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)

Alison Baur, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 12/31/23

Item 1. Reports to Stockholders.

a.)

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

b.)

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

Not Applicable

.

Annual

Report

and

Shareholder

Letter

Templeton

Global

Balanced

Fund

A

Series

of

Templeton

Global

Investment

Trust

December

31,

2023

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

.

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

Templeton

Global

Investment

Trust

1

franklintempleton.com

Annual

Report

SHAREHOLDER

LETTER

Dear

Shareholder,

We

are

pleased

to

provide

the

annual

report

of

Templeton

Global

Balanced

Fund

for

the

12-month

reporting

period

ended

December

31,

2023.

Please

read

on

for

a

detailed

look

at

prevailing

economic

and

market

conditions

during

the

Fund’s

reporting

period

and

to

learn

how

those

conditions

have

affected

Fund

performance.

As

always,

we

remain

committed

to

providing

you

with

excellent

service

and

a

full

spectrum

of

investment

choices.

We

also

remain

committed

to

supplementing

the

support

you

receive

from

your

financial

advisor.

One

way

we

accomplish

this

is

through

our

website,

www.franklintempleton.com

.

Here

you

can

gain

immediate

access

to

market

and

investment

information,

including:

•

Fund

prices

and

performance.

•

Market

insights

and

commentaries

from

our

portfolio

Managers,

and

•

A

host

of

educational

resources.

We

look

forward

to

helping

you

meet

your

financial

goals.

Sincerely,

Manraj

S.

Sekhon,

CFA

Chief

Investment

Officer

Templeton

Global

Equity

Group

CFA

®

is

a

trademark

owned

by

CFA

Institute.

franklintempleton.com

Annual

Report

2

Contents

Fund

Overview

3

Performance

Summary

7

Your

Fund’s

Expenses

10

Financial

Highlights

and

Schedule

of

Investments

11

Financial

Statements

26

Notes

to

Financial

Statements

31

Report

of

Independent

Registered

Public

Accounting

Firm

45

Tax

Information

46

Board

Members

and

Officers

47

Shareholder

Information

52

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

Fund

Overview

Q.

What

is

the

Fund’s

investment

strategy?

A.

The

Fund

seeks

both

income

and

capital

appreciation.

We

search

for

undervalued

or

out-of-favor

debt

and

equity

securities

and

for

equity

securities

that

offer

or

may

offer

current

income.

When

choosing

fixed

income

investments

for

the

Fund,

we

perform

an

independent

analysis

of

the

securities

being

considered

for

the

Fund’s

portfolio,

rather

than

relying

principally

on

their

ratings

assigned

by

rating

agencies.

In

our

analysis

of

corporate

debt

securities,

we

consider

a

variety

of

factors,

including

a

company’s

experience

and

managerial

strength;

responsiveness

to

changes

in

interest

rates

and

business

conditions;

debt

maturity

schedules

and

borrowing

requirements;

a

company’s

changing

financial

condition

and

market

recognition

of

the

change;

and

a

security’s

relative

value

based

on

such

factors

as

anticipated

cash

flow,

interest

or

dividend

coverage,

asset

coverage

and

earnings

prospects.

With

respect

to

sovereign

debt

securities,

we

consider

market,

political

and

economic

conditions,

and

evaluate

interest

and

currency

exchange

rate

changes

and

credit

risks.

We

regularly

enter

into

currency-related

transactions

involving

certain

derivative

instruments,

including

currency

and

cross

currency

forwards,

currency

and

currency

options.

The

Fund

maintains

significant

positions

in

currency-

related

derivative

instruments

as

a

hedging

technique

or

to

implement

a

currency

investment

strategy.

The

use

of

these

derivative

transactions

may

allow

the

Fund

to

obtain

net

long

or

net

short

exposures

to

selected

currencies,

interest

rates,

countries,

durations

or

credit

risks,

and

may

be

used

for

hedging

or

investment

purposes.

When

choosing

equity

securities

for

the

Fund,

we

use

a

fundamental

research,

value-oriented,

long-term

approach,

focusing

on

the

market

price

of

a

security

relative

to

our

evaluation

of

the

company’s

long-term

earnings,

asset

value

and

cash

flow

potential,

as

reflected

by

various

metrics.

The

Fund

may

also

use

a

variety

of

equity-related

derivatives,

which

may

include

equity

futures

and

equity

index

futures

for

various

purposes.

Q.

What

were

the

overall

market

conditions

during

the

Fund’s

reporting

period?

A.

Inflation

rates

in

most

countries

peaked,

and

in

many

cases

fell

sharply

from

the

multi-year

(and

in

some

cases,

multi-decade)

highs

that

had

been

reached

during

2022.

Core

inflation

measures,

which

usually

exclude

volatile

food

and

energy

prices,

were

stickier

due

to

services

prices,

but

by

year-end

most

of

these

had

shown

sharp

deceleration

too.

In

response

to

inflation

developments,

the

monetary

policy

pivot

away

from

tightening

became

increasingly

clear

over

the

course

of

the

year,

and

it

was

seemingly

confirmed

by

the

U.S.

Federal

Reserve

(Fed)

by

signaling

a

pause

at

its

December

2023

policy

meeting.

The

year

had

been

characterized

by

continued

deceleration

in

the

pace

of

interest-rate

hikes

and

some

pausing

amongst

developed

market

central

banks,

with

certain

emerging

markets

(particularly

those

who

had

been

early

and/or

aggressive

movers

during

the

upcycle)

embarking

on

rate

cuts.

In

bond

markets,

the

U.S.

10-year

yield

was

unchanged

over

the

course

of

the

year,

but

most

other

sovereign

bond

yields

fell.

Japanese

bond

yields,

however,

rose,

as

the

Bank

of

Japan

loosened

its

yield

curve

control

policy

over

the

course

of

the

year.

Concerns

about

global

growth

remained.

Growth

rates

remained

positive,

but

major

economies

have

been

slowing

more

recently.

The

U.S.

dollar

(USD)

largely

moved

sideways

over

the

year,

softening

somewhat

on

a

year-end-to-year-end

basis.

Currency

performances

were

mixed,

but

in

general

European

and

Latin

American

currencies

appreciated

against

the

USD

while

those

in

Asia

depreciated.

Policy

tightening

during

the

course

of

2023

exposed

some

structural

risks

associated

with

prior

large

fiscal

spending

and

excessive

monetary

accommodation,

manifesting

in

the

form

of

banking

problems

in

the

U.S.

and

Europe,

and

debt

restructurings

in

some

frontier

markets.

However,

these

did

not

lead

to

wider

market

disruptions.

Global

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

World

Index-NR

(net

of

tax

withholding

when

dividends

are

paid),

posted

a

+22.20%

total

return

for

the

12

months

ended

December

31,

2023.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

During

the

year,

the

equity

portfolio

increased

exposure

to

cyclicals

and

interest

rate-sensitive

stocks

such

as

banks,

airlines

and

homebuilders.

Financials

were

realigned

toward

Europe,

and

we

favored

airlines

with

strong

market

positions,

cheap

valuations

and

solid

balance

sheets.

We

also

initiated

positions

in

special

situation

stocks,

while

lower

conviction

ideas

were

exited

to

fund

new

ideas.

Templeton

Global

Balanced

Fund

4

franklintempleton.com

Annual

Report

In

the

fixed-income

portfolio,

we

continued

to

aim

at

a

high

overall

portfolio

yield

by

holding

higher-yielding

local-

currency

positions

in

specific

emerging

markets.

We

have

emphasized

select

local-currency

sovereign

bonds

in

countries

that

we

view

as

having

resilient

fundamentals.

As

the

year

progressed,

we

identified

the

countries

we

considered

most

likely

to

benefit

from

the

trends

described

in

the

overall

market

conditions,

such

as

those

countries

in

Latin

America

who

had

previously

been

aggressive

responders

to

rising

inflation

and

stayed

ahead

of

the

curve,

thus

placing

themselves

in

a

relatively

strong

policy

position

for

when

the

rate

cycle

turned.

In

sovereign

bonds,

we

extended

duration

in

select

countries

where

we

saw

opportunity

from

inflation

and

interest-rate

cycles

rolling

over,

or

where

we

saw

improving

fundamentals

in

a

range

of

factors

from

fiscal

progress

to

reshoring.

In

foreign

exchange

exposure,

we

considered

countries

whose

currencies

were

likely

to

benefit

from

changing

growth

and

interest

rate

differentials

against

the

U.S.-dollar

and

which

also

had

solid

fundamental

support,

with

overweighted

currency

exposures

focused

on

countries

that

generally

have

strong

trade

dynamics,

current

account

surpluses,

better

fiscal

management

and

stronger

growth

potential,

notably

in

Asia.

Along

with

extending

duration

where

deemed

appropriate,

we

also

took

profit

in

some

positions

as

cycles

turned.

Near

the

end

of

the

year

when

it

became

clearer

that

the

Fed

had

reached

a

peak

in

rates,

we

identified

specific

opportunities

in

the

emerging

market

sovereign

credit

space.

Performance

Overview

The

Fund’s

Class

A

shares

posted

+13.80%

cumulative

total

return

for

the

12

months

under

review.

In

comparison,

the

Fund’s

Blended

Benchmark,

the

custom

50%

MSCI

All

Country

World

Index

(ACWI)-NR

+

50%

Bloomberg

Multiverse

Index,

posted

a

+13.95%

cumulative

total

return.

1

The

Fund's

equity

benchmark,

the

MSCI

ACWI-

NR,

which

measures

the

equity

market

performance

of

global

developed

and

emerging

markets,

posted

a

+22.20%

cumulative

total

return

and

the

Fund's

fixed

income

benchmark,

the

Bloomberg

Multiverse

Index,

which

provides

a

broad-based

measure

of

the

global

fixed

income

bond

market,

posted

a

+6.05%

cumulative

total

return.

2

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

7

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

an

Q.

What

were

the

leading

contributors

to

performance?

A.

Within

the

equity

portfolio,

stock

selection

in

the

industrials

sector

was

the

largest

contributor

to

relative

performance

for

the

year.

