N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
 
Investment Company Act file number 811-10157
 
Franklin Global Trust
(Exact name of registrant as specified in charter)
 
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
 
Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code: 650 312-2000
 
Date of fiscal year end: 7/31
 
Date of reporting period: 1/31/22
 
 
Item 1.  Reports to Stockholders.
 
 
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)
 
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable.
 
 
SEMIANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Franklin
Global
Trust
January
31,
2022
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
Shareholder
Letter
Dear
Shareholder:
During
the
six
months
ended
January
31,
2022,
the
global
economy
was
negatively
impacted
by
the
spread
of
the
highly
contagious
Omicron
variant
of
COVID-19.
An
increase
in
consumer
demand
and
continued
supply-chain
disruptions
contributed
to
higher
inflation
in
many
countries
over
the
period.
Several
central
banks
raised
interest
rates
to
curb
inflation,
causing
investor
concerns
regarding
a
slowdown
in
economic
growth.
The
U.S.
Federal
Reserve
(Fed),
the
European
Central
Bank
and
the
Bank
of
Japan
kept
their
policy
rates
unchanged.
However,
the
Fed
noted
in
its
January
2022
meeting
that
it
would
consider
raising
interest
rates
soon
due
to
increased
employment
and
rising
inflation.
In
this
environment,
stocks
in
global
developed
markets
excluding
the
U.S.
and
Canada,
as
measured
by
the
MSCI
Europe,
Australasia
and
Far
East
Index-NR
(net
of
tax
withholding
when
dividends
are
paid),
posted
a
-3.43%
total
return
for
the
period.
1
We
are
committed
to
our
long-term
perspective
and
disciplined
investment
approach
as
we
conduct
a
rigorous,
fundamental
analysis
of
securities
with
a
regular
emphasis
on
investment
risk
management.
We
believe
active,
professional
investment
management
serves
investors
well.
We
also
recognize
the
important
role
of
financial
professionals
in
today’s
markets
and
encourage
investors
to
continue
to
seek
their
advice.
Amid
changing
markets
and
economic
conditions,
we
are
confident
investors
with
a
well-diversified
portfolio
and
a
patient,
long-term
outlook
should
be
well-positioned
for
the
years
ahead.
Franklin
Global
Trust’s
semiannual
report
includes
more
detail
about
prevailing
conditions
and
discussions
about
investment
decisions
during
the
period.
Please
remember
all
securities
markets
fluctuate,
as
do
mutual
fund
share
prices.
We
thank
you
for
investing
with
Franklin
Templeton,
welcome
your
questions
and
comments,
and
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Edward
Perks,
CFA
President
and
Chief
Executive
Officer
-
Investment
Management
Franklin
Global
Trust
This
letter
reflects
our
analysis
and
opinions
as
of
January
31,
2022,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Semiannual
Report
2
Contents
Semiannual
Report
Economic
and
Market
Overview
3
Franklin
International
Growth
Fund
4
Franklin
International
Small
Cap
Fund
10
Financial
Highlights
and
Statements
of
Investments
16
Financial
Statements
32
Notes
to
Financial
Statements
36
Shareholder
Information
49
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
Report
SEMI
ANNUAL
REPORT
Economic
and
Market
Overview
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
-0.32%
total
return
for
the
six
months
ended
January
31,
2022.
1
The
combination
of
increased
consumer
demand
and
persistent
supply-chain
disruptions
contributed
to
higher
inflation
in
many
countries.
This
inflationary
pressure
led
many
of
the
world’s
central
banks
to
adopt
less
accommodative
stances
regarding
monetary
policy.
The
spread
of
the
highly
contagious
Omicron
variant
of
COVID-19
introduced
further
uncertainty
into
equity
markets.
Additionally,
the
Chinese
government’s
imposition
of
new
restrictions
on
some
businesses
pressured
Asian
and
global
emerging
market
stocks.
In
the
U.S.,
the
economy
continued
to
recover
amid
declining
unemployment,
solid
wage
growth
and
strong
business
confidence.
Gross
domestic
product
(GDP)
growth
accelerated
in
the
fourth
quarter
of
2021,
as
strong
consumer
and
business
spending
supported
the
economy.
Solid
corporate
earnings
and
the
passage
of
a
bipartisan
infrastructure
bill
further
bolstered
investor
sentiment.
The
U.S.
Federal
Reserve
(Fed)
kept
the
federal
funds
target
rate
at
a
record-low
range
of
0.00%–0.25%
and
continued
its
program
of
open-ended
U.S.
Treasury
(UST)
and
mortgage
bond
purchases
to
help
keep
markets
functioning.
However,
in
its
January
2022
meeting
statement,
the
Fed
noted
that
due
to
employment
gains
and
elevated
inflation,
it
expected
conditions
would
soon
be
appropriate
for
raising
interest
rates.
Furthermore,
the
Fed
maintained
its
timetable
for
reducing
its
purchases
of
UST
and
mortgage-backed
securities.
Economic
growth
slowed
in
the
eurozone,
declining
notably
in
the
fourth
quarter
of
2021
as
the
spread
of
Omicron
disrupted
labor
markets
and
led
to
renewed
restrictions.
Additionally,
in
January
2022,
the
annual
inflation
rate
in
the
eurozone
reached
the
highest
level
on
record,
and
the
prospect
of
energy
shortages
during
the
winter
tempered
investor
optimism.
Although
the
European
Central
Bank
maintained
an
accommodative
monetary
policy
stance
at
its
most
recent
meeting
in
December
2021,
the
Fed’s
move
toward
a
tighter
monetary
policy
and
geopolitical
tensions
surrounding
Ukraine
negatively
impacted
European
stocks.
Consequently,
European
developed
market
equities,
as
measured
by
the
MSCI
Europe
Index-NR,
posted
a
-2.54%
total
return
for
the
six
months
under
review.
1
Asian
developed
and
emerging
market
equities,
as
measured
by
the
MSCI
All
Country
Asia
Index-NR,
posted
a
-5.21%
total
return
for
the
six-month
period.
1
Although
China’s
economy
continued
to
grow,
it
was
pressured
by
COVID-19
restrictions,
government
measures
to
limit
real
estate
speculation,
increased
fuel
costs
and
production
disruptions
caused
by
government-mandated
suspensions
of
power
use.
Asian
equity
markets
experienced
heightened
volatility
due
to
inflation
concerns
and
elevated
infection
rates
in
some
countries.
Unexpected
regulatory
changes
by
the
Chinese
government,
which
negatively
impacted
education-
and
technology-related
businesses,
and
investor
concerns
about
several
large
Chinese
property
developers’
solvency
further
pressured
Asian
stocks
during
the
six-month
period.
Global
emerging
market
stocks,
as
measured
by
the
MSCI
Emerging
Markets
Index-NR,
posted
a
-4.59%
total
return
for
the
six
months
under
review.
1
Higher
per-capita
COVID-19
cases
in
some
countries,
rising
interest
rates
and
elevated
inflation
dampened
investor
enthusiasm
in
global
emerging
market
equities.
Interest-rate
increases
to
curb
inflation
by
several
central
banks,
including
those
of
Brazil,
Russia
and
Mexico,
raised
investor
concerns
about
a
slowdown
in
economic
growth.
