UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08226

Templeton Global Investment Trust

(Exact name of registrant as specified in charter)

300 S.E. 2^nd Street

, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 12/31/21

Item 1. Reports to Stockholders.

a.)

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

b.)

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

Not Applicable

.

Annual

Report

and

shareholder

letter

Templeton

Global

Balanced

Fund

A

Series

of

Templeton

Global

Investment

Trust

December

31,

2021

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Annual

Report

1

SHAREHOLDER

LETTER

Dear

Shareholder:

During

the

12

months

ended

December

31,

2021,

the

global

economy

benefited

from

continued

monetary

and

fiscal

stimulus

measures,

improved

global

trade,

easing

COVID-19

restrictions

and

ongoing

vaccination

programs.

During

parts

of

the

period,

geopolitical

tensions,

regulatory

changes

by

China’s

government,

surges

of

COVID-19

cases

in

certain

regions

and

the

emergence

of

new

variants

pressured

global

stock

and

bond

prices.

Inflation

surged

to

record

levels

in

many

countries,

driven

by

rebounding

economic

activity

and

persistent

supply-chain

bottlenecks.

Some

central

banks,

including

the

U.S.

Federal

Reserve,

the

European

Central

Bank

and

the

Bank

of

Japan,

kept

their

policy

rates

unchanged

and

announced

plans

to

taper

their

quantitative

easing

measures,

while

central

banks

in

many

emerging

market

countries

raised

interest

rates.

In

this

environment,

global

developed

and

emerging

market

stocks,

as

measured

by

the

MSCI

All

Country

World

Index,

posted

a

+19.04%

total

return.

1

Global

government

and

corporate

bonds,

as

measured

by

the

Bloomberg

Multiverse

Index,

posted

a

-4.51%

total

return.

1

We

are

committed

to

our

long-term

perspective

and

disciplined

investment

approach

as

we

conduct

a

rigorous,

fundamental

analysis

of

securities

with

a

regular

emphasis

on

investment

risk

management.

Historically,

patient

investors

have

achieved

rewarding

results

by

evaluating

their

goals,

diversifying

their

assets

globally

and

maintaining

a

disciplined

investment

program,

all

hallmarks

of

the

Templeton

investment

philosophy.

We

continue

to

recommend

investors

consult

their

financial

professionals

and

review

their

portfolios

to

design

a

long-term

strategy

and

portfolio

allocation

that

meet

their

individual

needs,

goals

and

risk

tolerance.

Templeton

Global

Balanced

Fund’s

annual

report

includes

more

detail

about

prevailing

conditions

and

a

discussion

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

investment

needs

in

the

years

ahead.

Sincerely,

Alan

Bartlett

Chief

Investment

Officer

Templeton

Equity

Group

This

letter

reflects

our

analysis

and

opinions

as

of

December

31,

2021,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Annual

Report

2

Contents

Annual

Report

Templeton

Global

Balanced

Fund

3

Performance

Summary

11

Your

Fund’s

Expenses

14

Consolidated

Financial

Highlights

and

Statement

of

Investments

15

Consolidated

Financial

Statements

34

Notes

to

Consolidated

Financial

Statements

39

Report

of

Independent

Registered

Public

Accounting

Firm

56

Tax

Information

57

Board

Members

and

Officers

58

Shareholder

Information

63

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Annual

Report

ANNUAL

REPORT

Templeton

Global

Balanced

Fund

This

annual

report

for

Templeton

Global

Balanced

Fund

covers

the

fiscal

year

ended

December

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

both

income

and

capital

appreciation.

Under

normal

market

conditions,

the

Fund

invests

in

a

diversified

portfolio

of

debt

and

equity

securities

worldwide.

The

Fund

normally

invests

at

least

25%

of

its

assets

in

fixed

income

securities

and

at

least

25%

of

its

assets

in

equity

securities.

The

Fund

seeks

income

by

investing

in

a

combination

of

corporate,

agency

and

government

bonds

and

other

debt

securities

(including

inflation-indexed

securities)

of

any

maturity

issued

in

numerous

countries,

including

developing

markets

countries,

as

well

as

stocks

that

offer

or

could

offer

attractive

dividend

yields.

The

Fund

may

invest

in

high-yield

bonds

that

are

rated

below

investment

grade

and

are

sometimes

referred

to

as

“junk

bonds.”

The

Fund

seeks

capital

appreciation

by

investing

in

equity

securities

of

companies

from

a

variety

of

industries

located

anywhere

in

the

world,

including

developing

markets,

but

from

time

to

time,

based

on

economic

conditions,

the

Fund

may

have

significant

investments

in

particular

sectors.

The

equity

securities

in

which

the

Fund

invests

are

primarily

common

stock.

In

addition,

under

normal

market

conditions,

at

least

40%

of

the

Fund’s

net

assets

are

invested

in

non-U.S.

investments

and

in

at

least

three

different

countries.

Performance

Overview

The

Fund’s

Class

A

shares

posted

-1.54%

cumulative

total

return

for

the

12

months

under

review.

In

comparison,

the

Fund’s

new

primary

benchmark,

the

MSCI

All

Country

World

Index

(ACWI)-NR,

posted

a

+18.54%

cumulative

total

return,

while

its

old

primary

benchmark,

the

MSCI

ACWI,

posted

a

+19.04%

cumulative

total

return.

1

The

MSCI

ACWI-NR

is

replacing

the

MSCI

ACWI

as

the

Fund’s

benchmark

because

the

investment

manager

believes

the

MSCI

ACWI-NR

provides

a

more

consistent

basis

for

comparison

relative

to

the

Fund’s

peers.

The

Fund’s

fixed

income

benchmark,

the

Bloomberg

Multiverse

Index,

posted

a

-4.51%

cumulative

total

return.

1

For

the

same

period,

the

Fund’s

new

Blended

Benchmark,

the

Custom

50%

MSCI

ACWI-NR

+

50%

Bloomberg

Multiverse

Index,

posted

a

+6.54%

cumulative

total

return,

while

its

old

Blended

Benchmark,

the

Custom

50%

MSCI

ACWI

+

50%

Bloomberg

Multiverse

Index,

posted

a

+6.77%

cumulative

total

return.

2

You

can

find

the

Fund’s

long-term

performance

in

the

Performance

Summary

beginning

on

page

11

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

*Incudes

securities

determined

to

have

no

value

at

12/31/21.

Economic

and

Market

Overview

Global

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

ACWI-NR,

posted

a

+18.54%

total

return

for

the

12

months

ended

December

31,

2021.

1

Global

equities

benefited

from

monetary

and

fiscal

stimulus

measures,

easing

COVID-19

pandemic

restrictions

in

certain

regions

and

the

development

of

treatments

and

vaccines.

However,

the

Chinese

government’s

imposition

of

additional

restrictions

on

some

businesses

pressured

Asian

and

global

emerging

market

stocks.

Additionally,

the

spread

of

the

Delta

and

Omicron

variants

and

higher

inflation

in

an

environment

of

persistent

supply-chain

disruptions

hindered

global

equities

at

certain

points

during

the

12-month

period.

In

the

U.S.,

the

economy

continued

to

recover

and

equities

rallied

amid

monetary

and

fiscal

stimulus

measures

and

the

continued

progress

of

vaccination

programs.

Gross

domestic

product

(GDP)

growth

was

generally

robust,

as

the

lifting

of

many

COVID-19

restrictions

and

strong

consumer

spending

Portfolio

Composition

12/31/21

%

of

Total

Net

Assets

Common

Stocks

51.3%

Foreign

Government

and

Agency

Securities

25.6%

Other

0.0%

*

Short-Term

Investments

&

Other

Net

Assets

23.1%

1.

Source:

Morningstar.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

2.

Source:

Factset.

The

Fund’s

Blended

Benchmark

was

calculated

internally.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

22

.

Templeton

Global

Balanced

Fund

4

franklintempleton.com

Annual

Report

supported

the

economy.

A

rebound

in

corporate

earnings

and

the

passage

of

a

bipartisan

infrastructure

bill

further

bolstered

investor

sentiment.

In

an

effort

to

support

the

economy,

the

U.S.

Federal

Reserve

(Fed)

kept

the

federal

funds

target

rate

at

a

record-low

range

of

0.00%–0.25%.

While

the

Fed

also

maintained

quantitative

easing

measures

with

U.S.

Treasury

and

mortgage

bond

purchasing,

it

began

to

reduce

the

rate

of

purchases

beginning

in

November

2021

and

accelerated

the

pace

of

tapering

in

December.

The

Fed

also

noted

that

it

expected

easing

supply

constraints

to

help

reduce

inflationary

pressures

and

that

further

employment

progress

was

needed

before

the

Fed

would

consider

raising

the

range

for

the

federal

funds

target

rate.

The

economic

recovery

in

the

eurozone

was

slow,

as

quarter-over-quarter

GDP

growth

contracted

in

2021’s

first

quarter

before

returning

to

growth

in

2021’s

second

and

third

quarters.

GDP

growth

rates

were

initially

sluggish

among

the

region’s

largest

economies,

although

most

showed

signs

of

improvement

later

in

the

12-month

period.

Business

activity

growth

also

helped

European

developed

market

equities,

as

measured

by

the

MSCI

Europe

Index-NR,

to

post

a

+16.30%

total

return

for

the

12

months

under

review.

1

However,

in

November

2021,

the

annual

inflation

rate

in

the

eurozone

reached

the

highest

level

since

the

introduction

of

the

euro,

and

the

prospect

of

energy

shortages

during

the

winter

months

tempered

investor

optimism.

Asian

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

Asia

Index-NR,

posted

a

-2.49%

total

return

for

the

12-month

period.

1

While

many

Asian

countries

experienced

improving

economic

conditions,

Japan’s

quarter-over-quarter

GDP

contracted

in

2021’s

third

quarter.

China’s

economic

recovery

continued,

although

the

country’s

quarter-over-quarter

GDP

growth

in

2021’s

first

three

quarters

was

slower

than

in

2020’s

second

half,

pressured

by

higher

commodity

prices.

Unexpected

regulatory

changes

by

the

Chinese

government,

which

negatively

impacted

education-

and

technology-related

businesses,

and

concerns

about

a

large

Chinese

property

developer’s

solvency

pressured

Asian

stocks

during

2021’s

fourth

quarter.

Global

emerging

market

stocks,

as

measured

by

the

MSCI

Emerging

Markets

Index-NR,

posted

a

-2.54%

total

return

for

the

12

months

under

review.

1

Higher

inflation

led

many

central

banks

in

emerging

market

countries

to

raise

interest

rates,

which

dampened

economic

growth.

The

Omicron

variant

of

COVID-19

also

negatively

impacted

global

emerging

markets,

as

some

countries

reimplemented

restrictions

in

an

effort

to

counter

rising

infections.

The

12-month

period

ended

December

31,

2021,

was

a

tale

of

two

halves.

The

first

half

was

characterized

by

exuberant

optimism

for

an

end

to

the

COVID-19

pandemic,

punctuated

by

a

surge

in

economic

activity

in

the

spring

as

lockdowns

were

eased

and

economies

reopened.

The

second

half

was

characterized

by

rising

inflation

and

incremental

shifts

towards

monetary

tightening,

with

several

emerging

markets

entering

rate

hiking

cycles

ahead

of

the

major

developed

markets.

On

the

whole,

sovereign

bond

yields

rose

in

most

countries

during

the

period

while

the

U.S.

dollar

(USD)

broadly

strengthened,

albeit

with

intermittent

episodes

of

declining

yields

in

various

countries

and

shifting

cycles

of

currency

appreciation/depreciation

in

individual

currency

pairings.

The

period

began

with

sovereign

bond

yields

rising

sharply

across

much

of

the

world

over

the

first

three

months.

The

yield

on

the

10-year

U.S.

Treasury

(UST)

note

would

reach

its

high

mark

for

the

entire

period

on

March

31

at

1.74%,

82

basis

points

(bps)

higher

than

where

it

finished

2020.

Vaccine

distributions,

ongoing

stimulus

measures

and

optimism

for

improving

economic

conditions

appeared

to

fuel

reflation

expectations

across

global

financial

markets.

However,

the

harsh

realities

of

the

worldwide

health

crisis

and

economic

hardship

continued

to

have

profound

consequences

for

lives

and

livelihoods

around

the

world

in

the

winter

and

early

spring

months

of

2021.

Vaccine

distributions

progressively

accelerated

in

many

countries

Geographic

Composition

12/31/21

%

of

Total

Net

Assets

United

States

25.3%

South

Korea

9.5%

United

Kingdom

8.5%

Indonesia

4.7%

India

4.1%

Japan

3.2%

China

2.4%

Germany

2.3%

Ghana

1.9%

Taiwan

1.7%

Mexico

1.6%

Colombia

1.5%

Netherlands

1.4%

Argentina

1.3%

Hong

Kong

1.2%

Ecuador

1.2%

Other

5.1%

Short-Term

Investments

&

Other

Net

Assets

23.1%

Templeton

Global

Balanced

Fund

5

franklintempleton.com

Annual

Report

during

the

first

half

of

2021,

though

supply

setbacks

notably

affected

areas

of

Europe

in

March

and

April.

Governments

continued

to

struggle

with

balancing

the

needs

of

their

economies

with

the

health

of

their

citizens

during

much

of

the

first

quarter

of

2021

before

higher

vaccination

rates

and

lower

case

levels

enabled

many

regions

to

progressively

reopen

their

economies

in

the

spring.

Rising

yields

strained

valuations

across

many

areas

of

the

global

fixed

income

markets

during

2021’s

first

three

months.

USD-denominated

sovereign

credit

sectors

broadly

saw

negative

returns

in

January,

February

and

March

before

sharply

reversing

to

generate

offsetting

positive

returns

in

April,

May

and

June

as

UST

yields

pulled

back

from

their

late-March

peaks.

Sovereign

bond

yields

generally

resumed

their

rising

trends

in

May

and

June

amid

rising

inflation

in

many

areas

of

Europe

and

the

Americas.

In

currency

markets,

the

USD

broadly

strengthened

against

a

number

of

developed

market

and

emerging

market

currencies

in

the

first

quarter

of

2021,

reversing

the

broad-based

weakening

trend

from

the

second

half

of

2020.

Broad

USD

weakness

returned

in

April

and

May

before

the

strengthening

pattern

returned

in

June.

Business

and

consumer

confidence

surveys

notably

strengthened

in

multiple

regions

during

the

second

quarter

of

2021,

despite

some

growing

concerns

over

the

proliferation

of

the

Delta

variant

of

COVID-19

in

several

parts

of

the

world

in

June.

Economic

activity

continued

to

broadly

expand

in

many

countries

in

the

second

quarter,

largely

driven

by

strength

in

goods

sectors

and

manufacturing,

as

well

as

historically

high

savings

rates

in

many

countries

that

helped

fuel

demand.

On

the

whole,

the

second

quarter

would

represent

the

largest

quarterly

surge

in

GDP

for

most

countries

in

2021.

In

the

second

half

of

2021,

sovereign

bond

yields

would

largely

continue

to

rise

across

much

of

the

world

as

central

banks

continued

to

wade

deeper

into

monetary

tightening

cycles.

Developed

market

sovereign

bond

yields

initially

declined

in

July

and

early

August

as

the

Delta

variant

proliferated

across

multiple

regions.

The

10-year

UST

note’s

yield

dropped

to

1.17%

on

August

3

as

risk

aversion

resurfaced,

its

lowest

level

since

mid-February.

However,

sovereign

bond

yields

largely

trended

higher

from

that

point

through

the

end

of

the

year

as

investor

sentiments

appeared

to

refortify.

In

September,

the

Fed

announced

it

would

begin

tapering

its

asset

purchases

in

the

fourth

quarter

of

2021.

The

hawkish

shift

added

further

upward

pressure

on

UST

yields

and

drove

broad

strengthening

of

the

USD.

Sovereign

bond

yields

continued

to

trend

higher

in

many

regions

over

the

following

month,

with

the

10-year

UST

note

reaching

1.70%

on

October

21,

its

highest

yield

since

early

April.

Sovereign

bond

yields

largely

maintained

their

levels

over

subsequent

weeks

until

the

Omicron

variant

of

COVID-19

emerged

in

the

final

days

of

November,

triggering

broad-based

risk

aversion

across

global

financial

markets

and

perceived

safe-

haven

rallies

in

several

developed

market

assets.

Crude

oil

prices

dropped

around

20%

in

November

on

global

growth

concerns,

with

the

bulk

of

the

price

adjustments

occurring

in

the

wake

of

the

Omicron

news.

Sovereign

bond

yields

declined

in

several

developed

markets

in

late

November

and

early

December

on

the

heightened

risk

aversion

before

global

growth

concerns

eventually

dissipated

in

the

second

half

of

the

month,

even

as

COVID-19

cases

surged

to

record

levels.

Disease

severity

from

Omicron

appeared

milder

than

previous

variants,

leading

to

a

significant

decoupling

of

the

trend

lines

for

case

numbers

(rising

sharply)

and

mortality

rates

(moderating).