Exposure

to

this

diverse

sector

reflects

specific

trends

rather

than

a

macro

call

on

the

strength

of

the

global

economy

or

a

view

that

the

sector

in

aggregate

is

attractively

valued.

An

underweight

and

stock

selection

in

the

health

care

sector

also

contributed

significantly

to

relative

returns.

This

was

driven

by

the

outperformance

of

holdings

in

health

care

providers,

life

sciences

and

biotechnology.

At

the

stock

level,

outperformers

included

Lenovo

Group,

FedEx,

Barrat

Development,

Alphabet,

Samsung

Electronics

and

Siemens.

Regionally,

stock

selection

in

Asia,

particularly

China

and

Japan,

was

the

largest

contributor

to

relative

performance

for

the

year.

In

Japan,

stocks

benefited

from

domestic

tailwinds,

the

most

notable

of

which

are

reforms

to

boost

returns

on

shareholder

equity.

Portfolio

Composition

12/31/23

%

of

Total

Net

Assets

Common

Stocks

49.6%

Foreign

Government

and

Agency

Securities

43.6%

U.S.

Government

and

Agency

Securities

1.2%

Other

*

0.0%

Options

Purchased

0.1%

Short-Term

Investments

&

Other

Net

Assets

5.5%

*

Includes

financial

instruments

determined

to

have

no

value.

1.

Source:

FactSet.

The

Fund’s

Blended

Benchmark

was

calculated

internally.

2.

Source:

Morningstar.

Net

Return

(NR)

reflects

no

deduction

for

fees,

expenses

or

taxes

but

are

net

of

dividend

tax

withholding.

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.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

18

.

Templeton

Global

Balanced

Fund

5

franklintempleton.com

Annual

Report

Interest-rate

strategies

contributed

to

the

relative

performance

of

the

fixed-income

portfolio

in

2023.

Overweighted

duration

exposures

in

Brazil,

Colombia,

Hungary,

India

and

Indonesia

contributed

to

relative

performance.

Among

currencies,

overweighted

positions

in

the

Colombian

peso,

Brazilian

real

and

Chilean

peso

contributed

to

relative

results.

In

credit,

overweighted

exposure

to

sub-investment-grade

sovereign

debt

contributed

to

relative

return

.

Q.

What

were

the

leading

detractors

from

performance?

A.

The

equity

portfolio’s

underweight

and

stock

selection

in

the

information

technology

(IT)

sector

was

the

largest

detractor.

Limited

exposure

to

rallying

U.S.

mega-cap

tech

stocks

was

a

major

headwind

to

relative

performance

during

the

period.

Stock

selection

in

the

communication

services

sector

also

detracted

significantly

from

relative

performance

for

the

year.

Amid

disruption

occurring

in

traditional

U.S.

media

distribution

and

consumption,

we

have

found

select

opportunities

to

own

undervalued

companies

with

differentiated

and

valuable

media

content

and/or

attractive

distribution

models.

At

the

stock

level,

underperformers

included

China-exposed

names

in

technology

and

financials

such

as

Alibaba

and

AIA,

Germany-based

Bayer

and

U.S.-based

Fidelity

National

Information

Services,

Paramount

and

Target.

Regionally,

stock

selection

and

an

underweight

in

the

U.S.

detracted

significantly

from

relative

performance

for

the

period.

The

U.S.

underweight

is

driven

by

our

bottom-up

search

for

value

and

not

a

reflection

of

any

structurally

unfavorable

longer-term

view

of

U.S.

equities.

Among

currency

positions

in

the

fixed-income

portfolio,

overweighted

positions

in

the

Japanese

yen

and

South

Korean

won

detracted

from

relative

performance,

as

did

the

Fund’s

underweighted

exposure

to

the

euro.

In

credit,

underweighted

exposure

to

corporate

investment-grade

sovereign

debt

detracted

from

relative

return.

In

interest

rate

strategies,

underweighted

duration

exposures

in

the

euro

area

and

the

U.S.

detracted

from

relative

results.

Geographic

Composition

12/31/23

%

of

Total

Net

Assets

United

States

23.2%

United

Kingdom

6.8%

South

Korea

6.2%

Germany

5.8%

Australia

5.0%

India

4.9%

Malaysia

4.7%

Indonesia

4.5%

Brazil

4.4%

Hungary

3.4%

Mexico

3.2%

Netherlands

2.9%

China

2.4%

Colombia

2.0%

France

1.9%

Egypt

1.6%

Romania

1.4%

Dominican

Republic

1.3%

Supranational

1.3%

Panama

1.2%

Ecuador

1.0%

Taiwan

1.0%

Other

4.4%

Short-Term

Investments

&

Other

Net

Assets

5.5%

Top

Five

Fixed

Income

Holdings*

12/31/23

Issuer

%

of

Total

Net

Assets

a

a

Republic

of

India

4.9%

Federation

of

Malaysia

4.7%

Republic

of

Indonesia

4.5%

Federative

Republic

of

Brazil

4.4%

Queensland

Treasury

Corp

3.7%

*

Does

not

include

cash

and

cash

equivalents.

Top

Five

Equity

Holdings

12/31/23

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

Fidelity

National

Information

Services,

Inc.

2.6%

Financial

Services

,

United

States

Target

Corp.

1.8%

Consumer

Staples

Distribution

&

Retail

,

United

States

Samsung

Electronics

Co.

Ltd.

1.8%

Technology

Hardware,

Storage

&

Peripherals

,

South

Korea

Bank

of

America

Corp.

1.6%

Banks

,

United

States

Delta

Air

Lines,

Inc.

1.4%

Passenger

Airlines

,

United

States

Templeton

Global

Balanced

Fund

6

franklintempleton.com

Annual

Report

Q.

Were

there

any

significant

changes

to

the

Fund

during

the

reporting

period?

A.

No.

The

equity

portfolio

remained

inclined

toward

stocks

with

interest

rate

sensitivity

via

significant

exposure

to

financials,

consumer-oriented

stocks

and

deleveraging

stories.

We

also

favored

industries

in

early

cycle

recovery

such

as

semiconductors

and

transports

and

increased

the

portfolio’s

overall

cyclicality.

Geographic

diversification

was

well

distributed,

with

a

considerable

active

weight

in

Europe

at

more-than-twice

the

weight

of

the

benchmark,

primarily

at

the

expense

of

the

exposure

of

U.S.

stocks.

The

duration

of

the

fixed

interest

portion

of

the

Fund

increased

significantly

over

the

course

of

the

year,

although

it

remained

somewhat

underweight

its

index

by

year-end.

Over

the

course

of

the

year,

we

closed

out

our

positions

in

the

Chinese

yuan

and

the

Canadian

dollar.

We

added

a

new

local

currency

position

in

Australia.

We

also

added

new

hard

currency

positions

in

Panama

(USD),

Mexico

(Pemex)

(USD)

and

Romania

(EUR).

We

closed

out

our

prior

net

negative

exposure

to

the

euro,

once

that

currency

had

depreciated

significantly,

and

opened

a

new

euro

position.

We

reduced

our

positions

in

the

Norwegian

krone,

South

Korean

won,

Japanese

yen,

Brazilian

real

and

Chilean

peso,

but

increased

the

Fund’s

positions

in

the

Malaysian

ringgit,

Hungarian

forint

and

Mexican

peso.

We

switched

our

Japanese

bond

holdings

into

foreign

exchange

forwards.

We

extended

duration

in

a

number

of

countries,

including

in

select

Asian

and

Latin

American

countries

as

well

as

in

the

U.S.

Our

Ghanaian

bonds

were

exchanged

for

new

securities

as

part

of

Ghana’s

debt

restructuring

exercise.

Effective

May

2023,

Calvin

Ho

joined

the

Portfolio

Management

team.

Thank

you

for

your

continued

participation

in

Templeton

Global

Balanced

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Michael

Hasenstab,

Ph.D.

Douglas

Grant,

CFA

Derek

Taner,

CFA

Calvin

Ho,

Ph.D.

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

December

31,

2023,

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,

2023

Templeton

Global

Balanced

Fund

7

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

12/31/23

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

+13.80%

+7.61%

5-Year

+4.28%

-0.28%

10-Year

+8.30%

+0.23%

Advisor

1-Year

+14.48%

+14.48%

5-Year

+5.99%

+1.17%

10-Year

+11.44%

+1.09%

See

page

9

for

Performance

Summary

footnotes.

Templeton

Global

Balanced

Fund

Performance

Summary

8

franklintempleton.com

Annual

Report

See

page

9

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

indexes

include

reinvestment

of

any

income

or

distributions.

They

differ

from

the

Fund

in

composition

and

do

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(12/31/13–12/31/23)

Advisor

Class

(12/31/13–12/31/23)

Templeton

Global

Balanced

Fund

Performance

Summary

9

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

International

investments

are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

emerging

markets.

Equity

securities

are

subject

to

price

fluctuation

and

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Low-rated,

high-yield

bonds

are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

Liquidity

risk

exists

when

securi-

ties

or

other

investments

become

more

difficult

to

sell,

or

are

unable

to

be

sold,

at

the

price

at

which

they

have

been

valued.

Derivative

instruments

can

be

illiquid,

may

disproportionately

increase

losses,

and

have

a

potentially

large

impact

on

performance.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

4/30/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Source:

FactSet.

The

MSCI

ACWI-NR

is

a

free

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

equity

market

performance

of

global

developed

and

emerging

markets.

Net

Return

(NR)

reflects

no

deduction

for

fees,

expenses

or

taxes

but

are

net

of

dividend

tax

withholding.

The

Bloomberg

Multiverse

Index

provides

a

broad-based

measure

of

the

global

fixed

income

bond

market.

The

index

represents

the

union

of

the

Global

Aggregate

Index,

the

Global

High-Yield

Index

and

the

Euro

Treasury

High

Yield

Index

and

captures

emerging

market

local

currency

debt

not

already

included

in

the

Global

Aggregate

Index.

