Templeton BRIC Fund

Templeton BRIC Fund

SEPTEMBER 30, 2011

SEMIANNUAL REPORTAND SHAREHOLDER LETTER

A series of Templeton Global Investment Trust

I NTERNAT IONAL

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ContentsSemiannual Report

Templeton BRIC Fund . . . . . . . . . . . . . . . . . 3

Performance Summary . . . . . . . . . . . . . . . . 8

Your Fund’s Expenses . . . . . . . . . . . . . . . . . 10

Financial Highlights and Statement of Investments . . . . . . . . . . . . . . 12

Financial Statements . . . . . . . . . . . . . . . . . 18

Notes to Financial Statements . . . . . . . . . . 22

Shareholder Information . . . . . . . . . . . . . . . 32

Shareholder Letter . . . . . . . . . . . . . . . . . . . 1

Contents

Shareholder LetterDear Shareholder:

During the six months ended September 30, 2011, investor concerns aboutglobal economic growth, the eurozone sovereign debt crisis and U.S. fiscal policy pressured equity markets globally. Even though emerging economiesgenerally continued to grow faster than developed economies, emerging marketstocks, overall, suffered steeper declines than developed market stocks.

Although the recent environment has been challenging, we remain cautiouslyoptimistic about BRIC economies as they continue to show growth. Keep inmind we have navigated through past periods of economic uncertainty andmarket volatility by remaining committed to our long-term perspective anddisciplined investment approach. First and foremost for us, this means usingour on-the-ground research team to conduct rigorous, company-by-companyanalysis to find what we consider to be bargain opportunities.

Templeton BRIC Fund’s semiannual report goes into greater detail about pre-vailing conditions during the period under review. In addition, you will findFund performance data, financial information and a discussion about invest-ment decisions. Please remember all securities markets fluctuate, as do mutualfund share prices.

If you would like more frequent updates, franklintempleton.com providesdaily prices, monthly performance figures, portfolio holdings and other infor-mation. You can also access your account, buy and sell shares, read timelyarticles, and find helpful financial planning tools. We hope you will takeadvantage of these online services.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

2 | Not part of the semiannual report

Historically, patient investors have achieved rewarding results by evaluatingtheir goals, diversifying their assets globally and maintaining a disciplinedinvestment program, all hallmarks of the Templeton investment philosophydeveloped more than 50 years ago. We continue to recommend investors con-sult their financial advisors and review their portfolios to design a long-termstrategy and portfolio allocation that meet their individual needs, goals and risktolerance. We firmly believe most people benefit from professional advice andthat advice is invaluable as investors navigate changing market environments.

We thank you for investing with Franklin Templeton, welcome your questionsand comments, and look forward to serving your investment needs in theyears ahead.

Sincerely,

Mark MobiusExecutive ChairmanTempleton Emerging Markets Group

This letter reflects our analysis and opinions as of September 30, 2011. The information is not a complete analysisof every aspect of any market, country, industry, security or fund. Statements of fact are from sources consideredreliable.

Semiannual Report | 3

This semiannual report for Templeton BRIC Fund covers the period endedSeptember 30, 2011.

Economic and Market Overview

The BRIC economies continued to display strong economic characteristics despiteweakness in developed markets during the six months ended September 30,2011. However, the eurozone sovereign debt crisis and U.S. fiscal concerns ledinvestors to hold cash, shying away from investments in both developed andemerging markets.

Global stock markets declined significantly in the final two months of thereporting period as the prolonged eurozone debt crisis and lack of a compre-hensive solution continued to weigh heavily on investor sentiment. Renewedworries that the U.S. could slip back into a recession further acceleratedmarket declines.

High volatility and increased uncertainty also gave investors reasons to lock inprofits from 2009 and 2010. The BRIC markets except China returned morethan 140% in U.S. dollar (USD) terms during those years, as measured by eachcountry’s MSCI index, which tracks each BRIC country’s stock performance.1

Largely as a result of profit taking, the MSCI Brazil, Russia, India, China(BRIC) Index, which measures stock market performance in these countries,had a -28.28% total return in USD terms during the reporting period.1

Semiannual Report

Templeton BRIC FundYour Fund’s Goal and Main Investments: Templeton BRIC Fund seeks long-term capital

appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets in securities

of BRIC companies — those companies that are organized under the laws of, have a principal office in,

or whose principal trading market is in Brazil, Russia, India or China (including the People’s Republic

of China, Hong Kong and Taiwan); or derive 50% or more of their total revenue or profit from, or have

50% or more of their assets in, BRIC countries.

1. Source: © 2011 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstarand/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete ortimely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use ofthis information. The index is unmanaged and includes reinvested dividends. One cannot invest directly in an index,and an index is not representative of the Fund’s portfolio.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’sStatement of Investments (SOI). The SOI begins on page 15.

Geographic BreakdownBased on Total Net Assets as of 9/30/11

Brazil

India

China

Russia

Kazakhstan

28.7%

19.6%

32.2%

17.8%

0.5%

1.2%Short-Term Investments & Other Net Assets

4 | Semiannual Report

Within the BRIC universe, India and China performed better than their peers.Although inflation remained a major concern for both economies, strong growthand rising domestic demand led investors to adopt a relatively more positiveview. The export-dependent economies of Russia and Brazil, on the other hand,were pressured, not only by a weaker global economy, which impacted exportdemand, but also by lower commodity prices and local currencies.

Investment Strategy

Our investment strategy employs a fundamental research, value-oriented,long-term approach. We focus on the market price of a company’s securitiesrelative to our evaluation of the company’s long-term (typically five years)earnings, asset value and cash flow potential. We also consider a company’sprofit and loss outlook, balance sheet strength, cash flow trends and assetvalue in relation to the current price. In choosing investments, we stronglybelieve in on-site visits to issuers of prospective investments to assess criticalfactors such as management strength and local conditions.

Performance Overview

Templeton BRIC Fund – Class A had a -29.34% cumulative total return forthe six months ended September 30, 2011. In comparison, the MSCI BRICIndex had a -28.28% total return for the same period.1 Please note index per-formance information is provided for reference and we do not attempt totrack any index but rather undertake investments on the basis of fundamentalresearch. In addition, the Fund’s return reflects the effect of fees and expensesfor professional management, while an index does not have such costs. Youcan find the Fund’s long-term performance data in the Performance Summarybeginning on page 8.

Manager’s Discussion

During the six-month reporting period, three of the largest detractors from theFund’s absolute performance were Yanzhou Coal Mining, one of China’s biggestcoal exporters; Brazil-based Vale, one of the top global producers of iron oreand nickel; and Itau Unibanco Holding, Brazil’s largest financial conglomer-ate, which provides a full range of banking and financial services. YanzhouCoal Mining’s and Vale’s share prices corrected in line with metal and miningstocks globally, as a result of lower commodity prices and demand concerns.In our long-term view, Yanzhou could benefit from ongoing industrialization inChina and other emerging countries, which would increase coal demand inpower generation and industrial processes. Likewise, Vale could be a major

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. Please visit

franklintempleton.com or call

(800) 342-5236 for most recent

month-end performance.


long-term beneficiary of rising commodity demand due to emerging market indus-trialization. Itau Unibanco’s weak earnings results for the first half of 2011,caused by higher loan loss provisions and expenses, led its share price todecline during the period. A dominant bank, Itau Unibanco has significanteconomies of scale and, in our assessment, is well positioned to benefit fromthe growing financial and banking needs of consumers in Brazil as well as therest of the region.

For the period under review, contributors to absolute performance includedSinopec (China Petroleum & Chemical), China’s leading integrated energycompany; Brazil’s AmBev (Companhia de Bebidas das Americas), one of theworld’s biggest beer and soft drink producers; and Confab Industrial, a majorLatin American pipes producer based in Brazil. Sinopec’s share price remainedrelatively defensive during the market correction. Lower oil prices and the com-pany’s ability to limit losses in its refining business despite the government’sprice controls alleviated some market concerns. AmBev benefited from Brazil’sstrong economic growth, higher income levels and growing domestic demand,as well as its exposure to regional markets. Confab’s share price jumped in lateAugust as a result of a buy-out offer from its controlling shareholder, whichwill subsequently delist the company.