The
foregoing
information
reflects
our
analysis
and
opinions
as
of
January
31,
2022.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
4
franklintempleton.com
Semiannual
Report
Franklin
International
Growth
Fund
This
semiannual
report
for
Franklin
International
Growth
Fund
covers
the
period
ended
January
31,
2022.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
long-term
capital
appreciation
by
normally
investing
predominantly
in
equity
securities,
primarily
common
stock,
of
mid-
and
large-capitalization
companies,
generally
those
with
market
capitalizations
greater
than
$2
billion,
located
outside
the
U.S.,
and
may
invest
up
to
20%
of
its
net
assets
in
emerging
market
countries.
The
Fund
considers
international
companies
to
be
those
organized
under
the
laws
of
a
country
outside
of
the
U.S.
or
having
a
principal
office
in
a
country
outside
of
the
U.S.,
or
whose
securities
are
listed
or
traded
principally
on
a
recognized
stock
exchange
or
over-the-counter
market
outside
of
the
U.S.
Performance
Overview
For
the
six
months
ended
January
31,
2022,
the
Fund’s
Class
A
shares
posted
a
-16.90%
cumulative
total
return.
In
comparison,
the
Fund’s
benchmark,
the
MSCI
Europe,
Australasia,
Far
East
(EAFE)
Index-NR,
which
measures
the
equity
market
performance
of
global
developed
markets
excluding
the
U.S.
and
Canada,
posted
a
-3.43%
cumulative
total
return.
1
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
.
Investment
Strategy
We
employ
a
disciplined,
bottom-up
approach
to
identify
attractive
investment
opportunities
that
have
higher
expected
revenue
and
earnings
growth
than
their
peers.
We
use
a
growth
investment
style
and
in-depth,
fundamental
research
to
identify
high-quality
companies,
across
all
industry
groups,
with
sustainable
business
models
that
offer
the
most
attractive
combination
of
growth,
quality
and
valuation.
The
Fund,
from
time
to
time,
may
have
significant
investments
in
a
particular
sector
or
country,
such
as
technology.
Our
process
generally
includes
an
assessment
of
the
potential
impacts
of
any
material
environmental,
social
and
governance
(ESG)
factors
on
the
long-term
risk
and
return
profile
of
a
company.
Manager’s
Discussion
Over
the
six-month
period,
an
underweight
to
consumer
discretionary
and
a
lack
of
exposure
to
the
consumer
staples
sector
contributed
to
relative
returns.
Conversely,
relative
performance
was
adversely
affected
by
both
stock
selection
and
an
overweight
in
information
technology
(IT),
as
well
as
stock
selection
in
the
health
care
and
consumer
discretionary
sectors.
Industrials
holding
Ferguson,
a
U.K.-based
plumbing
products
distributor,
supported
results.
The
stock
advanced
after
the
company
released
earnings
that
were
slightly
higher
than
anticipated,
driven
by
COVID-related
cost
management.
In
IT,
Spain-based
travel
software
company
Amadeus
IT
Group
contributed
to
relative
performance
during
the
month
as
COVID-19
Omicron
cases
waned,
suggesting
a
positive
outlook
for
air
travel.
In
the
financials
sector,
Germany-based
Deutsche
Boerse
had
a
positive
impact.
The
stock
rose
in
January,
as
increased
volatility
in
the
market
coupled
with
speculation
in
higher
interest
rates
is
typically
supportive
of
revenue
growth
for
the
company.
Additionally,
Deutsche
Boerse
rebounded
after
it
had
lagged
banks
and
other
financials
sector
stocks
during
2021.
Geographic
Composition
1/31/22
%
of
Total
Net
Assets
Europe
70.7%
North
America
11.2%
Australia
&
New
Zealand
5.9%
Latin
America
&
Caribbean
3.5%
Middle East & Africa
3.0%
Asia
2.0%
Short-Term
Investments
&
Other
Net
Assets
3.7%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
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.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Statement
of
Investments
(SOI).
The
SOI
begins
on
page
21
.
Franklin
International
Growth
Fund
5
franklintempleton.com
Semiannual
Report
Alcon,
a
Switzerland-based
eye
care
company,
contributed
to
relative
performance
in
health
care.
The
company
released
a
strong
set
of
financial
results
in
August,
with
robust
growth
in
the
surgical
segment
and
increased
market
share
for
its
next-generation
intraocular
lens
PanOptix.
In
the
communication
services
sector,
CTS
Eventim,
a
Germany-based
company
focused
on
ticketing
and
live
entertainment,
aided
relative
returns.
During
the
late
summer
and
early
autumn
of
2021,
declining
COVID-19
cases
and
increasing
vaccination
rates
in
Europe
were
positive
for
the
live
entertainment
industry.
Additionally,
the
company’s
earnings
were
above
consensus
expectations
while
approaching
break-even
level
profits.
Achieving
near
break-even
level
profits
given
such
a
low
level
of
business
is
a
testament
to
the
strength
of
Eventim’s
business
model,
in
our
view.
Conversely,
Denmark-based
financial
software
company
SimCorp
hindered
results
in
the
IT
sector.
SimCorp
released
relatively
weak
third-quarter
earnings
across
the
board,
as
the
company
did
not
sign
any
new
clients
during
the
quarter.
Management
attributed
this
to
slower
decision-making
processes
during
the
pandemic.
We
believe
SimCorp
remains
on
track
with
conversions
from
software
as
a
service
(SaaS)
to
the
cloud,
which
have
moved
faster
than
we
anticipated.
Elsewhere
in
IT,
Canada-based
Shopify,
an
e-commerce
solutions
provider,
detracted
from
performance.
The
company
experienced
weakness
alongside
other
fast-
growing,
difficult-to-value
innovators
during
December,
with
the
near-term
picture
clouded
by
concerns
over
the
commitment
of
merchants
to
the
platform
post-pandemic.
In
January,
a
broader
correction
affecting
most
e-commerce
stocks
led
to
further
declines.
Looking
beyond
near-term
dynamics,
we
continue
to
see
significant
unappreciated
optionality
in
Shopify’s
innovation
pipeline.
Health
care
stock
GN
Store
Nord,
a
Denmark-based
hearing
aid
maker,
suppressed
relative
returns.
The
stock
declined
in
August
after
failing
to
meet
revenue
expectations,
as
its
hearing
aid
business
lagged
peers.
More
recently,
the
company
negatively
revised
its
full
year
guidance
for
both
its
hearing
and
audio
segments,
partly
due
to
a
rapid
deterioration
in
supply
chain
conditions.
In
consumer
discretionary,
results
were
held
back
by
U.K.-
based
online
retailer
boohoo
Group.
The
company
reported
disappointing
financial
results
at
the
end
of
September
due
to
the
increase
in
freight
and
labor
costs
from
the
Top
10
Countries
1/31/22
a
%
of
Total
Net
Assets
a
a
Germany
16.1%
United
Kingdom
13.5%
Denmark
11.1%
Netherlands
8.9%
United
States
8.9%
Spain
6.5%
Switzerland
6.2%
Australia
5.9%
Ireland
3.6%
Argentina
3.5%
Top
10
Industries
1/31/22
.
