
the
fixed
income
and
equity
managers
remain
short
duration
and
focused
on
increasing
yield
within
their
respective
asset
classes.
However,
given
the
sharp
adjustments
in
longer-
duration
assets
and
increased
risk
aversion
generally,
they
continue
to
look
for
opportunities
to
own
attractive
assets
that
have
become
oversold
in
the
recent
market
rotation.
Consequently,
the
managers
took
advantage
of
market
weakness
during
the
period
to
incrementally
add
economic
cyclicality
to
the
equity
portfolio.
Effective
August
2022,
Douglas
Grant
and
Derek
Taner
were
added
as
portfolio
managers,
replacing
Warren
Pustam
and
Herbert
J.
Arnett,
Jr.
Thank
you
for
your
continued
participation
in
Templeton
Global
Balanced
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Michael
Hasenstab,
Ph.D.
Douglas
Grant,
CFA
Derek
Taner,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
December
31,
2022,
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.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
December
31,
2022
Templeton
Global
Balanced
Fund
8
franklintempleton.com
Annual
Report
The
performance
table
and
graphs
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
12/31/2
2
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
1-Year
-14.28%
-19.04%
5-Year
-17.02%
-4.77%
10-Year
+11.69%
+0.53%
Advisor
1-Year
-14.32%
-14.32%
5-Year
-15.92%
-3.41%
10-Year
+14.41%
+1.36%
See
page
10
for
Performance
Summary
footnotes.
Templeton
Global
Balanced
Fund
Performance
Summary
9
franklintempleton.com
Annual
Report
See
page
10
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
indexes
include
reinvestment
of
any
income
or
distributions.
They
differ
from
the
Fund
in
composition
and
do
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
Class
A
(12/31/12–12/31/22)
Advisor
Class
(12/31/12–12/31/22)
Templeton
Global
Balanced
Fund
Performance
Summary
10
franklintempleton.com
Annual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Special
risks
are
associated
with
foreign
investing,
including
currency
fluctuations,
economic
instability
and
political
developments;
investments
in
emerging
markets
involve
heightened
risks
related
to
the
same
factors.
Stock
prices
fluctuate,
sometimes
rapidly
and
dramatically,
due
to
factors
affecting
individual
companies,
particular
industries
or
sectors,
or
general
market
conditions.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
the
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
The
risks
associated
with
higher
yielding,
lower-rated
debt
securities
include
higher
risk
of
default
and
loss
of
principal.
The
markets
for
a
particular
security
or
instrument
or
type
of
security
or
instrument
are
or
may
become
relatively
illiquid.
Reduced
liquidity
will
have
an
adverse
impact
on
the
security’s
value
and
on
the
Fund’s
ability
to
sell
such
securities
or
instruments
when
necessary
to
meet
the
Fund’s
liquidity
needs
or
in
response
to
a
specific
market
event.
The
Fund’s
investment
in
derivative
securities,
such
as
swaps,
financial
futures
and
option
contracts,
and
use
of
foreign
currency
techniques
involve
special
risks
as
such
may
not
achieve
the
anticipated
benefits
and/or
may
result
in
losses
to
the
Fund.
The
manager’s
portfolio
selection
strategy
is
not
solely
based
on
ESG
consider-
ations,
and
therefore
the
issuers
in
which
the
Fund
invests
may
not
be
considered
ESG-focused
companies.
Integrating
ESG
considerations
into
the
investment
process
is
not
a
guarantee
that
better
performance
will
be
achieved.
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.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
4/30/23
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Source:
FactSet.
The
MSCI
ACWI
is
a
free
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
equity
market
performance
of
global
developed
and
emerging
markets.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
The
Bloomberg
Multiverse
Index
provides
a
broad-based
measure
of
the
global
fixed
income
bond
market.
The
index
represents
the
union
of
the
Global
Aggregate
Index,
the
Global
High-Yield
Index
and
the
Euro
Treasury
High
Yield
Index
and
captures
emerging
market
local
currency
debt
not
already
included
in
the
Global
Aggregate
Index.
The
Fund’s
Blended
Benchmark
was
calculated
internally
and
was
composed
of
50%
for
the
MSCI
ACWI-NR
and
50%
for
the
Bloomberg
Multiverse
Index.
6.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(1/1/22–12/31/22)
Share
Class
Tax
Return
of
Capital
A
$0.0725
A1
$0.0725
C
$0.0526
C1
$0.0620
R
$0.0660
R6
$0.0812
Advisor
$0.0785
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.21%
1.31%
Advisor
0.96%
1.06%
Your
Fund’s
Expenses
Templeton
Global
Balanced
Fund
11
franklintempleton.com
Annual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
184/365
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
7/1/22
Ending
Account
Value
12/31/22
Expenses
Paid
During
Period
7/1/22–12/31/
22
1,2
Ending
Account
Value
12/31/22
Expenses
Paid
During
Period
7/1/22–12/31/22
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,009.90
$6.07
$1,019.17
$6.09
1.20%
A1
$1,000
$1,009.90
$6.05
$1,019.19
$6.07
1.19%
C
$1,000
$1,010.10
$9.90
$1,015.36
$9.92
1.95%
C1
$1,000
$1,007.50
$8.10
$1,017.13
$8.14
1.60%
R
$1,000
$1,008.30
$7.36
$1,017.87
$7.40
1.45%
R6
$1,000
$1,011.70
$4.41
$1,020.82
$4.43
0.87%
Advisor
$1,000
$1,011.10
$4.81
$1,020.42
$4.83
0.95%
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$2.72
$2.82
$2.84
$2.77
$3.17
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.07
0.05
0.07
0.11
0.10
Net
realized
and
unrealized
gains
(losses)
...........
(0.46)
(0.09)
(0.04)
0.08
(0.38)
Total
from
investment
operations
....................
(0.39)
(0.04)
0.03
0.19
(0.28)
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.05)
(0.12)
(0.12)
Tax
return
of
capital
............................
(0.07)
(0.06)
—
—
—
Total
distributions
...............................
(0.07)
(0.06)
(0.05)
(0.12)
(0.12)
Net
asset
value,
end
of
year
.......................
$2.26
$2.72
$2.82
$2.84
$2.77
Total
return
d
...................................
(14.28)%
(1.54)%
1.49%
6.96%
(9.44)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.32%
1.30%
1.30%
1.22%
1.19%
Expenses
net
of
waiver
and
payments
by
affiliates
e
......
1.20%
1.20%
1.26%
1.19%
1.16%
Net
investment
income
...........................
2.80%
1.89%
2.85%
3.81%
3.17%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$210,786
$302,724
$354,879
$465,915
$557,604
Portfolio
turnover
rate
............................
56.93%
52.63%
74.03%
26.62%
45.92%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$2.73
$2.83
$2.84
$2.77
$3.18
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.07
0.05
0.07
0.11
0.10
Net
realized
and
unrealized
gains
(losses)
...........
(0.46)
(0.09)
(0.03)
0.08
(0.39)
Total
from
investment
operations
....................
(0.39)
(0.04)
0.04
0.19
(0.29)
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.05)
(0.12)
(0.12)
Tax
return
of
capital
............................
(0.07)
(0.06)
—
—
—
Total
distributions
...............................
(0.07)
(0.06)
(0.05)
(0.12)
(0.12)
Net
asset
value,
end
of
year
.......................
$2.27
$2.73
$2.83
$2.84
$2.77
Total
return
d
...................................
(14.21)%
(1.53)%
1.49%
7.33%
(9.45)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.32%
1.30%
1.30%
1.22%
1.19%
Expenses
net
of
waiver
and
payments
by
affiliates
e
......
1.20%
1.20%
1.26%
1.19%
1.16%
Net
investment
income
...........................
2.80%
1.89%
2.86%
3.81%
3.17%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$108,558
$165,287
$198,816
$252,990
$285,358
Portfolio
turnover
rate
............................
56.93%
52.63%
74.03%
26.62%
45.92%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$2.71
$2.81
$2.82
$2.75
$3.16
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.05
0.03
0.05
0.09
0.08
Net
realized
and
unrealized
gains
(losses)
...........
(0.45)
(0.10)
(0.03)
0.08
(0.40)
Total
from
investment
operations
....................
(0.40)
(0.07)
0.02
0.17
(0.32)
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.03)
(0.10)
(0.09)
Tax
return
of
capital
............................
(0.05)
(0.03)
—
—
—
Total
distributions
...............................
(0.05)
(0.03)
(0.03)
(0.10)
(0.09)
Net
asset
value,
end
of
year
.......................
$2.26
$2.71
$2.81
$2.82
$2.75
Total
return
d
...................................
(14.68)%
(2.37)%
0.68%
6.55%
(10.23)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
2.08%
2.04%
2.04%
1.97%
1.94%
Expenses
net
of
waiver
and
payments
by
affiliates
e
......
1.95%
1.95%
2.00%
1.94%
1.91%
Net
investment
income
...........................
2.02%
1.12%
2.02%
3.06%
2.42%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$18,904
$39,982
$83,658
$139,231
$203,587
Portfolio
turnover
rate
............................
56.93%
52.63%
74.03%
26.62%
45.92%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
C1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$2.73
$2.83
$2.84
$2.77
$3.17
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.06
0.04
0.06
0.10
0.09
Net
realized
and
unrealized
gains
(losses)
...........
(0.46)
(0.10)
(0.03)
0.08
(0.39)
Total
from
investment
operations
....................
(0.40)
(0.06)
0.03
0.18
(0.30)
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.04)
(0.11)
(0.10)
Tax
return
of
capital
............................
(0.06)
(0.04)
—
—
—
Total
distributions
...............................
(0.06)
(0.04)
(0.04)
(0.11)
(0.10)
Net
asset
value,
end
of
year
.......................
$2.27
$2.73
$2.83
$2.84
$2.77
Total
return
d
...................................
(14.61)%
(2.06)%
1.01%
6.82%
(9.88)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.72%
1.68%
1.70%
1.62%
1.59%
Expenses
net
of
waiver
and
payments
by
affiliates
e
......
1.60%
1.60%
1.66%
1.59%
1.56%
Net
investment
income
...........................
2.39%
1.46%
2.32%
3.41%
2.77%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$1,876
$3,535
$13,050
$27,765
$62,418
Portfolio
turnover
rate
............................
56.93%
52.63%
74.03%
26.62%
45.92%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$2.74
$2.84
$2.85
$2.78
$3.18
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.06
0.05
0.07
0.10
0.09
Net
realized
and
unrealized
gains
(losses)
...........