We

expected

COVID-19

variants

to

not

derail

global

growth

momentum,

though

the

risks

continued

to

bear

monitoring.

Commodity

and

energy

prices

ultimately

rebounded

in

December,

recovering

much

of

the

price

corrections

from

the

prior

month

as

reflation

sentiments

returned

to

global

financial

markets.

Manufacturing

and

business

surveys

largely

continued

to

remain

at

expansionary

levels

across

much

of

the

world

during

the

second

half

of

2021

but

moderated

from

their

mid-year

peaks.

Consumer

confidence

surveys

showed

similar

trends.

Labor

market

conditions

generally

continued

to

improve

in

many

countries,

though

labor

shortages

and

unemployment

remained

above

prepandemic

levels

in

several

regions.

Overall,

global

growth

showed

signs

of

moderating

from

the

historically

strong

rebound

in

the

first

half

of

2021

but

remained

largely

resilient,

in

our

view.

Inflation

figures

remained

historically

high

across

many

parts

of

the

world

during

the

second

half

of

the

period,

driven

by

a

combination

of

factors

that

included

resurgent

economic

activity,

supply

disruptions

in

certain

sectors,

and

the

effects

of

massive

fiscal

and

monetary

stimulus

measures.

Headline

inflation

(Consumer

Price

Index)

in

the

U.S.

remained

at

or

above

5.0%

year-over-year

from

May

through

the

end

of

2021,

coming

in

at

6.8%

in

November,

its

highest

level

since

1982.

A

growing

number

of

central

banks

pursued

monetary

tightening

measures

in

the

second

half

of

the

year,

with

persistent

inflationary

pressures

in

several

emerging

markets

motivating

aggressive

tightening

responses.

In

Latin

America,

Brazil’s

central

bank

hiked

its

policy

rate

by

725

bps

in

2021,

Chile

by

350

bps,

Peru

by

225

bps,

Templeton

Global

Balanced

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6

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Mexico

by

150

bps

and

Colombia

by

125

bps.

In

eastern

Europe,

Russia

hiked

its

policy

rate

by

425

bps,

the

Czech

Republic

by

300

bps,

Hungary

by

180

bps

and

Poland

by

165

bps.

Most

countries

in

Asia

kept

policy

rates

unchanged

as

inflation

generally

remained

more

contained

and

within

central

bank

targets.

In

developed

markets,

most

central

banks

continued

to

keep

their

policy

rates

unchanged

at

extraordinarily

low

levels

during

the

year,

with

some

exceptions.

Norway

posted

two

25-bp

hikes

in

2021

to

bring

its

policy

rate

to

0.50%;

the

U.K.

hiked

its

policy

rate

by

15

bps

to

0.25%

in

December,

its

first

rate

adjustment

since

March

2020;

New

Zealand

posted

consecutive

25-bp

hikes

in

October

and

November,

bringing

its

policy

rate

to

0.75%;

and

South

Korea

hiked

its

policy

rate

25

bps

in

August

and

November

to

1.00%.

Other

developed

market

central

banks,

such

as

in

Canada,

Sweden

and

Australia,

remained

on

hold

with

policy

rates

in

2021,

but

were

at

various

stages

of

tapering

their

asset

purchase

programs.

The

Fed

kept

the

federal

funds

target

rate

unchanged

(0.00%

to

0.25%)

at

each

of

its

policy

meetings

during

the

period

but

it

began

tapering

its

asset

purchases

in

November.

However,

the

Fed

quickly

shifted

in

a

hawkish

direction

at

its

December

meeting,

doubling

the

pace

of

its

asset

purchase

tapering

for

January.

The

accelerated

pace

put

the

asset

purchase

program

on

schedule

to

conclude

by

March

2022,

enabling

a

rate

hiking

cycle

to

start

in

March

or

May,

earlier

than

previously

indicated

at

the

November

meeting.

Additionally,

the

Fed’s

dot

plot

survey

in

December

showed

that

12

of

18

officials

expect

at

least

three

rate

hikes

in

2022,

a

substantial

change

from

the

September

survey

that

saw

nine

of

18

officials

project

no

hikes

until

2023.

We

expected

UST

term

premiums

to

ratchet

higher

in

upcoming

quarters,

with

a

bear-flattening

effect

driven

by

rising

yields

in

the

short-

to

intermediate-term

range

of

the

yield

curve.

The

European

Central

Bank

(ECB)

kept

monetary

policy

largely

unchanged

during

the

period,

leaving

the

main

refinancing

operations

rate

at

0.0%

and

the

main

deposit

facility

rate

at

-0.5%.

ECB

President

Christine

Lagarde

reaffirmed

at

the

October

and

December

meetings

that

key

rates

will

likely

remain

unchanged

through

2022.

The

ongoing

accommodative

policy

stance

from

the

ECB

appeared

likely

to

diverge

substantially

from

the

tightening

trajectory

of

the

Fed

in

2022.

We

expected

the

euro

to

weaken

against

the

USD

given

negative

rates

and

widening

rate

differentials

with

the

U.S.,

as

well

as

greater

headwinds

to

growth

in

Europe.

The

Bank

of

Japan

(BOJ)

also

kept

monetary

policy

largely

unchanged

during

the

period,

leaving

the

overnight

interest

rate

at

-0.1%

and

the

yield

target

on

the

10-

year

Japanese

government

bond

at

0.0%.

In

December,

the

BOJ

announced

plans

to

scale

down

its

emergency

pandemic

purchasing

measures

by

tapering

its

corporate

debt

purchases

to

precrisis

levels

by

April.

We

expected

the

Japanese

yen

to

face

headwinds

from

widening

rate

differentials

with

the

U.S.

Overall,

most

developed

markets

saw

10-year

sovereign

bond

yields

rise

during

the

period,

including

Norway,

Sweden,

the

U.K.,

South

Korea,

Canada

and

core

Europe.

The

yield

on

the

10-year

UST

note

finished

the

year

at

1.51%,

59

bps

higher

than

where

it

ended

2020.

In

emerging

markets,

10-year

sovereign

bond

yields

rose

sharply

across

much

of

Latin

America,

including

Brazil,

Mexico,

Colombia,

Chile

and

Peru.

In

eastern

Europe,

10-year

yields

trended

higher

in

Poland,

Hungary,

Russia

and

the

Czech

Republic

on

elevated

inflation

and

ongoing

monetary

tightening.

Yields

also

rose

in

much

of

Asia,

including

India,

Indonesia,

Thailand

and

Singapore,

but

declined

in

China.

USD-denominated

sovereign

credit

sectors

broadly

saw

moderately

negative

returns

for

the

period

(with

some

exceptions

in

individual

countries),

as

the

investment-

grade

credit

tiers

came

under

pressure

from

the

rising

yield

environment

while

high-yield

credit

tiers

largely

endured

additional

spread

widening.

In

currency

markets,

the

USD

broadly

strengthened

against

most

developed

market

and

emerging

market

currencies

in

2021,

appreciating

against

the

euro,

the

British

pound,

the

Japanese

yen,

the

South

Korean

won,

the

Australian

dollar

and

the

New

Zealand

dollar.

In

specific

pairings,

the

Norwegian

krone

and

the

Canadian

dollar

appreciated

against

the

euro,

while

the

Swedish

krona

depreciated.

In

emerging

markets,

the

USD

depreciated

against

the

Chinese

yuan,

but

appreciated

against

most

currencies

in

Latin

America

and

Asia,

including

the

Brazilian

real,

Mexican

peso,

Colombian

peso,

Chilean

peso,

Indian

rupee,

Indonesian

rupiah,

Singapore

dollar

and

Thai

baht.

Investment

Strategy

We

search

for

undervalued

or

out-of-favor

debt

and

equity

securities

and

for

equity

securities

that

offer

or

may

offer

current

income.

When

choosing

fixed

income

investments

for

the

Fund,

we

perform

an

independent

analysis

of

the

securities

being

considered

for

the

Fund’s

portfolio,

rather

than

relying

principally

on

their

ratings

assigned

by

rating

agencies,

as

well

as

an

assessment

of

the

potential

impacts

of

material

Templeton

Global

Balanced

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7

franklintempleton.com

Annual

Report

environmental,

social

and

governance

(ESG)

factors

on

the

long-term

risk

and

return

profile

of

a

country.

In

our

analysis

of

corporate

debt

securities,

we

consider

a

variety

of

factors,

including

a

company’s

experience

and

managerial

strength;

responsiveness

to

changes

in

interest

rates

and

business

conditions;

debt

maturity

schedules

and

borrowing

requirements;

a

company’s

changing

financial

condition

and

market

recognition

of

the

change;

and

a

security’s

relative

value

based

on

such

factors

as

anticipated

cash

flow,

interest

or

dividend

coverage,

asset

coverage

and

earnings

prospects.

With

respect

to

sovereign

debt

securities,

we

consider

market,

political

and

economic

conditions,

and

evaluate

interest

and

currency

exchange

rate

changes

and

credit

risks.

We

regularly

enter

into

currency-related

transactions

involving

certain

derivative

instruments,

including

currency

and

cross

currency

forwards,

currency

and

currency

options.

The

Fund

maintains

significant

positions

in

currency

related

derivative

instruments

as

a

hedging

technique

or

to

implement

a

currency

investment

strategy.

The

use

of

these

derivative

transactions

may

allow

the

Fund

to

obtain

net

long

or

net

short

exposures

to

selected

currencies,

interest

rates,

countries,

durations

or

credit

risks,

and

may

be

used

for

hedging

or

investment

purposes.

When

choosing

equity

securities

for

the

Fund,

we

use

a

fundamental

research,

value-oriented,

long-term

approach,

focusing

on

the

market

price

of

a

security

relative

to

our

evaluation

of

the

company’s

long-term

earnings,

asset

value

and

cash

flow

potential,

as

reflected

by

various

metrics.

This

includes

an

assessment

of

the

potential

impacts

of

material

ESG

factors

on

the

long-term

risk

and

return

profile

of

a

company.

The

Fund

may

also

use

a

variety

of

equity-related

derivatives,

which

may

include

equity

futures

and

equity

index

futures

for

various

purposes.

Manager’s

Discussion

Equity

Global

equities

rose

during

the

period

under

review.

Value

stocks,

and

particularly

those

tied

to

the

“reopening”

trade

(e.g.,

leisure,

travel,

hospitality)

led

returns

through

May

2021,

though

that

leadership

fizzled

in

June

as

concerns

about

the

Delta

variant

of

COVID-19

mounted.

Around

the

same

time,

rising

inflationary

pressures

elicited

more

hawkish

notes

from

the

Fed,

causing

defensive

and

growth-

oriented

stocks

to

outperform

through

the

latter

half

of

the

year.

In

this

environment,

the

equity

portion

underperformed

its

benchmark

index

for

the

period,

primarily

due

to

stock

selection

and

overweightings

in

the

consumer

discretionary

and

communication

services

sectors

and

stock

selection

and

underweightings

in

the

information

technology

(IT)

and

financials

sectors.

Our

positioning

in

this

dynamic

environment

was

mixed.

In

sectors

like

energy,

materials

and

the

semiconductor

segment

of

IT,

we

owned

some

of

the

stocks

that

benefited

from

supply

chain

issues

and

inflationary

pressures,

while

in

sectors

like

consumer

discretionary

and

industrials,

we

owned

some

of

the

cyclicals

that

benefited

from

early

reopening

optimism.

For

the

most

part,

the

inflation/supply

chain

exposures

held

up

well

throughout

the

year,

with

our

holdings

in

these

areas

gaining

between

30%

and

50%

on

average

over

the

course

of

the

year.

On

the

other

hand,

sizable

exposure

to

economic

cyclicals

that

initially

benefited

from

reopening

optimism

before

being

sidelined

by

new

COVID-19

variants

hampered

returns

as

the

year

progressed.

For

example,

our

airline

and

consumer

retail

stocks

were

big

winners

through

May

2021,

but

weighed

on

returns

from

June

to

December.

We

continue

to

expect

these

stocks

to

be

beneficiaries

of

economic

reopening

and

upward

earnings

forecast

revisions.

In

consumer

discretionary,

shares

of

U.K.-based

food

delivery

service

company

Just

Eat

Takeaway.com

(JET)

remained

under

pressure

during

the

period

on

continued

concerns

about

competition

and

profitability

in

the

high-

stakes

food

delivery

business.

Given

the

dynamics

of

this

marketplace

and

the

winner-take-all/most

nature

of

the

business,

we

were

not

surprised

by

near-term

volatility.

However,

we

continue

to

believe

that

JET

has

significant

upside

potential

given

its

cheap

valuation,

reset

expectations,

competitive

positioning

and

large

future

market

opportunities.

Though

it

was

largely

ignored

by

the

market,

we

are

encouraged

by

a

wave

of

recent

good

news

surrounding

JET,

including

key

partnerships

in

the

U.S.,

the

U.K.

and

Canada,

the

recent

exit

of

a

major

competitor

from

the

firm’s

primary

German

market,

and

industry

consolidation

leading

to

a

more

rational

competitive

landscape.

Top

Five

Equity

Holdings

12/31/21

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

UnitedHealth

Group,

Inc.

2.6%

Health

Care

Providers

&

Services

,

United

States

Booking

Holdings,

Inc.

2.0%

Hotels,

Restaurants

&

Leisure

,

United

States

Diageo

plc

1.9%

Beverages

,

United

Kingdom

Berkshire

Hathaway,

Inc.

1.7%

Diversified

Financial

Services

,

United

States

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1.7%

Semiconductors

&

Semiconductor

Equipment

,

Taiwan

Templeton

Global

Balanced

Fund

8

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Annual

Report

In

IT,

our

lack

of

exposure

to

U.S.

tech

giants

like

Apple,

Microsoft

and

NVIDIA

pressured

relative

performance.

While

we

owned

some

of

these

companies

in

the

past,

at

recent

valuations

we

believe

we

can

find

more

favorable

risk/reward

opportunities

elsewhere.

Within

IT,

we

have

remained

cautious

on

the

more

expensive

internet

stocks

vulnerable

to

a

change

in

sentiment

or

regulation

and

instead

found

opportunities

among

select

software

companies,

hardware

companies

with

restructuring

and

business

mix

transition

potential,

and

semiconductor

manufacturers

exposed

to

long-term

growth

trends

tied

to

digitalization,

energy

efficiency

and

electric

vehicles.

Shares

of

global

media

and

entertainment

leader

Walt

Disney

from

the

communication

services

sector

declined

on

COVID-19-related

concerns

and

disappointing

Disney

Plus

subscriber

numbers.

In

our

view,

Disney

is

a

high-

quality

company

with

unparalleled

franchises,

along

with

a

strong

content

library

and

valuable

intellectual

properties

(IP).

Longer

term,

we

believe

Disney

has

the

brands,

IP

and

production

capability

to

create

desirable

content

that

will

drive

subscriber

growth

for

its

Disney

Plus

offering.

The

company’s

legacy

media

assets

and

parks

businesses

offer

strong

recovery

potential

from

the

current

weak

economic

environment,

while

Disney

Plus

offers

attractive

secular

growth

potential

that

we

believe

is

not

fully

reflected

in

the

stock

price.

In

contrast,

stock

selection

and

underweightings

in

the

materials,

consumer

staples

and

utilities

sectors

contributed

to

relative

performance.

U.S.

copper-miner

Freeport-McMoRan

contributed

significantly

to

materials

sector

returns.

The

long-term

supply

and

demand

dynamics

remain

extremely

favorable

for

copper.

It

takes

up

to

a

decade

to

bring

a

new

copper

mine

online,

and

the

world

is

running

out

of

high-grade

projects

in

“safe”

jurisdictions.

Copper

also

has

favorable

demand

dynamics,

not

least

of

all

in

green

energy

applications

like

smart

grids

and

electric

vehicles.

Freeport

has

an

above-

average

production

growth

outlook

as

well,

driven

by

its

Indonesian

Grasberg

mine.

Utilities

returns

were

driven

by

Germany-based

E.ON,

one

of

the

largest

power

providers

in

Europe.

After

a

long

period

of

corporate

simplification,

E.ON

has

executed

well

on

its

strategy

to

accelerate

growth

in

its

German-regulated

asset

base

while

also

funding

solid

dividend

growth.

Its

recent

share

price

performance

reflects

that

execution,

with

2021

third-quarter

results

that

pointed

to

recoveries

in

key

business

segments

and

highlighted

encouraging

debt

reduction

progress.

E.ON’s

new

CEO

is

also

settling

in

well,

in

our

view,

and

the

CFO

and

CEO

are

clear

about

their

capital

allocation

framework

and

decision

making.

We

continue

to

see

numerous

potential

value

catalysts

for

E.ON

over

time,

including

balance

sheet

improvements,

reduced

financing

costs

and

the

green

energy

transition,

which

should

spur

grid

investment

and

upgrades

in

Germany

that

ultimately

help

expand

E.ON’s

regulated

asset

base.