%
of
Total
Net
Assets
a
a
IT
Services
12.4%
Chemicals
10.7%
Software
8.8%
Health
Care
Equipment
&
Supplies
8.3%
Capital
Markets
6.2%
Biotechnology
6.1%
Professional
Services
5.8%
Internet
&
Direct
Marketing
Retail
5.1%
Media
4.6%
Entertainment
3.6%
Top
10
Holdings
1/31/22
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Amadeus
IT
Group
SA
3.8%
IT
Services,
Spain
Keywords
Studios
plc
3.6%
IT
Services,
Ireland
CTS
Eventim
AG
&
Co.
KGaA
3.6%
Entertainment,
Germany
MTU
Aero
Engines
AG
3.5%
Aerospace
&
Defense,
Germany
MercadoLibre
,
Inc.
3.5%
Internet
&
Direct
Marketing
Retail,
Argentina
FinecoBank
Banca
Fineco
SpA
3.2%
Banks,
Italy
CyberArk
Software
Ltd.
3.2%
Software,
United
States
Alcon,
Inc.
3.2%
Health
Care
Equipment
&
Supplies,
Switzerland
ASML
Holding
NV
3.2%
Semiconductors
&
Semiconductor
Equipment,
Netherlands
DSV
A/S
3.2%
Air
Freight
&
Logistics,
Denmark
Franklin
International
Growth
Fund
6
franklintempleton.com
Semiannual
Report
global
pandemic.
Furthermore,
in
December,
management
announced
a
profit
downgrade
given
supply
chain
issues,
increased
return
rates,
and
a
pullback
in
consumer
sentiment
in
the
U.K.
In
materials,
Belgium-based
materials
technology
company
Umicore
detracted.
The
company
downgraded
earnings
estimates
for
its
energy
and
surface
technology
segment
for
the
next
two
years.
Umicore
expects
growth
in
this
area
to
lag
that
of
its
competitors,
having
been
caught
out
by
a
rapid
change
in
the
type
of
batteries
required
by
customers.
Thank
you
for
your
continued
participation
in
Franklin
International
Growth
Fund.
We
look
forward
to
serving
your
future
investment
needs.
John
Remmert
Lead
Portfolio
Manager
Patrick
McKeegan,
CFA
Donald
G.
Huber,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
January
31,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
January
31,
2022
Franklin
International
Growth
Fund
7
franklintempleton.com
Semiannual
Report
The
performance
table
does
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
1/31/22
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
6-Month
-16.90%
-21.45%
1-Year
-10.15%
-15.11%
5-Year
+80.14%
+11.22%
10-Year
+129.50%
+8.05%
Advisor
6-Month
-16.79%
-16.79%
1-Year
-9.90%
-9.90%
5-Year
+82.29%
+12.76%
10-Year
+135.66%
+8.95%
See
page
8
for
Performance
Summary
footnotes.
Franklin
International
Growth
Fund
Performance
Summary
8
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Special
risks
are
associated
with
foreign
investing,
including
currency
fluctuations,
economic
instability
and
political
developments.
Investments
in
emerging
markets
involve
heightened
risks
related
to
the
same
factors,
in
addition
to
those
associated
with
these
markets’
smaller
size
and
lesser
liquidity.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
The
Fund
has
an
expense
reduction
contractually
guaranteed
through
11/30/22.
Fund
investment
results
reflect
the
expense
reduction;
without
this
reduction,
the
results
would
have
been
lower.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(8/1/21–1/31/22)
Share
Class
Net
Investment
Income
Long-Term
Capital
Gain
Total
A
$0.1733
$0.2108
$0.3841
C
$0.0275
$0.2108
$0.2383
R
$0.1644
$0.2108
$0.3752
R6
$0.2581
$0.2108
$0.4689
Advisor
$0.2330
$0.2108
$0.4438
Total
Annual
Operating
Expenses
5
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.11%
1.13%
Advisor
0.86%
0.88%
Your
Fund’s
Expenses
Franklin
International
Growth
Fund
9
franklintempleton.com
Semiannual
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
8/1/21
Ending
Account
Value
1/31/22
Expenses
Paid
During
Period
8/1/21–1/31/22
1,2
Ending
Account
Value
1/31/22
Expenses
Paid
During
Period
8/1/21–1/31/22
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$831.00
$5.12
$1,019.62
$5.64
1.11%
C
$1,000
$827.40
$8.57
$1,015.83
$9.45
1.86%
R
$1,000
$829.90
$6.27
$1,018.35
$6.92
1.36%
R6
$1,000
$832.60
$3.39
$1,021.50
$3.74
0.73%
Advisor
$1,000
$832.10
$3.97
$1,020.87
$4.38
0.86%
10
franklintempleton.com
Semiannual
Report
Franklin
International
Small
Cap
Fund
This
semiannual
report
for
Franklin
International
Small
Cap
Fund
covers
the
period
ended
January
31,
2022.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
long-term
capital
appreciation
by
normally
investing
at
least
80%
of
its
net
assets
in
a
diversified
portfolio
of
marketable
equity
and
equity-related
securities
(primarily
common
stock)
of
smaller
international
companies
with
market
capitalizations
not
exceeding
$5
billion
(or
the
equivalent
in
local
currencies),
or
the
highest
market
capitalization
of
the
MSCI
Europe,
Australasia
and
Far
East
(EAFE)
Small
Cap
Index,
whichever
is
greater,
at
the
time
of
purchase.
The
Fund
considers
international
companies
to
be
those
organized
under
the
laws
of
a
country
outside
of
the
U.S.
or
having
a
principal
office
in
a
country
outside
of
the
U.S.,
or
whose
securities
are
listed
or
traded
principally
on
a
recognized
stock
exchange
or
over-the-counter
market
outside
of
the
U.S.
Performance
Overview
For
the
six
months
ended
January
31,
2022,
the
Fund’s
Class
A
shares
posted
a
-3.93%
cumulative
total
return.
In
comparison,
the
Fund’s
benchmark,
the
MSCI
EAFE
Small
Cap
Index-NR,
which
measures
the
performance
of
small-
cap
equity
securities
in
global
developed
markets
excluding
the
U.S.
and
Canada,
posted
a
-7.98%
cumulative
total
return.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
13
.
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
.
Investment
Strategy
In
choosing
individual
equity
investments,
we
use
a
fundamental,
bottom-up
approach
involving
in-depth
proprietary
analysis
of
individual
equity
securities.
In
narrowing
down
the
universe
of
eligible
investments,
we
employ
a
quantitative
and
qualitative
approach
to
identify
smaller
international
companies
that
we
believe
have
the
potential
to
generate
attractive
returns
with
lower
downside
risk.
These
companies
tend
to
have
proprietary
products
and
services,
which
can
sustain
a
longer-term
competitive
advantage,
and
tend
to
have
a
higher
probability
of
maintaining
a
strong
balance
sheet
and/or
generating
cash
flow.
After
we
identify
a
company,
we
conduct
a
thorough
analysis
to
establish
its
earnings
prospects
and
determine
its
value.
Overall,
we
seek
to
invest
in
quality
companies
with
attractive
valuations.
Our
process
generally
includes
an
assessment
of
the
potential
impacts
of
any
material
environmental,
social
and
governance
(ESG)
factors
on
the
long-term
risk
and
return
profile
of
a
company.