(0.46)
(0.10)
(0.03)
0.08
(0.38)
Total
from
investment
operations
....................
(0.40)
(0.05)
0.04
0.18
(0.29)
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.05)
(0.11)
(0.11)
Tax
return
of
capital
............................
(0.07)
(0.05)
—
—
—
Total
distributions
...............................
(0.07)
(0.05)
(0.05)
(0.11)
(0.11)
Net
asset
value,
end
of
year
.......................
$2.27
$2.74
$2.84
$2.85
$2.78
Total
return
....................................
(14.77)%
(1.77)%
1.68%
6.66%
(9.67)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.58%
1.53%
1.43%
1.47%
1.44%
Expenses
net
of
waiver
and
payments
by
affiliates
d
......
1.45%
1.44%
1.40%
1.44%
1.41%
Net
investment
income
...........................
2.58%
1.66%
2.63%
3.56%
2.92%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$596
$1,206
$1,591
$2,348
$2,778
Portfolio
turnover
rate
............................
56.93%
52.63%
74.03%
26.62%
45.92%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
06/
a
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$2.73
$2.83
$2.85
$2.78
$3.18
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.07
0.06
0.08
0.12
0.11
Net
realized
and
unrealized
gains
(losses)
...........
(0.45)
(0.09)
(0.04)
0.08
(0.38)
Total
from
investment
operations
....................
(0.38)
(0.03)
0.04
0.20
(0.27)
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.06)
(0.13)
(0.13)
Tax
return
of
capital
............................
(0.08)
(0.07)
—
—
—
Total
distributions
...............................
(0.08)
(0.07)
(0.06)
(0.13)
(0.13)
Net
asset
value,
end
of
year
.......................
$2.27
$2.73
$2.83
$2.85
$2.78
Total
return
....................................
(13.90)%
(1.19)%
1.87%
7.32%
(9.09)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.98%
1.01%
0.99%
0.92%
0.89%
Expenses
net
of
waiver
and
payments
by
affiliates
d
......
0.90%
0.86%
0.90%
0.84%
0.82%
Net
investment
income
...........................
3.10%
2.23%
3.18%
4.16%
3.51%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$2,388
$3,227
$4,624
$6,080
$7,933
Portfolio
turnover
rate
............................
56.93%
52.63%
74.03%
26.62%
45.92%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Financial
Highlights
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
Year
Ended
December
31,
2022
2021*
2020
a
2019
a
2018
a
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$2.74
$2.84
$2.85
$2.78
$3.19
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.07
0.06
0.08
0.12
0.11
Net
realized
and
unrealized
gains
(losses)
...........
(0.46)
(0.09)
(0.03)
0.08
(0.39)
Total
from
investment
operations
....................
(0.39)
(0.03)
0.05
0.20
(0.28)
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.06)
(0.13)
(0.13)
Tax
return
of
capital
............................
(0.08)
(0.07)
—
—
—
Total
distributions
...............................
(0.08)
(0.07)
(0.06)
(0.13)
(0.13)
Net
asset
value,
end
of
year
.......................
$2.27
$2.74
$2.84
$2.85
$2.78
Total
return
....................................
(14.32)%
(1.28)%
1.75%
7.57%
(9.19)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.07%
1.05%
1.04%
0.97%
0.94%
Expenses
net
of
waiver
and
payments
by
affiliates
d
......
0.95%
0.95%
1.00%
0.94%
0.91%
Net
investment
income
...........................
3.04%
2.14%
3.00%
4.06%
3.42%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$32,777
$57,537
$77,426
$141,277
$207,346
Portfolio
turnover
rate
............................
56.93%
52.63%
74.03%
26.62%
45.92%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned,
adjustments
to
interest
income
for
the
inflation-indexed
bonds,
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Investment
Trust
Schedule
of
Investments,
December
31,
2022
Templeton
Global
Balanced
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
48.6%
China
3.4%
a
Alibaba
Group
Holding
Ltd.
.........
Internet
&
Direct
Marketing
Retail
410,400
$
4,503,341
Lenovo
Group
Ltd.
...............
Technology
Hardware,
Storage
&
Peripherals
4,316,000
3,515,417
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
14,490
2,289,855
Prosus
NV
.....................
Internet
&
Direct
Marketing
Retail
33,564
2,317,266
12,625,879
France
1.5%
Danone
SA
.....................
Food
Products
103,229
5,440,506
Germany
7.6%
adidas
AG
......................
Textiles,
Apparel
&
Luxury
Goods
25,648
3,475,820
Bayer
AG
......................
Pharmaceuticals
97,367
5,011,255
Bayerische
Motoren
Werke
AG
......
Automobiles
29,872
2,644,596
Continental
AG
..................
Auto
Components
46,563
2,775,704
Deutsche
Telekom
AG
.............
Diversified
Telecommunication
Services
177,010
3,521,730
Fresenius
Medical
Care
AG
&
Co.
KGaA
Health
Care
Providers
&
Services
125,333
4,093,504
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
74,606
2,267,314
Siemens
AG
....................
Industrial
Conglomerates
35,843
4,940,774
28,730,697
Hong
Kong
1.9%
AIA
Group
Ltd.
..................
Insurance
319,600
3,529,513
Prudential
plc,
(GBP
Traded)
........
Insurance
246,909
3,366,538
Prudential
plc,
(HKD
Traded)
........
Insurance
26,600
371,706
7,267,757
Hungary
0.8%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
132,412
2,939,353
Japan
1.9%
Hitachi
Ltd.
.....................
Industrial
Conglomerates
42,000
2,112,559
Honda
Motor
Co.
Ltd.
.............
Automobiles
124,600
2,841,028
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
58,100
2,336,704
7,290,291
Netherlands
2.3%
SBM
Offshore
NV
................
Energy
Equipment
&
Services
231,480
3,641,666
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
181,345
5,142,230
8,783,896
South
Africa
0.0%
a,b,c
K2016470219
South
Africa
Ltd.,
A
....
Multiline
Retail
32,900,733
—
a,b,c
K2016470219
South
Africa
Ltd.,
B
....
Multiline
Retail
4,646,498
—
—
South
Korea
1.4%
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
115,925
5,109,721
Switzerland
1.5%
Adecco
Group
AG
................
Professional
Services
175,731
5,780,334
Taiwan
1.2%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
317,300
4,608,970
United
Kingdom
3.5%
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
679,989
3,923,334
CK
Hutchison
Holdings
Ltd.
.........
Industrial
Conglomerates
454,000
2,719,882
Imperial
Brands
plc
...............
Tobacco
139,581
3,476,978
Templeton
Global
Investment
Trust
Schedule
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
Kingdom
(continued)
Unilever
plc
.....................
Personal
Products
59,351
$
2,996,380
13,116,574
United
States
21.6%
a
Alphabet,
Inc.,
A
.................
Interactive
Media
&
Services
46,214
4,077,461
American
Express
Co.
............
Consumer
Finance
19,614
2,897,969
Bath
&
Body
Works,
Inc.
...........
Specialty
Retail
35,164
1,481,811
Cardinal
Health,
Inc.
..............
Health
Care
Providers
&
Services
25,144
1,932,819
Citigroup,
Inc.
...................
Banks
96,300
4,355,649
Comcast
Corp.,
A
................
Media
109,756
3,838,167
DuPont
de
Nemours,
Inc.
..........
Chemicals
121,162
8,315,348
a
DXC
Technology
Co.
..............
IT
Services
90,635
2,401,827
FedEx
Corp.
....................
Air
Freight
&
Logistics
36,849
6,382,247
Fidelity
National
Information
Services,
Inc.
.........................
IT
Services
95,681
6,491,956
HCA
Healthcare,
Inc.
..............
Health
Care
Providers
&
Services
12,200
2,927,512
International
Paper
Co.
............
Containers
&
Packaging
54,778
1,896,962
LyondellBasell
Industries
NV,
A
......
Chemicals
31,847
2,644,256
Medtronic
plc
...................
Health
Care
Equipment
&
Supplies
40,900
3,178,748
a
NCR
Corp.
.....................
Software
223,211
5,225,370
Paramount
Global,
B
..............
Media
280,868
4,741,052
Stanley
Black
&
Decker,
Inc.
........
Machinery
47,190
3,544,913
Tapestry,
Inc.
...................
Textiles,
Apparel
&
Luxury
Goods
156,030
5,941,622
Wells
Fargo
&
Co.
................
Banks
111,860
4,618,699
Westinghouse
Air
Brake
Technologies
Corp.
........................
Machinery
22,012
2,197,018
Zimmer
Biomet
Holdings,
Inc.
.......
Health
Care
Equipment
&
Supplies
15,609
1,990,148
81,081,554
Total
Common
Stocks
(Cost
$191,597,727)
.....................................
182,775,532
Principal
Amount
*
a
a
a
a
a
Corporate
Bonds
0.0%
South
Africa
0.0%
b,d,e
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note,
144A,
PIK,
3%,
1/06/23
......................
Multiline
Retail
2,851,217
—
Senior
Secured
Note,
144A,
PIK,
8%,
1/06/23
......................
Multiline
Retail
2,929,327
EUR
—
b,d,e
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
1/06/23
......................
Multiline
Retail
1,782,466
—
—
Total
Corporate
Bonds
(Cost
$4,389,520)
.......................................
—
a
a
Industry
Principal
Amount
*
a
Value
Foreign
Government
and
Agency
Securities
34.6%
Brazil
1.9%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/25
..................
3,230,000
BRL
585,302
10%,
1/01/27
..................
28,870,000
BRL
5,056,255
Templeton
Global
Investment
Trust
Schedule
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Brazil
(continued)
Brazil
Notas
do
Tesouro
Nacional,
(continued)
10%,
1/01/31
..................
8,880,000
BRL
$
1,471,869
7,113,426
Chile
0.5%
Chile
Bonos
Tesoreria
Pesos,
2.5%,
3/01/25
......................
1,710,000,000
CLP
1,882,314
Colombia
3.5%
Colombia
Government
Bond
,
Senior
Bond,
4.375%,
3/21/23
.....
52,000,000
COP
10,538
Senior
Bond,
9.85%,
6/28/27
......
83,000,000
COP
15,162
Colombia
Titulos
de
Tesoreria
,
B,
10%,
7/24/24
................
1,615,000,000
COP
324,617
B,
6.25%,
11/26/25
..............
11,079,000,000
COP
1,958,543
B,
7.5%,
8/26/26
...............
41,638,500,000
COP
7,349,222
B,
5.75%,
11/03/27
..............