It is also important to recognize the effect of currency movements on the Fund’sperformance. In general, if the value of the U.S. dollar goes up compared witha foreign currency, an investment traded in that foreign currency will go downin value because it will be worth fewer U.S. dollars. This can have a negativeeffect on Fund performance. Conversely, when the U.S. dollar weakens inrelation to a foreign currency, an investment traded in that foreign currencywill increase in value, which can contribute to Fund performance. For the sixmonths ended September 30, 2011, the U.S. dollar rose in value relative tomost currencies. As a result, the Fund’s performance was negatively affectedby the portfolio’s investment predominantly in securities with non-U.S. currency exposure.

Global stock price corrections during the reporting period presented us anumber of opportunities for refocusing the Fund. To raise cash to concen-trate on stocks we considered more attractively valued within our investmentuniverse, we either divested or reduced a number of positions. These actionssubsequently reduced investments in diversified banking, information technology(IT) services, diversified metals and mining, and real estate management anddevelopment companies. Consequently, the Fund’s holdings were reduced inIndia, Brazil and China via Hong Kong-listed China H shares.2 Major sales

Top 10 Equity Holdings 9/30/11

Company % of Total Sector/Industry, Country Net Assets

Vale SA, ADR, pfd., A 8.6%Metals & Mining, Brazil

PetroChina Co. Ltd., H 7.3%Oil, Gas & Consumable Fuels, China

Itau Unibanco Holding SA, ADR 5.3%Commercial Banks, Brazil

Norilsk Nickel (Mining and Metallurgical Co. Norilsk Nickel), ADR 5.2%

Metals & Mining, Russia

Yanzhou Coal Mining Co. Ltd., H 5.1%Oil, Gas & Consumable Fuels, China

Banco Bradesco SA, ADR, pfd. 5.0%Commercial Banks, Brazil

Sinopec (China Petroleum and Chemical Corp.), H 4.4%

Oil, Gas & Consumable Fuels, China

Gazprom, ADR 4.1%Oil, Gas & Consumable Fuels, Russia

AmBev (Companhia de Bebidas das Americas) 3.6%

Beverages, Brazil

Petrobras (Petroleo Brasileiro SA), ADR, pfd. 3.6%

Oil, Gas & Consumable Fuels, Brazil

2. “China H” denotes shares of China-incorporated, Hong Kong Stock Exchange-listed companies with most businessesin China.

included divestiture of the Fund’s positions in Chinese commercial banksICBC (Industrial and Commercial Bank of China) and China ConstructionBank, as well as major Brazilian steel producer Metalurgica Gerdau, andreduction of the Fund’s investment in leading Indian IT consulting firm TataConsultancy Services.

Purchases we undertook during the period remained focused on consumer- andcommodity-related companies due to rising per capita income and consump-tion in emerging markets. Some commodity companies’ valuations becamemore attractive to us after recent commodity price declines. Consistent withour long-term, value-oriented approach, we were highly selective in decidingon investment opportunities, as companies do not benefit equally from highercommodity prices. As a result, we added to our investments in oil and gasexploration and production, coal and consumable fuels, and automobile man-ufacturing companies. Geographically, we increased our investments in Russia.Because they traded at an average of single-digit price-to-earnings ratios, weconsidered Russian stocks among some of the cheapest in the emerging marketsuniverse. Key purchases included additional investments in Russia’s Gazprom,the world’s biggest gas company by reserves and production, and CNOOC,China’s principal offshore oil and gas exploration and production company,as well as a new position in China Shenhua Energy, one of the country’s largestcoal producers.


Thank you for your continued participation in Templeton BRIC Fund. Welook forward to serving your future investment needs.

Mark Mobius

Dennis Lim

Tom Wu

Portfolio Management TeamTempleton BRIC Fund

The foregoing information reflects our analysis, opinions and portfolio holdings as of September 30, 2011, the endof the reporting period. The way we implement our main investment strategies and the resulting portfolio holdingsmay change depending on factors such as market and economic conditions. These opinions may not be relied uponas investment advice or an offer for a particular security. The information is not a complete analysis of everyaspect of any market, country, industry, security or the Fund. Statements of fact are from sources consideredreliable, 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 ourinvestment management philosophy.



Performance1

Cumulative total return excludes sales charges. Average annual total return and value of $10,000 investment include maximum sales charges. Class A: 5.75% maximum initial sales charge; Class C: 1% contingent deferred sales charge infirst year only; Advisor Class: no sales charges.

Class A 6-Month 1-Year 5-Year Inception (6/1/06)

Cumulative Total Return2 -29.34% -21.70% +8.45% +15.94%

Average Annual Total Return3 -33.44% -26.19% +0.44% +1.68%

Value of $10,000 Investment4 $6,656 $7,381 $10,224 $10,927

Total Annual Operating Expenses5 1.98%

Class C 6-Month 1-Year 5-Year Inception (6/1/06)





Advisor Class6 6-Month 1-Year 5-Year Inception (6/1/06)





Performance data represent past performance, which does not guarantee future results. Investment return and principalvalue 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.

Price Information

Class A (Symbol: TABRX) Change 9/30/11 3/31/11

Net Asset Value (NAV) -$4.53 $10.91 $15.44

Class C (Symbol: TPBRX) Change 9/30/11 3/31/11


Advisor Class (Symbol: TZBRX) Change 9/30/11 3/31/11


Performance Summary as of 9/30/11

Your dividend income will vary depending on dividends or interest paid by securities in the Fund’sportfolio, adjusted for operating expenses of each class. Capital gain distributions are net profitsrealized from the sale of portfolio securities. The performance table does not reflect any taxes thata shareholder would pay on Fund dividends, capital gain distributions, if any, or any realized gainson the sale of Fund shares. Total return reflects reinvestment of the Fund’s dividends and capitalgain distributions, if any, and any unrealized gains or losses.


Performance Summary (continued)

Endnotes

Special risks are associated with foreign investing, including currency fluctuations, economic instability and political developments. Investmentsin BRIC companies, which are located in, or operate in, emerging market countries, involve heightened risks related to the same factors, inaddition to those associated with these companies’ smaller size, lesser liquidity and the lack of established legal, political, business and socialframeworks to support securities markets in the countries in which they operate. The Fund is a nondiversified fund. It may invest a greaterportion of its assets in the securities of one issuer than a diversified fund, which may result in greater fluctuation in the value of the Fund’sshares. All investments in emerging markets should be considered long-term investments that could experience significant price volatility inany given year. The Fund is designed for the aggressive portion of a well-diversified portfolio. The Fund is actively managed but there is noguarantee that the manager’s investment decisions will produce the desired results. The Fund’s prospectus also includes a description of themain investment risks.

Class C: These shares have higher annual fees and expenses than Class A shares.

Advisor Class: Shares are available to certain eligible investors as described in the prospectus.

1. Past expense reductions by the Fund’s manager and administrator increased the Fund’s total returns. If the manager and administrator had nottaken this action, the Fund’s total returns would have been lower.

2. Cumulative total return represents the change in value of an investment over the periods indicated.

3. Average annual total return represents the average annual change in value of an investment over the periods indicated. Six-month return has notbeen annualized.

4. These figures represent the value of a hypothetical $10,000 investment in the Fund over the periods indicated.

5. Figures are as stated in the Fund’s prospectus current as of the date of this report. In periods of market volatility, assets may decline significantly,causing total annual Fund operating expenses to become higher than the figures shown.

