UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08226

Templeton Global Investment Trust

(Exact name of registrant as specified in charter)

300 S.E. 2^nd Street

, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices) (Zip code)

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: 6/30/23

Item 1. Reports to Stockholders.

a.)

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

b.)

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

Not Applicable

Semiannual

Report

Templeton

Global

Balanced

Fund

Series

Templeton

Global

Investment

Trust

June

30,

2023

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

changes

the

design

and

delivery

annual

and

semiannual

shareholder

reports

beginning

July

2024.

you

have

previously

elected

receive

shareholder

reports

electronically,

you

will

continue

and

need

not

take

any

action.

Otherwise,

paper

copies

the

Fund’s

shareholder

reports

will

mailed

you

beginning

July

2024.

you

would

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

mail,

you

may

make

that

request

any

time

contacting

your

financial

intermediary

(such

broker-dealer

bank)

or,

you

are

direct

investor,

enrolling

franklintempleton.com.

You

may

access

franklintempleton.com

scanning

the

code

below.

franklintempleton.com

Semiannual

Report

Contents

Fund

Overview

Performance

Summary

Your

Fund’s

Expenses

Financial

Highlights

and

Schedule

Investments

Financial

Statements

Notes

Financial

Statements

Shareholder

Information

Visit

franklintempleton.com

for

fund

updates,

access

your

account,

find

helpful

financial

planning

tools.

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

This

semiannual

report

for

Templeton

Global

Balanced

Fund

covers

the

period

ended

June

30,

2023.

Fund

Overview

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

both

income

and

capital

appreciation.

Under

normal

market

conditions,

the

Fund

invests

diversified

portfolio

debt

and

equity

securities

worldwide.

The

Fund

normally

invests

least

25%

its

assets

fixed

income

securities

and

least

25%

its

assets

equity

securities.

The

Fund

seeks

income

investing

combination

corporate,

agency

and

government

bonds

and

other

debt

securities

(including

inflation-indexed

securities)

any

maturity

issued

numerous

countries,

including

developing

market

countries,

well

stocks

that

offer

could

offer

attractive

dividend

yields.

The

Fund

may

invest

high-

yield

bonds

that

are

rated

below

investment

grade

and

are

sometimes

referred

“junk

bonds.”

The

Fund

seeks

capital

appreciation

investing

equity

securities

companies

from

variety

industries

located

anywhere

the

world,

including

developing

markets,

but

from

time

time,

based

economic

conditions,

the

Fund

may

have

significant

investments

particular

sectors.

The

equity

securities

which

the

Fund

invests

are

primarily

common

stock.

addition,

under

normal

market

conditions,

least

40%

the

Fund’s

net

assets

are

invested

non-U.S.

investments

and

least

three

different

countries.

Performance

Overview

The

Fund’s

Class

posted

+7.25%

cumulative

total

return

for

the

six

months

under

review.

comparison,

the

Fund’s

primary

benchmark,

the

MSCI

All

Country

World

Index

(ACWI)-NR,

which

measures

the

equity

market

performance

global

developed

and

emerging

markets,

posted

+13.93%

cumulative

total

return.

The

Fund’s

fixed

income

benchmark,

the

Bloomberg

Multiverse

Index,

which

provides

broad-based

measure

the

global

fixed

income

bond

market,

posted

+1.59%

cumulative

total

return.

For

the

same

period,

the

Fund’s

Blended

Benchmark,

the

Custom

50%

MSCI

ACWI-NR

50%

Bloomberg

Multiverse

Index,

posted

+7.65%

cumulative

total

return.

You

can

find

the

Fund’s

long-term

performance

data

the

Performance

Summary

beginning

page

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

gain

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

franklintempleton.com

call

(800)

342-5236

Portfolio

Composition

6/30/23

Total

Net

Assets

Common

Stocks

52.0%

Foreign

Government

and

Agency

Securities

38.3%

Short-Term

Investments

Other

Net

Assets

9.7%

Includes

financial

instruments

determined

have

value.

Geographic

Composition

6/30/23

Total

Net

Assets

United

States

23.2%

Germany

7.4%

South

Korea

5.5%

United

Kingdom

5.4%

India

4.8%

Colombia

4.6%

Indonesia

4.5%

Malaysia

4.3%

Brazil

4.2%

Hungary

3.3%

China

2.7%

Netherlands

2.6%

Japan

2.3%

Mexico

2.1%

France

1.7%

Switzerland

1.5%

Thailand

1.5%

Hong

Kong

1.4%

Australia

1.4%

Egypt

1.3%

Dominican

Republic

1.2%

Ecuador

1.0%

Other

2.4%

Short-Term

Investments

Other

Net

Assets

9.7%

Source:

Morningstar.

Net

Returns

(NR)

include

income

net

tax

withholding

when

dividends

are

paid.

Source:

FactSet.

The

Fund’s

Blended

Benchmark

was

calculated

internally.

The

indexes

are

unmanaged

and

include

reinvestment

any

income

distributions.

They

not

reflect

any

fees,

expenses

sales

charges.

One

cannot

invest

directly

index,

and

index

not

representative

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

principal

amount,

and

names

all

portfolio

holdings

are

listed

the

Fund’s

Schedule

Investments

(SOI).

The

SOI

begins

page

Templeton

Global

Balanced

Fund

franklintempleton.com

Semiannual

Report

Effective

May

2023,

Calvin

joined

the

Portfolio

Management

team.

Thank

you

for

your

continued

participation

Templeton

Global

Balanced

Fund.

look

forward

serving

your

future

investment

needs.

Michael

Hasenstab,

Ph.D.

Douglas

Grant,

CFA

Derek

Taner,

CFA

Calvin

Ho,

Ph.D.

Portfolio

Management

Team

Top

Five

Equity

Holdings

6/30/23

Company

Industry

Country

Total

Net

Assets

Samsung

Electronics

Co.

Ltd.

2.1%

Technology

Hardware,

Storage

Peripherals

South

Korea

Fidelity

National

Information

Services,

Inc.

1.8%

Financial

Services

United

States

Adecco

Group

1.5%

Professional

Services

Switzerland

Bayer

1.4%

Pharmaceuticals

Germany

NCR

Corp.

1.4%

Software

United

States

Includes

convertible

bonds.

Top

Five

Fixed

Income

Holdings*

6/30/23

Issuer

Total

Net

Assets

Republic

India

4.8%

Republic

Colombia

4.6%

Republic

Indonesia

4.5%

Federation

Malaysia

4.3%

Federative

Republic

Brazil

4.2%

Does

not

include

cash

and

cash

equivalents.

CFA

trademark

owned

CFA

Institute.

Performance

Summary

June

30,

2023

Templeton

Global

Balanced

Fund

franklintempleton.com

Semiannual

Report

The

performance

table

does

not

reflect

any

taxes

that

shareholder

would

pay

Fund

dividends,

capital

gain

distributions,

any,

any

realized

gains

the

sale

Fund

shares.

Total

return

reflects

reinvestment

the

Fund’s

dividends

and

capital

gain

distributions,

any,

and

any

unrealized

gains

losses.

Your

dividend

income

will

vary

depending

dividends

interest

paid

securities

the

Fund’s

portfolio,

adjusted

for

operating

expenses

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

portfolio

securities.

Performance

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

the

size

the

investment

and

the

class

purchased.

The

maximum

5.50%

and

the

minimum

0%.

Class

5.50%

maximum

initial

sales

charge;

Advisor

Class:

sales

charges.

For

other

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

gain

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

franklintempleton.com

call

(800)

342-5236

Class

Cumulative

Total

Return

Average

Annual

Total

Return

–

6-Month

+7.25%

+1.42%

1-Year

+8.31%

+2.45%

5-Year

-8.85%

-2.96%

10-Year

+14.66%

+0.81%

Advisor

6-Month

+7.80%

1-Year

+9.00%

5-Year

-7.30%

-1.50%

10-Year

+17.98%

+1.67%

See

page

for

Performance

Summary

footnotes.

Templeton

Global

Balanced

Fund

Performance

Summary

franklintempleton.com

Semiannual

Report

Each

class

available

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

described

the

prospectus.

Events

such

the

spread

deadly

diseases,

disasters,

and

financial,

political

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

principal.

International

investments

are

subject

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

emerging

markets.

Equity

securities

are

subject

price

fluctuation

and

possible

loss

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

principal.

interest

rates

rise,

the

value

fixed

income

securities

falls.

Low-rated,

high-yield

bonds

are

subject

greater

price

volatility,

illiquidity

and

possibility

default.

Liquidity

risk

exists

when

securi-

ties

other

investments

become

difficult

sell,

are

unable

sold,

the

price

which

they

have

been

valued.

Derivative

instruments

can

illiquid,

may

disproportionately

increase

losses,

and

have

potentially

large

impact

performance.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

the

research

investment

process;

however,

ESG

considerations

may

not

determinative

factor

security

selection.

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

identified

evaluated.

The

Fund’s

prospectus

also

includes

description

the

main

investment

risks.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

the

Fund's

prospectus

available

the

time

publication.

Actual

expenses

may

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

terminated

prior

4/30/24

without

Board

consent.

Additional

amounts

may

voluntarily

waived

and/or

reimbursed

and

may

modified

discontinued

any

time

without

notice.

Cumulative

total

return

represents

the

change

value

investment

over

the

periods

indicated.

Average

annual

total

return

represents

the

average

annual

change

value

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

any,

has

not

been

annualized.

Prior

9/10/18,

these

were

offered

higher

initial

sales

charge

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

reflect

the

current

maximum

initial

sales

charge

5.50%.

Figures

are

stated

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

this

report.

periods

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(1/1/23–6/30/23)

Class

Net

Investment

Income

$0.0431

$0.0336

$0.0379

$0.0403

$0.0467

Advisor

$0.0461

Total

Annual

Operating

Expenses

Class

With

Fee

Waiver

Without

Fee

Waiver

1.22%

1.25%

Advisor

0.97%

1.00%

Your

Fund’s

Expenses

Templeton

Global

Balanced

Fund

franklintempleton.com

Semiannual

Report

Fund

shareholder,

you

can

incur

two

types

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

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

operating

expenses.

The

table

below

shows

ongoing

costs

investing

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

other

mutual

funds.

The

table

assumes

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

the

columns

under

the

heading

“Actual.”

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

Fund

expenses,

used

calculate

the

“Ending

Account

Value”

for

each

class

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

following

these

steps

(

course,

your

account

value

and

expenses

will

differ

from

those

this

illustration

Divide

your

account

value

$1,000

(

your

account

had

$8,600

value,

then

$8,600

$1,000

8.6

Then

multiply

the

result

the

number

the

row

for

your

class

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

$7.50

$64.50

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

the

table,

information

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

the

Fund’s

actual

expense

ratio

and

assumed

rate

return

per

year

before

expenses,

which

not

the

Fund’s

actual

return.

This

information

may

not

used

estimate

the

actual

ending

account

balance

expenses

you

paid

for

the

period,

but

can

help

you

compare

ongoing

costs

investing

the

Fund

with

those

other

funds.

so,

compare

this

hypothetical

example

for

the

class

you

hold

with

the

hypothetical

examples

that

appear

the

shareholder

reports

other

funds.

Please

note

that

expenses

shown

the

table

are

meant

highlight

ongoing

costs

and

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

useful

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

owning

different

funds.

addition,

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

Expenses

are

equal

the

annualized

expense

ratio

for

the

six-month

period

indicated

above—in

the

far

right

column—multiplied

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

181/365

reflect

the

one-half

year

period.