The

Fund’s

Blended

Benchmark

was

calculated

internally

and

was

composed

of

50%

for

the

MSCI

ACWI-NR

and

50%

for

the

Bloomberg

Multiverse

Index.

6.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Distributions

(1/1/23–12/31/23)

Share

Class

Tax

Return

of

Capital

A

$0.0864

A1

$0.0864

C

$0.0673

C1

$0.0761

R

$0.0806

R6

$0.0940

Advisor

$0.0924

Total

Annual

Operating

Expenses

6

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.22%

1.25%

Advisor

0.97%

1.00%

Your

Fund’s

Expenses

Templeton

Global

Balanced

Fund

10

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

7/1/23

Ending

Account

Value

12/31/23

Expenses

Paid

During

Period

7/1/23–12/31/23

1,2

Ending

Account

Value

12/31/23

Expenses

Paid

During

Period

7/1/23–12/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,061.10

$6.23

$1,019.16

$6.10

1.20%

A1

$1,000

$1,060.90

$6.23

$1,019.16

$6.11

1.20%

C

$1,000

$1,056.90

$10.13

$1,015.36

$9.93

1.95%

C1

$1,000

$1,062.80

$8.34

$1,017.12

$8.15

1.60%

R

$1,000

$1,063.80

$7.53

$1,017.90

$7.37

1.45%

R6

$1,000

$1,062.70

$4.52

$1,020.82

$4.43

0.87%

Advisor

$1,000

$1,062.00

$4.94

$1,020.42

$4.84

0.95%

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

11

a

Year

Ended

December

31,

2023

2022

2021

*

2020

a

2019

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.26

$2.72

$2.82

$2.84

$2.77

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.08

0.07

0.05

0.07

0.11

Net

realized

and

unrealized

gains

(losses)

...........

0.23

(0.46)

(0.09)

(0.04)

0.08

Total

from

investment

operations

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

0.31

(0.39)

(0.04)

0.03

0.19

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.05)

(0.12)

Tax

return

of

capital

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

(0.09)

(0.07)

(0.06)

—

—

Total

distributions

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

(0.09)

(0.07)

(0.06)

(0.05)

(0.12)

Net

asset

value,

end

of

year

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

$2.48

$2.26

$2.72

$2.82

$2.84

Total

return

d

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

13.80%

(14.28)%

(1.54)%

1.49%

6.96%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.32%

1.32%

1.30%

1.30%

1.22%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.23%

1.20%

1.20%

1.26%

1.19%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.20%

1.20%

e

1.20%

e

1.26%

e

1.19%

e

Net

investment

income

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

3.53%

2.80%

1.89%

2.85%

3.81%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$206,734

$210,786

$302,724

$354,879

$465,915

Portfolio

turnover

rate

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

61.11%

56.93%

52.63%

74.03%

26.62%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Year

Ended

December

31,

2023

2022

2021

*

2020

a

2019

a

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.27

$2.73

$2.83

$2.84

$2.77

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.08

0.07

0.05

0.07

0.11

Net

realized

and

unrealized

gains

(losses)

...........

0.23

(0.46)

(0.09)

(0.03)

0.08

Total

from

investment

operations

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

0.31

(0.39)

(0.04)

0.04

0.19

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.05)

(0.12)

Tax

return

of

capital

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

(0.09)

(0.07)

(0.06)

—

—

Total

distributions

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

(0.09)

(0.07)

(0.06)

(0.05)

(0.12)

Net

asset

value,

end

of

year

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

$2.49

$2.27

$2.73

$2.83

$2.84

Total

return

d

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

13.75%

(14.21)%

(1.53)%

1.49%

7.33%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.32%

1.32%

1.30%

1.30%

1.22%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.23%

1.20%

1.20%

1.26%

1.19%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.20%

1.20%

e

1.20%

e

1.26%

e

1.19%

e

Net

investment

income

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

3.53%

2.80%

1.89%

2.86%

3.81%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$104,309

$108,558

$165,287

$198,816

$252,990

Portfolio

turnover

rate

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

61.11%

56.93%

52.63%

74.03%

26.62%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

13

a

Year

Ended

December

31,

2023

2022

2021

*

2020

a

2019

a

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.26

$2.71

$2.81

$2.82

$2.75

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.06

0.05

0.03

0.05

0.09

Net

realized

and

unrealized

gains

(losses)

...........

0.23

(0.45)

(0.10)

(0.03)

0.08

Total

from

investment

operations

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

0.29

(0.40)

(0.07)

0.02

0.17

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.03)

(0.10)

Tax

return

of

capital

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

(0.07)

(0.05)

(0.03)

—

—

Total

distributions

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

(0.07)

(0.05)

(0.03)

(0.03)

(0.10)

Net

asset

value,

end

of

year

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

$2.48

$2.26

$2.71

$2.81

$2.82

Total

return

d

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

12.90%

(14.68)%

(2.37)%

0.68%

6.55%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

2.07%

2.08%

2.04%

2.04%

1.97%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.98%

1.95%

1.95%

2.00%

1.94%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.95%

1.95%

e

1.95%

e

2.00%

e

1.94%

e

Net

investment

income

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

2.74%

2.02%

1.12%

2.02%

3.06%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$13,259

$18,904

$39,982

$83,658

$139,231

Portfolio

turnover

rate

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

61.11%

56.93%

52.63%

74.03%

26.62%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

Year

Ended

December

31,

2023

2022

2021

*

2020

a

2019

a

Class

C1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.27

$2.73

$2.83

$2.84

$2.77

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.07

0.06

0.04

0.06

0.10

Net

realized

and

unrealized

gains

(losses)

...........

0.24

(0.46)

(0.10)

(0.03)

0.08

Total

from

investment

operations

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

0.31

(0.40)

(0.06)

0.03

0.18

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.04)

(0.11)

Tax

return

of

capital

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

(0.08)

(0.06)

(0.04)

—

—

Total

distributions

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

(0.08)

(0.06)

(0.04)

(0.04)

(0.11)

Net

asset

value,

end

of

year

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

$2.50

$2.27

$2.73

$2.83

$2.84

Total

return

d

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

13.71%

(14.61)%

(2.06)%

1.01%

6.82%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.72%

1.72%

1.68%

1.70%

1.62%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.63%

1.60%

1.60%

1.66%

1.59%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.60%

1.60%

e

1.60%

e

1.66%

e

1.59%

e

Net

investment

income

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

3.07%

2.39%

1.46%

2.32%

3.41%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$1,340

$1,876

$3,535

$13,050

$27,765

Portfolio

turnover

rate

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

61.11%

56.93%

52.63%

74.03%

26.62%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

15

a

Year

Ended

December

31,

2023

2022

2021

*

2020

a

2019

a

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.27

$2.74

$2.84

$2.85

$2.78

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.08

0.06

0.05

0.07

0.10

Net

realized

and

unrealized

gains

(losses)

...........

0.23

(0.46)

(0.10)

(0.03)

0.08

Total

from

investment

operations

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

0.31

(0.40)

(0.05)

0.04

0.18

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.05)

(0.11)

Tax

return

of

capital

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

(0.08)

(0.07)

(0.05)

—

—

Total

distributions

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

(0.08)

(0.07)

(0.05)

(0.05)

(0.11)

Net

asset

value,

end

of

year

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

$2.50

$2.27

$2.74

$2.84

$2.85

Total

return

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

13.92%

(14.77)%

(1.77)%

1.68%

6.66%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.57%

1.58%

1.53%

1.43%

1.47%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.48%

1.45%

1.44%

1.40%

1.44%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.45%

1.45%

d

1.44%

d

1.40%

d

1.44%

d

Net

investment

income

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

3.30%

2.58%

1.66%

2.63%

3.56%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$647

$596

$1,206

$1,591

$2,348

Portfolio

turnover

rate

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

61.11%

56.93%

52.63%

74.03%

26.62%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

Year

Ended

December

31,

2023

2022

2021

*

2020

a

2019

a

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.27

$2.73

$2.83

$2.85

$2.78

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.09

0.07

0.06

0.08

0.12

Net

realized

and

unrealized

gains

(losses)

...........

0.22

(0.45)

(0.09)

(0.04)

0.08

Total

from

investment

operations

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

0.31

(0.38)

(0.03)

0.04

0.20

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.06)

(0.13)

Tax

return

of

capital

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

(0.09)

(0.08)

(0.07)

—

—

Total

distributions

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

(0.09)

(0.08)

(0.07)

(0.06)

(0.13)

Net

asset

value,

end

of

year

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

$2.49

$2.27

$2.73

$2.83

$2.85

Total

return

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

14.12%

(13.90)%

(1.19)%

1.87%

7.32%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.00%

0.98%

1.01%

0.99%

0.92%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.92%

0.90%

0.86%

0.90%

0.84%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.89%

0.90%

d

0.86%

d

0.90%

d

0.84%

d

Net

investment

income

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

3.86%

3.10%

2.23%

3.18%

4.16%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$3,541

$2,388

$3,227

$4,624

$6,080

Portfolio

turnover

rate

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

61.11%

56.93%

52.63%

74.03%

26.62%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Financial

Highlights

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

17

a

Year

Ended

December

31,

2023

2022

2021

*

2020

a

2019

a

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$2.27

$2.74

$2.84

$2.85

$2.78

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.09

0.07

0.06

0.08

0.12

Net

realized

and

unrealized

gains

(losses)

...........

0.23

(0.46)

(0.09)

(0.03)

0.08

Total

from

investment

operations

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

0.32

(0.39)

(0.03)

0.05

0.20

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.06)

(0.13)

Tax

return

of

capital

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

(0.09)

(0.08)

(0.07)

—

—

Total

distributions

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

(0.09)

(0.08)

(0.07)

(0.06)

(0.13)

Net

asset

value,

end

of

year

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

$2.50

$2.27

$2.74

$2.84

$2.85

Total

return

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

14.48%

(14.32)%

(1.28)%

1.75%

7.57%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.07%

1.07%

1.05%

1.04%

0.97%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.98%

0.95%

0.95%

1.00%

0.94%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.95%

0.95%

d

0.95%

d

1.00%

d

0.94%

d

Net

investment

income

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

3.77%

3.04%

2.14%

3.00%

4.06%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$29,498

$32,777

$57,537

$77,426

$141,277

Portfolio

turnover

rate

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

61.11%

56.93%

52.63%

74.03%

26.62%

*Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV

from

January

1,

2021

through

April

27,

2021.

a

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

IV.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Investment

Trust

Schedule

of

Investments,

December

31,

2023

Templeton

Global

Balanced

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

49.6%

China

2.4%

a

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

438,100

$

4,219,774

Lenovo

Group

Ltd.