6. Effective 8/1/08, the Fund began offering Advisor Class shares, which do not have sales charges or a Rule 12b-1 plan. Performance quotations for this class reflect the following methods of calculation: (a) For periods prior to 8/1/08, a restated figure is used based upon the Fund’s Class Aperformance, excluding the effect of Class A’s maximum initial sales charge, but reflecting the effect of the Class A Rule 12b-1 fees; and (b) for periods after 8/1/08 actual Advisor Class performance is used reflecting all charges and fees applicable to that class. Since 8/1/08 (commencementof sales), the cumulative and average annual total returns of Advisor Class shares were -24.72% and -8.58%.


Your Fund’s Expenses

As a Fund shareholder, you can incur two types of costs:

• Transaction costs, including sales charges (loads) on Fund purchases; and

• Ongoing Fund costs, including management fees, distribution and service (12b-1) fees, and otherFund expenses. All mutual funds have ongoing costs, sometimes referred to as operating expenses.

The following table shows ongoing costs of investing in the Fund and can help you understandthese costs and compare them with those of other mutual funds. The table assumes a $1,000investment held for the six months indicated.

Actual Fund Expenses

The first line (Actual) for each share class listed in the table provides actual account values andexpenses. The “Ending Account Value” is derived from the Fund’s actual return, which includesthe effect of Fund expenses.

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:

1. Divide your account value by $1,000.If an account had an $8,600 value, then $8,600 ÷ $1,000 = 8.6.

2. Multiply the result by the number under the heading “Expenses Paid During Period.”If Expenses Paid During Period were $7.50, then 8.6 x $7.50 = $64.50.

In this illustration, the estimated expenses paid this period are $64.50.

Hypothetical Example for Comparison with Other Funds

Information in the second line (Hypothetical) for each class in the table can help you compareongoing costs of investing in the Fund with those of other mutual funds. This information maynot be used to estimate the actual ending account balance or expenses you paid during the period.The hypothetical “Ending Account Value” is based on the actual expense ratio for each class andan assumed 5% annual rate of return before expenses, which does not represent the Fund’s actualreturn. The figure under the heading “Expenses Paid During Period” shows the hypothetical expensesyour account would have incurred under this scenario. You can compare this figure with the 5%hypothetical examples that appear in shareholder reports of other funds.


Your Fund’s Expenses (continued)

Please note that expenses shown in the table are meant to highlight ongoing costs and do not reflectany transaction costs, such as sales charges. Therefore, the second line for each class is useful incomparing ongoing costs only, and will not help you compare total costs of owning different funds.In addition, if transaction costs were included, your total costs would have been higher. Please referto the Fund prospectus for additional information on operating expenses.

Beginning Account Ending Account Expenses Paid DuringClass A Value 4/1/11 Value 9/30/11 Period* 4/1/11–9/30/11

Actual $1,000 $ 706.60 $ 8.66

Hypothetical (5% return before expenses) $1,000 $1,014.85 $10.23

Class C

Actual $1,000 $ 704.60 $11.63

Hypothetical (5% return before expenses) $1,000 $1,011.35 $13.73

Advisor Class

Actual $1,000 $ 708.20 $ 7.39

Hypothetical (5% return before expenses) $1,000 $1,016.35 $ 8.72

*Expenses are calculated using the most recent six-month expense ratio, annualized for each class (A: 2.03%, C: 2.73%; and Advisor: 1.73%), multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

Templeton Global Investment TrustFinancial Highlights

12 | The accompanying notes are an integral part of these financial statements. | Semiannual Report

Templeton BRIC Fund

Six Months EndedSeptember 30, 2011 Year Ended March 31,

Class A (unaudited) 2011 2010 2009 2008 2007a

Per share operating performance(for a share outstanding throughout the period)

Net asset value, beginning of period . . . . . . . $15.44 $13.77 $ 7.17 $15.40 $13.04 $10.00

Income from investment operationsb:

Net investment income (loss)c . . . . . . . . . . 0.16 0.02 0.01 0.09 (0.05) (0.01)

Net realized and unrealized gains (losses) . . . (4.69) 1.68 6.63 (8.18) 2.91 3.12

Total from investment operations . . . . . . . . . (4.53) 1.70 6.64 (8.09) 2.86 3.11

Less distributions from:

Net investment income . . . . . . . . . . . . . . . — (0.03) (0.04) (0.14) — (0.05)

Net realized gains . . . . . . . . . . . . . . . . . . . — — — — (0.42) (0.02)

Tax return of capital . . . . . . . . . . . . . . . . . — — — — (0.08) —

Total distributions . . . . . . . . . . . . . . . . . . . . — (0.03) (0.04) (0.14) (0.50) (0.07)

Redemption feesd . . . . . . . . . . . . . . . . . . . . — — — — —e —e

Net asset value, end of period . . . . . . . . . . . $10.91 $15.44 $13.77 $ 7.17 $15.40 $13.04

Total returnf . . . . . . . . . . . . . . . . . . . . . . . . (29.34)% 12.47% 92.67% (52.57)% 21.71% 31.12%

Ratios to average net assetsg

Expenses before waiver and payments by affiliates . . . . . . . . . . . . . . . . . . . . . . . 2.03% 2.11% 2.15% 2.17% 2.09% 2.19%

Expenses net of waiver and payments by affiliates . . . . . . . . . . . . . . . . . . . . . . . 2.03% 2.11% 2.15%h 2.17%h 2.09%h 2.15%h

Net investment income (loss) . . . . . . . . . . . . 2.18% 0.17% 0.04% 0.72% (0.27)% (0.11)%

Supplemental data

Net assets, end of period (000’s) . . . . . . . . . $384,455 $595,870 $587,393 $238,253 $645,417 $212,714

Portfolio turnover rate . . . . . . . . . . . . . . . . . 2.17% 18.74% 21.71% 47.31% 40.49% 28.98%

aFor the period June 1, 2006 (commencement of operations) to March 31, 2007.bThe 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 ofthe Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.cBased on average daily shares outstanding.dEffective September 1, 2008, the redemption fee was eliminated.eAmount rounds to less than $0.01 per share.fTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.gRatios are annualized for periods less than one year.hBenefit of expense reduction rounds to less than 0.01%.

Templeton Global Investment TrustFinancial Highlights (continued)

Semiannual Report | The accompanying notes are an integral part of these financial statements. | 13

Templeton BRIC Fund

Six Months EndedSeptember 30, 2011 Year Ended March 31,

Class C (unaudited) 2011 2010 2009 2008 2007a


Net asset value, beginning of period . . . . . . . $15.20 $13.62 $ 7.14 $15.28 $12.99 $10.00


Net investment income (loss)c . . . . . . . . . . 0.10 (0.07) (0.08) 0.01 (0.15) (0.09)

Net realized and unrealized gains (losses) . . . (4.59) 1.65 6.59 (8.08) 2.88 3.13

Total from investment operations . . . . . . . . . (4.49) 1.58 6.51 (8.07) 2.73 3.04

Less distributions from:

Net investment income . . . . . . . . . . . . . . . — — (0.03) (0.07) — (0.03)

Net realized gains . . . . . . . . . . . . . . . . . . . — — — — (0.42) (0.02)

Tax return of capital . . . . . . . . . . . . . . . . . — — — — (0.02) —

Total distributions . . . . . . . . . . . . . . . . . . . . — — (0.03) (0.07) (0.44) (0.05)

Redemption feesd . . . . . . . . . . . . . . . . . . . . — — — — —e —e

Net asset value, end of period . . . . . . . . . . . $10.71 $15.20 $13.62 $ 7.14 $15.28 $12.99

Total returnf . . . . . . . . . . . . . . . . . . . . . . . . (29.54)% 11.60% 91.24% (52.81)% 20.81% 30.44%

Ratios to average net assetsg

Expenses before waiver and payments by affiliates . . . . . . . . . . . . . . . . . . . . . . . 2.73% 2.81% 2.85% 2.82% 2.75% 2.84%

Expenses net of waiver and payments by affiliates . . . . . . . . . . . . . . . . . . . . . . . 2.73% 2.81% 2.85%h 2.82%h 2.75%h 2.80%h

Net investment income (loss) . . . . . . . . . . . . 1.48% (0.53)% (0.66)% 0.07% (0.93)% (0.76)%

Supplemental data

Net assets, end of period (000’s) . . . . . . . . . $125,129 $195,492 $192,625 $76,522 $196,535 $70,021

Portfolio turnover rate . . . . . . . . . . . . . . . . . 2.17% 18.74% 21.71% 47.31% 40.49% 28.98%

aFor the period June 1, 2006 (commencement of operations) to March 31, 2007.bThe 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 ofthe Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.cBased on average daily shares outstanding.dEffective September 1, 2008, the redemption fee was eliminated.eAmount rounds to less than $0.01 per share.fTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.gRatios are annualized for periods less than one year.hBenefit of expense reduction rounds to less than 0.01%.