We
do
not
select
investments
for
the
Fund
that
are
merely
representative
of
the
small
cap
asset
class,
but
instead
aim
to
produce
a
portfolio
of
securities
of
exceptional
companies
operating
in
sectors
that
offer
attractive
potential.
Although
we
seek
to
outperform
the
MSCI
EAFE
Small
Cap
Index-NR,
the
Fund
may
take
positions
that
are
not
represented
in
the
index.
Manager’s
Discussion
The
Franklin
International
Small
Cap
Fund
outperformed
its
benchmark,
the
MSCI
EAFE
Small
Cap
Index
for
the
six-month
period
ended
January
31,
2022.
On
an
absolute
basis,
the
Fund
had
losses
across
seven
of
the
11
sectors
in
which
it
was
invested.
The
industrials,
consumer
discretionary
and
materials
sectors
were
the
primary
detractors
from
returns
over
the
period,
while
the
main
contributors
were
the
energy
and
financials
sectors.
On
a
relative
basis,
both
stock
selection
and
sector
allocation
effects
contributed
to
performance.
Stock
selection
in
the
energy,
financials,
consumer
staples
and
utilities
sectors,
overweighted
allocations
to
the
energy
and
industrials
sectors
and
underweighted
allocations
to
the
health
care
and
information
technology
(IT)
sectors
aided
Geographic
Composition
1/31/22
%
of
Total
Net
Assets
Europe
59.3%
Asia
25.3%
North
America
7.2%
Latin
America
&
Caribbean
1.1%
Other
1.1%
Other
Net
Assets
6.0%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
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.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Statement
of
Investments
(SOI).
The
SOI
begins
on
page
28
.
Franklin
International
Small
Cap
Fund
11
franklintempleton.com
Semiannual
Report
relative
returns.
In
contrast,
stock
selection
in
the
materials
sector
and
underweight
allocation
to
the
real
estate
sector
detracted
from
relative
performance.
On
a
regional
basis,
stock
selection
within
Europe
ex
U.K.,
North
America
and
the
U.K.,
an
overweight
allocation
to
emerging
markets
and
North
America,
and
an
underweight
allocation
to
Japan
positively
contributed.
Stock
selection
within
emerging
markets
weighed
on
returns.
Pason
Systems,
in
the
energy
sector,
is
a
Canadian
energy
services
and
technology
company
and
the
leading
global
provider
of
specialized
data
management
systems
for
onshore
and
offshore
oil
rigs.
The
company’s
share
price
rose
after
the
company
announced
strong
third
quarter
2021
earnings
resulting
from
positive
pricing
conditions
for
oil,
consistent
improvement
in
U.S.
and
Canadian
land
drilling
activity
and
strong
market
positioning.
Serica
Energy,
in
the
energy
sector,
is
a
U.K.-listed
exploration
and
production
firm
focused
predominantly
on
the
North
Sea.
With
approximately
80%
of
its
fiscal
year
2021-2022
estimated
production
exposed
to
full
spot
prices,
Serica
was
a
prime
beneficiary
of
extremely
high
oil
and
gas
prices
due
to
supply
tightness
in
commodity
markets
over
the
past
year.
Maire
Tecnimont,
in
the
industrials
sector,
is
an
Italian
plant
engineering
and
construction
firm
that
delivered
strong
returns
for
the
period.
MT
is
enjoying
a
strong
recovery
in
its
core
petrochemical
and
fertilizer
order
book
and
closed
a
mega-contract
with
Borough
in
Abu
Dhabi
whose
scale
far
exceeded
Wall
Street
expectations.
The
company
also
continues
to
build
out
its
green
energy
transition
business,
which
it
believes
can
convert
to
revenue
and
earnings
over
the
next
few
years.
D/S
Norden,
in
the
industrials
sector,
is
a
Danish
shipping
company
that
owns
and
operates
dry
cargo
and
tanker
vessels
worldwide.
Shares
declined
during
the
period
due
to
weak
sentiment
around
dry
bulk
shipping
caused
by
fears
over
a
slowdown
of
the
Chinese
economy
and
news
of
iron
ore
production
cuts
by
Vale
(not
a
Fund
holding)
in
Brazil.
Palfinger,
in
the
industrials
sector,
is
an
Austrian
manufacturer
of
truck-mounted
cranes
and
hydraulic
lifting
tools
primarily
for
the
construction
and
marine
industries.
The
company
issued
a
profit
warning
during
the
period,
citing
cost
inflation
and
supply
chain
component
shortages,
which
are
hampering
its
business.
Palfinger’s
efforts
at
price
increases
are
only
feeding
in
slowly,
and
thus
2022
profits
will
likely
only
be
flat
with
the
prior
year
despite
strong
order
growth.
Top
10
Countries
1/31/22
a
%
of
Total
Net
Assets
a
a
United
Kingdom
17.8%
Japan
12.4%
Italy
6.5%
Canada
5.9%
Spain
5.7%
Austria
5.2%
China
5.0%
Sweden
5.0%
France
4.7%
Denmark
4.4%
Top
10
Industries
1/31/22
.
%
of
Total
Net
Assets
a
a
Machinery
10.2%
Banks
9.1%
Trading
Companies
&
Distributors
6.9%
Metals
&
Mining
6.0%
Oil,
Gas
&
Consumable
Fuels
5.5%
Construction
Materials
5.3%
Hotels,
Restaurants
&
Leisure
3.9%
Electrical
Equipment
3.8%
Construction
&
Engineering
3.6%
Real
Estate
Management
&
Development
3.5%
Top
10
Holdings
1/31/22
Company
Industry,
Country
%
of
Total
Net
Assets
a
aa
BAWAG
Group
AG
2.3%
Banks,
Austria
Parex
Resources,
Inc.
2.2%
Oil,
Gas
&
Consumable
Fuels,
Canada
Maire
Tecnimont
SpA
1.9%
Construction
&
Engineering,
Italy
Mersen
SA
1.8%
Electrical
Equipment,
France
Tethys
Oil
AB
1.8%
Oil,
Gas
&
Consumable
Fuels,
Sweden
Pason
Systems,
Inc.
1.8%
Energy
Equipment
&
Services,
Canada
Granges
AB
1.8%
Metals
&
Mining,
Sweden
Galliford
Try
Holdings
plc
1.7%
Construction
&
Engineering,
United
Kingdom
Wincanton
plc
1.7%
Air
Freight
&
Logistics,
United
Kingdom
Morgan
Advanced
Materials
plc
1.7%
Machinery,
United
Kingdom
Franklin
International
Small
Cap
Fund
12
franklintempleton.com
Semiannual
Report
Melco
International
Development,
in
the
consumer
discretionary
sector,
is
an
Asia-based
gaming
and
casino
operator,
which
derives
substantially
all
its
net
asset
value
from
its
majority
ownership
stake
in
Macau
casino
operator
Melco
Resorts
and
Entertainment
(MLCO,
not
a
Fund
holding).
MLCO’s
casino
reopening
process
in
Macau
has
been
repeatedly
delayed
by
the
development
of
COVID-19
variants
and
the
Chinese
government’s
zero
tolerance
policy.