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

Technology

Hardware,

Storage

&

Peripherals

1,372,000

1,919,921

Prosus

NV

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

Broadline

Retail

84,605

2,520,733

8,660,428

France

1.9%

Danone

SA

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

Food

Products

40,475

2,626,317

b

Forvia

SE

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

Automobile

Components

106,678

2,416,878

b

Ubisoft

Entertainment

SA

..........

Entertainment

68,928

1,762,227

6,805,422

Germany

5.8%

Bayer

AG

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

Pharmaceuticals

106,865

3,965,650

Continental

AG

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

Automobile

Components

37,416

3,178,226

Deutsche

Post

AG

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

Air

Freight

&

Logistics

77,050

3,814,190

Deutsche

Telekom

AG

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

Diversified

Telecommunication

Services

115,576

2,779,206

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

56,040

2,340,695

Siemens

AG

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

Industrial

Conglomerates

25,520

4,788,440

20,866,407

Hong

Kong

0.4%

AIA

Group

Ltd.

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

Insurance

187,000

1,627,345

Hungary

0.8%

Richter

Gedeon

Nyrt

.

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

Pharmaceuticals

108,183

2,728,901

Japan

0.9%

Honda

Motor

Co.

Ltd.

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

Automobiles

117,300

1,210,190

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

140,600

1,989,011

3,199,201

Netherlands

2.9%

ING

Groep

NV

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

Banks

225,359

3,379,615

SBM

Offshore

NV

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

Energy

Equipment

&

Services

163,943

2,252,647

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

141,560

4,658,422

10,290,684

Norway

0.8%

Norsk

Hydro

ASA

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

Metals

&

Mining

454,276

3,053,616

South

Africa

0.0%

b,c,d

K2016470219

South

Africa

Ltd.,

A

....

Broadline

Retail

32,900,733

—

b,c,d

K2016470219

South

Africa

Ltd.,

B

....

Broadline

Retail

4,646,498

—

—

South

Korea

3.1%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

104,671

6,319,050

Shinhan

Financial

Group

Co.

Ltd.

....

Banks

154,952

4,778,247

11,097,297

Switzerland

0.7%

Adecco

Group

AG

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

Professional

Services

54,593

2,681,095

Taiwan

1.0%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

181,300

3,476,765

Templeton

Global

Investment

Trust

Schedule

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

19

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

Kingdom

6.8%

Barratt

Developments

plc

..........

Household

Durables

698,840

$

5,006,736

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

679,989

4,031,498

Imperial

Brands

plc

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

Tobacco

162,551

3,743,632

Lloyds

Banking

Group

plc

..........

Banks

6,214,181

3,769,574

Persimmon

plc

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

Household

Durables

162,667

2,875,669

Unilever

plc

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

Personal

Care

Products

100,533

4,867,478

24,294,587

United

States

22.1%

Albemarle

Corp.

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

Chemicals

16,787

2,425,386

b

Alphabet,

Inc.,

A

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

Interactive

Media

&

Services

12,107

1,691,227

American

Express

Co.

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

Consumer

Finance

11,545

2,162,840

Bank

of

America

Corp.

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

Banks

171,380

5,770,365

Bath

&

Body

Works,

Inc.

...........

Specialty

Retail

47,345

2,043,410

Comcast

Corp.,

A

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

Media

71,304

3,126,680

Delta

Air

Lines,

Inc.

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

Passenger

Airlines

126,529

5,090,262

DuPont

de

Nemours,

Inc.

..........

Chemicals

55,237

4,249,382

FedEx

Corp.

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

Air

Freight

&

Logistics

11,725

2,966,073

Fidelity

National

Information

Services,

Inc.

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

Financial

Services

156,570

9,405,160

Kenvue

,

Inc.

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

Personal

Care

Products

125,859

2,709,744

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

51,600

4,250,808

b

NCR

Atleos

Corp.

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

Financial

Services

116,343

2,825,972

b

NCR

Voyix

Corp.

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

Software

232,687

3,934,737

Paramount

Global,

B

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

Media

189,136

2,797,321

PNC

Financial

Services

Group,

Inc.

(The)

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

Banks

27,965

4,330,380

Southwest

Airlines

Co.

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

Passenger

Airlines

80,946

2,337,721

Stanley

Black

&

Decker,

Inc.

........

Machinery

31,422

3,082,498

Tapestry,

Inc.

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

Textiles,

Apparel

&

Luxury

Goods

104,626

3,851,283

Target

Corp.

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

Consumer

Staples

Distribution

&

Retail

44,906

6,395,513

Wells

Fargo

&

Co.

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

Banks

80,067

3,940,898

79,387,660

Total

Common

Stocks

(Cost

$162,803,008)

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

178,169,408

Principal

Amount

*

a

a

a

a

a

Corporate

Bonds

0.0%

South

Africa

0.0%

c,e,f

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note,

144A,

PIK,

3%,

12/31/22

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

Broadline

Retail

2,851,217

—

Senior

Secured

Note,

144A,

PIK,

8%,

12/31/22

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

Broadline

Retail

2,929,327

EUR

—

c,e,f

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

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

Broadline

Retail

1,782,466

—

—

Total

Corporate

Bonds

(Cost

$4,389,520)

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

—

Templeton

Global

Investment

Trust

Schedule

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

43.6%

Australia

5.0%

New

South

Wales

Treasury

Corp.,

Senior

Bond,

2%,

3/08/33

........

3,030,000

AUD

$

1,678,076

Queensland

Treasury

Corp.,

Senior

Bond,

2%,

8/22/33

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

24,390,000

AUD

13,429,745

Treasury

Corp.

of

Victoria

,

f

Senior

Bond,

Reg

S,

2.25%,

9/15/33

2,270,000

AUD

1,257,026

Senior

Bond,

2.25%,

11/20/34

.....

2,680,000

AUD

1,435,932

17,800,779

Brazil

4.4%

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/27

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

35,450,000

BRL

7,354,912

10%,

1/01/31

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

14,887,000

BRL

3,040,613

10%,

1/01/33

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

4,483,000

BRL

910,523

F,

10%,

1/01/29

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

21,143,000

BRL

4,358,763

15,664,811

Colombia

2.0%

Colombia

Government

Bond,

Senior

Bond,

9.85%,

6/28/27

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

83,000,000

COP

20,350

Colombia

Titulos

de

Tesoreria

,

B,

13.25%,

2/09/33

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

3,803,300,000

COP

1,165,648

B,

7.25%,

10/18/34

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

6,802,000,000

COP

1,446,110

B,

6.25%,

7/09/36

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

2,213,000,000

COP

417,892

B,

9.25%,

5/28/42

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

16,928,000,000

COP

3,966,378

7,016,378

Dominican

Republic

1.3%

f

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

5.3%,

1/21/41

..

2,030,000

1,761,025

Senior

Bond,

144A,

6.4%,

6/05/49

..

760,000

718,200

Senior

Bond,

144A,

5.875%,

1/30/60

2,634,000

2,284,995

4,764,220

Ecuador

1.0%

f

Ecuador

Government

Bond

,

Senior

Bond,

144A,

3.5%,

7/31/35

..

6,275,000

2,261,376

Senior

Note,

144A,

6%,

7/31/30

....

2,846,000

1,329,407

3,590,783

Egypt

1.6%

f

Egypt

Government

Bond

,

Senior

Bond,

144A,

7.625%,

5/29/32

710,000

495,245

Senior

Bond,

144A,

7.3%,

9/30/33

..

1,620,000

1,074,188

Senior

Bond,

144A,

8.5%,

1/31/47

..

2,840,000

1,774,830

Senior

Bond,

144A,

7.903%,

2/21/48

240,000

145,399

Senior

Bond,

144A,

8.7%,

3/01/49

..

200,000

125,812

Senior

Bond,

144A,

8.875%,

5/29/50

780,000

499,269

Senior

Bond,

144A,

8.75%,

9/30/51

.

2,210,000

1,403,350

Senior

Bond,

144A,

7.5%,

2/16/61

..

510,000

299,477

5,817,570

El

Salvador

0.0%

†

f

El

Salvador

Government

Bond,

Senior

Bond,

144A,

7.65%,

6/15/35

.......

100,000

78,375

Templeton

Global

Investment

Trust

Schedule

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

21

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Ghana

0.5%

e

Ghana

Government

Bond

,

PIK,

8.35%,

2/16/27

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

5,514,929

GHS

$

250,785

PIK,

8.5%,

2/15/28

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

5,518,997

GHS

216,072

PIK,

8.65%,

2/13/29

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

5,482,638

GHS

189,329

PIK,

8.8%,

2/12/30

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

5,486,677

GHS

171,363

PIK,

8.95%,

2/11/31

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

4,943,616

GHS

142,208

PIK,

9.1%,

2/10/32

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

4,947,252

GHS

134,016

PIK,

9.25%,

2/08/33

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

4,950,888

GHS

128,146

PIK,

9.4%,

2/07/34

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

4,386,460

GHS

109,954

PIK,

9.55%,

2/06/35

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

4,389,679

GHS

107,715

PIK,

9.7%,

2/05/36

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

4,392,898

GHS

106,414

PIK,

9.85%,

2/03/37

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

4,396,117

GHS

105,813

PIK,

10%,

2/02/38

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

4,399,336

GHS

105,742

1,767,557

Hungary

2.6%

Hungary

Government

Bond

,

1%,

11/26/25

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

1,242,000,000

HUF

3,256,992

3%,

10/27/27

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

106,800,000

HUF

280,690

4.75%,

11/24/32

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

2,203,700,000

HUF

5,872,626

9,410,308

India

4.9%

India

Government

Bond

,

7.26%,

1/14/29

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

227,500,000

INR

2,747,522

Senior

Bond,

7.26%,

8/22/32

......