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)

Class

Beginning

Account

Value

1/1/23

Ending

Account

Value

6/30/23

Expenses

Paid

During

Period

1/1/23–6/30/23

1,2

Ending

Account

Value

6/30/23

Expenses

Paid

During

Period

1/1/23–6/30/23

1,2

Net

Annualized

Expense

Ratio

$1,000

$1,072.50

$6.17

$1,018.84

$6.01

1.20%

$1,000

$1,072.20

$6.17

$1,018.84

$6.01

1.20%

$1,000

$1,068.20

$9.99

$1,015.13

$9.73

1.95%

$1,000

$1,069.80

$8.20

$1,016.87

$7.99

1.60%

$1,000

$1,070.90

$7.45

$1,017.60

$7.26

1.45%

$1,000

$1,073.90

$4.73

$1,020.23

$4.61

0.92%

Advisor

$1,000

$1,078.00

$4.89

$1,020.09

$4.75

0.95%

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

June

30,

2023

(unaudited)

Year

Ended

December

31,

2022

2021*

2020

2019

2018

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$2.26

$2.72

$2.82

$2.84

$2.77

$3.17

Income

from

investment

operations

Net

investment

income

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

0.04

0.07

0.05

0.07

0.11

0.10

Net

realized

and

unrealized

gains

(losses)

0.12

(0.46)

(0.09)

(0.04)

0.08

(0.38)

Total

from

investment

operations

........

0.16

(0.39)

(0.04)

0.03

0.19

(0.28)

Less

distributions

from:

Net

investment

income

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

(0.04)

—

(0.05)

(0.12)

Tax

return

capital

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

—

(0.07)

(0.06)

—

Total

distributions

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

(0.04)

(0.07)

(0.06)

(0.05)

(0.12)

Net

asset

value,

end

period

..........

$2.38

$2.26

$2.72

$2.82

$2.84

$2.77

Total

return

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

7.25%

(14.28)%

(1.54)%

1.49%

6.96%

(9.44)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

and

expense

reduction

........

1.38%

1.32%

1.30%

1.22%

1.19%

Expenses

net

waiver

and

payments

affiliates

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

1.22%

1.20%

1.26%

1.19%

1.16%

Expenses

net

waiver

and

payments

affiliates

and

expense

reduction

........

1.20%

1.26%

1.19%

1.16%

Net

investment

income

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

3.56%

2.80%

1.89%

2.85%

3.81%

3.17%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$211,690

$210,786

$302,724

$354,879

$465,915

$557,604

Portfolio

turnover

rate

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

36.40%

56.93%

52.63%

74.03%

26.62%

45.92%

*Includes

the

consolidated

operations

Holdings

Corporation

from

January

2021

through

April

27,

2021.

Includes

the

consolidated

operations

Holdings

Corporation

IV.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

June

30,

2023

(unaudited)

Year

Ended

December

31,

2022

2021*

2020

2019

2018

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$2.27

$2.73

$2.83

$2.84

$2.77

$3.18

Income

from

investment

operations

Net

investment

income

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

0.04

0.07

0.05

0.07

0.11

0.10

Net

realized

and

unrealized

gains

(losses)

0.12

(0.46)

(0.09)

(0.03)

0.08

(0.39)

Total

from

investment

operations

........

0.16

(0.39)

(0.04)

0.04

0.19

(0.29)

Less

distributions

from:

Net

investment

income

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

(0.04)

—

(0.05)

(0.12)

Tax

return

capital

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

—

(0.07)

(0.06)

—

Total

distributions

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

(0.04)

(0.07)

(0.06)

(0.05)

(0.12)

Net

asset

value,

end

period

..........

$2.39

$2.27

$2.73

$2.83

$2.84

$2.77

Total

return

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

7.22%

(14.21)%

(1.53)%

1.49%

7.33%

(9.45)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

and

expense

reduction

........

1.38%

1.32%

1.30%

1.22%

1.19%

Expenses

net

waiver

and

payments

affiliates

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

1.22%

1.20%

1.26%

1.19%

1.16%

Expenses

net

waiver

and

payments

affiliates

and

expense

reduction

........

1.20%

1.26%

1.19%

1.16%

Net

investment

income

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

3.56%

2.80%

1.89%

2.86%

3.81%

3.17%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$108,047

$108,558

$165,287

$198,816

$252,990

$285,358

Portfolio

turnover

rate

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

36.40%

56.93%

52.63%

74.03%

26.62%

45.92%

*Includes

the

consolidated

operations

Holdings

Corporation

from

January

2021

through

April

27,

2021.

Includes

the

consolidated

operations

Holdings

Corporation

IV.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

June

30,

2023

(unaudited)

Year

Ended

December

31,

2022

2021*

2020

2019

2018

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$2.26

$2.71

$2.81

$2.82

$2.75

$3.16

Income

from

investment

operations

Net

investment

income

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

0.03

0.05

0.03

0.05

0.09

0.08

Net

realized

and

unrealized

gains

(losses)

0.12

(0.45)

(0.10)

(0.03)

0.08

(0.40)

Total

from

investment

operations

........

0.15

(0.40)

(0.07)

0.02

0.17

(0.32)

Less

distributions

from:

Net

investment

income

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

(0.03)

—

(0.03)

(0.10)

(0.09)

Tax

return

capital

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

—

(0.05)

(0.03)

—

Total

distributions

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

(0.03)

(0.05)

(0.03)

(0.10)

(0.09)

Net

asset

value,

end

period

..........

$2.38

$2.26

$2.71

$2.81

$2.82

$2.75

Total

return

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

6.82%

(14.68)%

(2.37)%

0.68%

6.55%

(10.23)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

and

expense

reduction

........

2.12%

2.08%

2.04%

1.97%

1.94%

Expenses

net

waiver

and

payments

affiliates

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

1.97%

1.95%

2.00%

1.94%

1.91%

Expenses

net

waiver

and

payments

affiliates

and

expense

reduction

........

1.95%

2.00%

1.94%

1.91%

Net

investment

income

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

2.76%

2.02%

1.12%

2.02%

3.06%

2.42%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$16,134

$18,904

$39,982

$83,658

$139,231

$203,587

Portfolio

turnover

rate

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

36.40%

56.93%

52.63%

74.03%

26.62%

45.92%

*Includes

the

consolidated

operations

Holdings

Corporation

from

January

2021

through

April

27,

2021.

Includes

the

consolidated

operations

Holdings

Corporation

IV.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

June

30,

2023

(unaudited)

Year

Ended

December

31,

2022

2021*

2020

2019

2018

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$2.27

$2.73

$2.83

$2.84

$2.77

$3.17

Income

from

investment

operations

Net

investment

income

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

0.04

0.06

0.04

0.06

0.10

0.09

Net

realized

and

unrealized

gains

(losses)

0.12

(0.46)

(0.10)

(0.03)

0.08

(0.39)

Total

from

investment

operations

........

0.16

(0.40)

(0.06)

0.03

0.18

(0.30)

Less

distributions

from:

Net

investment

income

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

(0.04)

—

(0.04)

(0.11)

(0.10)

Tax

return

capital

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

—

(0.06)

(0.04)

—

Total

distributions

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

(0.04)

(0.06)

(0.04)

(0.11)

(0.10)

Net

asset

value,

end

period

..........

$2.39

$2.27

$2.73

$2.83

$2.84

$2.77

Total

return

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

6.98%

(14.61)%

(2.06)%

1.01%

6.82%

(9.88)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

and

expense

reduction

........

1.77%

1.72%

1.68%

1.70%

1.62%

1.59%

Expenses

net

waiver

and

payments

affiliates

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

1.62%

1.60%

1.66%

1.59%

1.56%

Expenses

net

waiver

and

payments

affiliates

and

expense

reduction

........

1.60%

1.66%

1.59%

1.56%

Net

investment

income

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

3.07%

2.39%

1.46%

2.32%

3.41%

2.77%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$1,493

$1,876

$3,535

$13,050

$27,765

$62,418

Portfolio

turnover

rate

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

36.40%

56.93%

52.63%

74.03%

26.62%

45.92%

*Includes

the

consolidated

operations

Holdings

Corporation

from

January

2021

through

April

27,

2021.

Includes

the

consolidated

operations

Holdings

Corporation

IV.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

June

30,

2023

(unaudited)

Year

Ended

December

31,

2022

2021*

2020

2019

2018

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$2.27

$2.74

$2.84

$2.85

$2.78

$3.18

Income

from

investment

operations

Net

investment

income

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

0.04

0.06

0.05

0.07

0.10

0.09

Net

realized

and

unrealized

gains

(losses)

0.12

(0.46)

(0.10)

(0.03)

0.08

(0.38)

Total

from

investment

operations

........

0.16

(0.40)

(0.05)

0.04

0.18

(0.29)

Less

distributions

from:

Net

investment

income

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

(0.04)

—

(0.05)

(0.11)

Tax

return

capital

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

—

(0.07)

(0.05)

—

Total

distributions

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

(0.04)

(0.07)

(0.05)

(0.11)

Net

asset

value,

end

period

..........

$2.39

$2.27

$2.74

$2.84

$2.85

$2.78

Total

return

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

7.09%

(14.77)%

(1.77)%

1.68%

6.66%

(9.67)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

and

expense

reduction

........

1.63%

1.58%

1.53%

1.43%

1.47%

1.44%

Expenses

net

waiver

and

payments

affiliates

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

1.48%

1.45%

1.44%

1.40%

1.44%

1.41%

Expenses

net

waiver

and

payments

affiliates

and

expense

reduction

........

1.45%

1.44%

1.40%

1.44%

1.41%

Net

investment

income

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

3.34%

2.58%

1.66%

2.63%

3.56%

2.92%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$645

$596

$1,206

$1,591

$2,348

$2,778

Portfolio

turnover

rate

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

36.40%

56.93%

52.63%

74.03%

26.62%

45.92%

*Includes

the

consolidated

operations

Holdings

Corporation

from

January

2021

through

April

27,

2021.

Includes

the

consolidated

operations

Holdings

Corporation

IV.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

06/

Six

Months

Ended

June

30,

2023

(unaudited)

Year

Ended

December

31,

2022

2021*

2020

2019

2018

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$2.27

$2.73

$2.83

$2.85

$2.78

$3.18

Income

from

investment

operations

Net

investment

income

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

0.05

0.07

0.06

0.08

0.12

0.11

Net

realized

and

unrealized

gains

(losses)

0.12

(0.45)

(0.09)

(0.04)

0.08

(0.38)

Total

from

investment

operations

........

0.17

(0.38)

(0.03)

0.04

0.20

(0.27)

Less

distributions

from:

Net

investment

income

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

(0.05)

—

(0.06)

(0.13)

Tax

return

capital

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

—

(0.08)

(0.07)

—

Total

distributions

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

(0.05)

(0.08)

(0.07)

(0.06)

(0.13)

Net

asset

value,

end

period

..........

$2.39

$2.27

$2.73

$2.83

$2.85

$2.78

Total

return

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

7.39%

(13.90)%

(1.19)%

1.87%

7.32%

(9.09)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

and

expense

reduction

........

1.07%

0.98%

1.01%

0.99%

0.92%

0.89%

Expenses

net

waiver

and

payments

affiliates

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

0.94%

0.90%

0.86%

0.90%

0.84%

0.82%

Expenses

net

waiver

and

payments

affiliates

and

expense

reduction

........

0.92%

0.90%

0.86%

0.90%

0.84%

0.82%

Net

investment

income

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

3.84%

3.10%

2.23%

3.18%

4.16%

3.51%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$2,424

$2,388

$3,227

$4,624

$6,080

$7,933

Portfolio

turnover

rate

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

36.40%

56.93%

52.63%

74.03%

26.62%

45.92%

*Includes

the

consolidated

operations

Holdings

Corporation

from

January

2021

through

April

27,

2021.

Includes

the

consolidated

operations

Holdings

Corporation

IV.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

June

30,

2023

(unaudited)

Year

Ended

December

31,

2022

2021*

2020

2019

2018

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$2.27

$2.74

$2.84

$2.85

$2.78

$3.19

Income

from

investment

operations

Net

investment

income

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

0.05

0.07

0.06

0.08

0.12

0.11

Net

realized

and

unrealized

gains

(losses)

0.13

(0.46)

(0.09)

(0.03)

0.08

(0.39)

Total

from

investment

operations

........