Templeton Global Investment TrustFinancial Highlights (continued)


Templeton BRIC Fund

Six Month EndedSeptember 30, 2011 Year Ended March 31,

Advisor Class (unaudited) 2011 2010 2009a


Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . $15.42 $13.77 $ 7.15 $15.01


Net investment income (loss)c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15 0.03 (0.05) 0.05

Net realized and unrealized gains (losses) . . . . . . . . . . . . . . . . . . . . . (4.65) 1.72 6.72 (7.74)

Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.50) 1.75 6.67 (7.69)

Less distributions from net investment income . . . . . . . . . . . . . . . . . . . — (0.10) (0.05) (0.17)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10.92 $15.42 $13.77 $ 7.15

Total returnd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29.18)% 12.67% 93.41% (51.22)%

Ratios to average net assetse

Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.73% 1.81% 1.85%f 1.88%f

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.48% 0.47% 0.34% 1.01%

Supplemental data

Net assets, end of period (000’s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,708 $28,617 $15,920 $1,446

Portfolio turnover rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.17% 18.74% 21.71% 47.31%

aFor the period August 1, 2008 (effective date) to March 31, 2009.bThe 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 ofthe Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.cBased on average daily shares outstanding.dTotal return is not annualized for periods less than one year.eRatios are annualized for periods less than one year.fBenefit of expense reduction rounds to less than 0.01%.


Templeton Global Investment TrustStatement of Investments, September 30, 2011 (unaudited)

Templeton BRIC Fund Industry Shares Value

Common Stocks 77.9%Brazil 11.3%BM&F BOVESPA SA . . . . . . . . . . . . . . . . . . . . Diversified Financial Services 632,186 $ 2,947,418Companhia de Bebidas das Americas (AmBev) . . . . . . . . . . . . . . . . . . . . . . . . . . . Beverages 798,149 19,401,792

Gafisa SA . . . . . . . . . . . . . . . . . . . . . . . . . . . Household Durables 1,246,292 3,523,344Itau Unibanco Holding SA, ADR . . . . . . . . . . . Commercial Banks 1,816,825 28,197,124Localiza Rent a Car SA . . . . . . . . . . . . . . . . . . Road & Rail 190,711 2,518,739MRV Engenharia e Participacoes SA . . . . . . . . Household Durables 666,282 3,385,568

59,973,985

China 28.7%Beijing Capital Land Ltd., H . . . . . . . . . . . . . . Real Estate Management & Development 10,264,000 1,823,068China Coal Energy Co., H . . . . . . . . . . . . . . . . Oil, Gas & Consumable Fuels 2,555,000 2,289,692China Petroleum and Chemical Corp., H . . . . . . Oil, Gas & Consumable Fuels 24,146,000 23,222,173China Shenhua Energy Co. Ltd., H . . . . . . . . . . Oil, Gas & Consumable Fuels 836,000 3,272,825Chongqing Changan Automobile Co. Ltd., B . . . Automobiles 6,667,945 1,789,834CNOOC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . Oil, Gas & Consumable Fuels 7,820,000 12,535,445

aFook Woo Group Holdings Ltd. . . . . . . . . . . . . Commercial Services & Supplies 5,912,000 1,358,967Inner Mongolia Yitai Coal Co. Ltd., B . . . . . . . . Oil, Gas & Consumable Fuels 1,528,800 7,735,728PetroChina Co. Ltd., H . . . . . . . . . . . . . . . . . . Oil, Gas & Consumable Fuels 32,046,000 38,738,138Sinotrans Ltd., H . . . . . . . . . . . . . . . . . . . . . . Air Freight & Logistics 9,036,000 1,758,174Soho China Ltd. . . . . . . . . . . . . . . . . . . . . . . . Real Estate Management & Development 24,691,500 15,589,573Tencent Holdings Ltd. . . . . . . . . . . . . . . . . . . Internet Software & Services 424,700 8,787,990Travelsky Technology Ltd., H . . . . . . . . . . . . . . IT Services 6,295,000 2,744,332Uni-President China Holdings Ltd. . . . . . . . . . . Food Products 7,491,000 4,065,357Yanzhou Coal Mining Co. Ltd., H . . . . . . . . . . . Oil, Gas & Consumable Fuels 12,616,581 26,971,969

152,683,265

India 17.8%Federal Bank Ltd. . . . . . . . . . . . . . . . . . . . . . Commercial Banks 498,688 3,712,895Grasim Industries Ltd. . . . . . . . . . . . . . . . . . . Chemicals 243,700 11,614,122Hindalco Industries Ltd. . . . . . . . . . . . . . . . . . Metals & Mining 5,874,979 15,619,628Infosys Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . IT Services 170,800 8,646,924Karnataka Bank Ltd. . . . . . . . . . . . . . . . . . . . Commercial Banks 997,092 1,693,290Maharashtra Seamless Ltd. . . . . . . . . . . . . . . . Metals & Mining 1,200,544 8,611,935MindTree Ltd. . . . . . . . . . . . . . . . . . . . . . . . . IT Services 366,048 2,586,615Oil & Natural Gas Corp. Ltd. . . . . . . . . . . . . . . Oil, Gas & Consumable Fuels 704,000 3,804,017Peninsula Land Ltd. . . . . . . . . . . . . . . . . . . . . Real Estate Management & Development 2,526,141 2,280,618Reliance Industries Ltd. . . . . . . . . . . . . . . . . . Oil, Gas & Consumable Fuels 625,900 10,185,435Reliance Infrastructure Ltd. . . . . . . . . . . . . . . Electric Utilities 217,793 1,622,825Steel Authority of India Ltd. . . . . . . . . . . . . . . Metals & Mining 3,729,051 7,947,126Tata Chemicals Ltd. . . . . . . . . . . . . . . . . . . . . Chemicals 776,161 4,962,939Tata Consultancy Services Ltd. . . . . . . . . . . . . IT Services 219,361 4,538,147Tata Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . Metals & Mining 703,000 5,915,903Usha Martin Ltd. . . . . . . . . . . . . . . . . . . . . . . Metals & Mining 1,061,274 708,760

94,451,179


Templeton Global Investment TrustStatement of Investments, September 30, 2011 (unaudited) (continued)

Kazakhstan 0.5%KazMunaiGas Exploration Production, GDR . . . Oil, Gas & Consumable Fuels 198,785 $ 2,913,194

Russia 19.6%Gazprom, ADR . . . . . . . . . . . . . . . . . . . . . . . . Oil, Gas & Consumable Fuels 2,301,646 21,980,719

bLUKOIL Holdings, ADR . . . . . . . . . . . . . . . . . Oil, Gas & Consumable Fuels 83,250 4,178,317bLUKOIL Holdings, ADR (London Stock

Exchange) . . . . . . . . . . . . . . . . . . . . . . . . . . Oil, Gas & Consumable Fuels 115,400 5,865,205Mining and Metallurgical Co. Norilsk Nickel, ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Metals & Mining 1,288,466 27,702,019