664,300,000

INR

8,001,695

Senior

Note,

7.1%,

4/18/29

.......

577,200,000

INR

6,925,568

17,674,785

Indonesia

4.5%

Indonesia

Government

Bond

,

FR68,

8.375%,

3/15/34

..........

24,759,000,000

IDR

1,798,513

FR82,

7%,

9/15/30

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

4,273,000,000

IDR

283,682

FR87,

6.5%,

2/15/31

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

4,108,000,000

IDR

265,738

FR91,

6.375%,

4/15/32

..........

11,532,000,000

IDR

741,420

FR95,

6.375%,

8/15/28

..........

28,742,000,000

IDR

1,863,442

FR96,

7%,

2/15/33

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

168,172,000,000

IDR

11,325,970

16,278,765

Malaysia

4.7%

Malaysia

Government

Bond

,

3.478%,

6/14/24

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

12,470,000

MYR

2,717,235

4.181%,

7/15/24

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

5,920,000

MYR

1,293,265

4.059%,

9/30/24

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

7,360,000

MYR

1,608,750

3.882%,

3/14/25

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

6,270,000

MYR

1,373,403

3.955%,

9/15/25

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

2,376,000

MYR

521,301

3.9%,

11/30/26

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

3,890,000

MYR

855,892

3.892%,

3/15/27

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

90,000

MYR

19,764

3.502%,

5/31/27

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

1,080,000

MYR

234,404

3.899%,

11/16/27

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

34,380,000

MYR

7,558,180

3.582%,

7/15/32

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

3,720,000

MYR

794,868

16,977,062

Templeton

Global

Investment

Trust

Schedule

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Mexico

3.2%

Mexican

Bonos

,

M,

10%,

11/20/36

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

4,570,000

MXN

$

290,127

M,

Senior

Bond,

7.75%,

11/23/34

...

14,160,000

MXN

762,341

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

7.5%,

5/26/33

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

86,420,000

MXN

4,613,206

M,

Senior

Bond,

8.5%,

5/31/29

.....

13,800,000

MXN

795,777

M,

Senior

Bond,

8.5%,

11/18/38

....

8,380,000

MXN

471,107

M,

Senior

Bond,

7.75%,

11/13/42

...

18,030,000

MXN

934,814

Petroleos

Mexicanos

,

Senior

Note,

6.84%,

1/23/30

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

4,240,000

3,680,701

11,548,073

Mongolia

0.6%

f

Mongolia

Government

Bond

,

Senior

Bond,

144A,

4.45%,

7/07/31

.

1,450,000

1,218,542

Senior

Note,

144A,

5.125%,

4/07/26

.

200,000

194,482

Senior

Note,

144A,

3.5%,

7/07/27

..

1,000,000

894,841

2,307,865

Panama

1.2%

Panama

Government

Bond

,

Senior

Bond,

6.4%,

2/14/35

.......

590,000

577,355

Senior

Bond,

6.7%,

1/26/36

.......

2,650,000

2,632,751

Senior

Bond,

6.875%,

1/31/36

.....

1,150,000

1,150,305

4,360,411

Romania

1.4%

f

Romania

Government

Bond,

144A,

2.875%,

4/13/42

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

6,920,000

EUR

5,183,419

South

Korea

3.1%

Korea

Treasury

Bonds,

2.375%,

3/10/27

14,740,000,000

KRW

11,113,571

Sri

Lanka

0.3%

f,g

Sri

Lanka

Government

Bond

,

Senior

Bond,

144A,

6.2%,

5/11/27

..

1,400,000

710,924

Senior

Bond,

144A,

6.75%,

4/18/28

.

200,000

101,112

Senior

Bond,

144A,

7.85%,

3/14/29

.

200,000

101,015

913,051

Supranational

1.3%

h

Asian

Development

Bank,

Senior

Note,

11.2%,

1/31/25

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

17,931,000,000

COP

4,577,030

Total

Foreign

Government

and

Agency

Securities

(Cost

$157,617,252)

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

156,844,813

U.S.

Government

and

Agency

Securities

1.2%

United

States

1.2%

U.S.

Treasury

Bonds

,

3.375%,

8/15/42

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

3,020,000

2,694,111

3.75%,

11/15/43

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

1,550,000

1,449,190

4,143,301

Total

U.S.

Government

and

Agency

Securities

(Cost

$4,202,172)

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

4,143,301

Templeton

Global

Investment

Trust

Schedule

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

23

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

b,c

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

168,113

$

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$329,011,952)

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

339,157,522

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.1%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/MXN,

Counterparty

BZWS,

March

Strike

Price

18.55

MXN,

Expires

3/13/24

..

1

16,140,000

74,586

74,586

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/MXN,

Counterparty

BZWS,

February

Strike

Price

16.04

MXN,

Expires

2/01/24

..

1

4,034,000

742

Foreign

Exchange

USD/MXN,

Counterparty

BZWS,

March

Strike

Price

17.39

MXN,

Expires

3/13/24

..

1

4,035,000

115,027

115,769

Total

Options

Purchased

(Cost

$256,824)

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

190,355

Short

Term

Investments

1.2%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.2%

United

States

1.2%

i,j

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.034%

.........

4,293,363

4,293,363

Total

Money

Market

Funds

(Cost

$4,293,363)

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

4,293,363

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$4,293,363

)

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

4,293,363

a

a

a

Total

Investments

(Cost

$333,562,139)

95.7%

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

$343,641,240

Options

Written

(0.1)%

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

(192,346)

Other

Assets,

less

Liabilities

4.4%

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

15,878,340

Net

Assets

100.0%

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

$359,327,234

a

a

a

Templeton

Global

Investment

Trust

Schedule

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

k

Options

Written

(0.1)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

USD/MXN,

Counterparty

BZWS,

March

Strike

Price

18.32

MXN,

Expires

3/13/24

..

1

4,035,000

$

(23,638)

Foreign

Exchange

USD/MXN,

Counterparty

BZWS,

March

Strike

Price

19.18

MXN,

Expires

3/13/24

..

1

4,035,000

(10,072)

(33,710)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/MXN,

Counterparty

BZWS,

March

Strike

Price

17.14

MXN,

Expires

3/13/24

..

1

8,069,000

(158,636)

(158,636)

Total

Options

Written

(Premiums

received

$164,376)

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

$

(192,346)

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

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

Variable

interest

entity

(VIE).

See

the

Fund’s

statement

of

additional

information

and/or

notes

to

financial

statements

regarding

investments

made

through

a

VIE

structure.

At

December

31,

2023,

the

aggregate

value

of

these

securities

was

$4,219,774,

representing

1.2%

of

net

assets.

b

Non-income

producing.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

d

See

Note

9

regarding

restricted

securities.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

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,

2023,

the

aggregate

value

of

these

securities

was

$23,912,309,

representing

6.7%

of

net

assets.

g

See

Note

7

regarding

credit

risk

and

defaulted

securities.

h

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

i

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

j

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

k

See

Note

1(c)

regarding

written

options.

Templeton

Global

Investment

Trust

Schedule

of

Investments

Templeton

Global

Balanced

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

25

At

December

31,

2023,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c). 

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

......

HSBK

Buy

981,900,000

1,125,245

1/04/24

$

—

$

(10,720)

Chilean

Peso

......

HSBK

Sell

981,900,000

1,129,919

1/04/24

15,394

—

Indian

Rupee

......

HSBK

Buy

130,568,000

1,564,776

1/08/24

3,853

—

Chilean

Peso

......

HSBK

Buy

981,900,000

1,128,906

1/18/24

—

(14,263)

Chilean

Peso

......

JPHQ

Buy

902,400,000

1,034,044

1/31/24

—

(9,549)

Chilean

Peso

......

HSBK

Buy

798,100,000

912,897

2/05/24

—

(6,939)

Chilean

Peso

......

JPHQ

Buy

1,185,600,000

1,353,765

2/05/24

—

(7,939)

Euro

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

HSBK

Buy

3,970,000

4,345,371

3/04/24

48,612

—

South

Korean

Won

..

HSBK

Buy

9,300,000,000

7,114,742

3/20/24

99,212

—

South

Korean

Won

..

HSBK

Sell

1,554,000,000

1,211,696

3/20/24

6,267

—

Thai

Baht

.........

HSBK

Buy

203,700,000

5,946,577

3/20/24

10,817

—

Japanese

Yen

......

BOFA

Buy

482,398,360

3,381,455

3/21/24

83,120

—

Japanese

Yen

......

BOFA

Sell

185,800,000

1,323,173

3/21/24

—

(11,238)

Japanese

Yen

......

MSCO

Buy

2,238,000,000

15,486,818

4/05/24

624,838

—

Japanese

Yen

......

BNDP

Buy

239,887,530

1,680,401

4/15/24

49,135

—

Japanese

Yen

......

BOFA

Buy

853,112,100

5,975,723

4/15/24

175,027

—

Japanese

Yen

......

DBAB

Buy

1,110,438,260

7,774,267

4/15/24

231,747

—

Thai

Baht

.........

DBAB

Buy

130,900,000

3,708,215

4/17/24

128,274

—

Norwegian

Krone

...

MSCO

Buy

45,160,000

4,056,154

4/29/24

400,099

—

Norwegian

Krone

...

MSCO

Sell

26,680,000

2,630,472

4/29/24

—

(2,231)

Japanese

Yen

......

JPHQ

Buy

251,863,750

1,733,578

5/21/24

91,958

—

Australian

Dollar

....

DBAB

Buy

2,688,000

1,767,986

5/22/24

70,946

—

Australian

Dollar

....

JPHQ

Buy

4,277,000

2,811,016

5/22/24

114,994

—

Australian

Dollar

....