Regionally,

an

underweighting

and

stock

selection

in

the

U.S.

detracted

from

relative

performance

for

the

period,

as

did

stock

selection

and

an

overweighting

in

Asia.

Lack

of

exposure

to

Latin

America

and

Australia

along

with

positions

in

France

and

the

Netherlands

contributed

to

relative

returns.

It

is

important

to

recognize

the

effect

of

currency

movements

on

the

Fund’s

performance.

In

general,

if

the

value

of

the

U.S.

dollar

goes

up

compared

with

a

foreign

currency,

an

investment

traded

in

that

foreign

currency

will

go

down

in

value

because

it

will

be

worth

fewer

U.S.

dollars.

This

can

have

a

negative

effect

on

Fund

performance.

Conversely,

when

the

U.S.

dollar

weakens

in

relation

to

a

foreign

currency,

an

investment

traded

in

that

foreign

currency

will

increase

in

value,

which

can

contribute

to

Fund

performance.

For

the

12

months

ended

December

31,

2021,

the

U.S.

dollar

rose

in

value

relative

to

most

currencies.

As

a

result,

the

Fund’s

performance

was

negatively

affected

by

the

portfolio’s

substantial

investment

in

securities

with

non-U.S.

currency

exposure.

Fixed

Income

The

successful

development

of

vaccines

against

COVID-19

in

the

final

months

of

2020

substantially

changed

our

outlook

and

positioning

for

2021.

In

the

weeks

before

the

12-month

reporting

period

began,

we

significantly

shifted

the

emphasis

of

the

Fund’s

strategic

positioning

from

a

safe-haven

stance

toward

an

increasing

allocation

to

risk

assets.

We

expected

a

rebound

in

global

economic

activity

and

improving

economic

conditions

in

the

spring

and

summer

months

of

2021

as

vaccines

were

progressively

distributed

and

people

increasingly

reengaged

with

the

world.

We

were

actively

constructive

in

a

number

of

regions

throughout

the

12-month

period,

particularly

in

areas

of

Asia

that

appeared

to

be

at

the

forefront

of

the

global

economic

recovery.

Templeton

Global

Balanced

Fund

9

franklintempleton.com

Annual

Report

*Does

not

include

cash

and

cash

equivalents.

Overall,

the

Fund

was

focused

on

three

core

themes

during

the

period:

(1)

value

in

select

currencies

against

the

USD

and

the

euro,

specifically

in

countries

with

strong

trade

dynamics,

current

account

surpluses,

better

fiscal

management

and

stronger

growth

potential,

notably

in

Asia;

(2)

avoiding

interest-rate

risks

in

low-yielding

developed

markets;

and

(3)

pursuing

sovereign

bonds

with

relatively

higher

yields

in

a

select

set

of

resilient

emerging

markets.

At

the

beginning

of

the

period,

the

Fund

held

overweighted

positions

in

specific

currencies

against

the

USD

and

the

euro.

We

held

notable

exposures

to

the

Chinese

yuan,

the

South

Korean

won,

the

Indian

rupee,

the

Indonesian

rupiah

and

the

Japanese

yen

against

the

USD.

We

added

exposure

to

the

Singapore

dollar

in

April,

the

New

Zealand

dollar

in

June

and

the

Thai

baht

in

December.

We

held

an

overweighted

position

in

the

Japanese

yen

through

the

third

quarter

of

2021

before

reducing

it

to

an

underweighting

in

the

fourth

quarter.

In

EMEA

(Europe,

Middle

East

and

Africa),

we

held

exposures

in

the

Norwegian

krone

and

Swedish

krona

against

the

euro

throughout

2021,

as

well

as

exposures

to

the

Russian

ruble

and

the

Egyptian

pound

against

the

USD.

In

the

Americas,

we

held

long

exposure

to

the

Canadian

dollar

against

the

euro,

and

long

exposures

to

the

Colombian

peso

and

Brazilian

real

against

the

USD.

In

May,

we

added

exposure

to

the

Chilean

peso

against

the

USD.

During

the

period,

we

used

currency

forwards

and

currency

options

to

actively

manage

currency

exposures.

We

also

continued

to

focus

on

compelling

risk-adjusted

yields

in

various

local-currency

bond

markets,

specifically

in

countries

with

resilient

economies

and

strong

trade

dynamics.

We

continued

to

largely

avoid

developed

market

duration

exposures

in

preference

for

higher

yields

available

in

select

emerging

markets,

notably

including

Indonesia,

India,

Mexico,

Colombia,

Brazil

and

Ghana,

among

others.

After

exiting

our

local-currency

position

in

Brazil

in

the

first

quarter

due

to

acute

political

and

economic

risks,

we

reestablished

the

position

in

the

second

quarter

as

political

compromises

in

the

spring

and

better-than

expected

economic

figures

supported

an

improved

outlook.

In

July,

we

added

to

our

local-currency

position

in

Brazil

and

reduced

our

position

in

Mexico.

We

also

saw

pockets

of

value

in

certain

USD-denominated

sovereign

credits

during

the

reporting

period,

but

we

continued

to

largely

prefer

specific

valuations

in

the

local-currency

markets

over

the

more

fully

valued

credit

markets.

During

the

period,

the

Fund’s

negative

absolute

performance

was

primarily

due

to

currency

positions.

Interest-rate

strategies

contributed

to

absolute

results,

as

did

overall

credit

exposures.

Among

currencies,

positions

in

the

Japanese

yen,

Argentine

peso,

South

Korean

won,

Turkish

lira,

Chilean

peso

and

Colombian

peso

detracted

from

absolute

performance.

However,

the

Fund’s

positions

in

the

Canadian

dollar

and

the

Norwegian

krone

against

the

euro

contributed

to

absolute

results,

as

did

its

position

in

the

Chinese

yuan

against

the

USD.

The

Fund

maintained

a

defensive

approach

regarding

interest

rates

in

developed

markets,

while

holding

duration

exposures

in

select

emerging

markets.

Duration

exposures

in

Argentina,

Ghana

and

Indonesia

contributed

to

absolute

performance.

Among

credit

exposures,

subinvestment-grade

sovereign

credits

contributed

to

absolute

return.

On

a

relative

basis,

the

Fund’s

underperformance

was

primarily

due

to

currency

positions.

Interest-rate

strategies

contributed

to

relative

results,

as

did

overall

credit

exposures.

Among

currencies,

overweighted

positions

in

the

Argentine

peso,

South

Korean

won,

Turkish

lira,

Chilean

peso

and

Colombian

peso

detracted

from

relative

performance,

as

did

the

Fund’s

overweighted

position

in

the

Japanese

yen

for

most

of

the

period.

However,

its

underweighted

exposure

to

the

euro

contributed

to

relative

returns,

as

did

overweighted

positions

in

the

Canadian

dollar

and

the

Norwegian

krone

against

the

euro.

Its

position

in

the

Chinese

yuan

against

the

USD

also

contributed

to

relative

results.

Overweighted

duration

exposures

in

Argentina,

Ghana

and

Indonesia

contributed

to

relative

performance,

as

did

the

Fund’s

lack

of

duration

exposure

in

the

euro

area.

Among

credit

exposures,

overweighted

exposure

to

subinvestment-grade

sovereign

credits

contributed

to

relative

returns.

Thank

you

for

your

continued

participation

in

Templeton

Global

Balanced

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Top

Five

Fixed

Income

Holdings

*

12/31/21

Issuer

%

of

Total

Net

Assets

A

a

Republic

of

Korea

6.7%

Republic

of

Indonesia

4.7%

Republic

of

India

3.0%

Federative

Republic

of

Brazil

2.9%

Monetary

Authority

of

Singapore

Bill

2.3%

Templeton

Global

Balanced

Fund

10

franklintempleton.com

Annual

Report

Michael

Hasenstab,

Ph.D.

Co-Lead

Portfolio

Manager

Warren

Pustam,

CFA

Co-Lead

Portfolio

Manager

Herbert

J.

Arnett,

Jr.

Portfolio

Manager

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

December

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

December

31,

2021

Templeton

Global

Balanced

Fund

11

franklintempleton.com

Annual

Report

The

performance

table

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

12/31/21

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

1-Year

-1.54%

-6.82%

5-Year

+8.59%

+0.51%

10-Year

+53.76%

+3.80%

Advisor

1-Year

-1.28%

-1.28%

5-Year

+10.31%

+1.98%

10-Year

+58.47%

+4.71%

See

page

13

for

Performance

Summary

footnotes.

Templeton

Global

Balanced

Fund

Performance

Summary

12

franklintempleton.com

Annual

Report

See

page

13

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

indexes

include

reinvestment

of

any

income

or

distributions.

They

differ

from

the

Fund

in

composition

and

do

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(1/1/12–12/31/21)

Advisor

Class

(1/1/12–12/31/21)

Templeton

Global

Balanced

Fund

Performance

Summary

13

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Special

risks

are

associated

with

foreign

investing,

including

currency

fluctuations,

economic

instability

and

political

developments;

investments

in

emerging

markets

involve

heightened

risks

related

to

the

same

factors.

Stock

prices

fluctuate,

sometimes

rapidly

and

dramatically,

due

to

factors

affecting

individual

companies,

particular

industries

or

sectors,

or

general

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

the

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

The

risks

associated

with

higher

yielding,

lower

rated

debt

securities

include

higher

risk

of

default

and

loss

of

principal.

The

markets

for

a

particular

security

or

instrument

or

type

of

security

or

instrument

are

or

may

become

relatively

illiquid.

Reduced

liquidity

will

have

an

adverse

impact

on

the

security’s

value

and

on

the

Fund’s

ability

to

sell

such

securities

or

instruments

when

necessary

to

meet

the

Fund’s

liquidity

needs

or

in

response

to

a

specific

market

event.

The

Fund’s

investment

in

derivative

securities,

such

as

swaps,

financial

futures

and

option

contracts,

and

use

of

foreign

currency

techniques

involve

special

risks

as

such

may

not

achieve

the

anticipated

benefits

and/or

may

result

in

losses

to

the

Fund.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

The

Fund

has

an

expense

reduction

and

a

fee

waiver

associated

with

any

investments

it

makes

in

a

Franklin

Templeton

money

fund

and/or

other

Franklin

Templeton

fund,

contractually

guaranteed

through

4/30/22.

Fund

investment

results

reflect

the

expense

reduction

and

fee

waiver;

without

these

reductions,

the

results

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Source:

Morningstar.

The

MSCI

ACWI

is

a

free

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

equity

market

performance

of

global

developed

and

emerging

markets.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

The

Bloomberg

Multiverse

Index

provides

a

broad-based

measure

of

the

global

fixed

income

bond

market.

The

index

represents

the

union

of

the

Global

Aggregate

Index

and

the

Global

High

Yield

Index

and

captures

investment-

grade

and

high-yield

securities

in

all

eligible

currencies.

6.

Source:

FactSet.

The

Fund’s

new

blended

benchmark

was

calculated

internally

and

was

composed

of

50%

for

the

MSCI

ACWI-NR

and

50%

for

the

Bloomberg

Multiverse

Index.

The

Fund’s

old

blended

benchmark

was

calculated

internally

and

was

composed

of

50%

for

the

MSCI

ACWI

and

50%

for

the

Bloomberg

Multiverse

Index.

7.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(1/1/21–12/31/21)

Share

Class

Tax

Return

of

Capital

A

$0.0591

A1

$0.0590

C

$0.0348

C1

$0.0435

R

$0.0517

R6

$0.0689

Advisor

$0.0661

Total

Annual

Operating

Expenses

7

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.23%

1.32%

Advisor

0.98%

1.07%

Your

Fund’s

Expenses

Templeton

Global

Balanced

Fund

14

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

7/1/21

Ending

Account

Value

12/31/21

Expenses

Paid

During

Period

7/1/21–12/31/21

1,2

Ending

Account

Value

12/31/21

Expenses

Paid

During

Period

7/1/21–12/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$941.30

$5.74

$1,019.29

$5.97

1.17%

A1

$1,000

$941.50

$5.74

$1,019.29

$5.97

1.17%

C

$1,000

$936.80

$9.36

$1,015.54

$9.74

1.92%

C1

$1,000

$935.70

$7.60

$1,017.35

$7.93

1.56%

R

$1,000

$940.50

$6.95

$1,018.04

$7.23

1.42%

R6

$1,000

$943.10

$4.11

$1,020.97

$4.28

0.84%

Advisor

$1,000

$942.90

$4.51

$1,020.56

$4.70

0.92%

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

15

a

Year

Ended

December

31,

2021*

2020

2019

2018

2017

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.82

$2.84

$2.77

$3.17

$2.91

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05

0.07

0.11

0.10

0.09

Net

realized

and

unrealized

gains

(losses)

...........

(0.09)

(0.04)

0.08

(0.38)

0.25

Total

from

investment

operations

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

(0.04)

0.03

0.19

(0.28)

0.34

Less

distributions

from:

Net

investment

income

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

—

(0.05)

(0.12)

(0.12)

(0.08)

Tax

return

of

capital

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

(0.06)

—

—

—

—

Total

distributions

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

(0.06)

(0.05)

(0.12)

(0.12)

(0.08)

Net

asset

value,

end

of

year

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

$2.72

$2.82

$2.84

$2.77

$3.17

Total

return

c

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

(1.54)%

1.49%

6.96%

(9.44)%

12.18%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.30%

1.30%

1.22%

1.19%

1.17%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.20%

1.26%

1.19%

1.16%

1.14%

Net

investment

income

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

1.89%

2.85%

3.81%

3.17%

2.82%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$302,724

$354,879

$465,915

$557,604

$745,957

Portfolio

turnover

rate

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

52.63%

74.03%

26.62%

45.92%

34.25%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

16

a

Year

Ended

December

31,

2021*

2020

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.83

$2.84

$2.77

$3.18

$2.91

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05

0.07

0.11

0.10

0.09

Net

realized

and

unrealized

gains

(losses)

...........

(0.09)

(0.03)

0.08

(0.39)

0.26

Total

from

investment

operations

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

(0.04)

0.04

0.19

(0.29)

0.35

Less

distributions

from:

Net

investment

income

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

—

(0.05)

(0.12)

(0.12)

(0.08)

Tax

return

of

capital

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

(0.06)

—

—

—

—

Total

distributions

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

(0.06)

(0.05)

(0.12)

(0.12)

(0.08)

Net

asset

value,

end

of

year

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

$2.73

$2.83

$2.84

$2.77

$3.18

Total

return

c

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

(1.53)%

1.49%

7.33%

(9.45)%

12.18%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.30%

1.30%

1.22%

1.19%

1.17%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.20%

1.26%

1.19%

1.16%

1.14%

Net

investment

income

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

1.89%

2.86%

3.81%

3.17%

2.82%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$165,287

$198,816

$252,990

$285,358

$293,488

Portfolio

turnover

rate

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

52.63%

74.03%

26.62%

45.92%

34.25%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

17

a

Year

Ended

December

31,

2021*

2020

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.81

$2.82

$2.75

$3.16

$2.90

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.03

0.05

0.09

0.08

0.06

Net

realized

and

unrealized

gains

(losses)

...........

(0.10)

(0.03)

0.08

(0.40)

0.26

Total

from

investment

operations

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

(0.07)

0.02

0.17

(0.32)

0.32

Less

distributions

from:

Net

investment

income

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

—

(0.03)

(0.10)

(0.09)

(0.06)

Tax

return

of

capital

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

(0.03)

—

—

—

—

Total

distributions

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

(0.03)

(0.03)

(0.10)

(0.09)

(0.06)

Net

asset

value,

end

of

year

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

$2.71

$2.81

$2.82

$2.75

$3.16

Total

return

c

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

(2.37)%

0.68%

6.55%

(10.23)%

11.03%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

2.04%

2.04%

1.97%

1.94%

1.92%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.95%

2.00%

1.94%

1.91%

1.89%

Net

investment

income

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

1.12%

2.02%

3.06%

2.42%

2.07%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$39,982

$83,658

$139,231

$203,587

$317,374

Portfolio

turnover

rate

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

52.63%

74.03%

26.62%

45.92%

34.25%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

18

a

Year

Ended

December

31,

2021*

2020

2019

2018

2017

Class

C1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.83

$2.84

$2.77

$3.17

$2.91

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.04

0.06

0.10

0.09

0.08

Net

realized

and

unrealized

gains

(losses)

...........