0.18

(0.39)

(0.03)

0.05

0.20

(0.28)

Less

distributions

from:

Net

investment

income

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

(0.05)

—

(0.06)

(0.13)

Tax

return

capital

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

—

(0.08)

(0.07)

—

Total

distributions

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

(0.05)

(0.08)

(0.07)

(0.06)

(0.13)

Net

asset

value,

end

period

..........

$2.40

$2.27

$2.74

$2.84

$2.85

$2.78

Total

return

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

7.80%

(14.32)%

(1.28)%

1.75%

7.57%

(9.19)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

and

expense

reduction

........

1.12%

1.07%

1.05%

1.04%

0.97%

0.94%

Expenses

net

waiver

and

payments

affiliates

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

0.97%

0.95%

1.00%

0.94%

0.91%

Expenses

net

waiver

and

payments

affiliates

and

expense

reduction

........

0.95%

1.00%

0.94%

0.91%

Net

investment

income

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

3.80%

3.04%

2.14%

3.00%

4.06%

3.42%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$31,371

$32,777

$57,537

$77,426

$141,277

$207,346

Portfolio

turnover

rate

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

36.40%

56.93%

52.63%

74.03%

26.62%

45.92%

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

*Includes

the

consolidated

operations

Holdings

Corporation

from

January

2021

through

April

27,

2021.

Includes

the

consolidated

operations

Holdings

Corporation

IV.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund

Based

average

daily

outstanding.

Templeton

Global

Investment

Trust

Schedule

Investments

(unaudited),

June

30,

2023

Templeton

Global

Balanced

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Industry

Value

Common

Stocks

52.0%

China

2.7%

a,b

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

324,800

3,381,049

Lenovo

Group

Ltd.

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

Technology

Hardware,

Storage

Peripherals

4,520,000

4,736,312

Prosus

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

Broadline

Retail

26,219

1,920,302

10,037,663

France

1.7%

Danone

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

Food

Products

69,833

4,279,999

Forvia

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

Automobile

Components

83,435

1,969,338

6,249,337

Germany

6.8%

adidas

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

Textiles,

Apparel

Luxury

Goods

12,196

2,367,803

Bayer

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

Pharmaceuticals

97,367

5,390,251

Bayerische

Motoren

Werke

......

Automobiles

17,894

2,201,290

Continental

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

Automobile

Components

28,102

2,123,311

Deutsche

Telekom

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

Diversified

Telecommunication

Services

165,289

3,606,691

Fresenius

Medical

Care

Co.

KGaA

Health

Care

Providers

Services

87,013

4,158,830

Infineon

Technologies

..........

Semiconductors

Semiconductor

Equipment

56,040

2,308,065

Siemens

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

Industrial

Conglomerates

18,836

3,140,265

25,296,506

Hong

Kong

1.4%

AIA

Group

Ltd.

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

Insurance

187,000

1,899,229

Prudential

plc,

(GBP

Traded)

........

Insurance

213,525

3,015,698

Prudential

plc,

(HKD

Traded)

........

Insurance

26,600

366,772

5,281,699

Hungary

0.9%

Richter

Gedeon

Nyrt.

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

Pharmaceuticals

132,412

3,267,502

Japan

2.3%

Honda

Motor

Co.

Ltd.

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

Automobiles

85,100

2,578,365

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

241,900

3,420,177

Sumitomo

Mitsui

Financial

Group,

Inc.

Banks

58,100

2,490,479

8,489,021

Netherlands

2.6%

ING

Groep

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

Banks

225,359

3,038,478

SBM

Offshore

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

Energy

Equipment

Services

163,943

2,247,540

Shell

plc

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

Oil,

Gas

Consumable

Fuels

141,560

4,264,632

9,550,650

South

Africa

0.0%

a,c,d

K2016470219

South

Africa

Ltd.,

....

Broadline

Retail

32,900,733

—

a,c,d

K2016470219

South

Africa

Ltd.,

....

Broadline

Retail

4,646,498

—

South

Korea

2.6%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

Peripherals

141,926

7,815,386

Shinhan

Financial

Group

Co.

Ltd.

....

Banks

75,207

1,944,386

9,759,772

Switzerland

1.5%

Adecco

Group

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

Professional

Services

175,731

5,755,750

Templeton

Global

Investment

Trust

Schedule

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Industry

Value

Common

Stocks

(continued)

Taiwan

0.9%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

Semiconductor

Equipment

181,300

3,348,409

United

Kingdom

5.4%

Barratt

Developments

plc

..........

Household

Durables

368,266

1,935,503

plc

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

Oil,

Gas

Consumable

Fuels

679,989

3,959,153

Hutchison

Holdings

Ltd.

.........

Industrial

Conglomerates

531,500

3,243,865

Imperial

Brands

plc

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

Tobacco

162,551

3,597,979

Persimmon

plc

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

Household

Durables

162,667

2,119,503

Unilever

plc

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

Personal

Care

Products

100,533

5,235,180

20,091,183

United

States

23.2%

Alphabet,

Inc.,

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

Interactive

Media

Services

30,465

3,646,660

American

Express

Co.

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

Consumer

Finance

19,614

3,416,759

Bank

America

Corp.

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

Banks

116,105

3,331,052

Bath

Body

Works,

Inc.

...........

Specialty

Retail

47,345

1,775,437

Citigroup,

Inc.

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

Banks

96,300

4,433,652

Comcast

Corp.,

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

Media

109,756

4,560,362

Delta

Air

Lines,

Inc.

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

Passenger

Airlines

73,388

3,488,866

DuPont

Nemours,

Inc.

..........

Chemicals

55,237

3,946,131

DXC

Technology

Co.

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

Services

70,348

1,879,699

FedEx

Corp.

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

Air

Freight

Logistics

17,683

4,383,616

Fidelity

National

Information

Services,

Inc.

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

Financial

Services

123,523

6,756,708

International

Paper

Co.

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

Containers

Packaging

54,778

1,742,488

Lithia

Motors,

Inc.,

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

Specialty

Retail

8,790

2,673,127

LyondellBasell

Industries

NV,

......

Chemicals

32,773

3,009,545

Medtronic

plc

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

Health

Care

Equipment

Supplies

51,600

4,545,960

NCR

Corp.

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

Software

208,585

5,256,342

Paramount

Global,

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

Media

300,901

4,787,335

Salesforce,

Inc.

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

Software

11,388

2,405,829

Southwest

Airlines

Co.

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

Passenger

Airlines

62,164

2,250,958

Stanley

Black

Decker,

Inc.

........

Machinery

47,190

4,422,175

Tapestry,

Inc.

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

Textiles,

Apparel

Luxury

Goods

73,357

3,139,680

Target

Corp.

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

Consumer

Staples

Distribution

Retail

38,656

5,098,726

Wells

Fargo

Co.

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

Banks

122,392

5,223,691

86,174,798

Total

Common

Stocks

(Cost

$183,584,715)

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

193,302,290

Principal

Amount

Corporate

Bonds

0.0%

South

Africa

0.0%

c,e,f

K2016470219

South

Africa

Ltd.

Senior

Secured

Note,

144A,

PIK,

3%,

12/31/22

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

Broadline

Retail

2,851,217

—

Senior

Secured

Note,

144A,

PIK,

8%,

12/31/22

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

Broadline

Retail

2,929,327

EUR

—

c,e,f

K2016470260

South

Africa

Ltd.

Senior

Secured

Note

144A,

PIK,

12/31/22

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

Broadline

Retail

1,782,466

—

Total

Corporate

Bonds

(Cost

$4,389,520)

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

—

Templeton

Global

Investment

Trust

Schedule

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Industry

Principal

Amount

Value

Foreign

Government

and

Agency

Securities

38.3%

Australia

1.4%

New

South

Wales

Treasury

Corp.,

Senior

Bond,

2%,

3/08/33

........

3,030,000

AUD

1,595,368

Queensland

Treasury

Corp.,

Senior

Bond,

2%,

8/22/33

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

3,570,000

AUD

1,873,145

Treasury

Corp.

Victoria

Senior

Bond,

Reg

2.25%,

9/15/33

2,270,000

AUD

1,203,020

Senior

Bond,

2.25%,

11/20/34

.....

760,000

AUD

390,082

5,061,615

Brazil

4.2%

Brazil

Notas

Tesouro

Nacional

10%,

1/01/27

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

35,450,000

BRL

7,374,337

10%,

1/01/31

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

14,887,000

BRL

3,027,446

10%,

1/01/33

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

4,483,000

BRL

903,987

10%,

1/01/29

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

21,143,000

BRL

4,331,140

15,636,910

Colombia

4.6%

Colombia

Government

Bond,

Senior

Bond,

9.85%,

6/28/27

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

83,000,000

COP

19,158

Colombia

Titulos

Tesoreria

6.25%,

11/26/25

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

1,370,000,000

COP

303,237

7.5%,

8/26/26

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

33,885,500,000

COP

7,606,048

5.75%,

11/03/27

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

7,652,000,000

COP

1,575,226

6%,

4/28/28

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

3,265,000,000

COP

669,306

7.75%,

9/18/30

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

4,739,000,000

COP

1,008,159

7%,

3/26/31

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

1,931,200,000

COP

389,417

7%,

6/30/32

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

4,490,000,000

COP

880,498

13.25%,

2/09/33

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

7,858,000,000

COP

2,204,649

7.25%,

10/18/34

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

6,462,000,000

COP

1,246,932

6.25%,

7/09/36

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

2,213,000,000

COP

383,086

9.25%,

5/28/42

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

3,046,000,000

COP

652,082

16,937,798

Dominican

Republic

1.2%

Dominican

Republic

Government

Bond

Senior

Bond,

144A,

5.3%,

1/21/41

2,030,000

1,595,526

Senior

Bond,

144A,

6.4%,

6/05/49

760,000

649,448

Senior

Bond,

144A,

5.875%,

1/30/60

2,634,000

2,047,777

4,292,751

Ecuador

1.0%

Ecuador

Government

Bond

Senior

Bond,

144A,

2.5%,

7/31/35

6,275,000

2,193,294

Senior

Bond,

144A,

1.5%,

7/31/40

599,000

187,187

Senior

Note,

144A,

5.5%,

7/31/30

2,460,000

1,195,139

3,575,620

Egypt

1.3%

Egypt

Government

Bond

Senior

Bond,

144A,

7.625%,

5/29/32

710,000

414,285

Senior

Bond,

144A,

7.3%,

9/30/33

1,620,000

896,346

Senior

Bond,

144A,

8.5%,

1/31/47

2,840,000

1,516,304

Senior

Bond,

144A,

7.903%,

2/21/48

240,000

123,910

Senior

Bond,

144A,

8.7%,

3/01/49

200,000

108,382

Templeton

Global

Investment

Trust

Schedule

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Industry

Principal

Amount

Value

Foreign

Government

and

Agency

Securities

(continued)

Egypt

(continued)

Egypt

Government

Bond,

(continued)

Senior

Bond,

144A,

8.875%,

5/29/50

780,000

422,503

Senior

Bond,

144A,

8.75%,

9/30/51

2,210,000

1,198,306

Senior

Bond,

144A,

7.5%,

2/16/61

510,000

257,162

4,937,198

Salvador

0.0%

†

Salvador

Government

Bond,

Senior

Bond,

144A,

7.65%,

6/15/35

.......

100,000

59,404

Germany

0.6%

Bundesobligation,

Reg

10/18/24

...