MSCO

Buy

6,160,000

4,089,378

6/11/24

126,547

—

Norwegian

Krone

...

DBAB

Buy

40,861,000

3,769,969

6/11/24

264,824

—

Mexican

Peso

......

MSCO

Buy

7,426,000

326,882

9/03/24

92,972

—

Mexican

Peso

......

MSCO

Sell

7,426,000

315,711

9/03/24

—

(104,143)

Total

Forward

Exchange

Contracts

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

$2,638,636

$(167,022)

Net

unrealized

appreciation

(depreciation)

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

$2,471,614

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note 

10

 regarding

other

derivative

information.

See

Abbreviations

on

page

44

.

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

December

31,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

Templeton

Global

Balanced

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$329,268,776

Cost

-

Non-controlled

affiliates

(Note

3

f

)

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

4,293,363

Value

-

Unaffiliated

issuers

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

$339,347,877

Value

-

Non-controlled

affiliates

(Note

3

f

)

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

4,293,363

Cash

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

1,134

Restricted

cash

for

OTC

derivative

contracts

(Note

1

d

)

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

800,000

Receivables:

Investment

securities

sold

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

5,913,557

Capital

shares

sold

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

40,541

Dividends

and

interest

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

4,423,389

Foreign

tax

refund

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

90,333

European

Union

tax

reclaims

(Note

1f)

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

6,922,410

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

2,638,636

Deferred

tax

benefit

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

111,553

Total

assets

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

364,582,793

Liabilities:

Payables:

Investment

securities

purchased

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

11,160

Capital

shares

redeemed

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

519,338

Management

fees

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

222,429

Distribution

fees

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

77,155

Transfer

agent

fees

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

126,336

Trustees'

fees

and

expenses

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

48

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

1

f

)

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

2,863,749

Deposits

from

brokers

for:

OTC

derivative

contracts

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

800,000

Options

written,

at

value

(premiums

received

$164,376)

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

192,346

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

167,022

Accrued

expenses

and

other

liabilities

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

275,976

Total

liabilities

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

5,255,559

Net

assets,

at

value

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

$359,327,234

Net

assets

consist

of:

Paid-in

capital

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

$497,174,018

Total

distributable

earnings

(losses)

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

(137,846,784)

Net

assets,

at

value

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

$359,327,234

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

27

Templeton

Global

Balanced

Fund

Class

A:

Net

assets,

at

value

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

$206,734,076

Shares

outstanding

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

83,207,418

Net

asset

value

per

share

a

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

$2.48

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

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

$2.62

Class

A1:

Net

assets,

at

value

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

$104,308,732

Shares

outstanding

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

41,911,676

Net

asset

value

per

share

a

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

$2.49

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

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

$2.59

Class

C:

Net

assets,

at

value

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

$13,259,386

Shares

outstanding

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

5,349,373

Net

asset

value

and

maximum

offering

price

per

share

a

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

$2.48

Class

C1:

Net

assets,

at

value

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

$1,339,660

Shares

outstanding

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

536,899

Net

asset

value

and

maximum

offering

price

per

share

a

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

$2.50

Class

R:

Net

assets,

at

value

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

$647,144

Shares

outstanding

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

259,303

Net

asset

value

and

maximum

offering

price

per

share

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

$2.50

Class

R6:

Net

assets,

at

value

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

$3,540,594

Shares

outstanding

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

1,422,763

Net

asset

value

and

maximum

offering

price

per

share

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

$2.49

Advisor

Class:

Net

assets,

at

value

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

$29,497,642

Shares

outstanding

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

11,810,252

Net

asset

value

and

maximum

offering

price

per

share

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

$2.50

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

December

31,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

Templeton

Global

Balanced

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$273,625)

Unaffiliated

issuers

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

$5,931,027

Non-controlled

affiliates

(Note

3

f

)

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

836,418

Interest:

(net

of

foreign

taxes

of

$392,221)

Unaffiliated

issuers

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

10,653,864

Other

income

(Note

1f)

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

157,760

Less:

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

1f)

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

(196,114)

Total

investment

income

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

17,382,955

Expenses:

Management

fees

(Note

3

a

)

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

2,791,513

Distribution

fees:

(Note

3c

)

    Class

A

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

522,788

    Class

A1

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

266,906

    Class

C

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

159,186

    Class

C1

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

9,826

    Class

R

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

3,149

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

323,857

    Class

A1

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

165,384

    Class

C

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

24,743

    Class

C1

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

2,350

    Class

R

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

975

    Class

R6

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

2,427

    Advisor

Class

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

48,081

Custodian

fees

(Note

4

)

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

74,600

Reports

to

shareholders

fees

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

79,157

Registration

and

filing

fees

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

112,188

Professional

fees

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

191,167

Trustees'

fees

and

expenses

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

48,115

Other

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

59,127

Total

expenses

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

4,885,539

Expense

reductions

(Note

4

)

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

(108,454)

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

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

(325,665)

Net

expenses

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

4,451,420

Net

investment

income

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

12,931,535

Templeton

Global

Investment

Trust

Financial

Statements

Statement

of

Operations

(continued)

for

the

year

ended

December

31,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

29

Templeton

Global

Balanced

Fund

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(13,141,411)

Written

options

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

30,493

Foreign

currency

transactions

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

146,991

Forward

exchange

contracts

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

(5,497,817)

Swap

contracts

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

1,008,778

Net

realized

gain

(loss)

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

(17,452,966)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

51,450,370

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

201,332

Written

options

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

(27,970)

Forward

exchange

contracts

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

1,441,641

Swap

contracts

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

(1,238,396)

Change

in

deferred

taxes

on

unrealized

appreciation

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

92,841

Net

change

in

unrealized

appreciation

(depreciation)

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

51,919,818

Net

realized

and

unrealized

gain

(loss)

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

34,466,852

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$47,398,387

Templeton

Global

Investment

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

Templeton

Global

Balanced

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$12,931,535

$12,621,002

Net

realized

gain

(loss)

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

(17,452,966)

(46,388,298)

Net

change

in

unrealized

appreciation

(depreciation)

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

51,919,818

(44,470,346)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

47,398,387

(78,237,642)

Distributions

to

shareholders

from

tax

return

of

capital:

Class

A

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

(7,527,254)

(7,322,788)

Class

A1

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

(3,823,929)

(3,887,214)

Class

C

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

(427,162)

(548,737)

Class

C1

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

(45,892)

(65,374)

Class

R

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

(21,299)

(24,765)

Class

R6

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

(106,261)

(90,479)

Advisor

Class

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

(1,175,180)

(1,358,531)

Total

distributions

to

shareholders

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

(13,126,977)

(13,297,888)

Capital

share

transactions:

(Note

2

)

Class

A

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

(23,493,866)

(42,854,621)

Class

A1

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

(14,166,626)

(30,041,873)

Class

C

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

(7,142,001)

(15,440,725)

Class

C1

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

(689,186)

(1,094,816)

Class

R

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

(6,461)

(394,902)

Class

R6

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

831,066

(290,348)

Advisor

Class

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

(6,160,499)

(15,961,602)

Total

capital

share

transactions

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

(50,827,573)

(106,078,887)

Net

increase

(decrease)

in

net

assets

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

(16,556,163)

(197,614,417)

Net

assets:

Beginning

of

year

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

375,883,397

573,497,814

End

of

year

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

$359,327,234

$375,883,397

Templeton

Global

Investment

Trust

31

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

Templeton

Global

Balanced

Fund

1.

Organization

and

Significant

Accounting

Policies

Templeton

Global

Investment

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of three separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

Templeton

Global

Balanced

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers

seven classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

C1,

Class

R,

Class

R6

and

Advisor

Class. Class

C

and

Class

C1

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

32

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

December

31,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Derivative

Financial

Instruments

The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

33

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

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.

At

December

31,

2023,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$1,991.

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.

At

December

31,

2023, the

Fund

received

$987,884

in

U.S.

Treasury

Bonds

and

Notes

as

collateral

for

derivatives.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

At

December

31,

2023,

the

Fund

had

no

interest

rate

swap

contracts.

The

Fund

purchased

or

wrote

OTC

option

contracts

primarily

to

manage

and/or

gain exposure

to

foreign

exchange

rate

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

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

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Derivative

Financial

Instruments

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

34

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

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

10 regarding

other

derivative

information.

d.

Restricted

Cash

At

December

31,

2023, the

Fund

held

restricted

cash

in

connection

with

investments

in

certain

derivative

securities.

Restricted

cash

is

held

in

a

segregated

account

with

the

Fund’s

custodian

and/or

counterparty

broker

and

is

reflected

in

the

Statement

of

Assets

and

Liabilities.

e.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day. Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Fund,

and/or

a

joint

repurchase

agreement.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

December

31,

2023,

the

Fund

had

no

securities

on

loan.

f.

Income

and

Deferred

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

In

the

event

that

EU

reclaims

received

by

the Fund

during a

fiscal

year

exceed

foreign

withholding

taxes

paid

by

the

Fund,

and

the

Fund previously

passed

through to

its

shareholders

foreign

taxes

incurred

by

the

Fund

to

be

used

as

a

credit

or

deduction

on

a

shareholder’s

income

tax

return,

the Fund

will enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the Fund's

shareholders.

The

Fund

determined

to

enter

into

a

closing

agreement

with

the

IRS

and

recorded

the

estimated payments

as

a

reduction

to

income,

as

reflected

in

the

Statement

of

Operations.

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Derivative

Financial

Instruments

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

35

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

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,

2023, the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

g.

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.

h.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

i.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

f.

Income

and

Deferred

Taxes

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

36

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

2.

Shares

of

Beneficial

Interest

At

December

31,

2023,

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,

2023

Year

Ended

December

31,

2022

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

5,965,175

$14,106,990

7,689,306

$18,643,503

Shares

issued

in

reinvestment

of

distributions

..........