(0.10)

(0.03)

0.08

(0.39)

0.25

Total

from

investment

operations

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

(0.06)

0.03

0.18

(0.30)

0.33

Less

distributions

from:

Net

investment

income

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

—

(0.04)

(0.11)

(0.10)

(0.07)

Tax

return

of

capital

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

(0.04)

—

—

—

—

Total

distributions

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

(0.04)

(0.04)

(0.11)

(0.10)

(0.07)

Net

asset

value,

end

of

year

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

$2.73

$2.83

$2.84

$2.77

$3.17

Total

return

c

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

(2.06)%

1.01%

6.82%

(9.88)%

11.71%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.68%

1.70%

1.62%

1.59%

1.57%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.60%

1.66%

1.59%

1.56%

1.54%

Net

investment

income

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

1.46%

2.32%

3.41%

2.77%

2.42%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$3,535

$13,050

$27,765

$62,418

$173,079

Portfolio

turnover

rate

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

52.63%

74.03%

26.62%

45.92%

34.25%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

19

a

Year

Ended

December

31,

2021*

2020

2019

2018

2017

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.84

$2.85

$2.78

$3.18

$2.92

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05

0.07

0.10

0.09

0.08

Net

realized

and

unrealized

gains

(losses)

...........

(0.10)

(0.03)

0.08

(0.38)

0.25

Total

from

investment

operations

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

(0.05)

0.04

0.18

(0.29)

0.33

Less

distributions

from:

Net

investment

income

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

—

(0.05)

(0.11)

(0.11)

(0.07)

Tax

return

of

capital

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

(0.05)

—

—

—

—

Total

distributions

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

(0.05)

(0.05)

(0.11)

(0.11)

(0.07)

Net

asset

value,

end

of

year

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

$2.74

$2.84

$2.85

$2.78

$3.18

Total

return

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

(1.77)%

1.68%

6.66%

(9.67)%

11.84%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.53%

1.43%

1.47%

1.44%

1.42%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

1.44%

1.40%

1.44%

1.41%

1.39%

Net

investment

income

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

1.66%

2.63%

3.56%

2.92%

2.57%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$1,206

$1,591

$2,348

$2,778

$4,944

Portfolio

turnover

rate

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

52.63%

74.03%

26.62%

45.92%

34.25%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

20

a

Year

Ended

December

31,

2021*

2020

2019

2018

2017

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.83

$2.85

$2.78

$3.18

$2.92

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.06

0.08

0.12

0.11

0.09

Net

realized

and

unrealized

gains

(losses)

...........

(0.09)

(0.04)

0.08

(0.38)

0.26

Total

from

investment

operations

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

(0.03)

0.04

0.20

(0.27)

0.35

Less

distributions

from:

Net

investment

income

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

—

(0.06)

(0.13)

(0.13)

(0.09)

Tax

return

of

capital

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

(0.07)

—

—

—

—

Total

distributions

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

(0.07)

(0.06)

(0.13)

(0.13)

(0.09)

Net

asset

value,

end

of

year

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

$2.73

$2.83

$2.85

$2.78

$3.18

Total

return

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

(1.19)%

1.87%

7.32%

(9.09)%

12.56%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.01%

0.99%

0.92%

0.89%

0.84%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.86%

0.90%

0.84%

0.82%

0.77%

Net

investment

income

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

2.23%

3.18%

4.16%

3.51%

3.19%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$3,227

$4,624

$6,080

$7,933

$11,254

Portfolio

turnover

rate

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

52.63%

74.03%

26.62%

45.92%

34.25%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Consolidated

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

21

a

Year

Ended

December

31,

2021*

2020

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.84

$2.85

$2.78

$3.19

$2.92

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.06

0.08

0.12

0.11

0.10

Net

realized

and

unrealized

gains

(losses)

...........

(0.09)

(0.03)

0.08

(0.39)

0.26

Total

from

investment

operations

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

(0.03)

0.05

0.20

(0.28)

0.36

Less

distributions

from:

Net

investment

income

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

—

(0.06)

(0.13)

(0.13)

(0.09)

Tax

return

of

capital

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

(0.07)

—

—

—

—

Total

distributions

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

(0.07)

(0.06)

(0.13)

(0.13)

(0.09)

Net

asset

value,

end

of

year

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

$2.74

$2.84

$2.85

$2.78

$3.19

Total

return

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

(1.28)%

1.75%

7.57%

(9.19)%

12.42%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.05%

1.04%

0.97%

0.94%

0.92%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.95%

1.00%

0.94%

0.91%

0.89%

Net

investment

income

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

2.14%

3.00%

4.06%

3.42%

3.07%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$57,537

$77,426

$141,277

$207,346

$246,044

Portfolio

turnover

rate

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

52.63%

74.03%

26.62%

45.92%

34.25%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(f).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned,

adjustments

to

interest

income

for

the

inflation-indexed

bonds,

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Statement

of

Investments,

December

31,

2021

Templeton

Global

Balanced

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

22

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

51.3%

China

2.4%

a

Alibaba

Group

Holding

Ltd.

.........

Internet

&

Direct

Marketing

Retail

418,800

$

6,155,378

a

New

Oriental

Education

&

Technology

Group,

Inc.

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

Diversified

Consumer

Services

844,600

1,751,201

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

14,790

3,368,866

a,b

Xiabuxiabu

Catering

Management

China

Holdings

Co.

Ltd.,

144A,

Reg

S

....

Hotels,

Restaurants

&

Leisure

3,129,000

2,445,533

13,720,978

France

0.5%

Dassault

Aviation

SA

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

Aerospace

&

Defense

26,270

2,839,045

Germany

2.3%

a

Continental

AG

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

Auto

Components

24,511

2,573,224

Deutsche

Boerse

AG

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

Capital

Markets

19,935

3,326,004

E.ON

SE

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

Multi-Utilities

269,127

3,737,222

Siemens

AG

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

Industrial

Conglomerates

20,949

3,625,559

13,262,009

Hong

Kong

1.2%

AIA

Group

Ltd.

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

Insurance

661,800

6,680,389

India

1.1%

Housing

Development

Finance

Corp.

Ltd.

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

Thrifts

&

Mortgage

Finance

189,149

6,531,176

Ireland

0.5%

a

Ryanair

Holdings

plc,

ADR

.........

Airlines

29,900

3,059,667

a

Japan

3.2%

Hitachi

Ltd.

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

Industrial

Conglomerates

113,500

6,144,934

Honda

Motor

Co.

Ltd.

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

Automobiles

169,800

4,827,999

Seria

Co.

Ltd.

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

Multiline

Retail

141,600

4,098,990

Toyota

Industries

Corp.

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

Machinery

43,700

3,493,569

18,565,492

Luxembourg

0.3%

ArcelorMittal

SA

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

Metals

&

Mining

50,424

1,616,256

Netherlands

1.4%

NN

Group

NV

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

Insurance

70,738

3,822,508

SBM

Offshore

NV

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

Energy

Equipment

&

Services

277,370

4,131,466

7,953,974

Singapore

0.4%

a

Wheels

Up

Experience,

Inc.

........

Airlines

439,500

2,039,280

a

South

Africa

0.0%

a,c,d

K2016470219

South

Africa

Ltd.,

A

....

Multiline

Retail

32,900,733

—

a,c,d

K2016470219

South

Africa

Ltd.,

B

....

Multiline

Retail

4,646,498

—

—

South

Korea

1.3%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

118,294

7,768,302

Spain

0.4%

a

Amadeus

IT

Group

SA

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

IT

Services

33,447

2,261,377

a

Switzerland

0.8%

Adecco

Group

AG

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

Professional

Services

92,829

4,724,878

Templeton

Global

Investment

Trust

Statement

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

23

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Taiwan

1.7%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

443,300

$

9,789,255

United

Kingdom

8.5%

a

Allfunds

Group

plc

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

Capital

Markets

139,027

2,735,485

AstraZeneca

plc

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

Pharmaceuticals

34,123

3,981,286

a

Compass

Group

plc

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

Hotels,

Restaurants

&

Leisure

162,596

3,657,661

Diageo

plc

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

Beverages

202,195

11,046,243

a

Farfetch

Ltd.,

A

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

Internet

&

Direct

Marketing

Retail

59,100

1,975,713

Imperial

Brands

plc

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

Tobacco

140,833

3,083,819

a

Informa

plc

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

Media

454,787

3,181,640

a,b

Just

Eat

Takeaway.com

NV,

144A,

Reg

S

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

Internet

&

Direct

Marketing

Retail

134,248

7,288,050

Persimmon

plc

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

Household

Durables

80,801

3,129,225

Prudential

plc,

(HKD

Traded)

........

Insurance

27,150

463,284

Prudential

plc,

(GBP

Traded)

........

Insurance

251,954

4,353,464

Travis

Perkins

plc

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

Trading

Companies

&

Distributors

171,451

3,616,492

48,512,362

United

States

25.3%

a

Alphabet,

Inc.,

A

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

Interactive

Media

&

Services

2,843

8,236,285

a

Amazon.com,

Inc.

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

Internet

&

Direct

Marketing

Retail

2,823

9,412,842

American

Express

Co.

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

Consumer

Finance

22,900

3,746,440

a

Array

Technologies,

Inc.

...........

Electrical

Equipment

233,500

3,663,615

a

Berkshire

Hathaway,

Inc.,

B

.........

Diversified

Financial

Services

33,000

9,867,000

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

4,693

11,259,586

Comcast

Corp.,

A

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

Media

152,124

7,656,401

a

DXC

Technology

Co.

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

IT

Services

184,800

5,948,712

a

F5,

Inc.

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

Communications

Equipment

39,800

9,739,458

Freeport-McMoRan,

Inc.

...........

Metals

&

Mining

39,600

1,652,508

General

Dynamics

Corp.

...........

Aerospace

&

Defense

18,400

3,835,848

HCA

Healthcare,

Inc.

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

Health

Care

Providers

&

Services

12,500

3,211,500

Keurig

Dr

Pepper,

Inc.

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

Beverages

89,700

3,306,342

a

LivaNova

plc

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

Health

Care

Equipment

&

Supplies

21,800

1,905,974

Marathon

Petroleum

Corp.

.........

Oil,

Gas

&

Consumable

Fuels

61,900

3,960,981

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

26,900

2,782,805

a

Meta

Platforms,

Inc.,

A

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

Interactive

Media

&

Services

15,022

5,052,650

Micron

Technology,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

27,700

2,580,255

a

Sabre

Corp.

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

IT

Services

143,500

1,232,665

a

Southwest

Airlines

Co.

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

Airlines

56,900

2,437,596

a

T-Mobile

US,

Inc.

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

Wireless

Telecommunication

Services

47,600

5,520,648

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

&

Services

29,310

14,717,723

a

Walt

Disney

Co.

(The)

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

Entertainment

41,700

6,458,913

Westinghouse

Air

Brake

Technologies

Corp.

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

Machinery

52,600

4,844,986

a

Zendesk

,

Inc.

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

Software

61,918

6,457,428

Zimmer

Biomet

Holdings,

Inc.

.......

Health

Care

Equipment

&

Supplies

43,400

5,513,536

145,002,697

Total

Common

Stocks

(Cost

$241,638,270)

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

294,327,137

Templeton

Global

Investment

Trust

Statement

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

24

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

0.0%

South

Africa

0.0%

b,c,e

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note,

144A,

PIK,

3%,

12/31/22

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

Multiline

Retail

2,767,566

$

—

Senior

Secured

Note,

144A,

PIK,

8%,

12/31/22

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

Multiline

Retail

2,708,327

EUR

—

b,c,e

K2016470260

South

Africa

Ltd.,

Senior

Secured

Note,

144A,

PIK,

25%,

12/31/22

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

Multiline

Retail

1,408,368

—

—

Total

Corporate

Bonds

(Cost

$4,389,520)

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

—

a

a

Industry

Principal

Amount

*

a

Value

Foreign

Government

and

Agency

Securities

25.6%

Argentina

1.3%

f

Argentina

BONCER

,

Index

Linked,

1.3%,

9/20/22

.......

161,812,759

ARS

796,054

Index

Linked,

1.4%,

3/25/23

.......

565,071,894

ARS

2,755,813

Index

Linked,

1.45%,

8/13/23

......

31,347,114

ARS

148,442

Index

Linked,

1.5%,

3/25/24

.......

486,639,697

ARS

2,329,177

Argentina

Government

Bond

,

16%,

10/17/23

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

308,428,000

ARS

944,530

15.5%,

10/17/26

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

243,952,000

ARS

465,721

7,439,737

Brazil

1.0%

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/25

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

6,510,000

BRL

1,151,960

10%,

1/01/27

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

19,590,000

BRL

3,439,117

10%,

1/01/29

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

2,780,000

BRL

483,466

10%,

1/01/31

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

4,450,000

BRL

766,624

5,841,167

Colombia

1.5%

Colombia

Government

Bond

,

Senior

Bond,

4.375%,

3/21/23

.....

52,000,000

COP

12,715

Senior

Bond,

9.85%,

6/28/27

......

83,000,000

COP

23,254

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

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

1,382,200,000

COP

343,320

B,

10%,

7/24/24

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

1,738,000,000

COP

457,582

B,

6.25%,

11/26/25

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

3,538,000,000

COP

836,371

B,

7.5%,

8/26/26

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

26,717,000,000

COP

6,522,098

B,

5.75%,

11/03/27

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

2,434,000,000

COP

540,465

8,735,805

Ecuador

1.2%

b

Ecuador

Government

Bond

,

Senior

Bond,

144A,

1%,

7/31/35

....

6,275,000

4,149,344

Senior

Bond,

144A,

0.5%,

7/31/40

..

599,000

352,287

Senior

Note,

144A,

5%,

7/31/30

....

2,460,000

2,044,875

6,546,506

Templeton

Global

Investment

Trust

Statement

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

25

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

El

Salvador

0.0%

†

b

El

Salvador

Government

Bond,

Senior

Bond,

144A,

7.65%,

6/15/35

.......

100,000

$

57,375

Ghana

1.9%

Ghana

Government

Bond

,

18.75%,

1/24/22

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

5,185,000

GHS

848,577

18.25%,

7/25/22

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

8,040,000

GHS

1,319,718

20.75%,

1/16/23

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

640,000

GHS

105,962

18.85%,

9/28/23

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

1,750,000

GHS

281,893

19.25%,

12/18/23

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

580,000

GHS

93,701

19.75%,

3/25/24

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

6,470,000

GHS

1,049,920

19%,

11/02/26

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

25,220,000

GHS

3,882,214

19.75%,

3/15/32

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

18,450,000

GHS

2,840,211

Senior

Note,

17.6%,

2/20/23

......

50,000

GHS

8,028

Senior

Note,

18.3%,

3/02/26

......

105,000

GHS

16,078

Senior

Note,

18.5%,

1/02/23

......

390,000

GHS

63,336

Senior

Note,

17.25%,

7/31/23

......

1,420,000

GHS

224,715

10,734,353

India

3.0%

India

Government

Bond

,

7.16%,

5/20/23

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

83,000,000

INR

1,149,849

8.2%,

9/24/25

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

289,100,000

INR

4,211,970

7.59%,

1/11/26

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

369,200,000

INR

5,275,348

7.27%,

4/08/26

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

280,500,000

INR

3,966,526

Senior

Note,

5.22%,

6/15/25

......

93,000,000

INR

1,235,447

Senior

Note,

5.15%,

11/09/25

......

115,000,000

INR

1,517,668

17,356,808

Indonesia

4.7%

Indonesia

Government

Bond

,

FR35,

Senior

Bond,

12.9%,

6/15/22

.

10,168,000,000

IDR

743,617

FR39,

11.75%,

8/15/23

..........

1,616,000,000

IDR

127,597

FR43,

10.25%,

7/15/22

..........

154,000,000

IDR

11,221

FR46,

9.5%,

7/15/23

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

73,000,000,000

IDR

5,559,576

FR63,

5.625%,

5/15/23

..........

2,150,000,000

IDR

154,841

FR70,

8.375%,

3/15/24

..........

84,648,000,000

IDR

6,468,821

FR81,

6.5%,

6/15/25

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

50,707,000,000

IDR

3,749,881

FR86,

5.5%,

4/15/26

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

142,120,000,000

IDR

10,132,126

26,947,680

Mexico

1.6%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

6.5%,

6/09/22

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

142,830,000

MXN

6,960,920

M,

Senior

Bond,

8%,

12/07/23

.....

32,730,000

MXN

1,617,176

M

20,

10%,

12/05/24

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

8,530,000

MXN

445,429

9,023,525

South

Korea

8.2%

Korea

Monetary

Stabilization

Bond,

Senior

Note,

0.905%,

4/02/23

......

10,560,000,000

KRW

8,816,295

Korea

Treasury

Bond

,

2.25%,

9/10/23

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

876,000,000

KRW

744,573

3.375%,

9/10/23

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

12,173,000,000

KRW

10,537,043

0.875%,

12/10/23

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

12,469,000,000

KRW

10,334,043

1.875%,

3/10/24

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

2,205,000,000

KRW

1,860,948

Templeton

Global

Investment

Trust

Statement

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

26

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

South

Korea

(continued)

Korea

Treasury

Bond,

(continued)

1.375%,

9/10/24

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

5,035,400,000

KRW

$

4,188,055

3%,

9/10/24

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

745,000,000

KRW

646,175

Senior

Note,

1.125%,

6/10/24

......