Additionally,
the
stock
was
hurt
by
fears
over
higher
government
involvement
in
the
Macau
casino
license
re-
tendering
process,
which
commenced
in
the
fall
of
2021.
Thank
you
for
your
continued
participation
in
Franklin
International
Small
Cap
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Sean
M.
Bogda,
CFA
Paul
D.
Ehrlichman
Safa
R.
Muhtaseb,
CFA
Grace
Su
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
January
31,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
January
31,
2022
Franklin
International
Small
Cap
Fund
13
franklintempleton.com
Semiannual
Report
The
performance
table
does
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
1/31/22
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
6-Month
-3.93%
-9.21%
1-Year
+11.34%
+5.22%
5-Year
+11.09%
+0.98%
10-Year
+78.84%
+5.39%
Advisor
6-Month
-3.77%
-3.77%
1-Year
+11.67%
+11.67%
5-Year
+12.60%
+2.40%
10-Year
+83.70%
+6.27%
See
page
14
for
Performance
Summary
footnotes.
Franklin
International
Small
Cap
Fund
Performance
Summary
14
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
The
Fund
is
intended
for
long-term
investors
who
are
comfortable
with
fluctuation
in
the
value
of
their
investment,
especially
over
the
short
term.
Smaller,
relatively
new
and/or
unseasoned
companies
can
be
particularly
sensitive
to
changing
economic
conditions,
and
their
prospects
for
growth
are
less
certain
than
those
of
larger,
more
established
companies.
Foreign
investing
involves
additional
risks
such
as
currency
and
market
volatility,
as
well
as
political
and
social
instability.
Investments
in
emerging
markets
involve
heightened
risks
relating
to
the
same
factors.
Because
the
Fund
may
invest
its
assets
in
companies
in
a
specific
region,
including
Europe,
it
is
subject
to
greater
risks
of
adverse
developments
in
that
region
and/or
the
surrounding
regions
than
a
fund
that
is
more
broadly
diversified
geographically.
Political,
social
or
economic
disruptions
in
the
region,
even
in
coun-
tries
in
which
the
Fund
is
not
invested,
may
adversely
affect
the
value
of
investments
held
by
the
Fund.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
The
Fund
has
an
expense
reduction
contractually
guaranteed
through
11/30/22.
Fund
investment
results
reflect
the
expense
reduction;
without
this
reduction,
the
results
would
have
been
lower.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Total
Annual
Operating
Expenses
5
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.30%
1.63%
Advisor
1.05%
1.38%
Your
Fund’s
Expenses
Franklin
International
Small
Cap
Fund
15
franklintempleton.com
Semiannual
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
8/1/21
Ending
Account
Value
1/31/22
Expenses
Paid
During
Period
8/1/21–1/31/22
1,2
Ending
Account
Value
1/31/22
Expenses
Paid
During
Period
8/1/21–1/31/22
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$960.70
$6.43
$1,018.65
$6.62
1.30%
C
$1,000
$957.70
$10.12
$1,014.87
$10.42
2.05%
R
$1,000
$960.00
$7.66
$1,017.39
$7.88
1.55%
R6
$1,000
$963.00
$4.69
$1,020.43
$4.83
0.95%
Advisor
$1,000
$962.30
$5.20
$1,019.91
$5.35
1.05%
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$22.76
$18.34
$14.62
$15.31
$13.18
$11.07
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.06)
(0.09)
(0.04)
0.04
0.06
0.05
Net
realized
and
unrealized
gains
(losses)
(3.75)
4.99
3.78
(0.50)
2.26
2.12
Total
from
investment
operations
........
(3.81)
4.90
3.74
(0.46)
2.32
2.17
Less
distributions
from:
Net
investment
income
..............
(0.17)
(0.02)
(0.03)
(0.06)
Net
realized
gains
.................
(0.21)
(0.48)
(0.20)
(0.19)
Total
distributions
...................
(0.38)
(0.48)
(0.02)
(0.23)
(0.19)
(0.06)
Net
asset
value,
end
of
period
..........
$18.57
$22.76
$18.34
$14.62
$15.31
$13.18
Total
return
c
.......................
(16.90)%
26.98%
25.52%
(2.62)%
17.73%
19.70%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.13%
1.13%
1.17%
1.19%
1.27%
1.54%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.11%
1.11%
e
1.10%
e
1.05%
e
1.15%
e
1.31%
e
Net
investment
income
(loss)
..........
(0.58)%
(0.41)%
(0.25)%
0.32%
0.43%
0.37%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$687,120
$961,676
$579,893
$289,944
$161,607
$185,680
Portfolio
turnover
rate
................
8.81%
14.47%
37.51%
18.11%
58.36%
28.66%
a
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.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$21.48
$17.46
$14.00
$14.74
$12.80
$10.77
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..............
(0.14)
(0.23)
(0.15)
(0.06)
(0.03)
(0.04)
Net
realized
and
unrealized
gains
(losses)
(3.54)
4.73
3.61
(0.48)
2.16
2.07
Total
from
investment
operations
........
(3.68)
4.50
3.46
(0.54)
2.13
2.03
Less
distributions
from:
Net
investment
income
..............
(0.03)
Net
realized
gains
.................
(0.21)
(0.48)
(0.20)
(0.19)
Total
distributions
...................
(0.24)
(0.48)
(0.20)
(0.19)
Net
asset
value,
end
of
period
..........
$17.56
$21.48
$17.46
$14.00
$14.74
$12.80
Total
return
c
.......................
(17.26)%
26.04%
24.63%
(3.34)%
16.76%
18.85%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.88%
1.88%
1.92%
1.94%
2.02%
2.29%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.86%
1.86%
e
1.85%
e
1.80%
e
1.90%
e
2.06%
e
Net
investment
(loss)
................
(1.33)%
(1.15)%
(0.98)%
(0.43)%
(0.32)%
(0.38)%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$45,394
$62,560
$39,440
$27,397
$22,542
$8,702
Portfolio
turnover
rate
................
8.81%
14.47%
37.51%
18.11%
58.36%
28.66%
a
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.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$22.48
$18.16
$14.50
$15.21
$13.16
$11.02
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.09)
(0.12)
(0.07)
c
0.04
0.02
Net
realized
and
unrealized
gains
(losses)
(3.70)
4.92
3.73
(0.48)
2.22
2.13
Total
from
investment
operations
........
(3.79)
4.80
3.66
(0.48)
2.26
2.15
Less
distributions
from:
Net
investment
income
..............
(0.16)
(0.03)
(0.02)
(0.01)
Net
realized
gains
.................
(0.21)
(0.48)
(0.20)
(0.19)
Total
distributions
...................
(0.37)
(0.48)
(0.23)
(0.21)
(0.01)
Net
asset
value,
end
of
period
..........
$18.32
$22.48
$18.16
$14.50
$15.21
$13.16
Total
return
d
.......................
(17.01)%
26.69%
25.24%
(2.88)%
17.34%
19.54%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.38%
1.38%
1.41%
1.43%
1.49%
1.76%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.36%
1.35%
f
1.35%
f
1.29%
f
1.37%
f
1.53%
f
Net
investment
income
(loss)
..........
(0.83)%
(0.58)%
(0.45)%
0.08%
0.21%
0.15%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$7,062
$8,630
$2,365
$1,848
$1,086
$371
Portfolio
turnover
rate
................