547,000

EUR

571,927

Bundesrepublik

Deutschland,

Reg

6.25%,

1/04/24

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

536,000

EUR

592,971

Bundesschatzanweisungen,

Reg

0.4%,

9/13/24

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

1,185,000

EUR

1,248,821

2,413,719

Ghana

0.5%

Ghana

Government

Bond

PIK,

8.35%,

2/16/27

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

5,424,076

GHS

253,152

PIK,

8.5%,

2/15/28

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

5,424,076

GHS

221,293

PIK,

8.65%,

2/13/29

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

5,384,374

GHS

197,342

PIK,

8.8%,

2/12/30

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

5,384,374

GHS

179,947

PIK,

8.95%,

2/11/31

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

4,847,871

GHS

150,323

PIK,

9.1%,

2/10/32

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

4,847,871

GHS

141,797

PIK,

9.25%,

2/08/33

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

4,847,871

GHS

136,734

PIK,

9.4%,

2/07/34

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

4,292,036

GHS

116,722

PIK,

9.55%,

2/06/35

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

4,292,036

GHS

113,621

PIK,

9.7%,

2/05/36

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

4,292,036

GHS

111,449

PIK,

9.85%,

2/03/37

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

4,292,036

GHS

109,969

PIK,

10%,

2/02/38

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

4,292,036

GHS

109,006

1,841,355

Hungary

2.4%

Hungary

Government

Bond

1%,

11/26/25

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

1,242,000,000

HUF

3,038,816

3%,

10/27/27

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

106,800,000

HUF

260,512

4.75%,

11/24/32

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

2,203,700,000

HUF

5,483,118

8,782,446

India

4.8%

India

Government

Bond

7.26%,

1/14/29

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

227,500,000

INR

2,797,484

Senior

Bond,

7.26%,

8/22/32

......

664,300,000

INR

8,184,843

Senior

Note,

7.1%,

4/18/29

.......

577,200,000

INR

7,046,968

18,029,295

Indonesia

4.5%

Indonesia

Government

Bond

FR68,

8.375%,

3/15/34

..........

24,759,000,000

IDR

1,893,349

FR82,

7%,

9/15/30

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

4,273,000,000

IDR

295,283

FR87,

6.5%,

2/15/31

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

4,108,000,000

IDR

275,142

FR91,

6.375%,

4/15/32

..........

11,532,000,000

IDR

769,287

FR95,

6.375%,

8/15/28

..........

28,742,000,000

IDR

1,947,351

Templeton

Global

Investment

Trust

Schedule

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Industry

Principal

Amount

Value

Foreign

Government

and

Agency

Securities

(continued)

Indonesia

(continued)

Indonesia

Government

Bond,

(continued)

FR96,

7%,

2/15/33

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

168,172,000,000

IDR

11,753,287

16,933,699

Malaysia

4.3%

Malaysia

Government

Bond

3.9%,

11/30/26

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

3,890,000

MYR

842,667

3.892%,

3/15/27

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

90,000

MYR

19,445

3.502%,

5/31/27

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

1,080,000

MYR

230,160

3.899%,

11/16/27

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

34,380,000

MYR

7,440,808

3.519%,

4/20/28

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

4,110,000

MYR

877,789

3.733%,

6/15/28

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

5,080,000

MYR

1,093,165

3.885%,

8/15/29

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

2,040,000

MYR

439,408

4.498%,

4/15/30

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

9,240,000

MYR

2,069,938

3.582%,

7/15/32

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

14,180,000

MYR

2,975,224

15,988,604

Mexico

2.1%

Mexican

Bonos

10%,

11/20/36

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

4,570,000

MXN

295,286

Senior

Bond,

7.75%,

11/23/34

...

14,160,000

MXN

772,714

Mexican

Bonos

Desarr

Fixed

Rate

7.5%,

5/26/33

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

86,420,000

MXN

4,651,218

Senior

Bond,

8.5%,

5/31/29

.....

13,800,000

MXN

798,869

Senior

Bond,

8.5%,

11/18/38

....

8,380,000

MXN

477,235

Senior

Bond,

7.75%,

11/13/42

...

18,030,000

MXN

945,350

7,940,672

Mongolia

0.6%

Mongolia

Government

Bond

Senior

Bond,

144A,

4.45%,

7/07/31

1,450,000

1,127,253

Senior

Note,

144A,

5.125%,

4/07/26

200,000

186,496

Senior

Note,

144A,

3.5%,

7/07/27

1,000,000

836,319

2,150,068

South

Korea

2.9%

Korea

Treasury

Bonds,

2.375%,

3/10/27

14,740,000,000

KRW

10,689,449

Sri

Lanka

0.4%

f,h

Sri

Lanka

Government

Bond

Senior

Bond,

144A,

6.85%,

11/03/25

600,000

285,915

Senior

Bond,

144A,

6.2%,

5/11/27

1,600,000

736,651

Senior

Bond,

144A,

6.75%,

4/18/28

200,000

92,102

Senior

Bond,

144A,

7.85%,

3/14/29

200,000

92,079

Senior

Note,

144A,

5.75%,

4/18/23

200,000

91,232

Senior

Note,

144A,

6.35%,

6/28/24

400,000

184,230

1,482,209

Thailand

1.5%

Thailand

Government

Bond

0.75%,

9/17/24

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

54,930,000

THB

1,530,109

1%,

6/17/27

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

119,490,000

THB

3,221,995

Templeton

Global

Investment

Trust

Schedule

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Industry

Principal

Amount

Value

Foreign

Government

and

Agency

Securities

(continued)

Thailand

(continued)

Thailand

Government

Bond,

(continued)

Senior

Note,

0.66%,

11/22/23

......

35,490,000

THB

999,857

5,751,961

Total

Foreign

Government

and

Agency

Securities

(Cost

$150,673,099)

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

142,504,773

Escrows

and

Litigation

Trusts

0.0%

a,c

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

168,113

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$338,647,334)

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

335,807,063

Short

Term

Investments

7.6%

Industry

Principal

Amount

Value

Foreign

Government

and

Agency

Securities

4.7%

Germany

0.5%

Germany

Treasury

Bills

Reg

9/20/23

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

322,000

EUR

348,855

Reg

10/18/23

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

1,474,000

EUR

1,592,420

1,941,275

Japan

4.2%

Japan

Treasury

Bills

8/07/23

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

30,300,000

JPY

210,050

9/20/23

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

901,200,000

JPY

6,248,586

10/10/23

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

20,300,000

JPY

140,765

10/20/23

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

108,700,000

JPY

753,782

11/10/23

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

224,300,000

JPY

1,555,556

11/20/23

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

80,800,000

JPY

560,386

12/20/23

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

101,000,000

JPY

700,574

2/20/24

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

770,500,000

JPY

5,345,831

15,515,530

Total

Foreign

Government

and

Agency

Securities

(Cost

$17,836,205)

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

17,456,805

Money

Market

Funds

2.9%

United

States

2.9%

j,k

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.699%

.........

10,777,447

Total

Money

Market

Funds

(Cost

$10,777,447)

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

10,777,447

Total

Short

Term

Investments

(Cost

$28,613,652

)

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

28,234,252

Total

Investments

(Cost

$367,260,986)

97.9%

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

$364,041,315

Other

Assets,

less

Liabilities

2.1%

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

7,761,506

Net

Assets

100.0%

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

$371,802,821

Templeton

Global

Investment

Trust

Schedule

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

June

30,

2023,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(d).

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

Variable

interest

entity

(VIE).

See

the

Fund’s

statement

additional

information

regarding

investments

made

through

VIE

structure.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

See

Note

regarding

restricted

securities.

Income

may

received

additional

securities

and/or

cash.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

June

30,

2023,

the

aggregate

value

these

securities

was

$22,055,264,

representing

5.9%

net

assets.

portion

all

the

security

purchased

delayed

delivery

basis.

See

Note

1(c).

See

Note

regarding

credit

risk

and

defaulted

securities.

The

security

was

issued

discount

basis

with

stated

coupon

rate.

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

Type

Quantity

Contract

Amount

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Forward

Exchange

Contracts

Chilean

Peso

......

JPHQ

Buy

451,000,000

559,172

7/05/23

3,344

—

Chilean

Peso

......

JPHQ

Sell

451,000,000

563,766

7/05/23

1,250

—

Indian

Rupee

......

HSBK

Buy

130,568,000

1,579,235

7/10/23

11,655

—

Indian

Rupee

......

HSBK

Sell

130,568,000

1,590,741

7/10/23

—

(149)

Chilean

Peso

......

GSCO

Buy

769,260,000

948,825

7/12/23

9,589

—

Chilean

Peso

......

GSCO

Sell

769,260,000

965,546

7/12/23

7,132

—

Canadian

Dollar

....

JPHQ

Sell

2,771,610

2,050,945

7/19/23

—

(41,793)

Chilean

Peso

......

JPHQ

Buy

2,771,610

2,077,295

7/19/23

15,443

—

Chilean

Peso

......

GSCO

Buy

1,058,979,026

1,059,925

7/26/23

256,540

—

Chilean

Peso

......

GSCO

Sell

1,058,979,026

1,322,220

7/26/23

5,755

—

Chilean

Peso

......

GSCO

Buy

2,000,142,166

2,439,198

8/04/23

43,739

—

Chilean

Peso

......

GSCO

Sell

1,377,000,000

1,721,702

8/04/23

12,321

—

Chilean

Peso

......

JPHQ

Buy

764,851,089

932,234

8/04/23

17,237

—

Mexican

Peso

......

MSCO

Buy

2,467,000

119,375

8/04/23

23,821

—

Mexican

Peso

......

MSCO

Sell

2,467,000

111,654

8/04/23

—

(31,542)

Chilean

Peso

......

MSCO

Buy

1,449,610,000

1,798,747

8/16/23

—

(1,661)

Japanese

Yen

......

JPHQ

Buy

251,863,750

1,814,299

8/21/23

—

(55,342)

Australian

Dollar

....

MSCO

Buy

6,160,000

4,162,312

9/11/23

—

(51,381)

Norwegian

Krone

...

DBAB

Buy

40,861,000

3,907,339

9/11/23

—

(90,912)

South

Korean

Won

HSBK

Buy

9,300,000,000

7,220,217

9/13/23

—

(135,393)

Thai

Baht

.........

DBAB

Buy

130,900,000

3,794,753

9/13/23

—

(65,934)

Japanese

Yen

......

BOFA

Buy

853,112,100

6,206,709

9/15/23

—

(225,583)

Japanese

Yen

......

DBAB

Buy

1,110,438,260

8,069,166

9/15/23

—

(283,940)

Japanese

Yen

......

BNDP

Buy

239,887,530

1,835,968

9/20/23

—

(152,785)

Japanese

Yen

......

BOFA

Buy

482,398,360

3,492,414

9/20/23

—

(107,642)

Indian

Rupee

......

HSBK

Buy

130,568,000

1,586,488

10/05/23

—

(426)

Chilean

Peso

......

JPHQ

Buy

764,848,911

932,345

10/16/23

9,770

—

Mexican

Peso

......

CITI

Buy

6,638,000

316,630

10/23/23

63,070

—

Mexican

Peso

......

CITI

Sell

6,638,000

288,992

10/23/23

—

(90,709)

Norwegian

Krone

...

MSCO

Buy

45,160,000

4,280,569

10/27/23

—

(57,111)

Australian

Dollar

....

MSCO

Buy

6,050,000

4,025,972

10/31/23

16,929

—

Euro

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

BZWS

Buy

3,950,000

4,275,375

11/06/23

63,538

—

Australian

Dollar

....

CITI

Buy

4,070,000

2,729,627

11/08/23

—

(9,284)

Australian

Dollar

....

DBAB

Buy

4,070,000

2,728,813

11/08/23

—

(8,470)

Australian

Dollar

....

DBAB

Buy

4,563,000

3,035,426

11/22/23

15,558

—

Templeton

Global

Investment

Trust

Schedule

Investments

(unaudited)

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Forward

Exchange

Contracts

(continued)

Australian

Dollar

....

JPHQ

Buy

4,277,000

2,845,274

11/22/23

14,480

—

Mexican

Peso

......

MSCO

Buy

7,426,000

326,881

9/03/24

77,175

—

Mexican

Peso

......

MSCO

Sell

7,426,000

315,711

9/03/24

—

(88,345)

Total

Forward

Exchange

Contracts

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

$668,346

$(1,498,402)

Net

unrealized

appreciation

(depreciation)

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

$(830,056)

U.S.

dollars

unless

otherwise

indicated.