12,125,400,000

KRW

10,049,205

47,176,337

Sri

Lanka

0.3%

b

Sri

Lanka

Government

Bond

,

Senior

Bond,

144A,

6.85%,

11/03/25

600,000

312,108

Senior

Bond,

144A,

6.2%,

5/11/27

..

1,600,000

820,576

Senior

Bond,

144A,

6.75%,

4/18/28

.

200,000

101,892

Senior

Bond,

144A,

7.85%,

3/14/29

.

200,000

102,228

Senior

Note,

144A,

5.75%,

4/18/23

..

200,000

112,904

Senior

Note,

144A,

6.35%,

6/28/24

..

400,000

211,344

1,661,052

Supranational

0.5%

g

Inter-American

Development

Bank,

Senior

Bond,

7.5%,

12/05/24

......

60,000,000

MXN

2,899,196

Turkey

0.4%

Turkey

Government

Bond

,

13.9%,

11/09/22

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

17,350,000

TRY

1,230,395

12.2%,

1/18/23

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

1,170,000

TRY

80,813

7.1%,

3/08/23

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

4,980,000

TRY

320,528

16.2%,

6/14/23

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

6,170,000

TRY

430,124

8.8%,

9/27/23

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

3,200,000

TRY

196,923

10.4%,

3/20/24

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

270,000

TRY

16,310

12.6%,

10/01/25

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

2,990,000

TRY

164,857

2,439,950

Total

Foreign

Government

and

Agency

Securities

(Cost

$188,553,059)

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

146,859,491

Shares

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

$434,580,849)

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

441,186,628

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.1%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

21.03

MXN,

Expires

3/04/22

..

1

1,107,000

14,817

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

21.41

MXN,

Expires

2/03/22

..

1

2,069,000

8,054

Templeton

Global

Investment

Trust

Statement

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

27

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Calls

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

22.02

MXN,

Expires

6/09/22

..

1

2,189,000

$

37,816

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

22.32

MXN,

Expires

8/29/22

..

1

778,000

19,244

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

May

Strike

Price

22.34

MXN,

Expires

5/31/22

.......

1

2,058,000

26,870

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

May

Strike

Price

22.69

MXN,

Expires

5/24/22

.......

1

5,561,000

54,543

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

23.44

MXN,

Expires

12/22/22

.

1

3,339,000

87,456

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

1,135,000

32,346

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

465,000

13,252

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.19

MXN,

Expires

8/29/24

..

1

1,405,000

43,069

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.71

MXN,

Expires

8/09/24

..

1

1,406,000

38,279

375,746

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

18.70

MXN,

Expires

6/09/22

..

1

1,667,000

1,842

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

19.04

MXN,

Expires

6/09/22

..

1

1,667,000

3,259

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

February

Strike

Price

19.37

MXN,

Expires

2/24/22

..

1

389,000

261

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.41

MXN,

Expires

8/11/22

..

1

456,000

2,119

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

232,000

2,311

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

568,000

5,658

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

20.64

MXN,

Expires

2/08/22

..

1

624,000

9,052

Templeton

Global

Investment

Trust

Statement

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

28

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

21.27

MXN,

Expires

2/28/22

..

1

343,000

$

12,400

36,902

Total

Options

Purchased

(Cost

$880,777)

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

412,648

Short

Term

Investments

21.7%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

8.9%

Argentina

0.2%

f,h

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER

,

Index

Linked,

4/18/22

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

88,454,605

ARS

432,708

Index

Linked,

5/23/22

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

69,353,902

ARS

337,849

Index

Linked,

6/30/22

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

35,314,368

ARS

172,288

942,845

Brazil

2.9%

h

Brazil

Letras

do

Tesouro

Nacional

,

1/01/24

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

11,220,000

BRL

1,633,361

7/01/24

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

52,870,000

BRL

7,344,816

1/01/25

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

57,070,000

BRL

7,568,358

16,546,535

Egypt

0.9%

h

Egypt

Treasury

Bills

,

1/04/22

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

2,600,000

EGP

165,620

1/11/22

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

12,700,000

EGP

807,865

2/15/22

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

5,200,000

EGP

327,266

2/22/22

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

6,000,000

EGP

377,004

3/01/22

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

2,400,000

EGP

150,489

3/22/22

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

16,525,000

EGP

1,029,043

4/26/22

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

9,300,000

EGP

572,435

6/14/22

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

11,200,000

EGP

679,085

i

9/20/22

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

14,300,000

EGP

836,639

i

11/01/22

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

1,600,000

EGP

92,259

i

11/08/22

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

3,300,000

EGP

189,828

i

11/15/22

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

2,400,000

EGP

137,726

i

11/22/22

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

1,600,000

EGP

91,597

5,456,856

Japan

1.9%

h

Japan

Treasury

Bills

,

2/07/22

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

499,300,000

JPY

4,338,415

2/10/22

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

590,900,000

JPY

5,134,376

3/25/22

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

173,000,000

JPY

1,503,422

3/28/22

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

19,100,000

JPY

165,986

11,142,199

Templeton

Global

Investment

Trust

Statement

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

29

Short

Term

Investments

(continued)

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Singapore

2.3%

h

Singapore

Treasury

Bills

,

1/14/22

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

5,300,000

SGD

$

3,929,118

2/11/22

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

750,000

SGD

555,778

2/18/22

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

11,430,000

SGD

8,469,203

12,954,099

Thailand

0.7%

h

Thailand

Treasury

Bills

,

3/24/22

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

76,670,000

THB

2,306,265

5/11/22

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

2,230,000

THB

67,037

6/22/22

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

52,770,000

THB

1,585,428

3,958,730

Total

Foreign

Government

and

Agency

Securities

(Cost

$52,943,969)

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

51,001,264

Industry

Shares

Money

Market

Funds

12.8%

United

States

12.8%

j,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

73,639,085

73,639,085

Total

Money

Market

Funds

(Cost

$73,639,085)

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

73,639,085

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$126,583,054

)

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

124,640,349

a

a

a

Total

Investments

(Cost

$562,044,680)

98.7%

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

$566,239,625

Options

Written

(

0.0

)

%

†

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

(247,332)

Other

Assets,

less

Liabilities

1.3%

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

7,505,521

Net

Assets

100.0%

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

$573,497,814

a

a

a

a

Number

of

Contracts

Notional

Amount

#

a

a

a

a

a

l

Options

Written

(0.0)%

†

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

20.56

MXN,

Expires

3/04/22

..

1

415,000

(9,398)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

20.64

MXN,

Expires

2/08/22

..

1

624,000

(8,939)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

20.86

MXN,

Expires

2/03/22

..

1

690,000

(6,435)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

February

Strike

Price

21.71

MXN,

Expires

2/24/22

..

1

447,000

(2,304)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

22.06

MXN,

Expires

8/11/22

..

1

456,000

(11,742)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

22.55

MXN,

Expires

3/04/22

..

1

415,000

(1,110)

Templeton

Global

Investment

Trust

Statement

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

30

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

l

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

22.73

MXN,

Expires

2/03/22

..

1

1,379,000

$

(862)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

99,000

(3,394)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

902,000

(30,926)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

23.05

MXN,

Expires

2/24/22

..

1

2,582,000

(3,138)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

23.79

MXN,

Expires

2/28/22

..

1

686,000

(495)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

May

Strike

Price

23.80

MXN,

Expires

5/31/22

.......

1

1,029,000

(5,642)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

24.95

MXN,

Expires

12/22/22

.

1

1,002,000

(15,329)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

25.41

MXN,

Expires

6/09/22

..

1

2,222,000

(5,973)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

May

Strike

Price

25.65

MXN,

Expires

5/24/22

.......

1

2,185,000

(4,392)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

414,000

(2,504)

(112,583)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

19.84

MXN,

Expires

6/09/22

..

1

2,189,000

(14,868)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

99,000

(1,013)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

902,000

(9,228)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

20.50

MXN,

Expires

8/11/22

..

1

456,000

(7,536)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

20.72

MXN,

Expires

2/28/22

..

1

343,000

(6,222)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

21.35

MXN,

Expires

8/29/22

..

1

778,000

(27,200)

Templeton

Global

Investment

Trust

Statement

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

31

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

l

Options

Written

(continued)

a

Puts

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

1,135,000

$

(48,721)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

465,000

(19,961)

(134,749)

Total

Options

Written

(Premiums

received

$465,252)

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

$

(247,332)

#

Notional

amount

is

the

number

of

units

specified

in

the

contract,

and

can

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

December

31,

2021,

the

aggregate

value

of

these

securities

was

$17,998,516,

representing

3.1%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

13

regarding

fair

value

measurements.

d

See

Note

10

regarding

restricted

securities.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Redemption

price

at

maturity

is

adjusted

for

inflation.

See

Note

1(j).

g

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

h

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

j

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

l

See

Note

1(d)

regarding

written

options.

Templeton

Global

Investment

Trust

Statement

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

32

At

December

31,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(d). 

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Chilean

Peso

......

JPHQ

Buy

764,851,089

934,672

1/07/22

$

—

$

(37,338)

Euro

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

UBSW

Buy

943,744

1,065,788

1/07/22

7,881

—

Euro

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

UBSW

Sell

943,744

1,125,247

1/07/22

51,578

—

Chilean

Peso

......

GSCO

Buy

552,968,936

673,687

1/10/22

—

(25,210)

Chinese

Yuan

......

CITI

Buy

19,903,590

3,032,235

1/12/22

92,470

—

Chilean

Peso

......

JPHQ

Buy

1,262,000,000

1,589,421

1/13/22

—

(110,075)

Mexican

Peso

......

MSCO

Sell

22,585,284

1,073,417

1/13/22

—

(25,426)

Chilean

Peso

......

GSCO

Buy

383,191,856

474,247

1/14/22

—

(25,124)

Chinese

Yuan

......

HSBK

Buy

21,550,930

3,311,177

1/18/22

70,812

—

Euro

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

DBAB

Sell

1,021,756

10,392,587

SEK

1/18/22

—

(13,632)

Mexican

Peso

......

CITI

Buy

728,620

33,863

1/18/22

1,556

—

Mexican

Peso

......

CITI

Sell

59,491,000

2,872,158

1/18/22

—

(19,742)

Chilean

Peso

......

JPHQ

Buy

1,449,610,000

1,776,483

1/21/22

—

(79,130)

Euro

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

JPHQ

Sell

1,358,643

13,824,100

NOK

1/21/22

22,056

—

Indian

Rupee

......

JPHQ

Buy

113,619,700

1,471,948

1/27/22

49,538

—

Euro

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

HSBK

Sell

2,944,284

4,364,636

CAD

2/03/22

100,096

—

Euro

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

JPHQ

Sell

1,863,468

2,771,610

CAD

2/03/22

70,617

—

Chilean

Peso

......

JPHQ

Buy

764,848,911

931,879

2/07/22

—

(38,545)

Chilean

Peso

......

GSCO

Buy

627,450,000

772,560

2/10/22

—

(40,069)

Indian

Rupee

......

CITI

Buy

82,812,900

1,094,251

2/10/22

13,041

—

Chilean

Peso

......

GSCO

Buy

712,184,411

901,956

2/11/22

—

(70,683)

Chinese

Yuan

......

JPHQ

Buy

29,990,050

4,708,428

2/14/22

—

(10,021)

Euro

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

JPHQ

Sell

2,339,856

3,450,000

CAD

2/14/22

64,189

—

Australian

Dollar

....

DBAB

Sell

3,330,000

2,445,365

2/17/22

25,333

—

Australian

Dollar

....

MSCO

Sell

3,379,000

2,481,105

2/17/22

25,462

—

Chinese

Yuan

......

JPHQ

Buy

14,973,410

2,327,630

2/22/22

17,105

—

Euro

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

JPHQ

Buy

4,100,000

4,634,592

2/23/22

34,215

—

Euro

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

JPHQ

Sell

4,768,813

5,672,312

2/23/22

241,906

—

Euro

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

DBAB

Sell

1,877,412

2,211,479

2/28/22

73,404

—

Russian

Ruble

.....

JPHQ

Buy

46,043,900

612,826

3/03/22

—

(6,486)

Russian

Ruble

.....

MSCO

Buy

123,931,100

1,649,336

3/03/22

—

(17,319)

Thai

Baht

.........

DBAB

Buy

130,900,000

3,879,093

3/07/22

64,846

—

Chinese

Yuan

......

BOFA

Buy

19,668,730

3,007,359

3/09/22

69,858

—

Chilean

Peso

......

GSCO

Buy

1,010,350,000

1,190,706

3/10/22

—

(16,618)

Russian

Ruble

.....

DBAB

Buy

121,099,600

1,609,524

3/11/22

—

(18,062)

Japanese

Yen

......

CITI

Buy

230,199,313

2,092,759

3/14/22

—

(91,635)

Japanese

Yen

......

CITI

Sell

230,199,313

2,017,142

3/14/22

16,018

—

Chinese

Yuan

......

HSBK

Buy

21,692,020

3,387,949

3/15/22

4,461

—

Euro

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

DBAB

Sell

690,203

7,070,900

NOK

3/15/22

15,030

—

Chilean

Peso

......

GSCO

Buy

3,071,765,074

3,660,586

3/16/22

—

(94,402)

Euro

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

DBAB

Sell

4,260,491

43,648,752

SEK

3/16/22

—

(25,051)

Euro

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

JPHQ

Sell

1,321,536

13,536,100

NOK

3/16/22

28,415

—

Indian

Rupee

......

HSBK

Buy

133,941,730

1,754,484

3/16/22

28,624

—

Australian

Dollar

....

CITI

Sell

1,464,000

1,047,185

3/21/22

—

(16,840)

New

Zealand

Dollar

.

CITI

Buy

1,410,000

951,961

3/21/22

11,570

—

New

Zealand

Dollar

.

JPHQ

Buy

5,360,000

3,612,783

3/21/22

50,002

—

Japanese

Yen

......

MSCO

Buy

197,574,700

1,799,373

3/22/22

—

(81,681)

Japanese

Yen

......

MSCO

Sell

197,574,700

1,733,157

3/22/22

15,465

—

Australian

Dollar

....

CITI

Sell

2,121,000

1,534,649

3/28/22

—

(6,917)

Japanese

Yen

......

CITI

Buy

177,926,070

1,622,303

3/28/22

—

(75,317)

Japanese

Yen

......

CITI

Sell

102,000,000

893,919

3/28/22

7,076

—

Euro

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

DBAB

Sell

653,864

6,689,000

NOK

4/01/22

12,576

—

Templeton

Global

Investment

Trust

Statement

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

33

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Euro

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

JPHQ

Sell

11,741,488

120,073,113

NOK

4/01/22

$

221,092

$

—

Indian

Rupee

......

JPHQ

Buy

113,941,400

1,500,809

4/07/22

10,192

—

Indian

Rupee

......

CITI

Buy

110,703,100

1,461,427

4/08/22

6,449

—

Indian

Rupee

......

JPHQ

Buy

147,383,500

1,942,579

4/08/22

11,663

—

Indian

Rupee

......

CITI

Buy

133,442,300

1,750,292

4/12/22

18,223

—

Indian

Rupee

......

HSBK

Buy

133,568,000

1,748,959

4/12/22

21,223

—

Euro

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

JPHQ

Sell

2,085,178

21,150,000

SEK

4/13/22

—

(36,702)

Mexican

Peso

......

CITI

Sell

36,742,000

1,756,310

4/13/22

—

(2,155)

Euro

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

DBAB

Sell

1,640,547

16,628,116

SEK

4/14/22

—

(30,232)

Euro

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

DBAB

Sell

1,242,835

12,471,100

SEK

4/19/22

—

(36,952)

Euro

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

HSBK

Sell

2,938,382

4,364,673

CAD

5/03/22

98,313

—

Euro

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

JPHQ

Sell

1,860,245

2,772,415

CAD

5/03/22

69,519

—

Chilean

Peso

......

GSCO

Buy

681,736,936

859,498

5/11/22

—

(75,551)

Euro

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

DBAB

Sell

4,049,132

41,596,330

SEK

5/18/22

—

(15,621)

Russian

Ruble

.....

MSCO

Buy

200,145,100

2,563,498

5/23/22

19,575

—

Mexican

Peso

......

CITI

Sell

36,742,000

1,659,793

5/31/22

—

(81,761)

Australian

Dollar

....

CITI

Sell

6,151,000

4,598,112

6/07/22

126,265

—

Japanese

Yen

......

CITI

Buy

519,174,000

4,598,621

6/07/22

—

(79,430)

Chinese

Yuan

......

BOFA

Buy

23,581,730

3,650,694

6/08/22

16,879

—

Chinese

Yuan

......

CITI

Buy

30,403,810

4,706,982

6/09/22

21,295

—

Chinese

Yuan

......

JPHQ

Buy

11,668,020

1,807,168

6/10/22

7,277

—

Russian

Ruble

.....