7,652,000,000
COP
1,197,266
B,
6%,
4/28/28
.................
3,265,000,000
COP
504,028
B,
7.75%,
9/18/30
..............
4,739,000,000
COP
736,994
f
B,
7%,
3/26/31
.................
1,931,200,000
COP
282,150
B,
7%,
6/30/32
.................
4,490,000,000
COP
631,913
B,
6.25%,
7/09/36
..............
1,017,000,000
COP
121,317
13,131,750
Dominican
Republic
1.1%
e
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
5.3%,
1/21/41
..
2,030,000
1,574,008
Senior
Bond,
144A,
6.4%,
6/05/49
..
760,000
617,294
Senior
Bond,
144A,
5.875%,
1/30/60
2,634,000
1,941,706
4,133,008
Ecuador
1.3%
e
Ecuador
Government
Bond
,
Senior
Bond,
144A,
2.5%,
7/31/35
..
6,275,000
2,918,868
Senior
Bond,
144A,
1.5%,
7/31/40
..
599,000
246,687
Senior
Note,
144A,
5.5%,
7/31/30
..
2,460,000
1,592,903
4,758,458
Egypt
1.6%
e
Egypt
Government
Bond
,
Senior
Bond,
144A,
7.625%,
5/29/32
710,000
527,866
Senior
Bond,
144A,
7.3%,
9/30/33
..
1,620,000
1,154,218
Senior
Bond,
144A,
8.5%,
1/31/47
..
2,840,000
1,901,795
Senior
Bond,
144A,
7.903%,
2/21/48
240,000
152,522
Senior
Bond,
144A,
8.7%,
3/01/49
..
200,000
134,091
Senior
Bond,
144A,
8.875%,
5/29/50
780,000
530,104
Senior
Bond,
144A,
8.75%,
9/30/51
.
2,210,000
1,492,192
Senior
Bond,
144A,
7.5%,
2/16/61
..
510,000
316,659
6,209,447
El
Salvador
0.0%
†
e
El
Salvador
Government
Bond,
Senior
Bond,
144A,
7.65%,
6/15/35
.......
100,000
40,749
Templeton
Global
Investment
Trust
Schedule
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Ghana
0.8%
Ghana
Government
Bond
,
18.85%,
9/28/23
................
1,750,000
GHS
$
154,019
19.25%,
12/18/23
...............
580,000
GHS
49,301
19.75%,
3/25/24
................
6,470,000
GHS
526,645
18.3%,
3/02/26
................
105,000
GHS
6,190
19%,
11/02/26
.................
25,220,000
GHS
1,406,582
19.75%,
3/15/32
................
18,450,000
GHS
782,505
Senior
Note,
18.5%,
1/02/23
......
390,000
GHS
39,039
Senior
Note,
20.75%,
1/16/23
......
640,000
GHS
64,036
Senior
Note,
17.6%,
2/20/23
......
50,000
GHS
4,903
Senior
Note,
17.25%,
7/31/23
......
1,420,000
GHS
127,778
3,160,998
Hungary
1.4%
Hungary
Government
Bond
,
1%,
11/26/25
..................
1,242,000,000
HUF
2,549,602
f
4.75%,
11/24/32
................
1,491,100,000
HUF
2,900,354
5,449,956
India
4.7%
India
Government
Bond
,
7.16%,
5/20/23
................
83,000,000
INR
1,005,094
8.2%,
9/24/25
.................
289,100,000
INR
3,581,235
7.59%,
1/11/26
.................
369,200,000
INR
4,515,917
7.27%,
4/08/26
................
280,500,000
INR
3,400,666
7.26%,
1/14/29
................
227,500,000
INR
2,746,953
Senior
Note,
5.22%,
6/15/25
......
93,000,000
INR
1,078,647
Senior
Note,
5.15%,
11/09/25
......
115,000,000
INR
1,320,052
17,648,564
Indonesia
4.3%
Indonesia
Government
Bond
,
FR46,
9.5%,
7/15/23
............
31,979,000,000
IDR
2,101,582
FR70,
8.375%,
3/15/24
..........
44,628,000,000
IDR
2,962,340
FR81,
6.5%,
6/15/25
............
50,707,000,000
IDR
3,289,721
FR86,
5.5%,
4/15/26
............
123,927,000,000
IDR
7,809,371
16,163,014
Malaysia
2.0%
Malaysia
Government
Bond
,
3.882%,
3/14/25
................
3,950,000
MYR
900,923
3.955%,
9/15/25
................
8,870,000
MYR
2,024,036
3.899%,
11/16/27
...............
19,400,000
MYR
4,412,456
7,337,415
Mexico
0.9%
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
7.5%,
5/26/33
...............
60,600,000
MXN
2,781,779
M
20,
Senior
Bond,
8.5%,
5/31/29
..
13,800,000
MXN
689,244
3,471,023
Mongolia
0.6%
e
Mongolia
Government
Bond
,
Senior
Bond,
144A,
4.45%,
7/07/31
.
1,450,000
1,131,316
Senior
Note,
144A,
5.125%,
4/07/26
.
200,000
173,015
Templeton
Global
Investment
Trust
Schedule
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
23
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Mongolia
(continued)
e
Mongolia
Government
Bond,
(continued)
Senior
Note,
144A,
3.5%,
7/07/27
..
1,000,000
$
807,607
2,111,938
South
Korea
8.1%
Korea
Treasury
Bonds
,
2.25%,
9/10/23
................
876,000,000
KRW
688,679
3.375%,
9/10/23
................
643,000,000
KRW
509,346
0.875%,
12/10/23
...............
3,549,000,000
KRW
2,743,603
1.875%,
3/10/24
................
2,205,000,000
KRW
1,713,821
1.375%,
9/10/24
................
5,035,400,000
KRW
3,845,678
3%,
9/10/24
...................
745,000,000
KRW
584,527
2.375%,
3/10/27
................
14,740,000,000
KRW
11,072,898
Senior
Note,
1.125%,
6/10/24
......
12,125,400,000
KRW
9,282,673
30,441,225
Sri
Lanka
0.3%
e,g
Sri
Lanka
Government
Bond
,
Senior
Bond,
144A,
6.85%,
11/03/25
600,000
193,556
Senior
Bond,
144A,
6.2%,
5/11/27
..
1,600,000
510,528
Senior
Bond,
144A,
6.75%,
4/18/28
.
200,000
64,050
Senior
Bond,
144A,
7.85%,
3/14/29
.
200,000
64,050
Senior
Note,
144A,
5.75%,
4/18/23
..
200,000
63,491
Senior
Note,
144A,
6.35%,
6/28/24
..
400,000
127,499
1,023,174
Thailand
1.6%
Thailand
Government
Bond
,
0.75%,
9/17/24
................
54,930,000
THB
1,567,692
1%,
6/17/27
...................
119,490,000
THB
3,315,208
Senior
Note,
0.66%,
11/22/23
......
35,490,000
THB
1,019,211
5,902,111
Total
Foreign
Government
and
Agency
Securities
(Cost
$158,230,814)
............
129,978,570
U.S.
Government
and
Agency
Securities
1.0%
United
States
1.0%
U.S.
Treasury
Notes,
1.75%,
12/31/24
.
3,955,000
3,754,778
Total
U.S.
Government
and
Agency
Securities
(Cost
$3,760,460)
..................
3,754,778
Shares
Escrows
and
Litigation
Trusts
0.0%
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
......................
168,113
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$357,978,521)
...............................
316,508,880
Templeton
Global
Investment
Trust
Schedule
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Short
Term
Investments
12.3%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
9.8%
Brazil
4.8%
h
Brazil
Letras
do
Tesouro
Nacional
,
1/01/23
......................
12,835,000
BRL
$
2,426,577
1/01/24
......................
11,220,000
BRL
1,873,570
7/01/24
......................
32,590,000
BRL
5,142,039
1/01/25
......................
57,070,000
BRL
8,503,315
17,945,501
Japan
5.0%
h
Japan
Treasury
Bills
,
1/25/23
......................
353,000,000
JPY
2,689,105
2/27/23
......................
519,800,000
JPY
3,960,450
4/10/23
......................
80,900,000
JPY
616,504
5/10/23
......................
520,000,000
JPY
3,963,021
9/20/23
......................
901,200,000
JPY
6,869,338
10/20/23
.....................
108,700,000
JPY
828,559
18,926,977
Total
Foreign
Government
and
Agency
Securities
(Cost
$36,774,105)
..............
36,872,478
Shares
Money
Market
Funds
2.5%
United
States
2.5%
i,j
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
.........
9,495,771
9,495,771
Total
Money
Market
Funds
(Cost
$9,495,771)
...................................
9,495,771
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$46,269,876
)
................................
46,368,249
a
a
a
Total
Investments
(Cost
$404,248,397)
96.5%
...................................
$362,877,129
Other
Assets,
less
Liabilities
3.5%
.............................................
13,006,268
Net
Assets
100.0%
...........................................................
$375,883,397
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
14
regarding
fair
value
measurements.
c
See
Note
11
regarding
restricted
securities.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2022,
the
aggregate
value
of
these
securities
was
$18,276,774,
representing
4.9%
of
net
assets.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
g
See
Note
7
regarding
credit
risk
and
defaulted
securities.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
i
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Global
Investment
Trust
Schedule
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
25
At
December
31,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1
(
d
).
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Chinese
Yuan
......
CITI
Buy
19,903,590
2,969,666
1/11/23
$
—
$
(92,038)
Indian
Rupee
......
HSBK
Buy
133,568,000
1,657,912
1/11/23
—
(44,287)
Indian
Rupee
......
HSBK
Sell
3,000,000
37,218
1/11/23
975
—
Euro
.............
DBAB
Sell
1,171,479
12,471,100
SEK
1/19/23
—
(59,211)
Swedish
Krona
.....
DBAB
Sell
12,471,100
1,180,001
EUR
1/19/23
68,343
—
Chilean
Peso
......
GSCO
Buy
769,260,000
799,647
1/20/23
105,211
—
Chilean
Peso
......
JPHQ
Buy
764,848,911
775,119
1/24/23
124,047
—
Euro
.............
BZWS
Buy
614,000
640,354
1/25/23
17,920
—
Euro
.............
BZWS
Sell
614,000
608,891
1/25/23
—
(49,383)
Euro
.............
DBAB
Buy
5,562,000
5,803,895
1/25/23
159,170
—
Euro
.............
DBAB
Sell
5,562,000
5,944,046
1/25/23
110,167
(129,184)
Canadian
Dollar
....