8.81%
14.47%
37.51%
18.11%
58.36%
28.66%
a
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.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$22.94
$18.44
$14.69
$15.34
$13.25
$11.15
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.02)
(0.01)
0.03
0.08
0.12
0.08
Net
realized
and
unrealized
gains
(losses)
(3.77)
5.01
3.79
(0.48)
2.26
2.15
Total
from
investment
operations
........
(3.79)
5.00
3.82
(0.40)
2.38
2.23
Less
distributions
from:
Net
investment
income
..............
(0.26)
(0.02)
(0.07)
(0.05)
(0.10)
(0.13)
Net
realized
gains
.................
(0.21)
(0.48)
(0.20)
(0.19)
Total
distributions
...................
(0.47)
(0.50)
(0.07)
(0.25)
(0.29)
(0.13)
Net
asset
value,
end
of
period
..........
$18.68
$22.94
$18.44
$14.69
$15.34
$13.25
Total
return
c
.......................
(16.74)%
27.44%
26.08%
(2.26)%
18.15%
20.26%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.78%
0.78%
0.81%
0.84%
0.85%
0.90%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.73%
0.73%
e
0.71%
e
0.66%
e
0.71%
e
0.88%
e
Net
investment
income
(loss)
..........
(0.21)%
(0.03)%
0.17%
0.71%
0.87%
0.80%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$462,784
$548,647
$379,331
$344,257
$83,292
$54,347
Portfolio
turnover
rate
................
8.81%
14.47%
37.51%
18.11%
58.36%
28.66%
a
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.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$22.89
$18.40
$14.66
$15.33
$13.24
$11.13
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.04)
(0.04)
c
0.09
0.10
0.08
Net
realized
and
unrealized
gains
(losses)
(3.76)
5.01
3.79
(0.51)
2.26
2.13
Total
from
investment
operations
........
(3.80)
4.97
3.79
(0.42)
2.36
2.21
Less
distributions
from:
Net
investment
income
..............
(0.23)
(—)
c
(0.05)
(0.05)
(0.08)
(0.10)
Net
realized
gains
.................
(0.21)
(0.48)
(0.20)
(0.19)
Total
distributions
...................
(0.44)
(0.48)
(0.05)
(0.25)
(0.27)
(0.10)
Net
asset
value,
end
of
period
..........
$18.65
$22.89
$18.40
$14.66
$15.33
$13.24
Total
return
d
.......................
(16.79)%
27.31%
25.90%
(2.45)%
17.98%
20.04%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.88%
0.88%
0.92%
0.94%
1.02%
1.29%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.86%
0.86%
f
0.85%
f
0.80%
f
0.90%
f
1.06%
f
Net
investment
income
(loss)
..........
(0.33)%
(0.17)%
0.03%
0.57%
0.68%
0.62%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,450,448
$1,665,974
$1,158,652
$863,973
$294,254
$147,926
Portfolio
turnover
rate
................
8.81%
14.47%
37.51%
18.11%
58.36%
28.66%
a
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.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Statement
of
Investments
(unaudited),
January
31,
2022
Franklin
International
Growth
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.3%
Aerospace
&
Defense
3.5%
MTU
Aero
Engines
AG
.................................
Germany
440,000
$
93,635,585
Air
Freight
&
Logistics
3.2%
DSV
A/S
............................................
Denmark
415,000
84,325,096
Banks
3.2%
FinecoBank
Banca
Fineco
SpA
...........................
Italy
5,100,000
85,750,159
Biotechnology
6.1%
CSL
Ltd.
............................................
Australia
445,000
82,421,349
a
Genmab
A/S
.........................................
Denmark
231,000
78,667,134
161,088,483
Capital
Markets
6.2%
Deutsche
Boerse
AG
...................................
Germany
460,000
81,773,403
Intermediate
Capital
Group
plc
...........................
United
Kingdom
3,206,000
82,799,947
164,573,350
Chemicals
10.7%
Koninklijke
DSM
NV
...................................
Netherlands
430,000
80,615,174
Sika
AG
............................................
Switzerland
230,000
80,466,737
Symrise
AG
.........................................
Germany
680,000
81,266,822
Umicore
SA
.........................................
Belgium
1,090,000
41,266,319
283,615,052
Diversified
Telecommunication
Services
2.6%
b
Cellnex
Telecom
SA,
144A,
Reg
S
.........................
Spain
1,554,735
70,506,689
Entertainment
3.6%
a
CTS
Eventim
AG
&
Co.
KGaA
............................
Germany
1,334,426
94,869,223
Health
Care
Equipment
&
Supplies
8.3%
Alcon,
Inc.
...........................................
Switzerland
1,100,000
84,814,913
Cochlear
Ltd.
........................................
Australia
540,000
74,041,337
GN
Store
Nord
A/S
....................................
Denmark
1,000,000
60,517,618
219,373,868
Internet
&
Direct
Marketing
Retail
5.1%
a
boohoo
Group
plc
.....................................
United
Kingdom
30,050,000
43,589,364
a
MercadoLibre
,
Inc.
....................................
Argentina
81,000
91,696,860
135,286,224
IT
Services
12.4%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
35,000
71,227,756
a
Amadeus
IT
Group
SA
.................................
Spain
1,470,860
101,145,672
Keywords
Studios
plc
..................................
Ireland
2,850,000
96,594,309
a
Shopify,
Inc.,
A
.......................................
Canada
62,000
59,782,880
328,750,617
Life
Sciences
Tools
&
Services
2.9%
a
Evotec
SE
...........................................
Germany
1,885,000
76,282,768
Media
4.6%
a,b
Ascential
plc,
144A,
Reg
S
..............................
United
Kingdom
14,800,000
70,703,385
CyberAgent
,
Inc.
......................................
Japan
4,470,000
52,123,401
122,826,786
Pharmaceuticals
3.0%
Hikma
Pharmaceuticals
plc
..............................
Jordan
2,850,000
80,068,482
Professional
Services
5.8%
a
Clarivate
plc
.........................................
United
States
4,220,000
69,461,200
Franklin
Global
Trust
Statement
of
Investments
(unaudited)
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
(continued)
Experian
plc
.........................................
United
Kingdom
2,000,000
$
83,538,908
153,000,108
Semiconductors
&
Semiconductor
Equipment
3.2%
ASML
Holding
NV
.....................................
Netherlands
125,000
84,669,328
Software
8.8%
AVEVA
Group
plc
.....................................
United
Kingdom
1,979,997
78,572,870
a
CyberArk
Software
Ltd.
.................................
United
States
620,000
85,033,000
SimCorp
A/S
.........................................
Denmark
760,000
70,866,788
234,472,658
Trading
Companies
&
Distributors
3.1%
Ferguson
plc
.........................................
United
States
520,000
81,794,162
Total
Common
Stocks
(Cost
$2,014,515,876)
....................................
2,554,888,638
Short
Term
Investments
3.0%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
3.0%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
79,874,468
79,874,468
Total
Money
Market
Funds
(Cost
$79,874,468)
..................................
79,874,468
Total
Short
Term
Investments
(Cost
$79,874,468
)
................................
79,874,468
a
Total
Investments
(Cost
$2,094,390,344)
99.3%
..................................