DBAB

Buy

313,041,100

3,988,199

6/10/22

34,598

—

Euro

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

DBAB

Sell

648,944

6,561,800

SEK

6/15/22

—

(14,430)

Euro

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

DBAB

Sell

1,059,287

10,786,400

NOK

6/16/22

10,390

—

New

Zealand

Dollar

.

BOFA

Buy

1,200,000

804,480

6/17/22

13,613

—

Euro

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

DBAB

Sell

851,288

8,716,000

NOK

6/20/22

13,550

—

Euro

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

DBAB

Sell

3,438,599

35,502,500

NOK

6/22/22

87,852

—

Euro

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

DBAB

Sell

1,020,706

10,071,000

NOK

7/19/22

—

(28,319)

Euro

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

DBAB

Sell

1,240,535

12,471,100

SEK

7/19/22

—

(36,387)

Euro

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

JPHQ

Sell

1,373,038

13,536,100

NOK

7/19/22

—

(39,367)

Euro

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

HSBK

Sell

9,071,293

13,108,381

CAD

8/03/22

—

(22,559)

Euro

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

JPHQ

Sell

1,918,773

2,771,610

CAD

8/03/22

—

(5,636)

Russian

Ruble

.....

JPHQ

Buy

41,419,900

518,427

8/24/22

4,760

—

Russian

Ruble

.....

DBAB

Buy

182,569,600

2,273,311

9/15/22

21,292

—

Total

Forward

Exchange

Contracts

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

$2,119,220

$(1,450,425)

Net

unrealized

appreciation

(depreciation)

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

$668,795

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note 

11

 regarding

other

derivative

information.

See

Abbreviations

on

page

55

.

Templeton

Global

Investment

Trust

Consolidated

Financial

Statements

Statement

of

Assets

and

Liabilities

December

31,

2021

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

34

Templeton

Global

Balanced

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$488,405,595

Cost

-

Non-controlled

affiliates

(Note

3

f

)

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

73,639,085

Value

-

Unaffiliated

issuers

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

$492,600,540

Value

-

Non-controlled

affiliates

(Note

3

f

)

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

73,639,085

Restricted

cash

for

OTC

derivative

contracts

(Note

1e)

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

780,000

Restricted

currency,

at

value

(cost

$2,310)

(Not

e

1f)

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

2,288

Foreign

currency,

at

value

(cost

$1,804,336)

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

1,816,069

Receivables:

Capital

shares

sold

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

98,628

Dividends

and

interest

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

3,116,516

European

Union

tax

reclaims

(Note

1

i

)

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

7,689,392

Deposits

with

brokers

for:

OTC

derivative

contracts

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

490,000

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

2,119,220

Deferred

tax

benefit

(Not

e

1h)

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

312,828

Total

assets

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

582,664,566

Liabilities:

Payables:

Investment

securities

purchased

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

1,245,491

Capital

shares

redeemed

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

1,439,369

Management

fees

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

286,682

Distribution

fees

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

137,455

Transfer

agent

fees

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

45,579

Trustees'

fees

and

expenses

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

74,784

IRS

closing

agreement

fees

for

European

Union

tax

reclaims

(Note

1

i

)

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

2,580,121

Due

to

brokers

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

780,000

Options

written,

at

value

(premiums

received

$465,252)

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

247,332

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

1,450,425

Deferred

tax

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

356,432

Accrued

expenses

and

other

liabilities

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

523,082

Total

liabilities

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

9,166,752

Net

assets,

at

value

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

$573,497,814

Net

assets

consist

of:

Paid-in

capital

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

$726,022,202

Total

distributable

earnings

(losses)

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

(152,524,388)

Net

assets,

at

value

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

$573,497,814

Templeton

Global

Investment

Trust

Consolidated

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2021

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

35

Templeton

Global

Balanced

Fund

Class

A:

Net

assets,

at

value

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

$302,723,508

Shares

outstanding

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

111,100,418

Net

asset

value

per

share

a

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

$2.72

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

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

$2.88

Class

A1:

Net

assets,

at

value

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

$165,286,731

Shares

outstanding

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

60,564,806

Net

asset

value

per

share

a

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

$2.73

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

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

$2.84

Class

C:

Net

assets,

at

value

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

$39,982,135

Shares

outstanding

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

14,729,136

Net

asset

value

and

maximum

offering

price

per

share

a

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

$2.71

Class

C1:

Net

assets,

at

value

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

$3,535,455

Shares

outstanding

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

1,292,885

Net

asset

value

and

maximum

offering

price

per

share

a

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

$2.73

Class

R:

Net

assets,

at

value

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

$1,205,963

Shares

outstanding

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

440,346

Net

asset

value

and

maximum

offering

price

per

share

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

$2.74

Class

R6:

Net

assets,

at

value

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

$3,227,193

Shares

outstanding

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

1,181,195

Net

asset

value

and

maximum

offering

price

per

share

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

$2.73

Advisor

Class:

Net

assets,

at

value

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

$57,536,829

Shares

outstanding

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

21,013,377

Net

asset

value

and

maximum

offering

price

per

share

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

$2.74

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Templeton

Global

Investment

Trust

Consolidated

Statement

of

Operations*

Consolidated

Statement

of

Operations*

December

31,

2021

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

36

Templeton

Global

Balanced

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$344,310)

Unaffiliated

issuers

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

$5,107,068

Non-controlled

affiliates

(Note

3

f

)

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

3,089

Interest:

(net

of

foreign

taxes

of

$430,873)

Unaffiliated

issuers:

Inflation

principal

adjustments

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

4,364,782

Paid

in

cash

a

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

12,540,008

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

2,959

Non-controlled

affiliates

(Note

3

f

)

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

107

Other

income

(Note

1

i

)

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

67,044

Less:

IRS

closing

agreement

fees

for

European

Union

tax

reclaims

(Not

e

1i)

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

(1,130,571)

Total

investment

income

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

20,954,486

Expenses:

Management

fees

(Note

3

a

)

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

5,419,902

Distribution

fees:

(Note

3c

)

    Class

A

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

855,404

    Class

A1

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

473,487

    Class

C

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

649,252

    Class

C1

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

50,395

    Class

R

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

6,847

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

420,091

    Class

A1

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

232,447

    Class

C

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

79,307

    Class

C1

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

9,446

    Class

R

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

1,730

    Class

R6

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

3,548

    Advisor

Class

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

84,454

Custodian

fees

(Not

e

4)

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

123,322

Reports

to

shareholders

fees

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

206,380

Registration

and

filing

fees

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

127,953

Professional

fees

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

175,284

Trustees'

fees

and

expenses

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

129,643

Other

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

95,547

Total

expenses

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

9,144,439

Expense

reductions

(Not

e

4)

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

(1,808)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(663,286)

Net

expenses

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

8,479,345

Net

investment

income

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

12,475,141

Templeton

Global

Investment

Trust

Consolidated

Statement

of

Operations*

Consolidated

Statement

of

Operations*

(continued)

December

31,

2021

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

37

Templeton

Global

Balanced

Fund

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$60,556)

Unaffiliated

issuers

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

36,864,155

Written

options

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

(150,017)

Foreign

currency

transactions

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

(315,186)

Forward

exchange

contracts

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

(8,134,383)

Futures

contracts

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

(1,164,167)

Net

realized

gain

(loss)

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

27,100,402

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(54,641,806)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(833,520)

Written

options

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

902,182

Forward

exchange

contracts

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

8,624,296

Change

in

deferred

tax

benefit

(Not

e

1h

)

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

169,104

Change

in

deferred

taxes

on

unrealized

appreciation

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

330,277

Net

change

in

unrealized

appreciation

(depreciation)

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

(45,449,467)

Net

realized

and

unrealized

gain

(loss)

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

(18,349,065)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(5,873,924)

*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(h).

a

Includes

amortization

of

premium

and

accretion

of

discount.

Templeton

Global

Investment

Trust

Consolidated

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

38

Templeton

Global

Balanced

Fund

Year

Ended

December

31,

2021*

Year

Ended

December

31,

2020

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$12,475,141

$21,602,150

Net

realized

gain

(loss)

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

27,100,402

(137,143,546)

Net

change

in

unrealized

appreciation

(depreciation)

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

(45,449,467)

96,699,913

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(5,873,924)

(18,841,483)

Distributions

to

shareholders:

Class

A

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

—

(7,638,802)

Class

A1

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

—

(4,211,501)

Class

C

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

—

(1,311,955)

Class

C1

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

—

(277,743)

Class

R

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

—

(35,053)

Class

R6

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

—

(116,532)

Advisor

Class

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

—

(2,125,461)

Distributions

to

shareholders

from

tax

return

of

capital:

Class

A

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

(6,995,677)

—

Class

A1

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

(3,836,771)

—

Class

C

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

(741,881)

—

Class

C1

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

(101,806)

—

Class

R

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

(24,527)

—

Class

R6

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

(95,649)

—

Advisor

Class

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

(1,543,438)

—

Total

distributions

to

shareholders

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

(13,339,749)

(15,717,047)

Capital

share

transactions:

(Note

2

)

Class

A

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

(41,199,574)

(98,421,442)

Class

A1

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

(27,722,796)

(48,191,066)

Class

C

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

(42,980,955)

(49,773,621)

Class

C1

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

(9,675,828)

(13,329,161)

Class

R

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

(349,207)

(700,761)

Class

R6

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

(1,299,446)

(1,245,261)

Advisor

Class

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

(18,105,272)

(55,341,265)

Total

capital

share

transactions

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

(141,333,078)

(267,002,577)

Net

increase

(decrease)

in

net

assets

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

(160,546,751)

(301,561,107)

Net

assets:

Beginning

of

year

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

734,044,565

1,035,605,672

End

of

year

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

$573,497,814

$734,044,565

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

See

Note

1(h).

Templeton

Global

Investment

Trust

39

franklintempleton.com

Annual

Report

Notes

to

Consolidated

Financial

Statements

Templeton

Global

Balanced

Fund

1.

Organization

and

Significant

Accounting

Policies

Templeton

Global

Investment

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of three separate

funds

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

Templeton

Global

Balanced

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers seven

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

C1,

Class

R,

Class

R6

and

Advisor

Class. Effective

August

2,

2021,

Class

C

and

Class

C1

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Prior

to

August

2,

2021,

Class

C

and

Class

C1

shares

converted

to

Class

A

shares

after

a

10-year

holding

period.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust's Board

of

Trustees

(the

Board),

the Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instru

ments

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

40

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

December

31,

2021,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information. 

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Consolidated

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

Purchased

on

a

Delayed

Delivery

Basis

The

Fund

purchases

securities

on

a

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities,

may

sell

the

securities

before

the

settlement

date.

d.

Derivative

Financial

Instruments

The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

41

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Consolidated

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement. 

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

The

Fund

purchased

or

wrote

exchange

traded

and

OTC

option

contracts

primarily

to

manage

and/or

gain

exposure

to

equity

price

and

foreign

exchange

rate

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

See

Note

11

regarding

other

derivative

information.

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Derivative

Financial

Instruments

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

42

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

e.

Restricted

Cash

At

December

31,

2021, the

Fund

held

restricted

cash

in

connection

with

investments

in

certain

derivative

securities.

Restricted

cash

is

held

in

a

segregated

account

with

the

Fund’s

counterparty

broker

and

is

reflected

in

the

Statement

of

Assets

and

Liabilities.

f.

Restricted

Currency

At

December

31,

2021,

the

Fund

held

currencies

in

certain

markets

in

which

the

ability

to

repatriate

such

currency

is

limited.

As

a

result

of

such

limitations

on

repatriation,

the

Fund

may

incur

substantial

delays

in

gaining

access

to

these

assets

and

may

be

exposed

to

potential

adverse

movements

in

currency

value.

g.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the Fund,

and/or

a

joint

repurchase

agreement.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the

Consolidated

Statement

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

December

31,

2021,

the

Fund

had

no

securities

on

loan.

h.

Investments

in

FT

Holdings

Corporation

IV

(FT

Subsidiary)

Prior

to

April

27,

2021,

the

Fund

invested

in

FT

Subsidiary.

FT

Subsidiary

was

a

Delaware

Corporation,

was

a

wholly-

owned

subsidiary

of

the

Fund,

and

was

able

to

invest

in

certain

financial

instruments

consistent

with

the

investment

objective

of

the

Fund.

In

December

2020,

FT

Subsidiary’s

sole

investment,

Turtle

Bay

Resort,

liquidated

and

paid

a

final

distribution.

FT

Subsidiary,

which

is

a

tax

paying

entity,

recognized

a

realized

loss

on

its

Turtle

Bay

Resort

investment.

An

estimated

deferred

tax

asset

based

on

such

realized

loss

was

recorded.

The

estimated

benefit

was

calculated

using

the

federal

rates

applicable

at

the

time

the

tax

was

paid.

The

losses

will

be

carried-back

to

offset

prior

year

gains,

resulting

in

a

tax

refund

which

will

relieve

the

estimated

deferred

tax

asset

once

the

final

tax

filings

are

completed.

On

April

27,

2021,

the

Fund

redeemed

out

of

FT

Subsidiary.

FT

Subsidiary

ceased

operations

and

simultaneously

transferred

its

assets

and

liabilities

to

the

Fund

(including

the

deferred

tax

asset).

The

results

of

operations

of

the

FT

Subsidiary

through

April

27,

2021

have

been

consolidated

into

the

Consolidated

Statement

of

Operations,

Consolidated

Statements

of

Changes

in

Net

Assets

and

Consolidated

Financial

Highlights.

i.

Income

and

Deferred

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

43

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Consolidated

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Consolidated

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

In

the

event

that

EU

reclaims

received

by

the Fund

during a

fiscal

year

exceed

foreign

withholding

taxes

paid

by

the

Fund,

and

the

Fund previously

passed

through to

its

shareholders

foreign

taxes

incurred

by

the

Fund

to

be

used

as

a

credit

or

deduction

on

a

shareholder’s

income

tax

return,

the Fund

will enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the Fund's

shareholders.

During

the

fiscal

year

ended

December

31,

2021,

the Fund

received

EU

reclaims

in

excess

of

the

foreign

taxes

paid

during

the

year.

The

Fund

determined

to

enter

into

a

closing

agreement

with

the

IRS

and

recorded

the

estimated

fees

as

a

reduction

to

income,

as

reflected

in

the

Consolidated

Statement

of

Operations.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

December

31,

2021,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

consolidated

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

j.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Inflation-indexed

bonds

are

adjusted

for

inflation

through

periodic

increases

or

decreases

in

the

security's

interest

accruals,

face

amount,

or

principal

redemption

value,

by

amounts

corresponding

to

the

rate

of

inflation

as

measured

by

an

index.

Any

increase

or

decrease

in

the

face

amount

or

principal

redemption

value

will

be

included

as

inflation

principal

adjustments

in

the

Consolidated

Statement

of

Operations.

1.

Organization

and

Significant

Accounting

Policies

(continued)

i.

Income

and

Deferred

Taxes

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

44

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

k.

Accounting

Estimates

The

preparation

of

consolidated

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

consolidated

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

l.

Guarantees

and

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust, on

behalf

of

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

December

31,

2021,

there

were

an

unlimited

number

of

shares

authorized

($0.01

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

16,092,436

$46,257,741

11,969,597

$30,740,318

Shares

issued

in

reinvestment

of

distributions

..........

2,344,858

6,704,870

3,025,251

7,334,279

Shares

redeemed

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

(33,058,605)

(94,162,185)

(53,437,948)

(136,496,039)

Net

increase

(decrease)

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

(14,621,311)

$(41,199,574)

(38,443,100)

$(98,421,442)

Class

A1

Shares:

Shares

sold

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

3,874,311

$11,268,500

4,465,813

$11,503,081

Shares

issued

in

reinvestment

of

distributions

..........

1,296,583

3,713,085

1,671,192

4,060,344

Shares

redeemed

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

(14,931,528)

(42,704,381)

(24,816,714)

(63,754,491)

Net

increase

(decrease)

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

(9,760,634)

$(27,722,796)

(18,679,709)

$(48,191,066)

Class

C

Shares:

Shares

sold

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

1,917,223

$5,507,166

1,719,577

$4,468,395

Shares

issued

in

reinvestment

of

distributions

..........

255,137

731,584

530,492

1,258,691

Shares

redeemed

a

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

(17,220,342)

(49,219,705)

(21,785,484)

(55,500,707)

Net

increase

(decrease)

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

(15,047,982)

$(42,980,955)

(19,535,415)

$(49,773,621)

Class

C1

Shares:

Shares

sold

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

76,769

$221,020

300,507

$745,468

Shares

issued

in

reinvestment

of

distributions

..........

34,934

101,233

111,556

267,725

Shares

redeemed

a

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

(3,428,786)

(9,998,081)

(5,566,846)

(14,342,354)

Net

increase

(decrease)

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

(3,317,083)

$(9,675,828)

(5,154,783)

$(13,329,161)

Class

R

Shares:

Shares

sold

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

47,273

$137,541

108,372

$285,128

Shares

issued

in

reinvestment

of

distributions

..........