JPHQ
Buy
2,771,610
2,075,012
1/26/23
—
(27,755)
Canadian
Dollar
....
JPHQ
Sell
2,771,610
2,003,632
EUR
1/26/23
101,016
—
Euro
.............
JPHQ
Sell
2,079,961
2,771,610
CAD
1/26/23
—
(182,855)
Euro
.............
MSCO
Sell
12,916,593
134,459,800
NOK
1/27/23
—
(112,318)
Canadian
Dollar
....
HSBK
Buy
21,710,000
16,200,386
2/03/23
—
(163,452)
Canadian
Dollar
....
HSBK
Sell
21,710,000
15,495,457
EUR
2/03/23
587,210
—
Euro
.............
HSBK
Sell
17,508,444
23,183,018
CAD
2/03/23
—
(1,658,721)
Chilean
Peso
......
JPHQ
Buy
1,262,000,000
1,409,347
2/09/23
70,826
—
Chilean
Peso
......
JPHQ
Buy
764,851,089
889,000
2/15/23
7,243
—
Chilean
Peso
......
GSCO
Buy
2,000,142,166
2,188,818
2/21/23
152,738
—
Chilean
Peso
......
MSCO
Buy
1,449,610,000
1,584,014
2/21/23
113,038
—
Japanese
Yen
......
BOFA
Buy
482,398,360
3,491,845
2/22/23
207,319
—
South
Korean
Won
..
MSCO
Buy
9,359,000,000
7,007,075
2/22/23
432,104
—
Chilean
Peso
......
GSCO
Buy
523,350,000
619,642
3/07/23
—
(8,320)
Chinese
Yuan
......
BOFA
Buy
23,581,730
3,420,120
3/07/23
4,057
—
Chilean
Peso
......
GSCO
Buy
2,600,808,508
2,897,837
3/15/23
135,819
—
Chinese
Yuan
......
HSBK
Buy
13,450,930
1,888,698
3/15/23
65,595
—
Chinese
Yuan
......
JPHQ
Buy
11,668,020
1,690,650
3/15/23
4,603
—
Euro
.............
DBAB
Sell
3,915,877
40,861,000
NOK
3/15/23
—
(28,729)
Japanese
Yen
......
BNDP
Buy
239,887,530
1,712,136
3/15/23
132,628
—
Japanese
Yen
......
BOFA
Buy
853,112,100
6,091,156
3/15/23
469,377
—
Japanese
Yen
......
JPHQ
Buy
251,863,750
1,797,666
3/15/23
139,196
—
South
Korean
Won
..
HSBK
Buy
6,929,000,000
5,015,272
3/15/23
495,929
—
Thai
Baht
.........
DBAB
Buy
130,900,000
3,618,271
3/15/23
200,772
—
Euro
.............
BZWS
Buy
1,316,000
1,386,028
4/25/23
33,318
—
Euro
.............
BZWS
Sell
1,316,000
1,461,675
4/25/23
42,328
—
Euro
.............
DBAB
Buy
3,667,000
3,871,411
4/25/23
83,561
—
Euro
.............
DBAB
Sell
3,667,000
3,655,904
4/25/23
—
(299,069)
Euro
.............
HSBK
Sell
2,325,837
3,164,673
CAD
5/03/23
—
(169,640)
Euro
.............
JPHQ
Buy
669,000
708,383
5/03/23
13,494
—
Euro
.............
JPHQ
Sell
669,000
670,606
5/03/23
—
(51,270)
Euro
.............
JPHQ
Sell
6,610,282
8,994,015
CAD
5/03/23
—
(482,379)
Chinese
Yuan
......
CITI
Buy
30,403,810
4,417,810
6/07/23
27,630
—
Japanese
Yen
......
DBAB
Buy
1,110,438,260
8,278,827
6/15/23
375,828
—
Chilean
Peso
......
GSCO
Buy
1,058,979,026
1,059,925
7/26/23
153,653
—
Mexican
Peso
......
MSCO
Buy
2,467,000
119,375
8/04/23
2,281
—
Mexican
Peso
......
MSCO
Sell
2,467,000
111,654
8/04/23
—
(10,002)
Mexican
Peso
......
CITI
Buy
6,638,000
316,630
10/23/23
6,040
—
Mexican
Peso
......
CITI
Sell
6,638,000
288,992
10/23/23
—
(33,679)
Mexican
Peso
......
MSCO
Buy
7,426,000
326,882
9/03/24
17,802
—
Templeton
Global
Investment
Trust
Schedule
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
At
December
31,
2022,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1
(
d
).
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Mexican
Peso
......
MSCO
Sell
7,426,000
315,711
9/03/24
$
—
$
(28,973)
Total
Forward
Exchange
Contracts
...................................................
$4,661,238
$(3,631,265)
Net
unrealized
appreciation
(depreciation)
............................................
$1,029,973
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
4.422%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
12/14/24
9,980,000
$
(13,741)
$
—
$
(13,741)
Receive
Fixed
4.416%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
1/03/25
9,980,000
(8,214)
—
(8,214)
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
1.762%
...
Annual
3/15/27
3,000,000
245,672
—
245,672
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
1.811%
...
Annual
3/15/32
1,600,000
220,568
—
220,568
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.176%
...
Annual
3/28/32
890,000
95,964
—
95,964
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.257%
...
Annual
3/30/32
890,000
89,729
—
89,729
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.253%
...
Annual
3/31/32
890,000
92,618
—
92,618
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.418%
...
Annual
4/11/32
1,200,000
105,781
—
105,781
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.463%
...
Annual
4/18/32
580,000
49,195
—
49,195
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.541%
...
Annual
4/19/32
310,000
24,245
—
24,245
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.549%
...
Annual
4/19/32
770,000
59,695
—
59,695
Templeton
Global
Investment
Trust
Schedule
of
Investments
Templeton
Global
Balanced
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
27
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount*
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.67%
....
Annual
4/21/32
760,000
$
51,188
$
—
$
51,188
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.645%
...
Annual
5/16/32
225,000
16,098
—
16,098
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.741%
...
Annual
5/19/32
725,000
45,993
—
45,993
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.662%
...
Annual
6/02/32
948,000
70,449
—
70,449
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.989%
...
Annual
6/30/32
742,000
36,201
—
36,201
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.612%
...
Annual
7/07/32
735,000
56,955
—
56,955
Total
Interest
Rate
Swap
Contracts
...............................
$1,238,396
$
—
$1,238,396
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Note
12
regarding
other
derivative
information.
See
Abbreviations
on
page
49
.
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
December
31,
2022
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Templeton
Global
Balanced
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$394,752,626
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
9,495,771
Value
-
Unaffiliated
issuers
..................................................................
$353,381,358
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
9,495,771
Cash
....................................................................................
190,910
Restricted
cash
for
OTC
derivative
contracts
(Note
1
e
)
...............................................
1,250,000
Foreign
currency,
at
value
(cost
$134,491)
........................................................
134,899
Receivables:
Investment
securities
sold
...................................................................
5,120,860
Capital
shares
sold
........................................................................
11,649
Dividends
and
interest
.....................................................................
3,232,895
European
Union
tax
reclaims
(Note
1
g
)
.........................................................
6,554,262
Deposits
with
brokers
for:
OTC
derivative
contracts
..................................................................
1,530,000
Centrally
cleared
swap
contracts
............................................................
391,346
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
34,651
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
4,661,238
Deferred
tax
benefit
.........................................................................
111,553
Total
assets
..........................................................................
386,101,392
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
617,549
Capital
shares
redeemed
...................................................................
1,289,254
Management
fees
.........................................................................
226,823
Distribution
fees
..........................................................................
86,526
Transfer
agent
fees
........................................................................
133,353
Trustees'
fees
and
expenses
.................................................................
1,792
IRS
closing
agreement
payments
for
European
Union
tax
reclaims
(Note
1
g
)
.............................
2,667,635
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
1,250,000
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
3,631,265
Deferred
tax
...............................................................................
2,508
Accrued
expenses
and
other
liabilities
...........................................................
311,290
Total
liabilities
.........................................................................
10,217,995
Net
assets,
at
value
.................................................................
$375,883,397
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$571,983,537
Total
distributable
earnings
(losses)
.............................................................
(196,100,140)
Net
assets,
at
value
.................................................................
$375,883,397
Templeton
Global
Investment
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
29
Templeton
Global
Balanced
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$210,785,593
Shares
outstanding
........................................................................
93,171,464
Net
asset
value
per
share
a
..................................................................
$2.26
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
................................
$2.39
Class
A1:
Net
assets,
at
value
.......................................................................
$108,558,205
Shares
outstanding
........................................................................
47,904,534
Net
asset
value
per
share
a
..................................................................
$2.27
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$2.36
Class
C:
Net
assets,
at
value
.......................................................................
$18,903,584
Shares
outstanding
........................................................................
8,378,581
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$2.26
Class
C1:
Net
assets,
at
value
.......................................................................
$1,876,262
Shares
outstanding
........................................................................
826,143
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$2.27
Class
R:
Net
assets,
at
value
.......................................................................
$595,699
Shares
outstanding
........................................................................
262,155
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.27
Class
R6:
Net
assets,
at
value
.......................................................................
$2,387,522
Shares
outstanding
........................................................................
1,053,044
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.27
Advisor
Class:
Net
assets,
at
value
.......................................................................
$32,776,532
Shares
outstanding
........................................................................
14,414,972
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$2.27
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Templeton
Global
Investment
Trust
Statement
of
Operations
Statement
of
Operations
for
the
year
ended
December
31,
2022
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Templeton
Global
Balanced
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$244,706)
Unaffiliated
issuers
........................................................................
$4,469,355
Non-controlled
affiliates
(Note
3
f
)
.............................................................
332,158
Interest:
(net
of
foreign
taxes
of
$303,834)
Unaffiliated
issuers:
Inflation
principal
adjustments
..............................................................
2,678,734
Paid
in
cash
a
...........................................................................
10,517,315
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
620
Non-controlled
affiliates
(Note
3
f
)
.............................................................
2
Other
income
(Note
1
g
)
......................................................................
266,404
Less:
IRS
closing
agreement
payments
for
European
Union
tax
reclaims
(Note
1
g
)
..........................
(87,514)
Total
investment
income
...................................................................
18,177,074
Expenses:
Management
fees
(Note
3
a
)
...................................................................
3,742,801
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
616,623
Class
A1
...............................................................................
327,177
Class
C
................................................................................
268,555
Class
C1
...............................................................................