$2,634,763,106
Other
Assets,
less
Liabilities
0.7%
.............................................
18,046,382
Net
Assets
100.0%
...........................................................
$2,652,809,488
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2022,
the
aggregate
value
of
these
securities
was
$212,437,830,
representing
8.0%
of
net
assets.
c
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
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are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.53
$11.56
$16.48
$19.68
$20.61
$17.55
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.11
0.55
c
0.02
0.20
0.47
0.19
Net
realized
and
unrealized
gains
(losses)
(0.74)
4.42
(4.05)
(2.87)
0.41
4.37
Total
from
investment
operations
........
(0.63)
4.97
(4.03)
(2.67)
0.88
4.56
Less
distributions
from:
Net
investment
income
..............
(0.27)
(1.23)
(0.18)
Net
realized
gains
.................
(0.89)
(0.26)
(0.58)
(1.32)
Total
distributions
...................
(0.89)
(0.53)
(1.81)
(1.50)
Net
asset
value,
end
of
period
..........
$15.90
$16.53
$11.56
$16.48
$19.68
$20.61
Total
return
d
.......................
(3.93)%
42.99%
e
(25.96)%
(13.49)%
4.32%
28.31%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.59%
1.74%
1.59%
1.41%
1.38%
1.38%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.30%
g
1.62%
g
1.58%
h
1.41%
g
1.38%
g
1.38%
g
Net
investment
income
...............
1.37%
3.80%
c
0.13%
1.11%
2.32%
1.05%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$50,830
$55,460
$48,963
$95,528
$142,505
$161,355
Portfolio
turnover
rate
................
13.13%
114.68%
28.08%
11.86%
26.98%
21.71%
a
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.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.56
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
(0.11)%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Includes
the
effect
of
a
payment
to
be
received
from
affiliated
parties
from
a
NAV
error
reimbursement.
In
the
absence
of
such
payment,
the
Fund's
total
return
would
have
been
42.91%.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
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International
Small
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.03
$11.31
$16.25
$19.42
$20.36
$17.32
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.04
0.46
c
(0.09)
0.06
0.32
0.05
Net
realized
and
unrealized
gains
(losses)
(0.69)
4.26
(3.96)
(2.82)
0.39
4.33
Total
from
investment
operations
........
(0.65)
4.72
(4.05)
(2.76)
0.71
4.38
Less
distributions
from:
Net
investment
income
..............
(0.15)
(1.07)
(0.02)
Net
realized
gains
.................
(0.89)
(0.26)
(0.58)
(1.32)
Total
distributions
...................
(0.89)
(0.41)
(1.65)
(1.34)
Net
asset
value,
end
of
period
..........
$15.38
$16.03
$11.31
$16.25
$19.42
$20.36
Total
return
d
.......................
(4.23)%
41.73%
(26.64)%
(14.10)%
3.50%
27.39%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
2.35%
2.49%
2.32%
2.16%
2.14%
2.13%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
2.05%
f
2.39%
f
2.31%
g
2.16%
f
2.14%
f
2.13%
f
Net
investment
income
(loss)
..........
0.48%
3.30%
c
(0.63)%
0.36%
1.56%
0.30%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,482
$3,039
$3,692
$10,942
$19,184
$22,191
Portfolio
turnover
rate
................
13.13%
114.68%
28.08%
11.86%
26.98%
21.71%
a
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.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.56
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
(0.61)%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
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accompanying
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an
integral
part
of
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financial
statements.
Semiannual
Report
25
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.47
$11.56
$16.50
$19.72
$20.66
$17.56
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.09
0.61
c
(0.01)
0.17
0.42
0.13
Net
realized
and
unrealized
gains
(losses)
(0.72)
4.30
(4.04)
(2.89)
0.40
4.41
Total
from
investment
operations
........
(0.63)
4.91
(4.05)
(2.72)
0.82
4.54
Less
distributions
from:
Net
investment
income
..............
(0.24)
(1.18)
(0.12)
Net
realized
gains
.................
(0.89)
(0.26)
(0.58)
(1.32)
Total
distributions
...................
(0.89)
(0.50)
(1.76)
(1.44)
Net
asset
value,
end
of
period
..........
$15.84
$16.47
$11.56
$16.50
$19.72
$20.66
Total
return
d
.......................
(4.00)%
42.47%
(26.23)%
(13.67)%
3.97%
28.07%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.85%
2.00%
1.81%
1.66%
1.64%
1.64%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.55%
f
1.91%
f
1.80%
g
1.66%
f
1.64%
f
1.64%
f
Net
investment
income
(loss)
..........
1.07%
4.27%
c
(0.06)%
0.86%
2.06%
0.79%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$476
$607
$809
$2,482
$3,450
$3,592
Portfolio
turnover
rate
................
13.13%
114.68%
28.08%
11.86%
26.98%
21.71%
a
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.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.56
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.37%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
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International
Small
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(continued)
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Semiannual
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.69
$11.66
$16.54
$19.74
$20.67
$17.61
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.14
0.95
c
0.08
0.29
0.56
0.27
Net
realized
and
unrealized
gains
(losses)
(0.71)
4.08
(4.07)
(2.91)
0.40
4.37
Total
from
investment
operations
........
(0.57)
5.03
(3.99)
(2.62)
0.96
4.64
Less
distributions
from:
Net
investment
income
..............
(0.32)
(1.31)
(0.26)
Net
realized
gains
.................
(0.89)
(0.26)
(0.58)
(1.32)
Total
distributions
...................
(0.89)
(0.58)
(1.89)
(1.58)
Net
asset
value,
end
of
period
..........
$16.12
$16.69
$11.66
$16.54
$19.74
$20.67
Total
return
d
.......................
(3.70)%
43.14%
e
(25.72)%
(13.12)%
4.70%
28.87%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.43%
1.51%
1.12%
1.02%
1.01%
0.99%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.95%
g
1.35%
g
1.09%
1.02%
g
1.01%
g
0.99%
g
Net
investment
income
...............
1.69%
6.95%
c
0.54%
1.50%
2.69%
1.44%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$901
$1,044
$4,119
$125,218
$450,645
$492,010
Portfolio
turnover
rate
................
13.13%
114.68%
28.08%
11.86%
26.98%
21.71%
a
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.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.56
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
3.05%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Includes
the
effect
of
a
payment
to
be
received
from
affiliated
parties
from
a
NAV
error
reimbursement.
In
the
absence
of
such
payment,
the
Fund's
total
return
would
have
been
43.05%.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
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Trust
Financial
Highlights
Franklin
International
Small
Cap
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.68
$11.64
$16.53
$19.73
$20.67
$17.59
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.13
0.61
c
0.06
0.23
0.52
0.23
Net
realized
and
unrealized
gains
(losses)
(0.73)
4.43
(4.06)
(2.87)
0.40
4.39
Total
from
investment
operations
........
(0.60)
5.04
(4.00)
(2.64)
0.92
4.62
Less
distributions
from:
Net
investment
income
..............
(0.30)
(1.28)
(0.22)
Net
realized
gains
.................
(0.89)
(0.26)
(0.58)
(1.32)
Total
distributions
...................
(0.89)
(0.56)
(1.86)
(1.54)
Net
asset
value,
end
of
period
..........