3,056,717

7,213,881

3,027,389

7,012,006

Shares

redeemed

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

(18,985,938)

(44,814,737)

(28,645,649)

(68,510,130)

Net

increase

(decrease)

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

(9,964,046)

$(23,493,866)

(17,928,954)

$(42,854,621)

Class

A1

Shares:

Shares

sold

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

1,682,115

$3,949,983

1,306,554

$3,128,760

Shares

issued

in

reinvestment

of

distributions

..........

1,567,764

3,704,390

1,620,156

3,759,109

Shares

redeemed

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

(9,242,737)

(21,820,999)

(15,586,982)

(36,929,742)

Net

increase

(decrease)

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

(5,992,858)

$(14,166,626)

(12,660,272)

$(30,041,873)

Class

C

Shares:

Shares

sold

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

743,327

$1,739,817

652,460

$1,593,651

Shares

issued

in

reinvestment

of

distributions

..........

179,206

421,549

232,940

539,119

Shares

redeemed

a

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

(3,951,741)

(9,303,367)

(7,235,955)

(17,573,495)

Net

increase

(decrease)

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

(3,029,208)

$(7,142,001)

(6,350,555)

$(15,440,725)

Class

C1

Shares:

Shares

sold

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

104,615

$245,837

50,406

$120,538

Shares

issued

in

reinvestment

of

distributions

..........

19,313

45,748

27,832

64,829

Shares

redeemed

a

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

(413,172)

(980,771)

(544,980)

(1,280,183)

Net

increase

(decrease)

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

(289,244)

$(689,186)

(466,742)

$(1,094,816)

Class

R

Shares:

Shares

sold

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

50,774

$118,692

45,002

$112,137

Shares

issued

in

reinvestment

of

distributions

..........

6,445

15,276

6,016

14,024

Shares

redeemed

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

(60,071)

(140,429)

(229,209)

(521,063)

Net

increase

(decrease)

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

(2,852)

$(6,461)

(178,191)

$(394,902)

Class

R6

Shares:

Shares

sold

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

650,235

$1,495,383

176,826

$441,080

Shares

issued

in

reinvestment

of

distributions

..........

44,099

104,523

38,248

88,921

Shares

redeemed

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

(324,615)

(768,840)

(343,225)

(820,349)

Net

increase

(decrease)

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

369,719

$831,066

(128,151)

$(290,348)

Advisor

Class

Shares:

Shares

sold

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

1,208,881

$2,875,560

1,430,486

$3,486,490

Shares

issued

in

reinvestment

of

distributions

..........

420,907

998,284

518,629

1,211,215

Shares

redeemed

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

(4,234,508)

(10,034,343)

(8,547,520)

(20,659,307)

Net

increase

(decrease)

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

(2,604,720)

$(6,160,499)

(6,598,405)

$(15,961,602)

a

May

include

a

portion

of

Class

C

and

C1

shares

that

were

automatically

converted

to

Class

A.

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

37

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

Effective May

1,

2023,

the

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to Global

Advisors

based

on

the

average

daily

net

assets of

the

Fund

as

follows:

Prior

to

May

1,

2023,

the

Fund

paid

fees,

calculated

daily

and

paid

monthly,

to

Global

Advisors

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

year

ended

December

31,

2023,

the

gross

effective

investment

management

fee

rate

was 0.759%

of

the

Fund’s

average daily

net

assets. 

Subsidiary

Affiliation

Templeton

Global

Advisors

Limited

(Global

Advisors)

Investment

manager

Templeton

Investment

Counsel,

LLC

(TICL)

Investment

manager

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.725%

Up

to

and

including

$500

million

0.625%

Over

$500

million,

up

to

and

including

$1

billion

0.575%

Over

$1

billion,

up

to

and

including

$1.5

billion

0.525%

Over

$1.5

billion,

up

to

and

including

$6.5

billion

0.500%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.478%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.465%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.455%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.445%

In

excess

of

$21.5

billion

Annualized

Fee

Rate

Net

Assets

0.825%

Up

to

and

including

$500

million

0.725%

Over

$500

million,

up

to

and

including

$1

billion

0.675%

Over

$1

billion,

up

to

and

including

$1.5

billion

0.625%

Over

$1.5

billion,

up

to

and

including

$6.5

billion

0.600%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.578%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.565%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.555%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.545%

In

excess

of

$21.5

billion

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

38

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

Under

a

subadvisory

agreement,

Advisers

and

TICL,

affiliates

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,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. Effective

October

1,

2023,

the

fees

are

based

on

a

fixed

margin

earned

by

Investor

Services

and

are

allocated

to

the

Fund

based

upon

relative

assets

and

relative

transactions.

Prior

to

October

1,

2023,

the

fees

were

based

on

an

annualized

asset

based

fee

of

0.016%

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

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

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

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

$7,950

CDSC

retained

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

$972

3.

Transactions

with

Affiliates

(continued)

a.

Management

Fees

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

39

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

For

the

year

ended

December

31,

2023,

the

Fund

paid

transfer

agent

fees

as

noted

in

the

Statement

of

Operations,

of

which

$211,210

was retained

by

Investor

Services.

f.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

December

31,

2023,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

g.

Waiver

and

Expense

Reimbursements

Global

Advisors

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating

expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses,

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.95%

based

on

the

average

net

assets

of

each

class

until

April

30,

2024.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

April

30,

2024.

4.

Expense

Offset

Arrangement

The Fund has

previously

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,

2023,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective July

10,

2023,

earned

credits,

if

any,

will

be

recognized

as

income.

    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,

5.034%

$9,495,771

$130,769,592

$(135,972,000)

$—

$—

$4,293,363

4,293,363

$836,418

Total

Affiliated

Securities

...

$9,495,771

$130,769,592

$(135,972,000)

$—

$—

$4,293,363

$836,418

3.

Transactions

with

Affiliates

(continued)

e.

Transfer

Agent

Fees

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

40

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,

2023,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended December

31,

2023

the

Fund

utilized

$2,136,457

of

capital

loss

carryforwards.

The

tax

character

of

distributions

paid

during

the

years

ended

December

31,

2023

and

2022,

was

as

follows:

At

December

31,

2023,

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

defaulted

securities,

foreign

currency

transactions,

wash

sales,

EU

reclaims,

payments-in-kind,

bond

discounts

and

premiums,

tax

straddles

and

net

operating

losses.

6.

Investment

Transactions

Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

December

31,

2023,

aggregated

$200,838,640 and

$239,880,647,

respectively. 

7.

Credit Risk

and

Defaulted

Securities

At

December

31,

2023,

the

Fund

had 10.2%

of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

December

31,

2023,

the

aggregate

value

of

these

securities

was $913,051

representing 0.3%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$26,588,638

Long

term

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

119,957,129

Total

capital

loss

carryforwards

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

$146,545,767

2023

2022

Distributions

paid

from:

Return

of

capital

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

$13,126,977

$13,297,888

Cost

of

investments

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

$341,557,643

Unrealized

appreciation

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

$37,638,834

Unrealized

depreciation

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

(33,275,969)

Net

unrealized

appreciation

(depreciation)

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

$4,362,865

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

41

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

8.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

9.

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,

2023,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

10.

Other

Derivative

Information

At

December

31,

2023,

investments

in

derivative

contracts

are

reflected

in

the

Statement of

Assets

and

Liabilities

as

follows:

Shares

Issuer

Acquisition

Date

Cost

Value

Templeton

Global

Balanced

Fund

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

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$0

as

of

December

31,

2023.

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

$

190,355

a

Options

written,

at

value

$

192,346

Unrealized

appreciation

on

OTC

forward

exchange

contracts

2,638,636

Unrealized

depreciation

on

OTC

forward

exchange

contracts

167,022

Total

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

$2,828,991

$359,368

a

Purchased

option

contracts

are

included

in

investments

in

securities,

at

value

in

the

Statement

of

Assets

and

Liabilities.

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

42

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

For

the

year

ended

December

31,

2023,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

year

ended

December

31,

2023,

the

average

month

end

notional

amount

of

swap

contracts

and

options

represented

$11,604,615

and

$8,689,846

respectively.

The

average

month

end

contract

value

of

forward

exchange

contracts

was

$119,881,611.

See

Note

1(c)

regarding

derivative

financial

instruments. 

See

Abbreviations

on

page

44

.

11.

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

2,

2024.

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

2,

2024,

the

Borrowers

renewed

the

Global

Credit

Facility

for

a

one-year

term,

maturing

January

31,

2025,

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 Statement

of

Operations.

During

the

year

ended

December

31,

2023,

the Fund

did

not

use

the

Global

Credit

Facility.

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Year

Statement

of

Operations

Location

Net

Change

in

Unrealized

Appreciation

(Depreciation)

for

the

Year

Templeton

Global

Balanced

Fund

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Swap

contracts

$1,008,778

Swap

contracts

$(1,238,396)

Foreign

exchange

contracts

.....

Investments

(129,468)

a

Investments

(66,470)

a

Written

options

30,493

Written

options

(27,970)

Forward

exchange

contracts

(5,497,817)

Forward

exchange

contracts

1,441,641

Total

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

$(4,588,014)

$108,805

a

Purchased

option

contracts

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation)  on

investments

in

the

Statement

of

Operations.

10.

Other

Derivative

Information

(continued)

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

43

franklintempleton.com

Annual

Report

Templeton

Global

Balanced

Fund

(continued)

12.

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,

2023,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Global

Balanced

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

China

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

$

2,520,733

$

6,139,695

$

—

$

8,660,428

France

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

—

6,805,422

—

6,805,422

Germany

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

—

20,866,407

—

20,866,407

Hong

Kong

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

—

1,627,345

—

1,627,345

Hungary

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

2,728,901

—

—

2,728,901

Japan

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

—

3,199,201

—

3,199,201

Netherlands

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

—

10,290,684

—

10,290,684

Norway

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

—

3,053,616

—

3,053,616

South

Africa

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

—

—

—

a

—

South

Korea

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

—

11,097,297

—

11,097,297

Switzerland

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

—

2,681,095

—

2,681,095

Taiwan

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

—

3,476,765

—

3,476,765

United

Kingdom

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

—

24,294,587

—

24,294,587

United

States

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

79,387,660

—

—

79,387,660

Corporate

Bonds

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

—

—

—

a

—

Foreign

Government

and

Agency

Securities

....