17,176
Class
R
................................................................................
4,572
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
445,321
Class
A1
...............................................................................
238,043
Class
C
................................................................................
48,043
Class
C1
...............................................................................
4,750
Class
R
................................................................................
1,632
Class
R6
...............................................................................
2,572
Advisor
Class
............................................................................
77,898
Custodian
fees
(Note
4
)
......................................................................
133,987
Reports
to
shareholders
fees
..................................................................
(175,166)
Registration
and
filing
fees
....................................................................
127,951
Professional
fees
...........................................................................
97,654
Other
....................................................................................
132,638
Total
expenses
.........................................................................
6,112,227
Expense
reductions
(Note
4
)
...............................................................
(1,353)
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(554,802)
Net
expenses
.........................................................................
5,556,072
Net
investment
income
................................................................
12,621,002
Templeton
Global
Investment
Trust
Statement
of
Operations
Statement
of
Operations
(continued)
for
the
year
ended
December
31,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
31
Templeton
Global
Balanced
Fund
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$273,018)
Unaffiliated
issuers
......................................................................
(38,719,044)
Written
options
...........................................................................
287,493
Foreign
currency
transactions
................................................................
(598,571)
Forward
exchange
contracts
.................................................................
(7,358,176)
Net
realized
gain
(loss)
..................................................................
(46,388,298)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(45,566,213)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(438,436)
Written
options
...........................................................................
(217,920)
Forward
exchange
contracts
.................................................................
361,178
Swap
contracts
...........................................................................
1,238,396
Change
in
deferred
tax
benefit
...............................................................
(201,275)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
353,924
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(44,470,346)
Net
realized
and
unrealized
gain
(loss)
............................................................
(90,858,644)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(78,237,642)
a
Includes
amortization
of
premium
and
accretion
of
discount.
Templeton
Global
Investment
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Templeton
Global
Balanced
Fund
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021*
*
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$12,621,002
$12,475,141
Net
realized
gain
(loss)
.................................................
(46,388,298)
27,100,402
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(44,470,346)
(45,449,467)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(78,237,642)
(5,873,924)
Distributions
to
shareholders
from
tax
return
of
capital:
Class
A
.............................................................
(7,322,788)
(6,995,677)
Class
A1
............................................................
(3,887,214)
(3,836,771)
Class
C
.............................................................
(548,737)
(741,881)
Class
C1
............................................................
(65,374)
(101,806)
Class
R
.............................................................
(24,765)
(24,527)
Class
R6
............................................................
(90,479)
(95,649)
Advisor
Class
........................................................
(1,358,531)
(1,543,438)
Total
distributions
to
shareholders
..........................................
(13,297,888)
(13,339,749)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(42,854,621)
(41,199,574)
Class
A1
............................................................
(30,041,873)
(27,722,796)
Class
C
.............................................................
(15,440,725)
(42,980,955)
Class
C1
............................................................
(1,094,816)
(9,675,828)
Class
R
.............................................................
(394,902)
(349,207)
Class
R6
............................................................
(290,348)
(1,299,446)
Advisor
Class
........................................................
(15,961,602)
(18,105,272)
Total
capital
share
transactions
............................................
(106,078,887)
(141,333,078)
Net
increase
(decrease)
in
net
assets
...................................
(197,614,417)
(160,546,751)
Net
assets:
Beginning
of
year
.......................................................
573,497,814
734,044,565
End
of
year
...........................................................
$375,883,397
$573,497,814
*
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
IV
from
January
1,
2021
through
April
27,
2021.
Templeton
Global
Investment
Trust
33
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
Templeton
Global
Balanced
Fund
1.
Organization
and
Significant
Accounting
Policies
Templeton
Global
Investment
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of three separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.GAAP),
including,
but
not
limited
to
ASC
946. Templeton
Global
Balanced
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers seven
classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
C1,
Class
R,
Class
R6
and
Advisor
Class. Class
C
and
Class
C1
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instru
ments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
34
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
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
December
31,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
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,
may
sell
the
securities
before
the
settlement
date.
d.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
35
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund's
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
The
Fund entered
into
interest
rate
swap
contracts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
The
Fund
purchased
or
wrote
exchange
traded
and
OTC
option
contracts
primarily
to
manage
and/or
gain
exposure
to
foreign
exchange
rate
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
36
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
At
December
31,
2022,
the
Fund
had
no
options.
See
Note
12
regarding
other
derivative
information.
e.
Restricted
Cash
At
December
31,
2022, the
Fund
held
restricted
cash
in
connection
with
investments
in
certain
derivative
securities.
Restricted
cash
is
held
in
a
segregated
account
with
the
Fund’s
custodian
and/or
counterparty
broker
and
is
reflected
in
the
Statement
of
Assets
and
Liabilities.
f.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the Fund,
and/or
a
joint
repurchase
agreement.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
At
December
31,
2022,
the
Fund
had
no
securities
on
loan.
g.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
As
a
result
of
several
court
cases,
in
certain
countries
across
the
European
Union, the
Fund
filed
additional
tax
reclaims
for
previously
withheld
taxes
on
dividends
earned
in
those
countries
(EU
reclaims). Income
recognized,
if
any,
for
EU
reclaims
is
reflected
as
other
income
in
the
Statement
of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statement
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
When
uncertainty
exists
as
to
the
ultimate
resolution
of
these
proceedings,
the
likelihood
of
receipt
of
these
EU
reclaims,
and
the
potential
timing
of
payment,
no
amounts
are
reflected
in
the
financial
statements.
For
U.S.
income
tax
purposes,
EU
reclaims
received
by
the
Fund,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or credits
on
their
income
tax
returns.
In
the
event
that
EU
reclaims
received
by
the Fund
during a
fiscal
year
exceed
foreign
withholding
taxes
paid
by
the
Fund,
and
the
Fund previously
passed
through to
its
shareholders
foreign
taxes
incurred
by
the
Fund
to
be
used
as
a
credit
or
deduction
on
a
shareholder’s
income
tax
return,
the Fund
will enter
into
a
closing
agreement
with
the
Internal
Revenue
Service
(IRS)
in
order
to
pay
the
associated
tax
liability
on
behalf
of
the Fund's
shareholders.
The
Fund
determined
to
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
37
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
enter
into
a
closing
agreement
with
the
IRS
and
recorded
the
estimated
payments
as
a
reduction
to
income,
as
reflected
in
the
Statement
of
Operations.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
December
31,
2022,
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.
h.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
inflation
principal
adjustments
in
the
Statement
of
Operations.
i.
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.
j.
Guarantees
and
Indemnifications
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust, on
behalf
of
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
g.
Income
and
Deferred
Taxes
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
38
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
December
31,
2022,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
7,689,306
$18,643,503
16,092,436
$46,257,741
Shares
issued
in
reinvestment
of
distributions
..........
3,027,389
7,012,006
2,344,858
6,704,870
Shares
redeemed
...............................
(28,645,649)
(68,510,130)
(33,058,605)
(94,162,185)
Net
increase
(decrease)
..........................
(17,928,954)
$(42,854,621)
(14,621,311)
$(41,199,574)
Class
A1
Shares:
Shares
sold
...................................
1,306,554
$3,128,760
3,874,311
$11,268,500
Shares
issued
in
reinvestment
of
distributions
..........
1,620,156
3,759,109
1,296,583
3,713,085
Shares
redeemed
...............................
(15,586,982)
(36,929,742)
(14,931,528)
(42,704,381)
Net
increase
(decrease)
..........................
(12,660,272)
$(30,041,873)
(9,760,634)
$(27,722,796)
Class
C
Shares:
Shares
sold
...................................
652,460
$1,593,651
1,917,223
$5,507,166
Shares
issued
in
reinvestment
of
distributions
..........
232,940
539,119
255,137
731,584
Shares
redeemed
a
..............................
(7,235,955)
(17,573,495)
(17,220,342)
(49,219,705)
Net
increase
(decrease)
..........................
(6,350,555)
$(15,440,725)
(15,047,982)
$(42,980,955)
Class
C1
Shares:
Shares
sold
...................................
50,406
$120,538
76,769
$221,020
Shares
issued
in
reinvestment
of
distributions
..........
27,832
64,829
34,934
101,233
Shares
redeemed
a
..............................
(544,980)
(1,280,183)
(3,428,786)
(9,998,081)
Net
increase
(decrease)
..........................
(466,742)
$(1,094,816)
(3,317,083)
$(9,675,828)
Class
R
Shares:
Shares
sold
...................................
45,002
$112,137
47,273
$137,541
Shares
issued
in
reinvestment
of
distributions
..........
6,016
14,024
4,743
13,637
Shares
redeemed
...............................
(229,209)
(521,063)
(172,627)
(500,385)
Net
increase
(decrease)
..........................
(178,191)
$(394,902)
(120,611)
$(349,207)
Class
R6
Shares:
Shares
sold
...................................
176,826
$441,080
382,316
$1,106,423
Shares
issued
in
reinvestment
of
distributions
..........
38,248
88,921
32,883
94,408
Shares
redeemed
...............................
(343,225)
(820,349)
(867,741)
(2,500,277)
Net
increase
(decrease)
..........................
(128,151)
$(290,348)
(452,542)
$(1,299,446)
Advisor
Class
Shares:
Shares
sold
...................................
1,430,486
$3,486,490
3,031,187
$8,695,812
Shares
issued
in
reinvestment
of
distributions
..........
518,629
1,211,215
482,116
1,385,563
Shares
redeemed
...............................
(8,547,520)
(20,659,307)
(9,799,632)
(28,186,647)
Net
increase
(decrease)
..........................
(6,598,405)
$(15,961,602)
(6,286,329)
$(18,105,272)
a
May
include
a
portion
of
Class
C
and
C1
shares
that
were
automatically
converted
to
Class
A.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
39
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly, to
Global
Advisors
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
year
ended
December
31,
2022,
the
gross
effective
investment
management
fee
rate
was
0.822%
of
the
Fund’s
average
daily
net
assets.