May

comprised

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note

regarding

other

derivative

information.

See

Abbreviations

page

Templeton

Global

Investment

Trust

Financial

Statements

Statement

Assets

and

Liabilities

June

30,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Templeton

Global

Balanced

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

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

$356,483,539

Cost

Non-controlled

affiliates

(Note

)

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

10,777,447

Value

Unaffiliated

issuers

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

$353,263,868

Value

Non-controlled

affiliates

(Note

)

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

10,777,447

Cash

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

43,689

Restricted

cash

for

OTC

derivative

contracts

(Note

)

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

190,000

Foreign

currency,

value

(cost

$155,045)

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

155,139

Receivables:

Investment

securities

sold

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

1,001,853

Capital

sold

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

40,208

Dividends

and

interest

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

4,332,541

Foreign

tax

refund

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

27,546

European

Union

tax

reclaims

(Note

1g)

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

6,747,259

Deposits

with

brokers

for:

OTC

derivative

contracts

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

780,000

Unrealized

appreciation

OTC

forward

exchange

contracts

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

668,346

Deferred

tax

benefit

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

111,553

Total

assets

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

378,139,449

Liabilities:

Payables:

Investment

securities

purchased

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

1,003,900

Capital

redeemed

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

176,764

Management

fees

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

166,570

Distribution

fees

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

80,137

Transfer

agent

fees

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

125,700

Trustees'

fees

and

expenses

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

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

1g)

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

2,863,749

Variation

margin

centrally

cleared

swap

contracts

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

445

Deposits

from

brokers

for:

OTC

derivative

contracts

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

190,000

Unrealized

depreciation

OTC

forward

exchange

contracts

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

1,498,402

Accrued

expenses

and

other

liabilities

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

230,914

Total

liabilities

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

6,336,628

Net

assets,

value

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

$371,802,821

Net

assets

consist

of:

Paid-in

capital

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

$547,635,145

Total

distributable

earnings

(losses)

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

(175,832,324)

Net

assets,

value

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

$371,802,821

Templeton

Global

Investment

Trust

Financial

Statements

Statement

Assets

and

Liabilities

(continued)

June

30,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Templeton

Global

Balanced

Fund

Class

Net

assets,

value

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

$211,689,628

outstanding

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

88,777,141

Net

asset

value

per

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

$2.38

Maximum

offering

price

per

(net

asset

value

per

94.50%)

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

$2.52

Class

A1:

Net

assets,

value

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

$108,047,242

outstanding

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

45,235,560

Net

asset

value

per

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

$2.39

Maximum

offering

price

per

(net

asset

value

per

96.25%)

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

$2.48

Class

Net

assets,

value

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

$16,133,549

outstanding

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

6,783,326

Net

asset

value

and

maximum

offering

price

per

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

$2.38

Class

C1:

Net

assets,

value

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

$1,492,931

outstanding

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

623,543

Net

asset

value

and

maximum

offering

price

per

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

$2.39

Class

Net

assets,

value

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

$644,663

outstanding

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

269,173

Net

asset

value

and

maximum

offering

price

per

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

$2.39

Class

R6:

Net

assets,

value

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

$2,423,666

outstanding

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

1,014,267

Net

asset

value

and

maximum

offering

price

per

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

$2.39

Advisor

Class:

Net

assets,

value

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

$31,371,142

outstanding

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

13,089,094

Net

asset

value

and

maximum

offering

price

per

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

$2.40

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Templeton

Global

Investment

Trust

Statement

Operations

Statement

Operations

for

the

six

months

ended

June

30,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Templeton

Global

Balanced

Fund

Investment

income:

Dividends:

(net

foreign

taxes

$231,217)

Unaffiliated

issuers

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

$3,663,300

Non-controlled

affiliates

(Note

)

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

369,886

Interest:

(net

foreign

taxes

$97,137)

Unaffiliated

issuers

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

5,101,102

Other

income

(Note

1g)

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

63,158

Less:

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

1g)

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

(196,114)

Total

investment

income

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

9,001,332

Expenses:

Management

fees

(Note

)

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

1,497,844

Distribution

fees:

(Note

)

Class

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

267,242

Class

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

137,312

Class

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

88,147

Class

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

5,386

Class

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

1,579

Transfer

agent

fees:

(Note

)

Class

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

167,078

Class

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

85,855

Class

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

13,810

Class

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

1,300

Class

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

493

Class

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

1,189

Advisor

Class

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

25,171

Custodian

fees

(Note

)

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

47,558

Reports

shareholders

fees

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

54,481

Registration

and

filing

fees

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

86,034

Professional

fees

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

87,019

Trustees'

fees

and

expenses

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

25,608

Other

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

33,242

Total

expenses

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

2,626,348

Expense

reductions

(Note

)

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

(44,738)

Expenses

waived/paid

affiliates

(Note

and

)

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

(285,887)

Net

expenses

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

2,295,723

Net

investment

income

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

6,705,609

Templeton

Global

Investment

Trust

Statement

Operations

Statement

Operations

(continued)

for

the

six

months

ended

June

30,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Templeton

Global

Balanced

Fund

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(13,657,125)

Foreign

currency

transactions

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

(219,079)

Forward

exchange

contracts

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

(2,082,719)

Swap

contracts

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

1,008,778

Net

realized

gain

(loss)

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

(14,950,145)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

38,151,597

Translation

other

assets

and

liabilities

denominated

foreign

currencies

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

175,236

Forward

exchange

contracts

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

(1,860,029)

Swap

contracts

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

(1,238,396)

Change

deferred

axes

unrealized

appreciation

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

30,054

Net

change

unrealized

appreciation

(depreciation)

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

35,258,462

Net

realized

and

unrealized

gain

(loss)

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

20,308,317

Net

increase

(decrease)

net

assets

resulting

from

operations

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

$27,013,926

Templeton

Global

Investment

Trust

Financial

Statements

Changes

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Templeton

Global

Balanced

Fund

Six

Months

Ended

June

30,

2023

(unaudited)

Year

Ended

December

31,

2022

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

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

$6,705,609

$12,621,002

Net

realized

gain

(loss)

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

(14,950,145)

(46,388,298)

Net

change

unrealized

appreciation

(depreciation)

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

35,258,462

(44,470,346)

Net

increase

(decrease)

net

assets

resulting

from

operations

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

27,013,926

(78,237,642)

Distributions

shareholders:

Class

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

(3,850,696)

—

Class

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

(1,968,757)

—

Class

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

(234,887)

—

Class

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

(24,692)

—

Class

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

(10,867)

—

Class

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

(48,078)

—

Advisor

Class

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

(608,133)

—

Distributions

shareholders

from

tax

return

capital:

Class

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

—

(7,322,788)

Class

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

—

(3,887,214)

Class

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

—

(548,737)

Class

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

—

(65,374)

Class

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

—

(24,765)

Class

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

—

(90,479)

Advisor

Class

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

—

(1,358,531)

Total

distributions

shareholders

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

(6,746,110)

(13,297,888)

Capital

transactions:

(Note

)

Class

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

(10,452,146)

(42,854,621)

Class

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

(6,364,899)

(30,041,873)

Class

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

(3,788,936)

(15,440,725)

Class

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

(485,074)

(1,094,816)

Class

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

16,246

(394,902)

Class

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

(93,480)

(290,348)

Advisor

Class

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

(3,180,103)

(15,961,602)

Total

capital

transactions

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

(24,348,392)

(106,078,887)

Net

increase

(decrease)

net

assets

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

(4,080,576)

(197,614,417)

Net

assets:

Beginning

period

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

375,883,397

573,497,814

End

period

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

$371,802,821

$375,883,397

Templeton

Global

Investment

Trust

franklintempleton.com

Semiannual

Report

Notes

Financial

Statements

(unaudited)

Templeton

Global

Balanced

Fund

Organization

and

Significant

Accounting

Policies

Templeton

Global

Investment

Trust (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company,

consisting

of three separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Templeton

Global

Balanced

Fund

(Fund)

included

this

report.

The

Fund

offers seven

classes

Class

A1,

Class

C1,

Class

and

Advisor

Class. Class

and

Class

automatically

convert

Class

monthly

basis,

after

they

have

been

held

for

years.

Each

class

may

differ

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Fund's

significant

accounting

policies.

Financial

Instrument

Valuation

The

Fund's

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

each business

day as

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier.

Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Fund’s

administrator

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

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded,

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Debt

securities

generally

trade

the OTC

market

rather

than

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

Securities

denominated

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

date

that

the

values

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

the

closing

NAV.

Certain

derivative

financial

instru

ments

are

centrally

cleared

trade

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

determine

the

fair

value

those

instruments.

The

Fund's

net

benefit

obligation

under

the

derivative

contract,

measured

the

fair

value

the

contract,

included

net

assets.

The

Fund

has

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the Fund

primarily

employs

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Fund's

business

day.

Events

can

occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Fund's

portfolio

securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time.

order

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Fund's

portfolio

securities

the

latest

indications

fair

value

p.m.

Eastern

time.

June

30,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Fund's

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Fund's

portfolio

securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the Fund

for

financial

reporting

purposes.

Foreign

Currency

Translation

Portfolio

securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

based

the

exchange

rate

such

currencies

against

U.S.

dollars

the

date

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

facilitate

transactions

denominated

foreign

currency.

Purchases

and

sales

securities,

income

and

expense

items

denominated

foreign

currencies

are

translated

into

U.S.

dollars

the

exchange

rate

effect

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

foreign

currencies

contain

risks

that

those

currencies

will

decline

value

relative

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

reliability

foreign

exchange

rates

used

convert

the

U.S.

dollar

equivalent

value.

such

event

occurs,

the

foreign

exchange

rate

will

valued

fair

value

using

procedures

established

and

approved

the

Board.

The

Fund

does

not

separately

report

the

effect

changes

foreign

exchange

rates

from

changes

market

prices

securities

held.

Such

changes

are

included

net

realized

and

unrealized

gain

loss

from

investments

the

Statement of

Operations.

Realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions

and

the

difference

between

the

recorded

amounts

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

foreign

exchange

rates

foreign

denominated

assets

and

liabilities

other

than

investments

securities

held

the

end

the

reporting

period.

Securities

Purchased

Delayed

Delivery

Basis

The

Fund

purchases

securities

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

future

date.

These

transactions

are

subject

market

fluctuations

and

are

subject

the

risk

that

the

value

delivery

may

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

holding

the

securities,

may

sell

the

securities

before

the

settlement

date.

Derivative

Financial

Instruments

The

Fund invested

derivative

financial

instruments

order

manage

risk

gain

exposure

various

other

investments

markets.

Derivatives

are

financial

contracts

based

underlying

notional

amount,

require

initial

investment

initial

net

investment

that

smaller

than

would

normally

required

have

similar

response

Organization

and

Significant

Accounting

Policies

(continued)

Financial

Instrument

Valuation

(continued)

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

changes

market

factors,

and

require

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

the

counterparty

fulfill

their

obligations

under

the

terms

the

contract,

the

potential

for

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

gains

losses

excess

the

amounts

shown

the

Statement

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

these

contracts

for

the

period

are

included

the

Statement

Operations.

Derivative

counterparty

credit

risk

managed

through

formal

evaluation

the

creditworthiness

all

potential

counterparties.

The

Fund

attempts

reduce

its

exposure

counterparty

credit

risk

OTC

derivatives,

whenever

possible,

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

collateral

requirements,

events

default,

early

termination.

Termination

events

applicable

the

counterparty

include

certain

deteriorations

the

credit

quality

the

counterparty.

Termination

events

applicable

the

Fund

include

failure

the

Fund

maintain

certain

net

asset

levels

and/or

limit

the

decline

net

assets

over

various

periods

time.

the

event

default

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

net

and

close-out

all

transactions

traded,

whether

not

arising

under

the

ISDA

agreement,

one

net

amount

payable

one

counterparty

the

other.