—

156,844,813

—

156,844,813

U.S.

Government

and

Agency

Securities

.......

—

4,143,301

—

4,143,301

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Options

purchased

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

—

190,355

—

190,355

Short

Term

Investments

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

4,293,363

—

—

4,293,363

Total

Investments

in

Securities

...........

$88,930,657

$254,710,583

b

$—

$343,641,240

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

2,638,636

$

—

$

2,638,636

Total

Other

Financial

Instruments

.........

$—

$2,638,636

$—

$2,638,636

Liabilities:

Other

Financial

Instruments:

Options

written

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

$

—

$

192,346

$

—

$

192,346

Forward

exchange

contracts

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

—

167,022

—

167,022

Total

Other

Financial

Instruments

.........

$—

$359,368

$—

$359,368

a

Includes

financial

instruments

determined

to

have

no

value.

Templeton

Global

Investment

Trust

Notes

to

Financial

Statements

44

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.

13.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

Abbreviations

b

Includes

foreign

securities

valued

at

$93,532,114,

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.

Counterparty

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America

Corp.

BZWS

Barclays

Bank

plc

DBAB

Deutsche

Bank

AG

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

Selected

Portfolio

PIK

Payment-In-Kind

Cu

r

rency

AUD

Australian

Dollar

BRL

Brazilian

Real

COP

Colombian

Peso

EUR

Euro

GHS

Ghanaian

Cedi

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

12.

Fair

Value

Measurements

(continued)

Templeton

Global

Investment

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

45

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Templeton

Global

Investment

Trust

and

Shareholders

of

Templeton

Global

Balanced

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Templeton

Global

Balanced

Fund

(one

of

the

funds

constituting

Templeton

Global

Investment

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2023,

the

related

statement

of

operations

for

the

year

ended

December

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

(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,

2023,

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,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

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,

2023

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

20,

2024

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)

46

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,

2023:

Note

(1)

-

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obiligations

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

their

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,

2023:

Pursuant

to:

Amount

Reported

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$1,741,719

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$5,597,134

Interest

Earned

from

Federal

Obligations

Note

(1)

$135,834

Amount

Reported

Foreign

Taxes

Paid

$575,513

Foreign

Source

Income

Earned

$11,638,483

Templeton

Global

Investment

Trust

Board

Members

and

Officers

47

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

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Harris

J.

Ashton

(1932)

Trustee

Since

1994

118

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

29

Ares

Strategic

Income

Fund

(closed-end

investment

management

company)

(September

2022-present);

Ares

Capital

Corporation

(specialty

finance

company)

(2010-present);

and

formerly

,

United

Natural

Foods,

Inc.

(food

distribution)

(2013-2023)

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).

Terrence

J.

Checki

(1945)

Trustee

Since

January

2023

118

Hess

Corporation

(exploration

of

oil

and

gas)

(2014-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Member

of

the

Council

on

Foreign

Relations

(1996-present);

Member

of

the

National

Committee

on

U.S.-China

Relations

(1999-present);

member

of

the

board

of

trustees

of

the

Economic

Club

of

New

York

(2013-present);

member

of

the

board

of

trustees

of

the

Foreign

Policy

Association

(2005-present);

member

of

the

board

of

directors

of

Council

of

the

Americas

(2007-present)

and

the

Tallberg

Foundation

(2018-present);

and

formerly

,

Executive

Vice

President

of

the

Federal

Reserve

Bank

of

New

York

and

Head

of

its

Emerging

Markets

and

Internal

Affairs

Group

and

Member

of

Management

Committee

(1995-2014);

and

Visiting

Fellow

at

the

Council

on

Foreign

Relations

(2014).

Mary

C.

Choksi

(1950)

Trustee

Since

2017

118

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

48

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

1

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

118

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Santander

Holdings

USA

(holding

company)

(2019-present);

and

formerly

,

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-2023);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

118

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Counselor

and

Special

Advisor

to

the

CEO

and

Board

of

Directors

of

the

Coca-Cola

Company

(beverage

company)

(2021-present);

and

formerly

,

Counselor

and

Senior

Advisor

to

the

Chairman,

CEO,

and

Board

of

Directors,

of

The

Boeing

Company

(aerospace

company),

and

member

of

the

Executive

Council

(2019-2020);

Executive

Vice

President,

General

Counsel

and

member

of

the

Executive

Council,

The

Boeing

Company

(2006-2019);

and

Federal

Appeals

Court

Judge,

United

States

Court

of

Appeals

for

the

Fourth

Circuit

(1991-2006).

David

W.

Niemiec

(1949)

Trustee

Since

2006

29

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

118

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

49

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

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Constantine

D.

Tseretopoulos

(1954)

Trustee

Since

2001

19

None

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Physician,

Chief

of

Staff,

owner

and

operator

of

the

Lyford

Cay

Hospital

(1987-present);

director

of

various

nonprofit

organizations;

and

formerly

,

Cardiology

Fellow,

University

of

Maryland

(1985-1987);

and

Internal

Medicine

Resident,

Greater

Baltimore

Medical

Center

(1982-

1985).

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Gregory

E.

Johnson

2

(1961)

Chairman

of

the

Board,

Trustee

and

Vice

President

Chairman

of

the

Board

and

Vice

President

since

January

2023

and

Trustee

since

2006

128

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.

3

(1940)

Trustee

Since

2013

118

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.

Ted

P.

Becker

(1951)

Chief

Compliance

Officer

Since

June

2023

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Vice

President,

Global

Compliance

of

Franklin

Templeton

(since

2020);

Chief

Compliance

Officer

of

Franklin

Templeton

Fund

Adviser,

LLC

(since

2006);

Chief

Compliance

Officer

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2006);

formerly

,

Director

of

Global

Compliance

at

Legg

Mason

(2006-2020);

Managing

Director

of

Compliance

of

Legg

Mason

&

Co.

(2005-2020).

Susan

Kerr

(1949)

Vice

President

-

AML

Compliance

Since

2021

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

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,

Franklin

Distributors;

and

officer

of

certain

funds

in

the

Franklin

Templeton/

Legg

Mason

fund

complex.

Independent

Board

Members

(continued)

Templeton

Global

Investment

Trust

50

franklintempleton.com

Annual

Report

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.

1.

Information

is

for

the

calendar

year

ended

December

31,

2023,

unless

otherwise

noted.

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.

2.

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.

3.

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

a

major

shareholder

of

Resources,

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

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

2005,

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

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Christopher

Kings

(1974)

Chief

Executive

Officer

-

Finance

and

Administration

Since

January

2024

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;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Manraj

S.

Sekhon

(1969)

President

and

Chief

Executive

Officer

–

Investment

Management

Since

April

2023

Not

Applicable

Not

Applicable

7

Temasek

Blvd.

Suntec

Tower

1,

#38-03

Singapore

038987

Principal

Occupation

During

at

Least

the

Past

5

Years:

Chief

Investment

Officer,

Franklin

Templeton

Emerging

Markets

Equity;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Navid

J.

Tofigh

(1972)

Vice

President

and

Secretary

Vice

President

since

2015

and

Secretary

since

June

2023

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.

Jeffrey

W.

White

(1971)

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

January

2024

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Chief

Financial

Officer,

Chief

Accounting

Officer

&

Treasurer

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

and

formerly

,

Director

and

Assistant

Treasurer

within

Franklin

Templeton

Global

Fund

Tax

and

Fund

Administration

and

Financial

Reporting

(2017-2023).

Interested

Board

Members

and

Officers

(continued)

Templeton

Global

Investment

Trust

51

franklintempleton.com

Annual

Report

general

application

of

such

principles

in

connection

with

the

accounting

estimates,

accruals

and

reserves,

and

analyzing

and

evaluating

financial

statements

that

present

a

breadth

and

level

of

complexity

of

accounting

issues

generally

comparable

to

those

of

the

Fund,

as

well

as

an

understanding

of

internal

controls

and

procedures

for

financial

reporting

and

an

understanding

of

audit

committee

functions.

Ms.

Bates

and

Mr.

Niemiec

are

independent

Board

members

as

that

term

is

defined

under

the

applicable

U.S.

Securities

and

Exchange

Commission

Rules

and

Releases.

The

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

board

members

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

(800)

DIAL

BEN/342-5236

to

request

the

SAI.

Interested

Board

Members

and

Officers

(continued)

Templeton

Global

Investment

Trust

Shareholder

Information

52

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

Schedule

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

325

A

02/24

©

2024

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 $66,061 for the fiscal year ended December 31, 2023 and $65,583 for the fiscal year ended December 31, 2022.

(b)      Audit-Related Fees

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

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

(c)      Tax Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning were $0 for the fiscal year ended December 31, 2023 and $7,000 for the fiscal year ended December 31, 2022. The services for which these fees were paid included preparation of tax returns in relation to the liquidation of previously consolidated entities.

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $70,000 for the fiscal year ended December 31, 2023 and $70,000 for the fiscal year ended December 31, 2022. The services for which these fees were paid included global access to tax platform International Tax View.

(d)      All Other Fees

There were no 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. 

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 $163,926 for the fiscal year ended December 31, 2023 and $240,211 for the fiscal year ended December 31, 2022. The services for which these fees were paid included professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection with a license for accounting and business knowledge platform Viewpoint, fees in connection with a license for employee development tool ProEdge, professional fees relating to security counts 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 $233,926 for the fiscal year ended December 31, 2023 and $317,211 for the fiscal year ended December 31, 2022.

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

(i) N/A

(j) N/A

Item 5. Audit Committee

of Listed Registrants.

        N/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. Recovery of Erroneously Awarded Compensation.

(a) N/A

(b) N/A

Item 14. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  February 26, 2024

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\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  February 26, 2024

By S\JEFFREY WHITE______________________

      Jeffrey White

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  February 26, 2024