OAO TMK, GDR . . . . . . . . . . . . . . . . . . . . . . . Energy Equipment & Services 807,617 7,363,448Raspadskaya . . . . . . . . . . . . . . . . . . . . . . . . . Metals & Mining 577,882 1,685,291Rosneft Oil Co. . . . . . . . . . . . . . . . . . . . . . . . Oil, Gas & Consumable Fuels 544,000 3,144,537Rosneft Oil Co., GDR . . . . . . . . . . . . . . . . . . . Oil, Gas & Consumable Fuels 165,200 970,137Sberbank RF . . . . . . . . . . . . . . . . . . . . . . . . . Commercial Banks 5,324,900 11,520,100TNK-BP . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil, Gas & Consumable Fuels 2,369,000 5,501,668Uralkali . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chemicals 389,460 2,697,276

cUralkali, GDR, Reg S . . . . . . . . . . . . . . . . . . . Chemicals 329,750 11,374,726

103,983,443

Total Common Stocks (Cost $421,774,444) . . . . . . . . . . . . . . 414,005,066

Preferred Stocks 20.9%Brazil 20.9%Banco Bradesco SA, ADR, pfd. . . . . . . . . . . . . Commercial Banks 1,780,042 26,326,821Bradespar SA, pfd. . . . . . . . . . . . . . . . . . . . . . Metals & Mining 251,900 4,382,380Confab Industrial SA, pfd. . . . . . . . . . . . . . . . Metals & Mining 688,889 1,856,185Itausa - Investimentos Itau SA, pfd. . . . . . . . . . Commercial Banks 2,765,735 13,862,782Petroleo Brasileiro SA, ADR, pfd. . . . . . . . . . . . Oil, Gas & Consumable Fuels 922,200 19,107,984Vale SA, ADR, pfd., A . . . . . . . . . . . . . . . . . . . Metals & Mining 2,165,800 45,481,800

Total Preferred Stocks (Cost $100,662,539) . . . . . . . . . . . . . . 111,017,952

Total Investments before Short Term Investments (Cost $522,436,983) . . . 525,023,018

Templeton BRIC Fund Industry Shares Value

Common Stocks (continued)


Templeton Global Investment TrustStatement of Investments, September 30, 2011 (unaudited) (continued)

Templeton BRIC Fund Shares Value

Short Term Investments(Cost $3,285,781) 0.6%

Money Market Funds 0.6%United States 0.6%

a,d Institutional Fiduciary Trust Money Market Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,285,781 $ 3,285,781

Total Investments (Cost $525,722,764) 99.4% . . . . . . . . 528,308,799

Other Assets, less Liabilities 0.6% . . . . 2,982,554

Net Assets 100.0% . . . . . . . . . . . . . . . . . $531,291,353

See Abbreviations on page 31.

aNon-income producing.bAt September 30, 2011, pursuant to the Fund’s policies and the requirements of applicable securities law, the Fund may be restricted from trading these securities for a limited orextended period of time due to ownership limits and/or potential possession of material non-public information.cSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security 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. This security has been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At September 30, 2011, the value of this security was $11,374,726,representing 2.14% of net assets.dSee Note 7 regarding investments in the Institutional Fiduciary Trust Money Market Portfolio.


Templeton Global Investment TrustFinancial Statements

Statement of Assets and LiabilitiesSeptember 30, 2011 (unaudited)

Templeton BRIC Fund

Assets:Investments in securities:

Cost - Unaffiliated issuers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 522,436,983Cost - Sweep Money Fund (Note 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,285,781

Total cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 525,722,764

Value - Unaffiliated issuers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 525,023,018Value - Sweep Money Fund (Note 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,285,781

Total value of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 528,308,799Foreign currency, at value (cost $2,096,562) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,098,273Receivables:

Investment securities sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,962,694Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430,664Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,715,659Foreign tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,823

Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 534,649,031

Liabilities:Payables:

Capital shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,762,630Affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,182,179Unaffiliated transfer agent fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,022

Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,847

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,357,678

Net assets, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 531,291,353

Net assets consist of:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 800,016,574Undistributed net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,356,848Net unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,454,560Accumulated net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (275,536,629)

Net assets, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 531,291,353


Templeton Global Investment TrustFinancial Statements (continued)

Statement of Assets and Liabilities (continued)September 30, 2011 (unaudited)

Templeton BRIC Fund

Class A:Net assets, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 384,454,762

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,223,930

Net asset value per sharea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10.91

Maximum offering price per share (net asset value per share ÷ 94.25%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11.58

Class C:Net assets, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 125,129,003


Net asset value and maximum offering price per sharea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10.71

Advisor Class:Net assets, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,707,588


Net asset value and maximum offering price per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10.92

aRedemption price is equal to net asset value less contingent deferred sales charges, if applicable.



Statement of Operationsfor the six months ended September 30, 2011 (unaudited)

TempletonBRIC Fund

Investment income:Dividends (net of foreign taxes of $1,657,452) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,300,003

Expenses:Management fees (Note 3a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,110,345Administrative fees (Note 3b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 729,275Distribution fees: (Note 3c)

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 792,067Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 864,115

Transfer agent fees (Note 3e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,038,548Custodian fees (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203,280Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,147Registration and filing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,967Professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,879Trustees’ fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,625Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,500

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,938,748

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,361,255

Realized and unrealized gains (losses):Net realized gain (loss) from:

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,993,999Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (70,577)

Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,923,422

Net change in unrealized appreciation (depreciation) on:Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (241,244,430)Translation of other assets and liabilities denominated in foreign currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . (125,082)

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (241,369,512)

Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (236,446,090)

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(229,084,835)



Statements of Changes in Net Assets

Templeton BRIC Fund

Six Months EndedSeptember 30, 2011 Year Ended

(unaudited) March 31, 2011Increase (decrease) in net assets:

Operations:Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,361,255 $ 102,293Net realized gain (loss) from investments and foreign currency transactions . . . . . . . . . . . 4,923,422 (4,379,724)Net change in unrealized appreciation (depreciation) on investments, translation of other

assets and liabilities denominated in foreign currencies and deferred taxes . . . . . . . . . . (241,369,512) 89,284,378

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . (229,084,835) 85,006,947

Distributions to shareholders from:Net investment income:

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1,392,581)Advisor Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (209,307)

Total distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1,601,888)

Capital share transactions: (Note 2)Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (46,225,352) (52,996,126)Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,761,913) (16,098,115)Advisor Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,384,182 9,729,542

Total capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (59,603,083) (59,364,699)

Net increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (288,687,918) 24,040,360Net assets:

Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 819,979,271 795,938,911

End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 531,291,353 $819,979,271

Undistributed net investment income (distributions in excess of net investment income) included in net assets:

End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,356,848 $ (3,004,407)


Templeton Global Investment TrustNotes to Financial Statements (unaudited)

Templeton BRIC Fund

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Templeton Global Investment Trust (Trust) is registered under the Investment Company Act of1940, as amended, (1940 Act) as an open-end investment company, consisting of five separatefunds. The Templeton BRIC Fund (Fund) is included in this report. The financial statementsof the remaining funds in the Trust are presented separately. The Fund offers three classes ofshares: Class A, Class C, and Advisor Class. Each class of shares differs by its initial sales load,contingent deferred sales charges, distribution fees, voting rights on matters affecting a singleclass and its exchange privilege.

The following summarizes the Fund’s significant accounting policies.

a. Financial Instrument Valuation

The Fund’s investments in securities and other financial instruments are carried at fair valuedaily. Fair value is the price that would be received to sell an asset or paid to transfer a liabilityin an orderly transaction between market participants on the measurement date. Under proce-dures approved by the Trust’s Board of Trustees, the Fund may utilize independent pricingservices, quotations from securities and financial instrument dealers, and other market sourcesto determine fair value.

Equity securities listed on an exchange or on the NASDAQ National Market System are valuedat the last quoted sale price or the official closing price of the day, respectively. Foreign equitysecurities are valued as of the close of trading on the foreign stock exchange on which the secu-rity is primarily traded, or the NYSE, whichever is earlier. The value is then converted into itsU.S. dollar equivalent at the foreign exchange rate in effect at the close of the NYSE on the daythat the value of the security is determined. Over-the-counter securities are valued within therange of the most recent quoted bid and ask prices. Securities that trade in multiple markets oron multiple exchanges are valued according to the broadest and most representative market.Certain equity securities are valued based upon fundamental characteristics or relationships tosimilar securities. Investments in open-end mutual funds are valued at the closing net asset value.