Under
a
subadvisory
agreement,
Advisers,
an
affiliate
of
Global
Advisors,
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid
by
Global
Advisors
based
on
the
Fund’s
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
Effective
August
1,
2022,
under
a
subadvisory
agreement,
TICL,
an
affiliate
of
Global
Advisors,
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid
by
Global
Advisors
based
on
the
Fund’s
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Global
Advisors,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Global
Advisors
based
on
the
Fund’s
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class A and
A1 reimbursement
distribution
plans,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
Subsidiary
Affiliation
Templeton
Investment
Counsel,
LLC
(TICL)
Investment
manager
Templeton
Global
Advisors
Limited
(Global
Advisors)
Investment
manager
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.825%
Up
to
and
including
$500
million
0.725%
Over
$500
million,
up
to
and
including
$1
billion
0.675%
Over
$1
billion,
up
to
and
including
$1.5
billion
0.625%
Over
$1.5
billion,
up
to
and
including
$6.5
billion
0.600%
Over
$6.5
billion,
up
to
and
including
$11.5
billion
0.578%
Over
$11.5
billion,
up
to
and
including
$16.5
billion
0.565%
Over
$16.5
billion,
up
to
and
including
$19
billion
0.555%
Over
$19
billion,
up
to
and
including
$21.5
billion
0.545%
In
excess
of
$21.5
billion
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
40
franklintempleton.com
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Report
Templeton
Global
Balanced
Fund
(continued)
maximum
annual
plan
rate.
Under
the
Class
A
and
A1
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class C,
C1
and
R
compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
year:
.
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class
reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
year
ended
December
31,
2022,
the
Fund
paid
transfer
agent
fees
of
$818,259 of
which
$293,515
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
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
year
ended
December
31,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.25%
Class
C
....................................................................................
1.00%
Class
C1
...................................................................................
0.65%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$9,643
CDSC
retained
..............................................................................
$3,494
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
41
franklintempleton.com
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Templeton
Global
Balanced
Fund
(continued)
g.
Waiver
and
Expense
Reimbursements
Global
Advisors
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating expenses
(excluding
distribution
fees,
acquired
fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
0.95%
based
on
the
average
net
assets
of
each
class
until
April
30,
2023.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
April
30,
2023.
4.
Expense
Offset
Arrangement
The
Fund
has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund’s
custodian
expenses.
During
the
year
ended
December
31,
2022,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2022,
the
capital
loss
carryforwards
were
as
follows:
During
the
year
ended
December
31,
2022,
the
Fund
utilized
$654,112
capital
loss
carryforwards.
aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Global
Balanced
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
$
73,639,085
$
174,061,913
$
(238,205,227)
$
—
$
—
$
9,495,771
9,495,771
$
332,158
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
$—
$1,130,000
$(1,130,000)
$—
$—
$—
—
$2
Total
Affiliated
Securities
...
$73,639,085
$175,191,913
$(239,335,227)
$—
$—
$9,495,771
$332,160
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$35,740,392
Long
term
................................................................................
112,941,832
Total
capital
loss
carryforwards
...............................................................
$148,682,224
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
42
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
For
tax
purposes,
the
Fund
may
elect
to
defer
any
portion
of
a
post-October
capital
loss
or
late-year
ordinary
loss
to
the
first
day
of
the
fo
llowing
fiscal
year.
At
December
3
1
,
202
2
,
the
Fund
deferred
late-year
ordinary
losses
of
$
4,287,086
.
The
tax
character
of
distributions
paid
during
the
years
ended
December
31,
2022
and
2021,
was
as
follows:
At
December
31,
2022,
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,
EU
reclaims,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax,
payments-in-kind,
bond
discounts
and
premiums,
tax
straddles,
default
securities
and
wash
sales.
In
accordance
with
U.S.
GAAP
permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
At
the
year
ended
December
31,
2022,
such
reclassifications
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
year
ended
December
31,
2022,
aggregated
$215,520,512
and
$262,700,688,
respectively.
7.
Credit Risk
and
Defaulted
Securities
At
December
31,
2022,
the
Fund
had
12.8%
of
its
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
December
31,
2022,
the
aggregate
value
of
these
securities
represents
0.3%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Schedule
of
Investments.
2022
2021
Distributions
paid
from:
Return
of
capital
...........................................................
$13,297,888
$13,339,749
Cost
of
investments
..........................................................................
$411,998,671
Unrealized
appreciation
........................................................................
$23,816,445
Unrealized
depreciation
........................................................................
(70,669,620)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(46,853,175)
Paid-in
Capital
..............................................................................
$(34,661,890)
Total
distributable
earnings
(loss)
................................................................
$34,661,890
5.
Income
Taxes
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
43
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
8.
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.
9.
Geopolitical
Risk
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
10.
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.
11.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
December
31,
2022,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Templeton
Global
Balanced
Fund
32,900,733
a
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13
-
2/01/17
$
81,025
$
—
4,646,498
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
3,450
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$84,475
$—
a
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$
0
as
of
December
31,
2022.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
44
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
12.
Other
Derivative
Information
At
December
3
1
,
202
2
,
investments
in
derivative
contracts
are
reflected
in
the
Statement of
Assets
and
Liabilities
as
follows:
For
the
year
ended
December
31,
2022,
the
effect
of
derivative
contracts
in
the
Statement
of
Operations
was
as
follows:
For
the
year
ended
December
3
1
,
202
2
,
the
average
month
end
notional
amount
of
swap
contracts
and
o
ptions
contracts
represented
$
11,467,692
and
$11,718,462
respectively.
The
average
month
end
contract
value
of
forward
exchange
co
ntracts
was
$201,339,976
.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Templeton
Global
Balanced
Fund
Interest
rate
contracts
.......
Variation
margin
on
centrally
cleared
swap
contracts
$
1,260,351
a
Variation
margin
on
centrally
cleared
swap
contracts
$
21,955
a
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
4,661,238
Unrealized
depreciation
on
OTC
forward
exchange
contracts
3,631,265
Total
....................
$5,921,589
$3,653,220
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
centrally
cleared
swap
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
year
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Year
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Year
Templeton
Global
Balanced
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Swap
contracts
$—
Swap
contracts
$1,238,396
Foreign
exchange
contracts
.....
Investments
(647,448)
a
Investments
468,129
a
Written
options
287,493
Written
options
(217,920)
Forward
exchange
contracts
(7,358,176)
Forward
exchange
contracts
361,178
Total
.......................
$(7,718,131)
$1,849,783
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation) on
investments
in
the
Statement
of
Operations.
.
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
45
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
At
December
31,
2022,
OTC
derivative
assets
and
liabilities
are
as
follows:
At
December
31,
2022,
OTC
derivative
assets,
which
may
be
offset
against
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Templeton
Global
Balanced
Fund
Derivatives
Forward
exchange
contracts
.............................
$
4,661,238
$
3,631,265
Total
.............................................
$4,661,238
$3,631,265
a
Absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
a
Cash
Collateral
Received
b
Net
Amount
(Not
less
than
zero)
Templeton
Global
Balanced
Fund
Counterparty
BNDP
...................
$132,628
$—
$—
$—
$132,628
BOFA
....................
680,753
—
(445,883)
—
234,870
BZWS
...................
93,566
(49,383)
—
(44,183)
—
CITI
.....................
33,670
(33,670)
—
—
—
DBAB
...................
997,841
(516,193)
—
(280,000)
201,648
GSCO
...................
547,421
(8,320)
—
(350,000)
189,101
HSBK
...................
1,149,709
(1,149,709)
—
—
—
JPHQ
...................
460,425
(460,425)
—
—
—
MSCO
...................
565,225
(151,293)
—
(340,000)
73,932
Total
...................
$4,661,238
$(2,368,993)
$
(445,883)
$(1,014,183)
$832,179
$
1
12.
Other
Derivative
Information
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
46
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
At
December
31,
2022,
OTC
derivative
liabilities,
which
may
be
offset
against
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(d)
regarding
derivative
financial
instruments.
See
Abbreviations
page
49.
13.
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
matured
on
February
3,
2023.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Effective
February
3,
2023,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
February
2,
2024,
for
a
total
of
$2.675
billion.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
Cash
Collateral
Pledged
b
Net
Amount
(Not
less
than
zero)
Templeton
Global
Balanced
Fund
Counterparty
BNDP
...................
$—
$—
$—
$—
$—
BOFA
....................
—
—
—
—
—
BZWS
...................
49,383
(49,383)
—
—
—
CITI
.....................
125,717
(33,670)
—
(92,047)
—
DBAB
...................
516,193
(516,193)
—
—
—
GSCO
...................
8,320
(8,320)
—
—
—
HSBK
...................
2,036,100
(1,149,709)
—
(886,391)
—
JPHQ
...................
744,259
(460,425)
—
(283,834)
—
MSCO
...................
151,293
(151,293)
—
—
—
Total
...................
$3,631,265
$(2,368,993)
$—
$(1,262,272)
$—
a
At
December
31,
2022,
the
Fund
received
U.S.
Treasury
Bonds
and
Notes
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
collateral
amounts
to
avoid
the
effect
of
overcollateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
12.
Other
Derivative
Information
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
47
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
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
year
ended
December
31,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
14.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
December
31,
2022,
in
valuing
the
Fund's
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Global
Balanced
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
China
...............................
$
2,289,855
$
10,336,024
$
—
$
12,625,879
France
...............................
—
5,440,506
—
5,440,506
Germany
.............................
—
28,730,697
—
28,730,697
Hong
Kong
...........................
—
7,267,757
—
7,267,757
Hungary
.............................
—
2,939,353
—
2,939,353
Japan
...............................
—
7,290,291
—
7,290,291
Netherlands
...........................
—
8,783,896
—
8,783,896
South
Africa
...........................
—
—
—
a
—
South
Korea
..........................
—
5,109,721
—
5,109,721
Switzerland
...........................
—
5,780,334
—
5,780,334
Taiwan
...............................
—
4,608,970
—
4,608,970
United
Kingdom
........................
—
13,116,574
—
13,116,574
United
States
..........................
81,081,554
—
—
81,081,554
Corporate
Bonds
........................
—
—
—
a
—
Foreign
Government
and
Agency
Securities
....
—
129,978,570
—
129,978,570
U.S.
Government
and
Agency
Securities
.......
—
3,754,778
—
3,754,778
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
9,495,771
36,872,478
—
46,368,249
Total
Investments
in
Securities
...........
$92,867,180
$270,009,949
b
$—
$362,877,129
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
4,661,238
$
—
$
4,661,238
Swap
contracts
.........................
—
1,260,351
—
1,260,351
Total
Other
Financial
Instruments
.........
$—
$5,921,589
$—
$5,921,589
13.
Credit
Facility
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
48
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
year.
15.
New
Accounting
Pronouncements
In June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU)
No.
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
clarify
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
should
not
be
considered
in
measuring
fair
value.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2023,
with
the
option
of
early
adoption.
Management
has
reviewed
the
requirements
and
believes
that
the
adoption
of
the
ASU
will
not
have
a
material
impact
on
the
financial
statements.