4,743

13,637

9,318

22,614

Shares

redeemed

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

(172,627)

(500,385)

(380,527)

(1,008,503)

Net

increase

(decrease)

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

(120,611)

$(349,207)

(262,837)

$(700,761)

1.

Organization

and

Significant

Accounting

Policies

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

45

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

The

Fund

pays

an

investment

management

fee

to

Global

Advisors

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Shares

Amount

Shares

Amount

Class

R6

Shares:

Shares

sold

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

382,316

$1,106,423

643,174

$1,684,430

Shares

issued

in

reinvestment

of

distributions

..........

32,883

94,408

47,861

116,497

Shares

redeemed

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

(867,741)

(2,500,277)

(1,194,267)

(3,046,188)

Net

increase

(decrease)

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

(452,542)

$(1,299,446)

(503,232)

$(1,245,261)

Advisor

Class

Shares:

Shares

sold

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

3,031,187

$8,695,812

4,393,821

$11,486,915

Shares

issued

in

reinvestment

of

distributions

..........

482,116

1,385,563

773,816

1,869,231

Shares

redeemed

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

(9,799,632)

(28,186,647)

(27,406,158)

(68,697,411)

Net

increase

(decrease)

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

(6,286,329)

$(18,105,272)

(22,238,521)

$(55,341,265)

a

May

include

a

portion

of

Class

C

and

C1

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Templeton

Global

Advisors

Limited

(Global

Advisors)

Investment

manager

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.825%

Up

to

and

including

$500

million

0.725%

Over

$500

million,

up

to

and

including

$1

billion

0.675%

Over

$1

billion,

up

to

and

including

$1.5

billion

0.625%

Over

$1.5

billion,

up

to

and

including

$6.5

billion

0.600%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.578%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.565%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.555%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.545%

In

excess

of

$21.5

billion

2.

Shares

of

Beneficial

Interest

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

46

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

For

the

year

ended

December

31,

2021,

the

gross

effective

investment

management

fee

rate

was

0.799%

of

the

Fund’s

average

daily

net

assets. 

Under

a

subadvisory

agreement,

Advisers,

an

affiliate

of

Global

Advisors,

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid

by

Global

Advisors

based

on

the

Fund’s

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

b.

Administrative

Fees

Under

an

agreement

with

Global

Advisors,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Global

Advisors

based

on

the

Fund’s

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class A and

A1 reimbursement

distribution

plans,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class C,

C1

and

R

compensation

distribution

plans,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

.

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

Class

A

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

0.25%

Class

A1

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

0.25%

Class

C

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

1.00%

Class

C1

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

0.65%

Class

R

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

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$17,774

CDSC

retained

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

$1,515

3.

Transactions

with

Affiliates

(continued)

a.

Management

Fees

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

47

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

For

the

year

ended

December

31,

2021,

the

Fund

paid

transfer

agent

fees

of

$831,023,

of

which $410,309

was

retained

by

Investor

Services.

f.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Consolidated

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

December

31,

2021,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

g.

Waiver

and

Expense

Reimbursements

Effective

March

1,

2021,

Global

Advisors

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses,

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.95%

based

on

the

average

net

assets

of

each

class

until

April

30,

2022.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

April

30,

2022.

4.

Expense

Offset

Arrangement

The

Fund

has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund’s

custodian

expenses.

During

the

year

ended

December

31,

2021,

the

custodian

fees

were

reduced

as

noted

in

the

Consolidated

Statement

of

Operations.

    aa

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Global

Balanced

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$

57,777,120

$

293,683,221

$

(277,821,256)

$

—

$

—

$

73,639,085

73,639,085

$

3,089

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$57,457,000

$(57,457,000)

$—

$—

$—

—

$107

Total

Affiliated

Securities

...

$57,777,120

$351,140,221

$(335,278,256)

$—

$—

$73,639,085

$3,196

3.

Transactions

with

Affiliates

(continued)

e.

Transfer

Agent

Fees

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

48

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains. 

At

December

31,

2021,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended December

31,

2021

the

Fund

utilized

$61,435,481

of

capital

loss

carryforwards.

For

tax

purposes,

the

Fund

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At

December

31,

202

1

,

the

Fund

deferred

late-year

ordinary

losses

of

$

4,123,846

.

The

tax

character

of

distributions

paid

during

the

years

ended

December

31,

2021

and

2020,

was

as

follows:

At

December

31,

2021,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions,

EU

reclaims,

passive

foreign

investment

company

shares,

foreign

capital

gains

tax,

payments-in-kind,

bond

discounts

and

premiums,

investments

in

FT

Subsidiary,

inflation

related

adjustments

on

foreign

securities

and

wash

sales.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

December

31,

2021,

aggregated

$306,272,021

and

$471,895,632,

respectively.

7.

Credit

Risk

At

December

31,

2021,

the

Fund

had

10.4%

of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$25,446,807

Long

term

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

123,889,529

Total

capital

loss

carryforwards

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

$149,336,336

2021

2020

Distributions

paid

from:

Ordinary

income

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

—

$15,717,047

Return

of

capital

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

$13,339,749

—

Cost

of

investments

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

$570,380,388

Unrealized

appreciation

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

$82,096,698

Unrealized

depreciation

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

(85,815,998)

Net

unrealized

appreciation

(depreciation)

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

$(3,719,300)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

49

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

8.

Concentration

of

Risk

Investments

in

issuers

domiciled

or

with

significant

operations

in

developing

or

emerging

market

countries

may

be

subject

to

higher

risks

than

investments

in

developed

countries.

These

risks

include

fluctuating

currency

values,

underdeveloped

legal

or

business

systems,

and

changing

local

and

regional

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Currencies

of

developing

or

emerging

market

countries

may

be

subject

to

significantly

greater

risks

than

currencies

of

developed

countries,

including

the

potential

inability

to

repatriate

those

currencies

into

U.S.

dollars.

At

December

31,

2021,

the

Fund

had

1.5%

of

its

net

assets

denominated

in

Argentine

Pesos. Argentina

has

restricted

currency

repatriation

since

September

2019,

and

had

restructured

certain

issues

of

its

debt.

Political

and

economic

conditions

in

Argentina

could

continue

to

affect

the

value

of

the

Fund's

holdings.

9.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

10.

Restricted

Securities

The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

December

31,

2021,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

Shares

Issuer

Acquisition

Date

Cost

Value

Templeton

Global

Balanced

Fund

32,900,733

a

K2016470219

South

Africa

Ltd.,

A

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

2/08/13

-

2/01/17

$

81,025

$

—

4,646,498

a

K2016470219

South

Africa

Ltd.,

B

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

2/01/17

3,450

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

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

$84,475

$—

a

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$

—

as

of

December

31,

2021.

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

50

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

11.

Other

Derivative

Information

At

December

31

,

202

1

,

investments

in

derivative

contracts

are

reflected

in

the

Statement of

Assets

and

Liabilities

as

follows:

For

the

year

ended

December

31,

2021,

the

effect

of

derivative

contracts

in

the

Consolidated

Statement

of

Operations

was

as

follows:

For

the

year

ended

December

3

1

,

2021

,

the

average

month

end

notional

amount

of

futures

contracts

and

o

ptions

contracts

represented

$

10,208,445

and

$152,425,433

respectively.

The

average

month

end

contract

value

of

forward

exchange

co

ntracts

was

$32

5

,125,519

.

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Templeton

Global

Balanced

Fund

Foreign

exchange

contracts

..

Investments

in

securities,

at

value

$

412,648

a

Options

written,

at

value

$

247,332

Unrealized

appreciation

on

OTC

forward

exchange

contracts

2,119,220

Unrealized

depreciation

on

OTC

forward

exchange

contracts

1,450,425

Total

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

$2,531,868

$1,697,757

a

Purchased

option

contracts

are

included

in

investments

in

securities,

at

value

in

the

Statements

of

Assets

and

Liabilities.

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Consolidated

Statement

of

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Year

Consolidated

Statement

of

Operations

Location

Net

Change

in

Unrealized

Appreciation

(Depreciation)

for

the

Year

Templeton

Global

Balanced

Fund

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Investments

$(3,492,027)

a

Investments

$1,552,112

a

Written

options

(150,017)

Written

options

902,182

Forward

exchange

contracts

(8,134,383)

Forward

exchange

contracts

8,624,296

Equity

Contracts

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

Investments

(2,474,687)

a

Investments

1,090,865

a

Futures

contracts

(1,164,167)

Futures

contracts

—

Total

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

$(15,415,281)

$12,169,455

a

Purchased

option

contracts

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation) on

investments

in

the

Consolidated

Statement

of

Operations.

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

51

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

At

December

31,

2021,

OTC

derivative

assets

and

liabilities

are

as

follows:

At

December

31,

2021,

OTC

derivative

assets,

which

may

be

offset

against

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

Gross

Amounts

of

Assets

and

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Assets

a

Liabilities

a

Templeton

Global

Balanced

Fund

Derivatives

Forward

exchange

contracts

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

$

2,119,220

$

1,450,425

Options

purchased

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

412,648

—

Options

written

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

—

247,332

Total

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

$2,531,868

$1,697,757

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

Available

for

Offset

Financial

Instruments

Collateral

Received

a

Cash

Collateral

Received

b

Net

Amount

(Not

less

than

zero)

Templeton

Global

Balanced

Fund

Counterparty

BOFA

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

$100,350

$—

$—

$(100,350)

$—

CITI

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

478,449

(478,449)

—

—

—

DBAB

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

358,871

(218,686)

—

(140,185)

—

GSCO

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

—

—

—

—

—

HSBK

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

323,529

(22,559)

—

—

300,970

JPHQ

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

902,546

(363,300)

(328,325)

—

210,921

MSCO

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

308,664

(264,447)

—

(44,217)

—

UBSW

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

59,459

—

—

—

59,459

Total

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

$2,531,868

$(1,347,441)

$

(328,325)

$(284,752)

$571,350

$

1

11.

Other

Derivative

Information

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

52

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

At

December

31,

2021,

OTC

derivative

liabilities,

which

may

be

offset

against

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

See

Note

1(d)

regarding

derivative

financial

instruments. 

See

Abbreviations

page

55.

12.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matured

on

February

4,

2022.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Effective

February

4,

2022,

the

Borrowers

renewed

the

Global

Credit

Facility

for

a

one-year

term,

maturing

February

3,

2023,

for

a

total

of

$2.675

billion.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Consolidated

Statement

of

Operations.

During

the

year

ended

December

31,

2021,

the Fund

did

not

use

the

Global

Credit

Facility.

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

Available

for

Offset

Financial

Instruments

Collateral

Pledged

Cash

Collateral

Pledged

b

Net

Amount

(Not

less

than

zero)

Templeton

Global

Balanced

Fund

Counterparty

BOFA

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

$—

$—

$—

$—

$—

CITI

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

481,108

(478,449)

—

—

2,659

DBAB

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

218,686

(218,686)

—

—

—

GSCO

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

347,657

—

—

(347,657)

—

HSBK

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

22,559

(22,559)

—

—

—

JPHQ

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

363,300

(363,300)

—

—

—

MSCO

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

264,447

(264,447)

—

—

—

UBSW

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

—

—

—

—

—

Total

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

$1,697,757

$(1,347,441)

$—

$(347,657)

$2,659

a

At

December

31,

2021,

the

Fund

received

U.S.

Treasury

Bonds

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

collateral

amounts

to

avoid

the

effect

of

overcollateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

11.

Other

Derivative

Information

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

53

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

13.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

December

31,

2021,

in

valuing

the

Fund's

assets

and

liabilities

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Global

Balanced

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

China

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

$

3,368,866

$

10,352,112

$

—

$

13,720,978

France

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

—

2,839,045

—

2,839,045

Germany

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

—

13,262,009

—

13,262,009

Hong

Kong

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

—

6,680,389

—

6,680,389

India

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

—

6,531,176

—

6,531,176

Ireland

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

3,059,667

—

—

3,059,667

Japan

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

—

18,565,492

—

18,565,492

Luxembourg

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

—

1,616,256

—

1,616,256

Netherlands

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

—

7,953,974

—

7,953,974

Singapore

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

2,039,280

—

—

2,039,280

South

Africa

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

—

—

—

a

—

South

Korea

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

—

7,768,302

—

7,768,302

Spain

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

—

2,261,377

—

2,261,377

Switzerland

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

—

4,724,878

—

4,724,878

Taiwan

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

—

9,789,255

—

9,789,255

United

Kingdom

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

4,711,198

43,801,164

—

48,512,362

United

States

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

145,002,697

—

—

145,002,697

Corporate

Bonds

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

—

—

—

a

—

Foreign

Government

and

Agency

Securities

....

—

146,859,491

—

146,859,491

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Options

purchased

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

—

412,648

—

412,648

Short

Term

Investments

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

73,639,085

51,001,264

—

124,640,349

Total

Investments

in

Securities

...........

$231,820,793

$334,418,832

b

$—

$566,239,625

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

2,119,220

$

—

$

2,119,220

Restricted

Currency

(ARS)

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

—

2,288

—

2,288

Total

Other

Financial

Instruments

.........

$—

$2,121,508

$—

$2,121,508

Receivables:

Interest

(ARS)

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

$—

$113,741

$—

$113,741

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

54

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

year.

At

December

31,

2021,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Global

Balanced

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Options

written

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

$

—

$

247,332

$

—

$

247,332

Forward

exchange

contracts

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

$

—

$

1,450,425

$

—

$

1,450,425

Total

Other

Financial

Instruments

.........

$—

$1,697,757

$—

$1,697,757

Payables:

Deferred

Tax

(ARS)

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

$—

$369

$—

$369

a

Includes

securities

determined

to

have

no

value

at

December

31,

2021.

b

Includes

foreign

securities

valued

at

$136,145,429,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Balance

at

Beginning

of

Year

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

c

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

at

End

of

Year

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Year

End

a

a

a

a

a

a

a

a

a

a

a

Templeton

Global

Balanced

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

South

Africa

..

$

—

d

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

d

$

—

Corporate

Bonds

:

South

Africa

..

8,631

d

848

d

—

—

—

243,402

—

(252,881)

—

d

(252,881)

Foreign

Government

and

Agency

Securities

:

Argentina

....

11,467,470

—

—

—

(11,467,470)

—

—

—

—

—

Escrows

and

Litigation

Trusts

—

—

d

(3,643)

—

—

—

3,643

—

—

d

—

Short

Term

Investments

..

761,069

—

—

—

(761,069)

—

—

—

—

—

Total

Investments

in

Securities

.......

$12,237,170

$848

$(3,643)

$—

$(12,228,539)

$243,402

$3,643

$(252,881)

$—

$(252,881)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

......

$800

$—

$—

$—

$(800)

$—

$—

$—

$—

$—

Receivables:

Interest

(ARS)

.

$234,213

$—

$—

$—

$(234,213)

$—

$—

$—

$—

$—

Liabilities:

Payables:

Investment

Securities

Purchased

(ARS)

$118,056

$—

$—

$—

$(118,056)

$—

$—

$—

$—

$—

Deferred

Tax

(ARS)

$524

$—

$—

$—

$(524)

$—

$—

$—

$—

$—

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

13.

Fair

Value

Measurements

(continued)

Templeton

Global

Investment

Trust

Notes

to

Consolidated

Financial

Statements

55

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

14.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

In

January

2021,

the

FASB

issued

ASU

No.

2021-01,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR)

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021

for

certain

LIBOR

settings

and

2023

for

the

remainder. The

ASUs

are

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

15.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the consolidated

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure,

other

than

those

already

disclosed

in

the

financial

statements.

Abbreviations

c

Transfers

out

of

level

3

were

as

a

result

of

changes

in

the

levels

of

observable

liquidity

and

the

improved

reliability

of

a

significant

input.

d

Includes

securities

determined

to

have

no

value.

Counterparty

BOFA

Bank

of

America

Corp.

CITI

Citibank

NA

DBAB

Deutsche

Bank

AG

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

UBSW

UBS

AG

Selected

Portfolio

ADR

American

Depositary

Receipt

BADLAR

Argentina

Deposit

Rates

Badlar

Private

Banks

ARS

CER

Reference

Stabilization

Coefficient

PIK

Payment-In-Kind

Cu

r

rency

ARS

Argentine

Peso

BRL

Brazilian

Real

CAD

Canadian

Dollar

COP

Colombian

Peso

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

GHS

Ghanaian

Cedi

HKD

Hong

Kong

Dollar

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TRY

Turkish

Lira

USD

United

States

Dollar

13.

Fair

Value

Measurements

(continued)

Templeton

Global

Investment

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

56

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Templeton

Global

Investment

Trust

and

Shareholders

of

Templeton

Global

Balanced

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

statement

of

investments,

of

Templeton

Global

Balanced

Fund

(one

of

the

funds

constituting

Templeton

Global

Investment

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2021,

the

related

statement

of

operations

for

the

year

ended

December

31,

2021,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2021,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2021,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2021

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2021

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

San

Francisco,

California

February

17,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948.