The Fund has procedures to determine the fair value of securities and other financial instru-ments for which market prices are not readily available or which may not be reliably priced.Under these procedures, the Fund primarily employs a market-based approach which may userelated or comparable assets or liabilities, recent transactions, market multiples, book values,and other relevant information for the investment to determine the fair value of the investment.The Fund may also use an income-based valuation approach in which the anticipated futurecash flows of the investment are discounted to calculate fair value. Discounts may also beapplied 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.


Templeton Global Investment TrustNotes to Financial Statements (unaudited) (continued)

Templeton BRIC Fund

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

a. Financial Instrument Valuation (continued)

Trading in securities on foreign securities stock exchanges and over-the-counter markets may becompleted before the daily close of business on the NYSE. Occasionally, events occur betweenthe time at which trading in a foreign security is completed and the close of the NYSE thatmight call into question the reliability of the value of a portfolio security held by the Fund. As aresult, differences may arise between the value of the Fund’s portfolio securities as determined atthe foreign market close and the latest indications of value at the close of the NYSE. In order tominimize the potential for these differences, the investment manager monitors price movementsfollowing the close of trading in foreign stock markets through a series of country specific mar-ket proxies (such as baskets of American Depositary Receipts, futures contracts and exchangetraded funds). These price movements are measured against established trigger thresholds foreach specific market proxy to assist in determining if an event has occurred that may call intoquestion the reliability of the values of the foreign securities held by the Fund. If such an eventoccurs, the securities may be valued using fair value procedures, which may include the use ofindependent pricing services. At September 30, 2011, a market event occurred resulting in a por-tion of the securities held by the Fund being valued using fair value procedures.

b. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are trans-lated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on thedate of valuation. The Fund may enter into foreign currency exchange contracts to facilitatetransactions denominated in a foreign currency. Purchases and sales of securities, income andexpense items denominated in foreign currencies are translated into U.S. dollars at the exchangerate in effect on the transaction date. Portfolio securities and assets and liabilities denominatedin 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 ratesused to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchangerate will be valued at fair value using procedures established and approved by the Trust’s Boardof Trustees.

The Fund does not separately report the effect of changes in foreign exchange rates from changesin market prices on securities held. Such changes are included in net realized and unrealized gainor loss from investments on the Statement of Operations.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gainsor losses realized between the trade and settlement dates on securities transactions and the dif-ference between the recorded amounts of dividends, interest, and foreign withholding taxes and



Templeton BRIC Fund


b. Foreign Currency Translation (continued)

the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreignexchange gains and losses arise from changes in foreign exchange rates on foreign denominatedassets and liabilities other than investments in securities held at the end of the reporting period.

c. Income and Deferred Taxes

It is the Fund’s policy to qualify as a regulated investment company under the Internal RevenueCode. The Fund intends to distribute to shareholders substantially all of its taxable income andnet realized gains to relieve it from federal income and excise taxes. As a result, no provision forU.S. federal income taxes is required. The Fund files U.S. income tax returns as well as taxreturns in certain other jurisdictions. The Fund records a provision for taxes in its financialstatements including penalties and interest, if any, for a tax position taken on a tax return (orexpected to be taken) when it fails to meet the more likely than not (a greater than 50% proba-bility) threshold and based on the technical merits, the tax position may not be sustained uponexamination by the tax authorities. As of September 30, 2011, and for all open tax years, theFund has determined that no provision for income tax is required in the Fund’s financial state-ments. Open tax years are those that remain subject to examination and are based on each taxjurisdiction statute of limitation.

The Fund may be subject to foreign taxation related to income received, capital gains on the saleof securities and certain foreign currency transactions in the foreign jurisdictions in which itinvests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist inthe foreign markets in which the Fund invests. When a capital gain tax is determined to applythe Fund records an estimated deferred tax liability for unrealized gains on these securities in anamount that would be payable if the securities were disposed of on the valuation date.

d. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security trans-actions are determined on a specific identification basis. Estimated expenses are accrued daily.Dividend income is recorded on the ex-dividend date except that certain dividends from foreignsecurities are recognized as soon as the Fund is notified of the ex-dividend date. Distributions toshareholders are recorded on the ex-dividend date and are determined according to income taxregulations (tax basis). Distributable earnings determined on a tax basis may differ from earningsrecorded in accordance with accounting principles generally accepted in the United States ofAmerica. These differences may be permanent or temporary. Permanent differences are reclassi-fied among capital accounts to reflect their tax character. These reclassifications have no impacton net assets or the results of operations. Temporary differences are not reclassified, as they mayreverse in subsequent periods.



Templeton BRIC Fund


d. Security Transactions, Investment Income, Expenses and Distributions (continued)

Common expenses incurred by the Trust are allocated among the funds based on the ratio of netassets of each fund to the combined net assets of the Trust. Fund specific expenses are chargeddirectly to the fund that incurred the expense.

Realized and unrealized gains and losses and net investment income, not including class specificexpenses, are allocated daily to each class of shares based upon the relative proportion of netassets of each class. Differences in per share distributions, by class, are generally due to differ-ences in class specific expenses.

e. Accounting Estimates

The preparation of financial statements in accordance with accounting principles generallyaccepted in the United States of America requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities at the date of the financial statements andthe amounts of income and expenses during the reporting period. Actual results could differ fromthose estimates.

f. Guarantees and Indemnifications

Under the Trust’s organizational documents, its officers and trustees are indemnified by the Trustagainst certain liabilities arising out of the performance of their duties to the Trust. Additionally, inthe normal course of business, the Trust, on behalf of the Fund, enters into contracts with serviceproviders that contain general indemnification clauses. The Trust’s maximum exposure under thesearrangements is unknown as this would involve future claims that may be made against the Trustthat have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

2. SHARES OF BENEFICIAL INTEREST

At September 30, 2011, there were an unlimited number of shares authorized ($0.01 par value).Transactions in the Fund’s shares were as follows:

Six Months Ended Year EndedSeptember 30, 2011 March 31, 2011

Shares Amount Shares AmountClass A Shares:Shares sold . . . . . . . . . . . . . . . . . . . . . 2,897,757 $ 41,366,254 10,983,448 $153,223,966Shares issued in reinvestment of

distributions . . . . . . . . . . . . . . . . . . . — — 88,969 1,296,283Shares redeemed . . . . . . . . . . . . . . . . . (6,254,799) (87,591,606) (15,144,172) (207,516,375)

Net increase (decrease) . . . . . . . . . . . . (3,357,042) $(46,225,352) (4,071,755) $ (52,996,126)



Templeton BRIC Fund

2. SHARES OF BENEFICIAL INTEREST (continued)

Six Months Ended Year EndedSeptember 30, 2011 March 31, 2011

Shares Amount Shares AmountClass C Shares:Shares sold . . . . . . . . . . . . . . . . . . . . . 936,349 $ 13,216,064 3,543,134 $ 48,777,662Shares redeemed . . . . . . . . . . . . . . . . . (2,107,585) (28,977,977) (4,829,107) (64,875,777)

Net increase (decrease) . . . . . . . . . . . . (1,171,236) $(15,761,913) (1,285,973) $ (16,098,115)

Advisor Class Shares:Shares sold . . . . . . . . . . . . . . . . . . . . . 618,806 $ 9,115,406 2,026,872 $ 28,502,664Shares issued in reinvestment of

distributions . . . . . . . . . . . . . . . . . . . — — 7,820 113,704Shares redeemed . . . . . . . . . . . . . . . . . (485,733) (6,731,224) (1,335,222) (18,886,826)

Net increase (decrease) . . . . . . . . . . . . 133,073 $ 2,384,182 699,470 $ 9,729,542