16.
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
other
than
those
already
disclosed
in
the
financial
statements.
Level
1
Level
2
Level
3
Total
Templeton
Global
Balanced
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
3,631,265
$
—
$
3,631,265
Swap
contracts
..........................
—
21,955
—
21,955
Total
Other
Financial
Instruments
.........
$—
$3,653,220
$—
$3,653,220
a
Includes
financial
instruments
determined
to
have
no
value
at
December
31,
2022.
b
Includes
foreign
securities
valued
at
$99,404,123,
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.
14.
Fair
Value
Measurements
(continued)
Templeton
Global
Investment
Trust
Notes
to
Financial
Statements
49
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
(continued)
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
Corp.
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
Selected
Portfolio
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
Cu
r
rency
BRL
Brazilian
Real
CAD
Canadian
Dollar
CLP
Chilean
Peso
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
GHS
Ghanaian
Cedi
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
SEK
Swedish
Krona
THB
Thai
Baht
USD
United
States
Dollar
Templeton
Global
Investment
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
50
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
of
Templeton
Global
Investment
Trust
and
Shareholders
of
Templeton
Global
Balanced
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Templeton
Global
Balanced
Fund
(one
of
the
funds
constituting
Templeton
Global
Investment
Trust,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2022,
the
related
statement
of
operations
for
the
year
ended
December
31,
2022,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2022,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2022
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
February
17,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Templeton
Global
Investment
Trust
Tax
Information
(unaudited)
51
franklintempleton.com
Annual
Report
Templeton
Global
Balanced
Fund
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
December
31,
2022:
Pursuant
to:
Amount
Reported
Income
Eligible
for
Dividends
Received
Deduction
(DRD)
§854(b)(1)(A)
$1,462,719
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$4,234,496
Templeton
Global
Investment
Trust
Board
Members
and
Officers
52
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
1994
119
Bar-S
Foods
(meat
packing
company)
(1981-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Ann
Torre
Bates
(1958)
Trustee
Since
2008
30
Ares
Strategic
Income
Fund
(closed-end
investment
management
company)
(September
2022-present);
Ares
Capital
Corporation
(specialty
finance
company)
(2010-present),
United
Natural
Foods,
Inc.
(food
distribution)
(2013-present),
formerly
,
Navient
Corporation
(loan
management,
servicing
and
asset
recovery)
(2014-2016).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Executive
Vice
President
and
Chief
Financial
Officer,
NHP
Incorporated
(manager
of
multifamily
housing)
(1995-1997);
and
Vice
President
and
Treasurer,
US
Airways,
Inc.
(until
1995).
Terrence
J.
Checki
(1945)
Trustee
Since
January
2023
119
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Member
of
the
Council
on
Foreign
Relations
(1996-present);
Member
of
the
National
Committee
on
U.S.-China
Relations
(1999-present);
member
of
the
board
of
trustees
of
the
Economic
Club
of
New
York
(2013-present);
member
of
the
board
of
trustees
of
the
Foreign
Policy
Association
(2005-present);
member
of
the
board
of
directors
of
Council
of
the
Americas
(2007-present)
and
the
Tallberg
Foundation
(2018-present);
and
formerly
,
Executive
Vice
President
of
the
Federal
Reserve
Bank
of
New
York
and
Head
of
its
Emerging
Markets
and
Internal
Affairs
Group
and
Member
of
Management
Committee
(1995-2014);
and
Visiting
Fellow
at
the
Council
on
Foreign
Relations
(2014).
Mary
C.
Choksi
(1950)
Trustee
Since
2017
120
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Templeton
Global
Investment
Trust
53
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
1996
and
Lead
Independent
Trustee
since
2007
120
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
120
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
the
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(2019-2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
David
W.
Niemiec
(1949)
Trustee
Since
2006
30
Hess
Midstream
LP
(oil
and
gas
midstream
infrastructure)
(2017-present).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Advisor,
Saratoga
Partners
(private
equity
fund);
and
formerly
,
Managing
Director,
Saratoga
Partners
(1998-2001)
and
SBC
Warburg
Dillon
Read
(investment
banking)
(1997-1998);
Vice
Chairman,
Dillon,
Read
&
Co.
Inc.
(investment
banking)
(1991-1997);
and
Chief
Financial
Officer,
Dillon,
Read
&
Co.
Inc.
(1982-1997).
Larry
D.
Thompson
(1945)
Trustee
Since
2006
120
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Templeton
Global
Investment
Trust
54
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Constantine
D.
Tseretopoulos
(1954)
Trustee
Since
2001
20
None
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Physician,
Chief
of
Staff,
owner
and
operator
of
the
Lyford
Cay
Hospital
(1987-present);
director
of
various
nonprofit
organizations;
and
formerly
,
Cardiology
Fellow,
University
of
Maryland
(1985-1987);
and
Internal
Medicine
Resident,
Greater
Baltimore
Medical
Center
(1982-
1985).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Gregory
E.
Johnson
(1961)
Chairman
of
the
Board,
Trustee
and
Vice
President
Chairman
of
the
Board
and
Vice
President
since
January
2023
and
Trustee
since
2006
131
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
**Rupert
H.
Johnson,
Jr.
(1940)
Trustee
Since
2013
120
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Alan
T.
Bartlett
(1970)
President
and
Chief
Executive
Officer
-
Investment
Management
Since
2019
Not
Applicable
Not
Applicable
Lyford
Cay
Nassau,
Bahamas
Principal
Occupation
During
at
Least
the
Past
5
Years:
President
and
Director,
Templeton
Global
Advisors
Limited;
Chief
Investment
Officer
of
Templeton
Global
Equity
Group;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Chairman
of
the
Board,
Goodhart
Partners;
and
formerly
,
Chief
Executive
Officer,
Goodhart
Partners
(2009-2019).
Alison
E.
Baur
(1964)
Vice
President
Since
2012
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Independent
Board
Members
(continued)
Templeton
Global
Investment
Trust
55
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Breda
M.
Beckerle
(1958)
Chief
Compliance
Officer
Since
2020
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Compliance
Officer,
Fiduciary
Investment
Management
International,
Inc.,
Franklin
Advisers,
Inc.,
Franklin
Mutual
Advisers,
LLC,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Steven
J.
Gray
(1955)
Vice
President
Since
2009
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Distributors,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
-
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Susan
Kerr
(1949)
Vice
President
-
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue
New
York,
NY
10018
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
January
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
Since
2015
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Lori
A.
Weber
(1964)
Vice
President
and
Secretary
Vice
President
since
2011
and
Secretary
since
2013
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Templeton
Global
Investment
Trust
56
franklintempleton.com
Annual
Report
*We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
**Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund’s
investment
manager
and
distributor.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
major
shareholder
of
Resources.
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
Note
3:
Effective
December
31,
2022,
Robert
E.
Wade
ceased
to
be
a
trustee
of
the
Trust.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
U.S.
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
each
of
Ann
Torre
Bates
and
David
W.
Niemiec
as
an
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
qualify
as
such
an
expert
in
view
of
their
extensive
business
background
and
experience.
Ms.
Bates
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2008.
She
currently
serves
as
a
director
of
Ares
Capital
Corporation
(2010-present)
and
United
Natural
Foods,
Inc.
(2013-present)
and
was
formerly
a
director
of
Navient
Corporation
from
2014
to
2016,
SLM
Corporation
from
1997
to
2014
and
Allied
Capital
Corporation
from
2003
to
2010,
Executive
Vice
President
and
Chief
Financial
Officer
of
NHP
Incorporated
from
1995
to
1997
and
Vice
President
and
Treasurer
of
US
Airways,
Inc.
until
1995.
Mr.
Niemiec
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2006,
currently
serves
as
an
Advisor
to
Saratoga
Partners
and
was
formerly
its
Managing
Director
from
1998
to
2001
and
serves
as
a
director
of
Hess
Midstream
LP
(2017-present).
Mr.
Niemiec
was
formerly
a
director
of
Emeritus
Corporation
from
1999
to
2010
and
OSI
Pharmaceuticals,
Inc.
from
2006
to
2010,
Managing
Director
of
SBC
Warburg
Dillon
Read
from
1997
to
1998,
and
was
Vice
Chairman
from
1991
to
1997
and
Chief
Financial
Officer
from
1982
to
1997
of
Dillon,
Read
&
Co.
Inc.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
have
each
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Bates
and
Mr.
Niemiec
are
independent
Board
members
as
that
term
is
defined
under
the
applicable
U.S.
Securities
and
Exchange
Commission
Rules
and
Releases.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Interested
Board
Members
and
Officers
(continued)
Templeton
Global
Investment
Trust
Shareholder
Information
57
franklintempleton.com
Annual
Report
Board
Approval
of
Investment
Management
Agreements
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Templeton
Global
Balanced
Fund
(Fund)
At
a
meeting
held
on
July
13,
2022
(Meeting),
the
Board
of
Trustees
(Board)
of
Templeton
Global
Investment
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940)
(Independent
Trustees),
reviewed
and
approved
a
new
investment
sub-advisory
agreement
between
Templeton
Global
Advisors
Limited
(Manager),
the
Fund’s
investment
manager,
and
Templeton
Investment
Counsel,
LLC
(Sub-Adviser),
an
affiliate
of
the
Manager,
on
behalf
of
the
Fund
(Sub-Advisory
Agreement),
for
an
initial
two-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
Sub-Advisory
Agreement.
The
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
with
respect
to
the
Sub-
Advisory
Agreement.
The
Board
also
reviewed
and
considered
the
factors
it
deemed
relevant
in
approving
the
Sub-Advisory
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent,
and
quality
of
the
services
to
be
provided
by
the
Sub-Adviser;
and
(ii)
the
costs
of
the
services
to
be
provided
by
the
Sub-Adviser.
The
Board
further
reviewed
and
considered
information
provided
by
management
showing
the
expected
impact
of
hiring
the
Sub-Adviser
on
the
Manager’s
profitability
consistent
with
the
Order
(as
defined
below).
The
Board
also
considered
that
management
proposed
that
the
Board
approve
the
Sub-Advisory
Agreement
in
order
to
facilitate
portfolio
management
team
changes,
effective
August
2022.
The
Board
reviewed
and
further
considered
the
form
of
Sub-
Advisory
Agreement
and
the
terms
of
the
Sub-Advisory
Agreement,
which
were
discussed
at
the
Meeting,
noting
that
the
terms
and
conditions
of
the
Sub-Advisory
Agreement
were
substantially
similar
to
the
terms
and
conditions
of
sub-advisory
agreements
for
other
Franklin
Templeton
(“FT”)
mutual
funds.