Templeton

Global

Investment

Trust

Tax

Information

(unaudited)

57

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

December

31,

2021:

.

Note

(1)

-

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

consult

with

their

tax

advisors

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

taxes.

Under

Section

853

of

the

Internal

Revenue

Code,

the

Fund

intends

to

elect

to

pass

through

to

its

shareholders

the

following

amounts,

or

amounts

as

finally

determined,

of

foreign

taxes

paid

and

foreign

source

income

earned

by

the

Fund

during

the

fiscal

year

ended

December

31,

2021:

Pursuant

to:

Amount

Reported

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$1,174,853

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$4,591,402

Interest

Earned

from

Federal

Obligations

Note

(1)

$166,451

Amount

Reported

Foreign

Taxes

Paid

$1,068,576

Foreign

Source

Income

Earned

$15,361,065

Templeton

Global

Investment

Trust

Board

Members

and

Officers

58

franklintempleton.com

Annual

Report

The

name,

year

of

birth

and

address

of

the

officers

and

board

members,

as

well

as

their

affiliations,

positions

held

with

the

Trust,

principal

occupations

during

at

least

the

past

five

years

and

number

of

U.S.

registered

portfolios

overseen

in

the

Franklin

Templeton/Legg

Mason

fund

complex,

are

shown

below.

Generally,

each

board

member

serves

until

that

person’s

successor

is

elected

and

qualified.

Independent

Board

Members

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Harris

J.

Ashton

(1932)

Trustee

Since

1994

120

Bar-S

Foods

(meat

packing

company)

(1981-2010).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Director,

RBC

Holdings,

Inc.

(bank

holding

company)

(until

2002);

and

President,

Chief

Executive

Officer

and

Chairman

of

the

Board,

General

Host

Corporation

(nursery

and

craft

centers)

(until

1998).

Ann

Torre

Bates

(1958)

Trustee

Since

2008

30

Ares

Capital

Corporation

(specialty

finance

company)

(2010-present),

United

Natural

Foods,

Inc.

(distributor

of

natural,

organic

and

specialty

foods)

(2013-present),

formerly

,

Allied

Capital

Corporation

(financial

services)

(2003-

2010),

SLM

Corporation

(Sallie

Mae)

(1997-2014)

and

Navient

Corporation

(loan

management,

servicing

and

asset

recovery)

(2014-2016).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Executive

Vice

President

and

Chief

Financial

Officer,

NHP

Incorporated

(manager

of

multifamily

housing)

(1995-1997);

and

Vice

President

and

Treasurer,

US

Airways,

Inc.

(until

1995).

Mary

C.

Choksi

(1950)

Trustee

Since

2017

121

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present);

and

formerly

,

Avis

Budget

Group

Inc.

(car

rental)

(2007-2020).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(investment

management

group)

(2015-2017);

Founding

Partner

and

Senior

Managing

Director,

Strategic

Investment

Group

(1987-2015);

Founding

Partner

and

Managing

Director,

Emerging

Markets

Management

LLC

(investment

management

firm)

(1987-2011);

and

Loan

Officer/Senior

Loan

Officer/Senior

Pension

Investment

Officer,

World

Bank

Group

(international

financial

institution)

(1977-1987).

Templeton

Global

Investment

Trust

59

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Edith

E.

Holiday

(1952)

Lead

Independent

Trustee

Trustee

since

1996

and

Lead

Independent

Trustee

since

2007

121

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-present);

Santander

Holdings

USA

(holding

company)

(2019-present);

and

formerly

,

Canadian

National

Railway

(railroad)

(2001-2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-

2021),

RTI

International

Metals,

Inc.

(manufacture

and

distribution

of

titanium)

(1999-2015)

and

H.J.

Heinz

Company

(processed

foods

and

allied

products)

(1994-2013).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

or

Trustee

of

various

companies

and

trusts;

and

formerly

,

Assistant

to

the

President

of

the

United

States

and

Secretary

of

the

Cabinet

(1990-1993);

General

Counsel

to

the

United

States

Treasury

Department

(1989-1990);

and

Counselor

to

the

Secretary

and

Assistant

Secretary

for

Public

Affairs

and

Public

Liaison-United

States

Treasury

Department

(1988-1989).

J.

Michael

Luttig

(1954)

Trustee

Since

2009

121

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Counselor

and

Special

Advisor

to

the

CEO

and

Board

of

Directors

of

the

Coca-Cola

Company

(beverage

company)

(2021-present);

and

formerly

,

Counselor

and

Senior

Advisor

to

the

Chairman,

CEO,

and

Board

of

Directors,

of

The

Boeing

Company

(aerospace

company),

and

member

of

the

Executive

Council

(May

2019-January

1,

2020);

Executive

Vice

President,

General

Counsel

and

member

of

the

Executive

Council,

The

Boeing

Company

(2006-2019);

and

Federal

Appeals

Court

Judge,

United

States

Court

of

Appeals

for

the

Fourth

Circuit

(1991-

2006).

David

W.

Niemiec

(1949)

Trustee

Since

2006

30

Hess

Midstream

LP

(oil

and

gas

midstream

infrastructure)

(2017-present).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Advisor,

Saratoga

Partners

(private

equity

fund);

and

formerly

,

Managing

Director,

Saratoga

Partners

(1998-2001)

and

SBC

Warburg

Dillon

Read

(investment

banking)

(1997-1998);

Vice

Chairman,

Dillon,

Read

&

Co.

Inc.

(investment

banking)

(1991-1997);

and

Chief

Financial

Officer,

Dillon,

Read

&

Co.

Inc.

(1982-1997).

Larry

D.

Thompson

(1945)

Trustee

Since

2006

121

Graham

Holdings

Company

(education

and

media

organization)

(2011-2021);

The

Southern

Company

(energy

company)

(2014-2020;

previously

2010-

2012)

and

Cbeyond,

Inc.

(business

communications

provider)

(2010-

2012).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

Counsel,

Finch

McCranie,

LLP

(law

firm)

(2015-present);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-2020);

Executive

Vice

President

-

Government

Affairs,

General

Counsel

and

Corporate

Secretary,

PepsiCo,

Inc.

(consumer

products)

(2012-2014);

Senior

Vice

President

-

Government

Affairs,

General

Counsel

and

Secretary,

PepsiCo,

Inc.

(2004-2011);

Senior

Fellow

of

The

Brookings

Institution

(2003-2004);

Visiting

Professor,

University

of

Georgia

School

of

Law

(2004);

and

Deputy

Attorney

General,

U.S.

Department

of

Justice

(2001-2003).

Independent

Board

Members

(continued)

Templeton

Global

Investment

Trust

60

franklintempleton.com

Annual

Report

Interested

Board

Members

and

Officers

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Constantine

D.

Tseretopoulos

(1954)

Trustee

Since

2001

20

None

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Physician,

Chief

of

Staff,

owner

and

operator

of

the

Lyford

Cay

Hospital

(1987-present);

director

of

various

nonprofit

organizations;

and

formerly

,

Cardiology

Fellow,

University

of

Maryland

(1985-1987);

and

Internal

Medicine

Resident,

Greater

Baltimore

Medical

Center

(1982-

1985).

Robert

E.

Wade

(1946)

Trustee

Since

2006

30

El

Oro

Ltd

(investments)

(2003-

2019).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Attorney

at

law

engaged

in

private

practice

as

a

sole

practitioner

(1972-2008)

and

member

of

various

boards.

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

**Gregory

E.

Johnson

(1961)

Trustee

Since

2006

132

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Executive

Chairman,

Chairman

of

the

Board

and

Director,

Franklin

Resources,

Inc.;

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

Vice

Chairman,

Investment

Company

Institute;

and

formerly

,

Chief

Executive

Officer

(2013-2020)

and

President

(1994-2015)

Franklin

Resources,

Inc.

**Rupert

H.

Johnson,

Jr.

(1940)

Chairman

of

the

Board,

Trustee

and

Vice

President

Chairman

of

the

Board

and

Trustee

since

2013

and

Vice

President

since

1996

121

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

(Vice

Chairman),

Franklin

Resources,

Inc.;

Director,

Franklin

Advisers,

Inc.;

and

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Alan

T.

Bartlett

(1970)

President

and

Chief

Executive

Officer

-

Investment

Management

Since

2019

Not

Applicable

Not

Applicable

Lyford

Cay

Nassau,

Bahamas

Principal

Occupation

During

at

Least

the

Past

5

Years:

President

and

Director,

Templeton

Global

Advisors

Limited;

Chief

Investment

Officer

of

Templeton

Global

Equity

Group;

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

Chairman

of

the

Board,

Goodhart

Partners;

and

formerly

,

Chief

Executive

Officer,

Goodhart

Partners

(2009-2019).

Independent

Board

Members

(continued)

Templeton

Global

Investment

Trust

61

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Alison

E.

Baur

(1964)

Vice

President

Since

2012

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Deputy

General

Counsel,

Franklin

Templeton;

and

officer

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Breda

M.

Beckerle

(1958)

Chief

Compliance

Officer

Since

2020

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Chief

Compliance

Officer,

Fiduciary

Investment

Management

International,

Inc.,

Franklin

Advisers,

Inc.,

Franklin

Mutual

Advisers,

LLC,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Steven

J.

Gray

(1955)

Vice

President

Since

2009

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

Vice

President,

FASA,

LLC;

Assistant

Secretary,

Franklin

Distributors,

LLC;

and

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Matthew

T.

Hinkle

(1971)

Chief

Executive

Officer

-

Finance

and

Administration

Since

2017

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Templeton

Services,

LLC;

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017).

Susan

Kerr

(1949)

Vice

President

-

AML

Compliance

Since

July

2021

Not

Applicable

Not

Applicable

620

Eighth

Avenue

New

York,

NY

10018

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Compliance

Analyst,

Franklin

Templeton;

Chief

Anti-Money

Laundering

Compliance

Officer,

Legg

Mason

&

Co.,

or

its

affiliates;

Anti

Money

Laundering

Compliance

Officer;

Senior

Compliance

Officer,

LMIS;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Christopher

Kings

(1974)

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

January

2022

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Treasurer,

U.S.

Fund

Administration

&

Reporting;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Navid

J.

Tofigh

(1972)

Vice

President

Since

2015

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Interested

Board

Members

and

Officers

(continued)

Templeton

Global

Investment

Trust

62

franklintempleton.com

Annual

Report

*We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton/Legg

Mason

fund

complex.

These

portfolios

have

a

common

investment

manager

or

affiliated

investment

managers.

**Gregory

E.

Johnson

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

of

Franklin

Resources,

Inc.

(Resources),

which

is

the

parent

company

of

the

Fund’s

investment

manager

and

distributor.

Rupert

H.

Johnson,

Jr.

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

and

major

shareholder

of

Resources.

Note

1:

Rupert

H.

Johnson,

Jr.

is

the

uncle

of

Gregory

E.

Johnson.

Note

2:

Officer

information

is

current

as

of

the

date

of

this

report.

It

is

possible

that

after

this

date,

information

about

officers

may

change.

The

Sarbanes-Oxley

Act

of

2002

and

Rules

adopted

by

the

U.S.

Securities

and

Exchange

Commission

require

the

Fund

to

disclose

whether

the

Fund’s

Audit

Committee

includes

at

least

one

member

who

is

an

audit

committee

financial

expert

within

the

meaning

of

such

Act

and

Rules.

The

Fund’s

Board

has

determined

that

there

is

at

least

one

such

financial

expert

on

the

Audit

Committee

and

has

designated

each

of

Ann

Torre

Bates

and

David

W.

Niemiec

as

an

audit

committee

financial

expert.

The

Board

believes

that

Ms.

Bates

and

Mr.

Niemiec

qualify

as

such

an

expert

in

view

of

their

extensive

business

background

and

experience.

Ms.

Bates

has

served

as

a

member

of

the

Fund

Audit

Committee

since

2008.

She

currently

serves

as

a

director

of

Ares

Capital

Corporation

(2010-present)

and

United

Natural

Foods,

Inc.

(2013-present)

and

was

formerly

a

director

of

Navient

Corporation

from

2014

to

2016,

SLM

Corporation

from

1997

to

2014

and

Allied

Capital

Corporation

from

2003

to

2010,

Executive

Vice

President

and

Chief

Financial

Officer

of

NHP

Incorporated

from

1995

to

1997

and

Vice

President

and

Treasurer

of

US

Airways,

Inc.

until

1995.

Mr.

Niemiec

has

served

as

a

member

of

the

Fund

Audit

Committee

since

2006,

currently

serves

as

an

Advisor

to

Saratoga

Partners

and

was

formerly

its

Managing

Director

from

1998

to

2001

and

serves

as

a

director

of

Hess

Midstream

LP

(2017-present).

Mr.

Niemiec

was

formerly

a

director

of

Emeritus

Corporation

from

1999

to

2010

and

OSI

Pharmaceuticals,

Inc.

from

2006

to

2010,

Managing

Director

of

SBC

Warburg

Dillon

Read

from

1997

to

1998,

and

was

Vice

Chairman

from

1991

to

1997

and

Chief

Financial

Officer

from

1982

to

1997

of

Dillon,

Read

&

Co.

Inc.

As

a

result

of

such

background

and

experience,

the

Board

believes

that

Ms.

Bates

and

Mr.

Niemiec

have

each

acquired

an

understanding

of

generally

accepted

accounting

principles

and

financial

statements,

the

general

application

of

such

principles

in

connection

with

the

accounting

estimates,

accruals

and

reserves,

and

analyzing

and

evaluating

financial

statements

that

present

a

breadth

and

level

of

complexity

of

accounting

issues

generally

comparable

to

those

of

the

Fund,

as

well

as

an

understanding

of

internal

controls

and

procedures

for

financial

reporting

and

an

understanding

of

audit

committee

functions.

Ms.

Bates

and

Mr.

Niemiec

are

independent

Board

members

as

that

term

is

defined

under

the

applicable

U.S.

Securities

and

Exchange

Commission

Rules

and

Releases.

The

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

board

members

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

(800)

DIAL

BEN/342-5236

to

request

the

SAI.

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Craig

S.

Tyle

(1960)

Vice

President

Since

2005

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

General

Counsel

and

Executive

Vice

President,

Franklin

Resources,

Inc.;

and

officer

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Lori

A.

Weber

(1964)

Vice

President

and

Secretary

Vice

President

since

2011

and

Secretary

since

2013

Not

Applicable

Not

Applicable

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

Assistant

Secretary,

Franklin

Resources,

Inc.;

Vice

President

and

Secretary,

Templeton

Investment

Counsel,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Interested

Board

Members

and

Officers

(continued)

Templeton

Global

Investment

Trust

Shareholder

Information

63

franklintempleton.com

Annual

Report

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Consolidated

Statement

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

325

A

02/22

©

2022

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Annual

Report

and

Shareholder

Letter

Templeton

Global

Balanced

Fund

Investment

Manager

Distributor

Shareholder

Services

Templeton

Global

Advisors

Limited

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics. 

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

(c) N/A

(d) N/A

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4.

Principal Accountant Fees and Services.      

(a)      Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $65,313 for the fiscal year ended December 31, 2021 and $76,281 for the fiscal year ended December 31, 2020.

(b)      Audit-Related Fees

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  

(c)      Tax Fees

There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning.

(d)      All Other Fees

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $446 for the fiscal year ended December 31, 2021 and $0 for the fiscal year ended December 31, 2020.  The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process. 

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $90,743 for the fiscal year ended December 31, 2021 and $49,800 for the fiscal year ended December 31, 2020.  The services for which these fees were paid included issuance of an Auditors' Certificate for South Korean regulatory shareholder disclosures, professional fees in connection with determining the feasibility of a U.S. direct lending structure, benchmarking services in connection with the ICI TA survey, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, assets under management certification, and professional fees in connection with SOC 1 Reports.  

(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:

        (i)     pre-approval of all audit and audit related services;

        (ii)    pre-approval of all non-audit related services to be provided to the Fund by the auditors;

        (iii)   pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and

        (iv)    establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $91,189 for the fiscal year ended December 31, 2021 and $49,800 for the fiscal year ended December 31, 2020.

(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee

of Listed Registrants.

        N/A

Item 6. Schedule of Investments.

    N/A

Item 7

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

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

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

Item 10

. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.

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

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

(b) Changes in Internal Controls.

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

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

Item 13. Exhibits.

(a)(1)

Code of Ethics

codeofethics

(a)(2)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

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

TEMPLETON GLOBAL INVESTMENT TRUST

By S\Matthew T. Hinkle ______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date February 28, 2022

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

By S\Matthew T. Hinkle ______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date February 28, 2022

By S\Christopher Kings________________________

     Christopher Kings

     Chief Financial Officer, Chief Accounting Officer and Treasurer

Date February 28, 2022