However,

absent

event

default

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

the

Statement

Assets

and

Liabilities.

Early

termination

the

counterparty

may

result

immediate

payment

the

Fund

any

net

liability

owed

that

counterparty

under

the

ISDA

agreement.

June

30,

2023,

the

Fund

had

OTC

derivatives

net

liability

position

$1,038,962,

and

the

aggregate

value

collateral

pledged

for

such

contracts

was

$780,000.

Collateral

requirements

differ

type

derivative.

Collateral

initial

margin

requirements

are

set

the

broker

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

held

the

exchange

and

can

the

form

cash

and/or

securities.

For

OTC

derivatives

traded

under

ISDA

master

agreement,

posting

collateral

required

either

the

Fund

the

applicable

counterparty

the

total

net

exposure

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

$250,000,

and

can

vary

depending

the

counterparty

and

the

type

agreement.

Generally,

collateral

determined

the

Fund

business

each

day

and

any

additional

collateral

required

due

changes

derivative

values

may

delivered

the

Fund

the

counterparty

the

business

day,

within

few

business

days.

Collateral

pledged

and/or

received

the

Fund

for

OTC

derivatives,

any,

held

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

the

form

cash

and/or

securities.

Unrestricted

cash

may

invested

according

the

Fund's

investment

objectives.

the

extent

that

the

amounts

due

the

Fund

from

its

counterparties

are

not

subject

collateralization

are

not

fully

collateralized,

the

Fund

bears

the

risk

loss

from

counterparty

non-performance.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

manage

and/or

gain

exposure

certain

foreign

currencies.

forward

exchange

contract

agreement

between

the

Fund

and

counterparty

buy

sell

foreign

currency at

specific

exchange

rate

future

date.

The

Fund entered

into

interest

rate

swap

contracts

primarily

manage

interest

rate

risk.

interest

rate

swap

agreement

between

the

Fund

and

counterparty

exchange

cash

flows

based

the

difference

between

two

interest

rates,

applied

notional

amount.

These

agreements

may

privately

negotiated

the

over-the-

counter

market

(OTC

interest

rate

swaps)

may

executed

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

the

Fund,

and

the

daily

change

fair

value

accounted

for

variation

margin

payable

receivable

the

Statement

Assets

and

Liabilities.

Over

the

term

the

contract,

contractually

required

payments

paid

and

received

are

accrued

daily

and

rec

orde

unrealized

appreciation

depreciation

until

the

payments

are

made,

which

time

they

are

realized.

June

30,

2023,

the

Fund

had

interest

rate

swap

contracts.

See

Note

regarding

other

derivative

information.

Organization

and

Significant

Accounting

Policies

(continued)

Derivative

Financial

Instruments

(continued)

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

Restricted

Cash

June

30,

2023, the

Fund

held

restricted

cash

connection

with

investments

certain

derivative

securities.

Restricted

cash

held

segregated

account

with

the

Fund’s

custodian

and/or

counterparty

broker

and

reflected

the

Statement

Assets

and

Liabilities.

Securities

Lending

The

Fund

participates

agency

based

securities

lending

program

earn

additional

income.

The

Fund

receives

collateral

the

form

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

amount

equal

least

102%

the

fair

value

the

loaned

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

100%

the

fair

value

loaned

securities,

determined

the

Fund

business

each

day;

any

additional

collateral

required

due

changes

security

values

delivered

the

Fund

the

business

day.

Any

cash

collateral

received

deposited

into

joint

cash

account

with

other

funds

and

used

invest

money

market

fund

managed

Franklin

Advisers,

Inc.,

affiliate

the Fund,

and/or

joint

repurchase

agreement.

The

Fund

may

receive

income

from

the

investment

cash

collateral,

addition

lending

fees

and

rebates

paid

the

borrower.

Income

from

securities

loaned,

net

fees

paid

the

securities

lending

agent

and/or

third-party

vendor,

reported

separately

the

Statement

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

its

obligations

the

Fund.

the

borrower

defaults

its

obligation

return

the

securities

loaned,

the

Fund

has

the

right

repurchase

the

securities

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

indemnify

the

Fund

the

event

default

third

party

borrower.

June

30,

2023,

the

Fund

had

securities

loan.

Income

and

Deferred

Taxes

is the Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

distribute

shareholders

substantially

all

its

taxable

income

and

net

realized

gains

relieve

from

federal

income

and excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

The

Fund

may

subject

foreign

taxation

income

received,

capital

gains

the

sale

securities

and

certain

foreign

currency

transactions

the

foreign

jurisdictions

which it

invests.

Foreign

taxes,

any,

are

recorded

based

the

tax

regulations

and

rates

that

exist

the

foreign

markets

which

the

Fund

invests.

When

capital

gain

tax

determined

apply,

the

Fund

records

estimated

deferred

tax

liability

amount

that

would

payable

the

securities

were

disposed

the

valuation

date.

result

several

court

cases,

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

dividends

earned

those

countries

(EU

reclaims). Income

recognized,

any,

for

reclaims

reflected

other

income

the

Statement

Operations

and

any

receivable,

any,

reflected

European

Union

tax

reclaims

the

Statement

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

other

expenses

the

Statement

Operations.

When

uncertainty

exists

the

ultimate

resolution

these

proceedings,

the

likelihood

receipt

these

reclaims,

and

the

potential

timing

payment,

amounts

are

reflected

the

financial

statements.

For

U.S.

income

tax

purposes,

reclaims

received

the

Fund,

any,

reduce

the

amount

foreign

taxes

Fund

shareholders

can

use

tax

deductions

or credits

their

income

tax

returns.

the

event

that

reclaims

received

the Fund

during a

fiscal

year

exceed

foreign

withholding

taxes

paid

the

Fund,

and

the

Fund previously

passed

through to

its

shareholders

foreign

taxes

incurred

the

Fund

used

credit

deduction

shareholder’s

income

tax

return,

the Fund

will enter

into

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

order

pay

the

associated

tax

liability

behalf

the Fund's

shareholders.

The

Fund

determined

enter

into

closing

agreement

with

the

IRS

and

recorded

the

estimated

payments

reduction

income,

reflected

the

Statement

Operations.

The

Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

June

30,

2023,

the

Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

Open

Organization

and

Significant

Accounting

Policies

(continued)

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

tax

years

are

those

that

remain

subject

examination

and

are

based

the

statute

limitations

each

jurisdiction

which

the

Fund

invests.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

premium

and

accretion

discount

debt

securities

are

included

interest

income.

Dividend

income

recorded

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

not

available.

such

cases,

the

dividend

recorded

soon

the

information

received

the

Fund.

Distributions

to shareholders

are

recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

the

Trust

against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the

Trust, on

behalf

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

loss

remote.

Organization

and

Significant

Accounting

Policies

(continued)

Income

and

Deferred

Taxes

(continued)

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

Beneficial

Interest

June

30,

2023,

there

were

unlimited

number

authorized

($0.01

par

value).

Transactions

the

Fund’s

were

follows:

Six

Months

Ended

June

30,

2023

Year

Ended

December

31,

2022

Amount

Class

sold

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

3,527,324

$8,350,807

7,689,306

$18,643,503

issued

reinvestment

distributions

..........

1,572,849

3,689,329

3,027,389

7,012,006

redeemed

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

(9,494,496)

(22,492,282)

(28,645,649)

(68,510,130)

Net

increase

(decrease)

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

(4,394,323)

$(10,452,146)

(17,928,954)

$(42,854,621)

Class

sold

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

1,107,407

$2,606,492

1,306,554

$3,128,760

issued

reinvestment

distributions

..........

811,353

1,907,912

1,620,156

3,759,109

redeemed

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

(4,587,734)

(10,879,303)

(15,586,982)

(36,929,742)

Net

increase

(decrease)

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

(2,668,974)

$(6,364,899)

(12,660,272)

$(30,041,873)

Class

sold

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

486,582

$1,137,797

652,460

$1,593,651

issued

reinvestment

distributions

..........

98,396

230,621

232,940

539,119

redeemed

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

(2,180,233)

(5,157,354)

(7,235,955)

(17,573,495)

Net

increase

(decrease)

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

(1,595,255)

$(3,788,936)

(6,350,555)

$(15,440,725)

Class

sold

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

90,011

$211,199

50,406

$120,538

issued

reinvestment

distributions

..........

10,420

24,548

27,832

64,829

redeemed

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

(303,031)

(720,821)

(544,980)

(1,280,183)

Net

increase

(decrease)

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

(202,600)

$(485,074)

(466,742)

$(1,094,816)

Class

sold

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

48,015

$112,155

45,002

$112,137

issued

reinvestment

distributions

..........

3,345

7,881

6,016

14,024

redeemed

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

(44,342)

(103,790)

(229,209)

(521,063)

Net

increase

(decrease)

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

7,018

$16,246

(178,191)

$(394,902)

Class

sold

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

76,869

$181,120

176,826

$441,080

issued

reinvestment

distributions

..........

20,096

47,228

38,248

88,921

redeemed

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

(135,742)

(321,828)

(343,225)

(820,349)

Net

increase

(decrease)

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

(38,777)

$(93,480)

(128,151)

$(290,348)

Advisor

Class

sold

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

717,355

$1,712,412

1,430,486

$3,486,490

issued

reinvestment

distributions

..........

222,019

524,089

518,629

1,211,215

redeemed

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

(2,265,252)

(5,416,604)

(8,547,520)

(20,659,307)

Net

increase

(decrease)

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

(1,325,878)

$(3,180,103)

(6,598,405)

$(15,961,602)

May

include

portion

Class

and

that

were

automatically

converted

Class

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

Certain

officers

and

trustees

the

Fund

are

also

officers

and/or

directors

the

following

subsidiaries:

Management

Fees

Effective

May

2023,

the

Fund

pays

investment

management

fee,

calculated

daily

and

paid

monthly,

Global

Advisors

based

the

average

daily

net

assets

the

Fund

follows:

Prior

May

2023,

the

Fund

paid

fees,

calculated

daily

and

paid

monthly, to

Global

Advisors

based

the

average

daily

net

assets

the

Fund

follows:

For

the

period

ended

June

30,

2023,

the

annualized

gross

effective

investment

management

fee

rate

was

0.792%

the

Fund’s

average

daily

net

assets.

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

0.725%

and

including

$500

million

0.625%

Over

$500

million,

and

including

billion

0.575%

Over

billion,

and

including

$1.5

billion

0.525%

Over

$1.5

billion,

and

including

$6.5

billion

0.500%

Over

$6.5

billion,

and

including

$11.5

billion

0.478%

Over

$11.5

billion,

and

including

$16.5

billion

0.465%

Over

$16.5

billion,

and

including

$19

billion

0.455%

Over

$19

billion,

and

including

$21.5

billion

0.445%

excess

$21.5

billion

Annualized

Fee

Rate

Net

Assets

0.825%

and

including

$500

million

0.725%

Over

$500

million,

and

including

billion

0.675%

Over

billion,

and

including

$1.5

billion

0.625%

Over

$1.5

billion,

and

including

$6.5

billion

0.600%

Over

$6.5

billion,

and

including

$11.5

billion

0.578%

Over

$11.5

billion,

and

including

$16.5

billion

0.565%

Over

$16.5

billion,

and

including

$19

billion

0.555%

Over

$19

billion,

and

including

$21.5

billion

0.545%

excess

$21.5

billion

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

Under

subadvisory

agreement,

Advisers

and

TICL,

affiliates

Global

Advisors,

provides

subadvisory

services

the

Fund.

The

subadvisory

fee

paid

Global

Advisors

based

the

Fund’s

average

daily

net

assets,

and

not

additional

expense

the

Fund.

Administrative

Fees

Under

agreement

with

Global

Advisors,

Services

provides

administrative

services

the

Fund.

The

fee

paid

Global

Advisors

based

the

Fund’s

average

daily

net

assets,

and

not

additional

expense

the

Fund.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

class,

with

the

exception

Class

and

Advisor

Class

shares,

pursuant

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

connection

with

the

servicing,

sale

and

distribution

the

Fund's

the

maximum

annual

plan

rate.