In
approving
the
Sub-Advisory
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
hiring
of
the
Sub-Adviser
is
in
the
best
interests
of
the
Fund
and
its
shareholders
and
does
not
involve
a
conflict
of
interest
from
which
the
Manager
or
Sub-Adviser
derives
an
inappropriate
advantage.
The
Board
also
determined
that
the
terms
of
the
Sub-Advisory
Agreement
are
fair
and
reasonable.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
to
be
provided
by
the
Sub-Adviser
and
currently
being
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
In
doing
so,
the
Board
noted
that
the
Fund
employs
a
“manager
of
managers”
structure
pursuant
to
an
exemptive
order
(Order)
granted
to
the
Manager
by
the
U.S.
Securities
and
Exchange
Commission,
whereby
the
Manager
and
the
Fund
may,
without
shareholder
approval,
enter
into
sub-advisory
agreements
with
sub-advisers
that
are
indirect
or
direct
wholly
owned
subsidiaries
of
Franklin
Resources,
Inc.
(FRI).
In
particular,
with
respect
to
the
Sub-
Adviser,
the
Board
took
into
account
that
two
new
portfolio
managers
proposed
to
serve
as
portfolio
managers
for
the
Fund
are
employees
of
the
Sub-Adviser
and
members
of
the
Templeton
Global
Equity
Group.
The
Board
reviewed
and
considered
information
regarding
the
nature,
quality
and
extent
of
investment
sub-advisory
services
to
be
provided
by
the
Sub-Adviser
to
the
Fund
and
its
shareholders
under
the
Sub-Advisory
Agreement;
the
Sub-Adviser’s
experience
as
a
manager
of
other
funds
and
accounts,
including
those
within
the
FT
organization;
the
personnel,
operations,
financial
condition,
and
investment
management
capabilities,
methodologies
and
resources
of
the
Sub-Adviser
and
the
Sub-Adviser’s
capabilities,
as
demonstrated
by,
among
other
things,
its
policies
and
procedures
reasonably
designed
to
prevent
violations
of
the
federal
securities
laws.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
FRI,
the
parent
of
the
Manager
and
the
Sub-
Adviser,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
being
a
global
leader
in
stewardship
and
sustainability.
Templeton
Global
Investment
Trust
Shareholder
Information
58
franklintempleton.com
Annual
Report
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
to
be
provided
by
the
Sub-Adviser
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
noted
its
review
and
consideration
of
the
performance
results
of
the
Fund
in
connection
with
the
February
2022
annual
contract
renewal
(Annual
Contract
Renewal)
of
the
Fund’s
investment
management
agreement
and
at
regular
Board
meetings
throughout
the
year.
The
Board
recalled
that
in
connection
with
the
Annual
Contract
Renewal
the
Board
discussed
with
management
the
actions
that
were
being
taken
in
an
effort
to
improve
the
performance
of
the
Fund
and
the
global
equity
funds
as
a
whole.
The
Board
further
recalled
that
management
specifically
highlighted
the
strategic
initiatives
being
undertaken
in
the
Templeton
Global
Equity
Group,
including
enhancements
to
the
leadership
of
the
group
and
the
commitment
of
additional
resources
important
to
delivering
sustainable
returns.
The
Board
also
recalled
that
it
concluded
that
the
Fund’s
management
agreements
that
were
considered
at
the
Annual
Contract
Renewal
meeting
should
be
continued
for
an
additional
one-year
period,
while
management’s
efforts
continued
to
be
closely
monitored.
The
Board
noted
management’s
proposal
to
retain
the
Sub-Adviser
and
make
enhancements
to
the
Fund’s
portfolio
management
team,
as
presented
at
the
Meeting,
and
determined
that,
in
light
of
these
changes,
additional
time
will
be
needed
to
evaluate
the
effectiveness
of
management’s
actions.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
investment
sub-advisory
fee
to
be
charged
by
the
Sub-
Adviser.
The
Board
noted
that
the
addition
of
the
Sub-
Adviser
will
have
no
impact
on
the
amount
of
management
fees
that
are
currently
paid
by
the
Fund
as
the
Sub-Adviser
will
be
paid
by
the
Manager
out
of
the
management
fee
that
the
Manager
receives
from
the
Fund.
The
Board
further
noted
that
the
allocation
of
the
fee
between
the
Manager
and
the
Sub-Adviser
reflected
the
services
to
be
provided
by
each.
The
Board
concluded
that
the
proposed
investment
sub-advisory
fee
is
reasonable.
Management
Profitability
and
Economies
of
Scale
The
Board
noted
management’s
belief
that
the
Manager’s
profitability
is
not
expected
to
materially
change
as
a
result
of
the
addition
of
the
Sub-Adviser.
The
Board
determined
that
its
conclusions
regarding
profitability
and
economies
of
scale
reached
in
connection
with
the
Annual
Contract
Renewal
of
the
investment
management
agreement
with
the
Manager
had
not
changed
as
a
result
of
the
proposal
to
approve
the
Sub-Advisory
Agreement.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
Sub-Advisory
Agreement
for
an
initial
two-year
period.
TEMPLETON
GLOBAL
INVESTMENT
TRUST
Templeton
Global
Balanced
Fund
(Fund)
At
an
in-person
meeting
held
on
December
14,
2022
(Meeting),
the
Board
of
Trustees
(Board)
of
Templeton
Global
Investment
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
an
amendment
to
the
existing
investment
sub-advisory
agreement
(Existing
Sub-Advisory
Agreement)
between
Templeton
Global
Advisors
Limited
(Manager),
the
Fund’s
investment
manager,
and
Templeton
Investment
Counsel,
LLC
(Sub-Adviser),
an
affiliate
of
the
Manager,
on
behalf
of
the
Fund
(Amended
Sub-Advisory
Agreement).
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
Amended
Sub-Advisory
Agreement.
The
Board
noted
its
review
and
consideration
of
the
information
provided
by
the
Manager
and
the
Sub-Adviser
in
connection
with
the
Meeting,
as
well
as
the
meeting
held
on
July
13,
2022
(July
Meeting),
at
which
the
Board
approved
the
Existing
Sub-Advisory
Agreement
for
an
initial
two-year
period.
The
Board
also
noted
the
factors
it
deemed
relevant
in
approving
the
Existing
Sub-Advisory
Agreement
including,
but
not
limited
to:
(i)
the
nature,
extent,
and
quality
of
the
services
to
be
provided
by
the
Sub-Adviser;
and
(ii)
the
costs
of
the
services
to
be
provided
by
the
Sub-Adviser.
The
Board
determined
that
its
conclusions
at
the
July
Meeting
had
not
changed
as
a
result
of
the
proposal
to
approve
the
Amended
Sub-Advisory
Agreement.
The
Board
took
into
account
management’s
representation
that
the
Manager
retained
ultimate
responsibility
for
the
management
of
the
Fund
and
oversight
of
the
Fund’s
sub-advisers.
The
Board
considered
that
management
proposed
that
the
Board
approve
the
Amended
Sub-Advisory
Agreement
in
order
to
implement
a
new
methodology
adopted
by
Franklin
Templeton
(FT)
for
allocating
management
fees
between
FT
investment
advisers
and
sub-advisers.
The
Board
further
considered
that
the
implementation
of
the
new
methodology
would
increase
the
portion
of
the
management
fee
that
the
Manager
pays
the
Sub-Adviser.
The
Board
noted
that
the
proposed
change
in
the
management
fee
allocation
would
not
change
the
quality
or
nature
of
services
provided
by
the
Manager
or
the
Sub-Adviser,
and
would
have
no
impact
on
Templeton
Global
Investment
Trust
Shareholder
Information
59
franklintempleton.com
Annual
Report
the
amount
of
management
fees
that
are
currently
paid
by
the
Fund
as
the
Sub-Adviser
would
continue
to
be
paid
by
the
Manager
out
of
the
management
fee
that
the
Manager
receives
from
the
Fund.
In
approving
the
Amended
Sub-Advisory
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Amended
Sub-Advisory
Agreement
are
fair
and
reasonable
and
that
the
approval
of
the
Amended
Sub-Advisory
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
Amended
Sub-Advisory
Agreement.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
325
A
02/23
©
2023
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.
Annual
Report
and
Shareholder
Letter
Templeton
Global
Balanced
Fund
Investment
Manager
Distributor
Shareholder
Services
Templeton
Global
Advisors
Limited
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
(2) The audit committee financial experts are Ann Torre Bates and David W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
Item 4.
Principal Accountant Fees and Services.
(a) Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $65,583 for the fiscal year ended December 31, 2022 and $65,313 for the fiscal year ended December 31, 2021.
(b) Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.
(c) Tax Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning were $0 for the fiscal year ended December 31, 2022 and $8,000 for the fiscal year ended December 31, 2021. The services for which these fees were paid included preparation of tax returns in relation to the liquidation of previously consolidated entities.
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $70,000 for the fiscal year ended December 31, 2022 and $0 for the fiscal year ended December 31, 2021. The services for which these fees were paid included global access to tax platform International Tax View.
(d) All Other Fees
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended December 31, 2022 and $248 for the fiscal year ended December 31, 2021. The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process.
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $240,211 for the fiscal year ended December 31, 2022 and $90,743 for the fiscal year ended December 31, 2021. The services for which these fees were paid included issuance of professional fees in connection with determining the feasibility of a U.S. direct lending structure, benchmarking services in connection with the ICI TA survey, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection with a license for accounting and business knowledge platform Viewpoint, fees in connection with a license for employee development tool ProEdge and professional fees in connection with SOC 1 Reports.
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
(i) pre-approval of all audit and audit related services;
(ii) pre-approval of all non-audit related services to be provided to the Fund by the auditors;
(iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
(iv) establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
(f) No disclosures are required by this Item 4(f).
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $310,211 for the fiscal year ended December 31, 2022 and $98,991 for the fiscal year ended December 31, 2021.
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) N/A
(j) N/A
Item 5. Audit Committee
of Listed Registrants.
N/AItem 6. Schedule of Investments.
N/A
Item 7
. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A
Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. N/A
Item 10
. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
Item 11. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b) Changes in Internal Controls.
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
(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 Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TEMPLETON GLOBAL INVESTMENT TRUST
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
Date February 27, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
Date February 27, 2023
By S\CHRISTOPHER KINGS______________________
Christopher Kings
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date February 27, 2023