3. TRANSACTIONS WITH AFFILIATES

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referredto as Franklin Templeton Investments. Certain officers and trustees of the Trust are also officersand/or directors of the following subsidiaries:

Subsidiary Affiliation

Templeton Asset Management Ltd. (TAML) Investment managerFranklin Templeton Services, LLC (FT Services) Administrative managerFranklin Templeton Distributors, Inc. (Distributors) Principal underwriterFranklin Templeton Investor Services, LLC (Investor Services) Transfer agent

a. Management Fees

Effective May 1, 2011, the Fund pays an investment management fee to TAML based on theaverage daily net assets of the Fund as follows:

Annualized Fee Rate Net Assets

1.100% Up to and including $1 billion1.050% Over $1 billion, up to and including $5 billion1.000% Over $5 billion, up to and including $10 billion0.950% Over $10 billion, up to and including $15 billion0.900% Over $15 billion, up to and including $20 billion0.850% In excess of $20 billion



Templeton BRIC Fund

3. TRANSACTIONS WITH AFFILIATES (continued)

a. Management Fees (continued)

Prior to May 1, 2011, the Fund paid fees to TAML based on the average daily net assets of theFund as follows:

Annualized Fee Rate Net Assets

1.250% Up to and including $1 billion1.200% Over $1 billion, up to and including $5 billion1.150% Over $5 billion, up to and including $10 billion1.100% Over $10 billion, up to and including $15 billion1.050% Over $15 billion, up to and including $20 billion1.000% In excess of $20 billion

b. Administrative Fees

The Fund pays an administrative fee to FT Services of 0.20% per year of the average daily netassets of the Fund.

c. Distribution Fees

The Trust’s Board of Trustees has adopted distribution plans for each share class, with the exceptionof Advisor Class shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Fund’s Class Areimbursement distribution plan, the Fund reimburses Distributors for costs incurred in connectionwith the servicing, sale and distribution of the Fund’s shares up to the maximum annual plan rate.Under the Class A reimbursement distribution plan, costs exceeding the maximum for the currentplan year cannot be reimbursed in subsequent periods.

In addition, under the Fund’s Class C compensation distribution plan, the Fund pays Distributorsfor costs incurred in connection with the servicing, sale and distribution of the Fund’s shares up tothe maximum annual plan rate.

The maximum annual plan rates, based on the average daily net assets, for each class, are as follows:

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35%Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%

The Board of Trustees has set the current rate at 0.30% per year for Class A shares until furthernotice and approval by the Board.

d. Sales Charges/Underwriting Agreements

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expensesof the Fund. These charges are deducted from the proceeds of sales of Fund shares prior toinvestment or from redemption proceeds prior to remittance, as applicable. Distributors has



Templeton BRIC Fund

3. TRANSACTIONS WITH AFFILIATES (continued)

d. Sales Charges/Underwriting Agreements (continued)

advised the Fund of the following commission transactions related to the sales and redemptionsof the Fund’s shares for the period:

Sales charges retained net of commissions paid to unaffiliated broker/dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . $154,277

CDSC retained . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,447

e. Transfer Agent Fees

For the period ended September 30, 2011, the Fund paid transfer agent fees of $1,038,548, ofwhich $481,138 was retained by Investor Services.

4. EXPENSE OFFSET ARRANGEMENT

The Fund has entered into an arrangement with its custodian whereby credits realized as a resultof uninvested cash balances are used to reduce a portion of the Fund’s custodian expenses.During the period ended September 30, 2011, there were no credits earned.

5. INCOME TAXES

For tax purposes, capital losses may be carried over to offset future capital gains, if any. AtMarch 31, 2011, the capital loss carryforwards were as follows:

Capital loss carryforwards expiring in:2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 97,152,9772018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,308,7092019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,538,988

$280,000,674

Under the Regulated Investment Company Modernization Act of 2010, the Fund will be permittedto carry forward capital losses incurred in taxable years beginning after December 22, 2010 foran unlimited period. Post-enactment capital loss carryforwards will retain their character as eithershort-term or long-term capital losses rather than being considered short-term as under previouslaw. Any post-enactment capital losses generated will be required to be utilized prior to the lossesincurred in pre-enactment tax years.



Templeton BRIC Fund

5. INCOME TAXES (continued)

At September 30, 2011, the cost of investments and net unrealized appreciation (depreciation)for income tax purposes were as follows:

Cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $530,721,635

Unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 80,335,413

Unrealized depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . (82,748,249)

Net unrealized appreciation (depreciation) . . . . . . . . . . . . . . $ (2,412,836)

Differences between income and/or capital gains as determined on a book basis and a tax basisare primarily due to differing treatments of foreign currency transactions, passive foreign invest-ment company shares, corporate actions, and wash sales.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding short term securities) for the period endedSeptember 30, 2011, aggregated $15,750,938 and $67,498,355, respectively.

7. INVESTMENTS IN INSTITUTIONAL FIDUCIARY TRUST MONEY MARKET PORTFOLIO

The Fund invests in the Institutional Fiduciary Trust Money Market Portfolio (Sweep MoneyFund), an open-end investment company managed by Franklin Advisers, Inc. (an affiliate of theinvestment manager). Management fees paid by the Fund are reduced on assets invested in theSweep Money Fund, in an amount not to exceed the management and administrative fees paid bythe Sweep Money Fund.

8. CONCENTRATION OF RISK

Investing in foreign securities may include certain risks and considerations not typically associ-ated with investing in U.S. securities, such as fluctuating currency values and changing local andregional economic, political and social conditions, which may result in greater market volatility.In addition, certain foreign securities may not be as liquid as U.S. securities.



Templeton BRIC Fund

9. CREDIT FACILITY

The Fund, together with other U.S. registered and foreign investment funds (collectively,Borrowers), managed by Franklin Templeton Investments, are borrowers in a joint syndicatedsenior unsecured credit facility totaling $750 million (Global Credit Facility) which matures onJanuary 20, 2012. This Global Credit Facility provides a source of funds to the Borrowers fortemporary and emergency purposes, including the ability to meet future unanticipated or unusu-ally large redemption requests.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged onany borrowings made by the Fund and other costs incurred by the Fund, pay its share of feesand expenses incurred in connection with the implementation and maintenance of the GlobalCredit Facility, based upon its relative share of the aggregate net assets of all of the Borrowers,including an annual commitment fee of 0.08% based upon the unused portion of the GlobalCredit Facility, which is reflected in other expenses on the Statement of Operations. During theperiod ended September 30, 2011, the Fund did not use the Global Credit Facility.

10. FAIR VALUE MEASUREMENTS

The Fund follows a fair value hierarchy that distinguishes between market data obtained fromindependent sources (observable inputs) and the Fund’s own market assumptions (unobservableinputs). These inputs are used in determining the value of the Fund’s investments and are summa-rized in the following fair value hierarchy:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities,interest rates, prepayment speed, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associatedwith investing in those securities.

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy ofrecognizing the transfers as of the date of the underlying event which caused the movement.Additionally, at September 30, 2011, due to market events, the Fund employed fair value proce-dures to value a portion of its holdings. Such procedures resulted in a temporary transfer ofsecurities valued at $259,891,345 from Level 1 to Level 2 within the fair value hierarchy.



Templeton BRIC Fund

10. FAIR VALUE MEASUREMENTS (continued)

The following is a summary of the inputs used as of September 30, 2011, in valuing the Fund’sassets and liabilities carried at fair value:

Level 1 Level 2 Level 3 Total

Assets:Investments in Securities:

Equity Investments:a

China . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,094,695 $143,588,570 $ — $152,683,265India . . . . . . . . . . . . . . . . . . . . . . . . . — 94,451,179 — 94,451,179 Russia . . . . . . . . . . . . . . . . . . . . . . . . 82,131,847 21,851,596 — 103,983,443 All Other Equity Investmentsb . . . . . . . . 173,905,131 — — 173,905,131

Short Term Investments . . . . . . . . . . . . . 3,285,781 — — 3,285,781

Total Investments in Securities . . . . . $268,417,454 $259,891,345 $ — $528,308,799

aIncludes common and preferred stocks.bFor detailed categories, see the accompanying Statement of Investments.

11. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting StandardsUpdate (ASU) No. 2011-04, Fair Value Measurement (Topic 820): Amendments to AchieveCommon Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. Theamendments in the ASU will improve the comparability of fair value measurements presentedand disclosed in financial statements prepared in accordance with U.S. GAAP (GenerallyAccepted Accounting Principles) and IFRS (International Financial Reporting Standards) andinclude new guidance for certain fair value measurement principles and disclosure requirements.The ASU is effective for interim and annual periods beginning after December 15, 2011. TheFund is currently reviewing the requirements and believes the adoption of this ASU will not havea material impact on the financial statements.

12. SUBSEQUENT EVENTS

The Fund has evaluated subsequent events through the issuance of the financial statements anddetermined that no events have occurred that require disclosure.

ABBREVIATIONS

Selected Portfolio

ADR - American Depositary ReceiptGDR - Global Depositary Receipt


Templeton Global Investment TrustShareholder Information

Templeton BRIC Fund

Proxy Voting Policies and Procedures

The Fund’s investment manager has established Proxy Voting Policies and Procedures (Policies) thatthe Fund uses to determine how to vote proxies relating to portfolio securities. Shareholders mayview the Fund’s complete Policies online at franklintempleton.com. Alternatively, shareholders mayrequest copies of the Policies free of charge by calling the Proxy Group collect at (954) 527-7678or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, FortLauderdale, FL 33301, Attention: Proxy Group. Copies of the Fund’s proxy voting records are alsomade available online at franklintempleton.com and posted on the U.S. Securities and ExchangeCommission’s website at sec.gov and reflect the most recent 12-month period ended June 30.

Quarterly Statement of Investments

The Fund files a complete statement of investments with the U.S. Securities and Exchange Commissionfor the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filedForm N-Q by visiting the Commission’s website at sec.gov. The filed form may also be viewed andcopied at the Commission’s Public Reference Room in Washington, DC. Information regarding theoperations of the Public Reference Room may be obtained by calling (800) SEC-0330.

Franklin Templeton FundsLiterature Request. To receive a summary prospectus and/or prospectus, please call us at (800) DIAL BEN/342-5236 or

visit franklintempleton.com. Investors should carefully consider a fund’s investment goals, risks, charges and expenses

before investing. The prospectus contains this and other information. Please carefully read a prospectus before investing.

To ensure the highest quality of service, we may monitor, record and access telephone calls to or from our service

departments. These calls can be identified by the presence of a regular beeping tone.

VALUEFranklin All Cap Value FundFranklin Balance Sheet Investment FundFranklin Large Cap Value FundFranklin MicroCap Value Fund1

Franklin MidCap Value FundFranklin Small Cap Value FundMutual Beacon FundMutual Quest FundMutual Recovery Fund2

Mutual Shares Fund

BLENDFranklin Focused Core Equity FundFranklin Large Cap Equity FundFranklin Rising Dividends Fund

GROWTHFranklin DynaTech FundFranklin Flex Cap Growth FundFranklin Growth FundFranklin Growth Opportunities FundFranklin Small Cap Growth FundFranklin Small-Mid Cap Growth Fund

SECTORFranklin Biotechnology Discovery FundFranklin Global Real Estate FundFranklin Gold & Precious Metals FundFranklin Natural Resources FundFranklin Real Estate Securities FundFranklin Utilities FundMutual Financial Services Fund

GLOBALFranklin World Perspectives FundMutual Global Discovery FundTempleton Global Opportunities TrustTempleton Global Smaller Companies FundTempleton Growth FundTempleton World Fund

1. The fund is closed to new investors. Existing shareholders and select retirement plans cancontinue adding to their accounts.2. The fund is a continuously offered, closed-end fund. Shares may be purchased daily; thereis no daily redemption. However, each quarter, pending board approval, the fund will authorizethe repurchase of 5%–25% of the outstanding number of shares. Investors may tender all ora portion of their shares during the tender period.3. Effective 7/1/11, Templeton Income Fund changed its name to Templeton Global BalancedFund. Additionally, the fund changed its goal and pricing structure. Under normalcircumstances, the fund will invest: at least 25% of its assets in fixed income senior securities

and at least 25% of its assets in equity securities; at least 40% of its assets in non-U.S.investments; and in issuers located in at least three different countries (including the U.S.).4. An investment in the fund is neither insured nor guaranteed by the U.S. government or byany other entity or institution.5. For investors subject to the alternative minimum tax, a small portion of fund dividends maybe taxable. Distributions of capital gains are generally taxable.6. The fund invests primarily in insured municipal securities.7. The funds of the Franklin Templeton Variable Insurance Products Trust are generally availableonly through insurance company variable contracts.

AlabamaArizonaCalifornia (4 funds)ColoradoConnecticutFloridaGeorgiaKentuckyLouisianaMarylandMassachusettsMichigan

MinnesotaMissouriNew JerseyNew York (2 funds)North CarolinaOhioOregonPennsylvaniaTennesseeVirginia

INSURANCE FUNDSFranklin Templeton Variable Insurance Products Trust7

10/11 Not part of the semiannual report

INTERNATIONALFranklin India Growth FundFranklin International Growth FundFranklin International Small Cap Growth FundMutual European FundMutual International FundTempleton Asian Growth FundTempleton BRIC FundTempleton China World FundTempleton Developing Markets TrustTempleton Emerging Markets Small Cap FundTempleton Foreign FundTempleton Foreign Smaller Companies FundTempleton Frontier Markets Fund

HYBRIDFranklin Balanced FundFranklin Convertible Securities FundFranklin Equity Income FundFranklin Income FundTempleton Emerging Markets Balanced FundTempleton Global Balanced Fund3

ASSET ALLOCATIONFranklin Templeton Corefolio® Allocation FundFranklin Templeton Founding Funds Allocation FundFranklin Templeton Conservative Allocation FundFranklin Templeton Growth Allocation FundFranklin Templeton Moderate Allocation FundFranklin Templeton 2015 Retirement Target FundFranklin Templeton 2025 Retirement Target FundFranklin Templeton 2035 Retirement Target FundFranklin Templeton 2045 Retirement Target FundFranklin Templeton Global Allocation Fund

FIXED INCOMEFranklin Adjustable U.S. Government Securities Fund4

Franklin Floating Rate Daily Access FundFranklin High Income Fund

Franklin Limited Maturity U.S. GovernmentSecurities Fund4

Franklin Low Duration Total Return FundFranklin Real Return FundFranklin Strategic Income FundFranklin Strategic Mortgage PortfolioFranklin Templeton Hard Currency FundFranklin Total Return FundFranklin U.S. Government Securities Fund4

Templeton Global Bond FundTempleton Global Total Return FundTempleton International Bond Fund

TAX-FREE INCOME5

NationalDouble Tax-Free Income FundFederal Tax-Free Income FundHigh Yield Tax-Free Income FundInsured Tax-Free Income Fund6

Limited-/ Intermediate-TermCalifornia Intermediate-Term Tax-Free Income FundFederal Intermediate-Term Tax-Free Income FundFederal Limited-Term Tax-Free Income FundNew York Intermediate-Term Tax-Free Income Fund

State-Specific

< GAIN FROM OUR PERSPECTIVE® >

VALUE BLEND GROWTH SECTOR GLOBAL INTERNAT IONAL HYBRID ASSET ALLOCAT ION F IXED INCOME TAX-FREE INCOME

© 2011 Franklin Templeton Investments. All rights reserved. 405 S 11/11

Semiannual Report and Shareholder Letter

Templeton BRIC Fund

Investment ManagerTempleton Asset Management Ltd.

DistributorFranklin Templeton Distributors, Inc.(800) DIAL BEN®/342-5236franklintempleton.com

Shareholder Services(800) 632-2301

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.

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Documents

Templeton BRIC Fund