Under

the

Class

and

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

reimbursed

subsequent

periods.

addition,

under

the

Fund’s

Class C,

and

compensation

distribution

plans,

the

Fund

pays

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

the

Fund's

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

monitoring

compliance

with

the

maximum

annual

plan

rates,

February

through

January

31.

The

maximum

annual

plan

rates,

based

the

average

daily

net

assets,

for

each

class,

are

follows:

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

not

represent

expenses

the

Fund.

These

charges

are

deducted

from

the

proceeds

sales

Fund

prior

investment

from

redemption

proceeds

prior

remittance,

applicable.

Distributors

has

advised

the

Fund

the

following

commission

transactions

the

sales

and

redemptions

the

Fund's

for

the

period:

Transfer

Agent

Fees

Each

class

shares pays

transfer

agent

fees

Investor

Services

for

its

performance

shareholder

servicing

obligations.

Effective

October

2022,

the

fees

are

based

annualized

asset

based

fee

0.016%

plus

reduced

transaction

based

fee.

Prior

October

2022,

the

fees

were

based

annualized

asset

based

fee

0.02%

plus

transaction

based

fee.

addition,

each

class reimburses

Investor

Services

for

out

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

such

classes'

aggregate

net

assets.

Class

pays

Investor

Services

transfer

agent

fees

specific

that

class.

For

the

period

ended

June

30,

2023,

the

Fund

paid

transfer

agent

fees

$294,896,

which

$117,821

was

retained

Investor

Services.

Class

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

0.25%

Class

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

0.25%

Class

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

1.00%

Class

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

0.65%

Class

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

0.50%

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

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

$3,989

CDSC

retained

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

$699

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

Investments

Affiliated

Management

Investment

Companies

The

Fund

invests

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Fund

does

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

affiliated

management

investment

companies,

noted

the

Statement

Operations,

amount

not

exceed

the

management

and

administrative

fees

paid

directly

indirectly

each

affiliate.

During

the

period

ended

June

30,

2023,

the

Fund

held

investments

affiliated

management

investment

companies

follows:

Waiver

and

Expense

Reimbursements

Global

Advisors

has

contractually

agreed

advance

waive

limit

its

fees

and

assume

its

own

expense

certain

expenses

otherwise

payable

the

Fund

that

the

operating expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses,

and

certain

non-routine

expenses

costs,

including

those

relating

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

the

Fund

not

exceed

0.95%

based

the

average

net

assets

each

class

until

April

30,

2024.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Fund’s

fiscal

year

end.

Investor

Services

has

contractually

agreed

advance

waive

limit

its

fees

that

the

Class

transfer

agent

fees

not

exceed

0.03%

based

the

average

net

assets

the

class

until

April

30,

2024.

Expense

Offset

Arrangement

The

Fund

has

entered

into

arrangement

with

its

custodian

whereby

credits

realized

result

uninvested

cash

balances

are

used

reduce

portion

the

Fund’s

custodian

expenses.

During

the

period

ended

June

30,

2023,

the

custodian

fees

were

reduced

noted

the

Statement

Operations.

Effective

July

10,

2023,

earned

credits,

any,

will

recognized

income.

Income

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset

future

capital

gains.

December

31,

2022,

the

capital

loss

carryforwards

were

follows:

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Templeton

Global

Balanced

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.699%

9,495,771

65,850,596

(64,568,920)

—

10,777,447

369,886

Total

Affiliated

Securities

...

$9,495,771

$65,850,596

$(64,568,920)

$—

$10,777,447

$369,886

Capital

loss

carryforwards

not

subject

expiration:

Short

term

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

$35,740,392

Long

term

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

112,941,832

Total

capital

loss

carryforwards

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

$148,682,224

Transactions

with

Affiliates

(continued)

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

For

tax

purposes,

the

Fund

may

elect

defer

any

portion

post-October

capital

loss

late-year

ordinary

loss

the

first

day

the

following

fiscal

year.

December

31,

2022,

the

Fund

deferred

late-year

ordinary

losses

$4,287,086.

June

30,

2023,

the

cost

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

default

securities,

foreign

currency

transactions,

wash

sales,

reclaims,

passive

foreign

investment

company

shares,

foreign

capital

gains

tax,

payments-in-kind,

bond

discounts

and

premiums

and

tax

straddles.

Investment

Transactions

Purchases

and

sales

investments

(excluding

short

term

securities)

for

the

period

ended

June

30,

2023,

aggregated

$121,337,202

and

$145,610,548,

respectively.

Credit Risk

and

Defaulted

Securities

June

30,

2023,

the

Fund

had

9.3%

its

portfolio

invested

high

yield

securities,

senior

secured

floating

rate

loans,

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

sensitive

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

greater

risk

loss

due

default

than

higher

rated

securities.

The

Fund

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

June

30,

2023,

the

aggregate

value

these

securities

represents

0.4%

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

securities

for

which

income

has

been

deemed

uncollectible

and

provides

estimate

for

losses

interest

receivable.

The

securities

have

been

identified

the

accompanying

Schedule

Investments.

Concentration

Risk

Investing

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

U.S.

securities,

such

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

greater

market

volatility.

Political

and

financial

uncertainty

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

investing

foreign

securities.

addition,

certain

foreign

securities

may

not

liquid

U.S.

securities.

Restricted

Securities

The

Fund

invests

securities

that

are

restricted

under

the

Securities

Act

1933

(1933

Act).

Restricted

securities

are

often

purchased

private

placement

transactions,

and

cannot

sold

without

prior

registration

unless

the

sale

pursuant

exemption

under

the

1933

Act.

Disposal

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

acceptable

price

may

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

Cost

investments

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

$374,286,548

Unrealized

appreciation

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

$32,005,061

Unrealized

depreciation

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

(43,080,350)

Net

unrealized

appreciation

(depreciation)

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

$(11,075,289)

Income

Taxes

(continued)

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

June

30,

2023,

investments

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

follows:

10.

Other

Derivative

Information

June

202

investments

derivative

contracts

are

reflected

the

Statement of

Assets

and

Liabilities

follows:

For

the

period

ended

June

30,

2023,

the

effect

derivative

contracts

the

Statement

Operations

was

follows:

For

the

period

ended

June

202

the

average

month

end

notional

amount

swap

contracts

represented

551

429

The

average

month

end

contract

value

forward

exchange

ntracts

was

147

217

See

Note

1(d)

regarding

derivative

financial

instruments.

See

Abbreviations

page

39.

Issuer

Acquisition

Date

Cost

Value

Templeton

Global

Balanced

Fund

32,900,733

K2016470219

South

Africa

Ltd.,

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

2/08/13

2/01/17

81,025

—

4,646,498

K2016470219

South

Africa

Ltd.,

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

2/01/17

3,450

—

Total

Restricted

Securities

(Value

—%

Net

Assets)

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

$84,475

$—

Fund

also

invests

unrestricted

securities

the

issuer,

valued

June

30,

2023.

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

Hedging

Instruments

Statement

Assets

and

Liabilities

Location

Fair

Value

Statement

Assets

and

Liabilities

Location

Fair

Value

Templeton

Global

Balanced

Fund

Foreign

exchange

contracts

Unrealized

appreciation

OTC

forward

exchange

contracts

668,346

Unrealized

depreciation

OTC

forward

exchange

contracts

1,498,402

Total

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

$668,346

$1,498,402

Derivative

Contracts

Not

Accounted

for

Hedging

Instruments

Statement

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Period

Statement

Operations

Location

Net

Change

Unrealized

Appreciation

(Depreciation)

for

the

Period

Templeton

Global

Balanced

Fund

Net

realized

gain

(loss)

from:

Net

change

unrealized

appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Swap

contracts

$1,008,778

Swap

contracts

$(1,238,396)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(2,082,719)

Forward

exchange

contracts

(1,860,029)

Total

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

$(1,073,941)

$(3,098,425)

Restricted

Securities

(continued)

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

11.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

Franklin

Templeton,

are

borrowers

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

February

2024.

This

Global

Credit

Facility

provides

source

funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

Under

the

terms

the

Global

Credit

Facility,

the

Fund

shall,

addition

interest

charged

any

borrowings

made

the

Fund

and

other

costs

incurred

the

Fund,

pay

its

fees

and

expenses

incurred

connection

with

the

implementation

and

maintenance

the

Global

Credit

Facility,

based

upon

its

relative

the

aggregate

net

assets

all

the

Borrowers,

including

annual

commitment

fee

0.15%

based

upon

the

unused

portion

the

Global

Credit

Facility.

These

fees

are

reflected

other

expenses

the Statement

Operations.

During

the

period

ended

June

30,

2023,

the Fund

did

not

use

the

Global

Credit

Facility.

12.

Fair

Value

Measurements

The

Fund

follows

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

determining

the

value

the

Fund's financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

June

30,

2023,

valuing

the

Fund's

assets

and

liabilities

carried

fair

value,

follows:

Level

Total

Templeton

Global

Balanced

Fund

Assets:

Investments

Securities:

Common

Stocks

China

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

—

10,037,663

—

10,037,663

France

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

—

6,249,337

—

6,249,337

Germany

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

—

25,296,506

—

25,296,506

Hong

Kong

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

—

5,281,699

—

5,281,699

Hungary

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

—

3,267,502

—

3,267,502

Japan

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

—

8,489,021

—

8,489,021

Netherlands

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

—

9,550,650

—

9,550,650

South

Africa

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

—

South

Korea

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

—

9,759,772

—

9,759,772

Switzerland

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

—

5,755,750

—

5,755,750

Taiwan

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

—

3,348,409

—

3,348,409

United

Kingdom

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

—

20,091,183

—

20,091,183

United

States

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

86,174,798

—

86,174,798

Corporate

Bonds

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

—

Foreign

Government

and

Agency

Securities

....

—

142,504,773

—

142,504,773

Escrows

and

Litigation

Trusts

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

—

Short

Term

Investments

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

10,777,447

17,456,805

—

28,234,252

Total

Investments

Securities

...........

$96,952,245

$267,089,070

$—

$364,041,315

Templeton

Global

Investment

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Templeton

Global

Balanced

Fund

(continued)

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the

period.

13.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

the

financial

statements

and

determined

that

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

the

financial

statements.

Abbreviations

Level

Total

Templeton

Global

Balanced

Fund

(continued)

Assets:

(continued)

Investments

Securities:

Short

Term

Investments

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

668,346

—

668,346

Total

Other

Financial

Instruments

.........

$—

$668,346

$—

$668,346

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

1,498,402

—

1,498,402

Total

Other

Financial

Instruments

.........

$—

$1,498,402

$—

$1,498,402

Includes

financial

instruments

determined

have

value.

Includes

foreign

securities

valued

$107,127,492,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Counterparty

BNDP

BNP

Paribas

BOFA

Bank

America

Corp.

BZWS

Barclays

Bank

plc

CITI

Citibank

DBAB

Deutsche

Bank

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

MSCO

Morgan

Stanley

Selected

Portfolio

PIK

Payment-In-Kind

rency

AUD

Australian

Dollar

BRL

Brazilian

Real

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

THB

Thai

Baht

12.

Fair

Value

Measurements

(continued)

Templeton

Global

Investment

Trust

Shareholder

Information

franklintempleton.com

Semiannual

Report

Board

Approval

Investment

Management

Agreements

TEMPLETON

GLOBAL

INVESTMENT

TRUST

(Fund)

March

27,

2023

15(c)

Meeting

meeting

held

March

27,

2023

(March

Meeting),

the

Board

Trustees

(Board)

the

Templeton

Global

Investment

Trust

(Trust),

including

majority

the

trustees

who

are

not

“interested

persons”

defined

the

Investment

Company

Act

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

the:

(i)

investment

management

agreement

between

Templeton

Global

Advisors

Limited

(TGAL)

and

the

Trust;

(ii)

the

investment

sub-advisory

agreement

between

TGAL

and

Franklin

Advisers,

Inc.

(FAI),

affiliate

TGAL;

and

(iii)

the

investment

sub-advisory

agreement

between

TGAL

and

Templeton

Investment

Counsel,

LLC,

affiliate

TGAL

(TICL,

and

collectively

with

FAI,

the

Sub-Advisers),

each

behalf

the

Fund

(each

Management

Agreement)

for

the

period

May

2023

through

June

30,

2023

(Stub

Period).

The

Independent

Trustees

noted

that

the

Fund’s

annual

contract

review

was

historically

held

the

February

Board

meeting

and

that

management

proposed

move

the

contract

review

the

May

Board

meeting.

The

Independent

Trustees

further

noted

management’s

explanation

that,

effect

this

change,

the

Board

needed

consider

the

renewal

the

Fund’s

Management

Agreements

prior

their

current

April

30,

2023

expiration

date.

The

Independent

Trustees

also

noted

that

management

would

ask

them

consider

the

continuation

the

Management

Agreements

again

the

May

Board

meeting

for

the

12-month

period

beginning

July

2023.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

considering

whether

approve

the

continuation

each

Management

Agreement

for

the

Stub

Period.

FAI,

TGAL

and

TICL

are

each

referred

herein

Manager.

considering

the

continuation

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

each

Manager

the

March

Meeting

and

throughout

the

year

meetings

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

response

detailed

set

requests

for

information

submitted

each

Manager

Independent

Trustee

counsel

behalf

the

Independent

Trustees

connection

with

the

annual

contract

renewal

process.

addition,

prior

the

March

Meeting,

the

Independent

Trustees

held

virtual

contract

renewal

meeting

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

and

the

March

Meeting.

The

Board

reviewed

and

considered

all

the

factors

deemed

relevant

approving

the

continuance

each

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

the

services

provided

each

Manager;

(ii)

the

investment

performance

the

Fund;

(iii)

the

costs

the

services

provided

and

profits

realized

each

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv)

the

extent

which

economies

scale

are

realized

the

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

scale

for

the

benefit

Fund

investors

(Factors).

approving

the

continuance

each

Management

Agreement,

the

Board,

including

majority

the

Independent

Trustees,

determined

that

the

terms

the

Management

Agreements

are

fair

and

reasonable

and

that

the

continuance

the

Management

Agreements

the

best

interests

the

Fund

and

its

shareholders.

While

attention

was

given

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

the

Board’s

determination.

Nature,

Extent

and

Quality

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

investment

management

services

provided

each

Manager

and

its

affiliates

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

the

senior

management

and

investment

personnel

each

Manager;

well

information

succession

planning

where

appropriate;

the

structure

investment

personnel

compensation;

oversight

third-

party

service

providers;

investment

performance

reports

and

financial

information

for

the

Fund;

reports

expenses

and

shareholder

services,

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

each

Manager

and

its

affiliates;

and

management

fees

charged

each

Manager

and

its

affiliates

funds

and

other

accounts,

including

management’s

explanation

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

annual

report

payments

made

Franklin

Templeton

(FT)

the

Fund

financial

intermediaries,

well

memorandum

relating

third-

party

servicing

arrangements.

The

Board

acknowledged

Templeton

Global

Investment

Trust

Shareholder

Information

franklintempleton.com

Semiannual

Report

management’s

continued

development

strategies

address

areas

heightened

concern

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

Fund

shareholders

investing

fund

that

part

the

family

funds.

The

Board

noted

the

financial

position

Franklin

Resources,

Inc.

(FRI),

the

Managers’

parent,

and

its

commitment

the

mutual

fund

business

evidenced

its

reassessment

the

fund

offerings

response

the

market

environment

and

project

initiatives

and

capital

investments

relating

the

services

provided

the

Fund

the

organization.

The

Board

specifically

noted

FT’s

commitment

technological

innovation

and

advancement

and

investments

promote

alternative

investing.

Following

consideration

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

services

provided

each

Manager

and

its

affiliates

the

Fund

and

its

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

the

Fund

over

various

time

periods

ended

December

31,

2022.

The

Board

considered

the

performance

returns

for

the

Fund

comparison

the

performance

returns

mutual

funds

deemed

comparable

the

Fund

included

universe

(Performance

Universe)

selected

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

independent

provider

investment

company

data.

The

Board

received

description

the

methodology

used

Broadridge

select

the

mutual

funds

included

Performance

Universe.

The

Board

also

considered

the

performance

returns

for

the

Fund

comparison

the

performance

returns

customized

peer

group

(Performance

Customized

Peer

Group)

selected

the

Manager.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

Board

meetings

throughout

the

year.

summary

the

Fund’s

performance

results

below.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-asset

target

allocation

moderate

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

included

funds

that

hold

least

40%

non-US

stocks/bonds

least

different

countries

and

least

25%

assets

fixed

income

securities

and

least

25%

its

assets

equity

securities.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe

and

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Customized

Peer

Group.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

three-,

five-

and

10-year

periods

was

below

the

medians

its

Performance

Universe

and

Performance

Customized

Peer

Group,

but

for

the

one-year

period

was

above

the

medians

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

the

Fund

(e.g.,

fund’s

investment

objective)

set

forth

the

Fund’s

registration

statement

and

that

the

evaluation

the

Fund’s

performance

relative

its

peers

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

receives

all

marketing

support

payments

made

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

fee

waivers,

any

(Management

Rate)

the

Fund

comparison

the

median

expense

ratio

and

median

Management

Rate,

respectively,

other

mutual

funds

deemed

comparable

and

with

similar

expense

structure

the

Fund

selected

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

based

upon

information

taken

from

each

fund’s

most

recent

annual

semi-annual

report,

which

reflects

historical

asset

levels

that

may

quite

different

from

those

currently

existing,

particularly

period

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

assets

decline

and

decrease

assets

grow,

the

Board

believed

the

independent

analysis

conducted

Broadridge

appropriate

measure

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

for

the

Fund

and

for

Class

and

Class

for

other

funds

the

Expense

Group.

The

Board

received

description

the

methodology

used

Broadridge

select

the

mutual

funds

included

Expense

Group.

Templeton

Global

Investment

Trust

Shareholder

Information

franklintempleton.com

Semiannual

Report

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

mixed-asset

target

allocation

moderate

funds.

The

Board

noted

that

the

Management

Rate

and

the

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

and

the

fifth

quintile

(most

expensive)

its

Expense

Group.

The

Board

discussed

the

expenses

this

Fund

with

management

and

management

explained

that

the

Expense

Group

was

not

directly

comparable

the

Fund

the

Expense

Group

included

funds

that,

unlike

the

Fund,

had

little

foreign

exposure.

The

Board

also

noted

that

the

Fund’s

actual

total

expense

ratio

reflected

fee

waiver

from

management.

response

discussions

with

the

Independent

Trustees,

management

proposed

basis

point

reduction

each

tier

the

Fund’s

Management

Rate

breakpoint

schedule,

effective

May

2023.

The

Board

further

noted

that

each

Sub-Adviser

paid

TGAL

out

the

management

fee

TGAL

receives

from

the

Fund

and

that

the

allocation

the

fee

between

TGAL

and

each

Sub-

Adviser

reflected

the

services

provided

each

the

Fund.

After

consideration

the

above,

the

Board

concluded

that

the

Management

Rate

charged

the

Fund

and

the

sub-

advisory

fee

paid

each

Sub-Adviser

are

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

each

Manager

and

its

affiliates

connection

with

the

operation

the

Fund.

this

respect,

the

Board

considered

the

Fund

profitability

analysis

that

addresses

the

overall

profitability

FT’s

fund

business,

well

its

profits

providing

investment

management

and

other

services

each

the

individual

funds

during

the

12-month

period

ended

September

30,

2022,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

its

methodologies

used

calculating

profitability

response

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

the

Fund’s

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

FRI

and

certain

funds,

has

been

engaged

the

Manager

periodically

review

and

assess

the

allocation

methodologies

used

solely

the

Fund’s

Board

with

respect

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

establishing

the

infrastructure

necessary

for

the

type

mutual

fund

operations

conducted

each

Manager

and

its

affiliates

may

not

fully

reflected

the

expenses

allocated

the

Fund

determining

its

profitability,

well

the

fact

that

the

level

profits,

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

management.

part

this

evaluation,

the

Board

considered

management’s

outsourcing

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

the

Manager

but,

over

the

long

run

expected

result

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

improving

shareholder

services

provided

the

Fund,

well

the

need

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

which

each

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

fund

growth,

well

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

all

these

factors,

the

Board

concluded

that

the

level

profits

realized

each

Manager

and

its

affiliates

from

providing

services

the

Fund

was

not

excessive

view

the

nature,

extent

and

quality

services

provided

the

Fund.

Economies

Scale

The

Board

reviewed

and

considered

the

extent

which

each

Manager

may

realize

economies

scale,

any,

the

Fund

grows

larger

and

whether

the

Fund’s

management

fee

structure

reflects

any

economies

scale

for

the

benefit

shareholders.

With

respect

possible

economies

scale,

the

Board

noted

the

existence

management

fee

breakpoints,

which

operate

generally

any

economies

scale

with

the

Fund’s

shareholders

reducing

the

Fund’s

effective

management

fees

the

Fund

grows

size.

The

Board

considered

each

Manager’s

view

that

any

analyses

potential

economies

scale

managing

particular

fund

are

inherently

limited

light

the

joint

and

common

costs

and

investments

each

Manager

incurs

across

the

family

funds

whole.

The

Board

concluded

that

the

extent

economies

scale

may

realized

Manager

and

its

affiliates,

the

Fund’s

management

fee

structure

provided

sharing

benefits

with

the

Fund

and

its

shareholders

the

Fund

grows.

Conclusion

Based

its

review,

consideration

and

evaluation

all

factors

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

each

Management

Agreement

for

the

Stub

Period.

the

continuation

each

Management

Agreement

for

the

continuation

each

Management

Agreement

for

the

Templeton

Global

Investment

Trust

Shareholder

Information

franklintempleton.com

Semiannual

Report

May

24,

2023

15(c)

Meeting

meeting

held

May

24,

2023

(May

Meeting),

the

Board

reviewed

and

approved

each

Management

Agreement

for

additional

twelve-month

period

beginning

July

2023.

The

Board

noted

its

review

and

consideration

the

information

received

connection

with

both

the

March

Meeting

and

the

May

Meeting.

particular,

the

Board

reviewed

and

considered

information

provided

response

follow-up

set

requests

for

information

submitted

the

Managers

Independent

Trustee

counsel

behalf

the

Independent

Trustees,

which

included

information

Fund

performance

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

the

other

Factors.

The

Board

determined

that

the

conclusions

made

the

March

Meeting

had

not

changed.

Based

its

review,

consideration

and

evaluation

all

factors

believed

relevant,

including

the

above-described

Factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

the

Management

Agreements

for

additional

twelve-month

period

beginning

July

2023.

Liquidity

Risk

Management

Program

Each

the

Franklin

Templeton

and

Legg

Mason

Funds

has

adopted

and

implemented

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

required

Rule

22e-4

under

the

Investment

Company

Act

1940

(the

“Liquidity

Rule”).

The

LRMP

designed

assess

and

manage

each

Fund’s

liquidity

risk,

which

defined

the

risk

that

the

Fund

could

not

meet

requests

redeem

issued

the

Fund

without

significant

dilution

remaining

investors’

interests

the

Fund.

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

each

Fund’s

liquidity

risk;

(2)

classification

each

Fund’s

portfolio

holdings

into

one

four

liquidity

TEMPLETON GLOBAL INVESTMENT TRUST

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Date August 28, 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 August 28, 2023

By S\CHRISTOPHER KINGS______________________

Christopher Kings

Chief Financial Officer, Chief Accounting Officer and Treasurer

Date August 28, 2023

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

TEMPLETON GLOBAL INVESTMENT TRUST