$16.08
$16.68
$11.64
$16.53
$19.73
$20.67
Total
return
d
.......................
(3.77)%
43.30%
e
(25.74)%
(13.22)%
4.51%
28.68%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.34%
1.50%
1.27%
1.16%
1.14%
1.14%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.05%
g
1.40%
g
1.26%
h
1.16%
g
1.14%
g
1.14%
g
Net
investment
income
...............
1.61%
4.23%
c
0.41%
1.36%
2.56%
1.29%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$24,467
$31,002
$50,041
$439,650
$763,309
$749,573
Portfolio
turnover
rate
................
13.13%
114.68%
28.08%
11.86%
26.98%
21.71%
a
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.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.56
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.32%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Includes
the
effect
of
a
payment
to
be
received
from
affiliated
parties
from
a
NAV
error
reimbursement.
In
the
absence
of
such
payment,
the
Fund's
total
return
would
have
been
43.21%.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Statement
of
Investments
(unaudited),
January
31,
2022
Franklin
International
Small
Cap
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.0%
Aerospace
&
Defense
0.5%
QinetiQ
Group
plc
.....................................
United
Kingdom
98,663
$
358,074
Air
Freight
&
Logistics
3.1%
SBS
Holdings,
Inc.
....................................
Japan
36,200
1,116,646
Wincanton
plc
........................................
United
Kingdom
252,543
1,311,079
2,427,725
Airlines
1.2%
a
Chorus
Aviation,
Inc.
...................................
Canada
171,251
487,710
a
JET2
plc
............................................
United
Kingdom
27,091
482,497
970,207
Auto
Components
0.7%
a
SAF-Holland
SE
......................................
Germany
40,853
515,201
Banks
9.1%
b
Banca
Sistema
SpA
,
144A,
Reg
S
.........................
Italy
445,670
1,030,462
b
BAWAG
Group
AG,
144A,
Reg
S
..........................
Austria
29,756
1,785,970
a
Eurobank
Ergasias
Services
and
Holdings
SA
................
Greece
874,665
989,336
Spar
Nord
Bank
A/S
...................................
Denmark
57,920
832,965
Sydbank
A/S
.........................................
Denmark
33,778
1,192,352
Tisco
Financial
Group
PCL
..............................
Thailand
162,120
484,158
b
Unicaja
Banco
SA,
144A,
Reg
S
..........................
Spain
753,990
772,970
7,088,213
Building
Products
2.0%
Inwido
AB
...........................................
Sweden
42,109
736,875
Sanwa
Holdings
Corp.
.................................
Japan
74,400
805,717
1,542,592
Capital
Markets
2.3%
b
Anima
Holding
SpA
,
144A,
Reg
S
.........................
Italy
177,740
899,065
a,b
Fairfax
India
Holdings
Corp.,
144A,
Reg
S
...................
India
75,250
895,475
1,794,540
Chemicals
1.5%
Essentra
plc
.........................................
United
Kingdom
85,030
396,260
Okamoto
Industries,
Inc.
................................
Japan
21,450
757,619
1,153,879
Commercial
Services
&
Supplies
1.8%
b
Dynagreen
Environmental
Protection
Group
Co.
Ltd.,
H,
Reg
S
...
China
820,947
387,241
a
Elis
SA
.............................................
France
57,643
1,053,097
1,440,338
Construction
&
Engineering
3.6%
Galliford
Try
Holdings
plc
...............................
United
Kingdom
568,222
1,349,421
Maire
Tecnimont
SpA
..................................
Italy
312,921
1,494,598
2,844,019
Construction
Materials
5.3%
Cementir
Holding
NV
..................................
Denmark
91,747
808,979
Krosaki
Harima
Corp.
..................................
Japan
17,100
677,570
RHI
Magnesita
NV
....................................
United
States
13,204
609,052
West
China
Cement
Ltd.
................................
China
5,404,000
910,224
Wienerberger
AG
.....................................
Austria
31,759
1,150,002
4,155,827
Franklin
Global
Trust
Statement
of
Investments
(unaudited)
Franklin
International
Small
Cap
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Diversified
Financial
Services
0.7%
b
doValue
SpA
,
144A,
Reg
S
..............................
Italy
59,390
$
515,013
Electrical
Equipment
3.8%
Mersen
SA
..........................................
France
34,528
1,440,159
Nexans
SA
..........................................
France
8,595
776,750
a
Vitzrocell
Co.
Ltd.
.....................................
South
Korea
64,051
760,273
2,977,182
Electronic
Equipment,
Instruments
&
Components
0.5%
Strix
Group
plc
.......................................
Isle
of
Man
115,010
378,973
Energy
Equipment
&
Services
1.8%
Pason
Systems,
Inc.
...................................
Canada
140,120
1,390,066
Entertainment
0.5%
a
Stillfront
Group
AB
....................................
Sweden
75,991
369,874
Food
&
Staples
Retailing
1.5%
MARR
SpA
..........................................
Italy
54,190
1,154,049
Food
Products
0.5%
JDE
Peet's
NV
.......................................
Netherlands
13,214
395,717
Health
Care
Equipment
&
Supplies
2.5%
i
-SENS,
Inc.
.........................................
South
Korea
38,646
903,577
Value
Added
Technology
Co.
Ltd.
.........................
South
Korea
38,204
1,056,033
1,959,610
Hotels,
Restaurants
&
Leisure
3.9%
GreenTree
Hospitality
Group
Ltd.,
ADR
.....................
China
60,417
334,106
a
Marston's
plc
........................................
United
Kingdom
934,180
1,021,454
a
Melco
International
Development
Ltd.
......................
Hong
Kong
615,546
718,733
a
Melia
Hotels
International
SA
.............................
Spain
132,420
1,003,595
3,077,888
Household
Durables
2.0%
Bellway
plc
..........................................
United
Kingdom
19,896
765,610
DFS
Furniture
plc
.....................................
United
Kingdom
127,984
410,329
Vistry
Group
plc
......................................
United
Kingdom
29,575
410,064
1,586,003
IT
Services
0.5%
Sopra
Steria
Group
SACA
...............................
France
2,185
384,186
Leisure
Products
0.2%
a,c
Goodbaby
International
Holdings
Ltd.
......................
China
1,327,069
187,998
Machinery
10.2%
Cargotec
OYJ,
B
......................................
Finland
25,471
1,271,805
a
Deutz
AG
...........................................
Germany
119,590
819,459
Fuji
Corp.
...........................................
Japan
42,600
983,381
Meidensha
Corp.
.....................................
Japan
49,400
1,047,025
Metso
Outotec
OYJ
....................................
Finland
54,113
580,392
Morgan
Advanced
Materials
plc
...........................
United
Kingdom
304,128
1,308,918
Palfinger
AG
.........................................
Austria
32,130
1,098,083
Sulzer
AG
...........................................
Switzerland
8,790
841,293
7,950,356
Marine
1.6%
D/S
Norden
A/S
......................................
Denmark
25,396
578,091
Franklin
Global
Trust
Statement
of
Investments
(unaudited)
Franklin
International
Small
Cap
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Marine
(continued)
Star
Bulk
Carriers
Corp.
................................
Greece
28,997
$
644,893
1,222,984
Media
0.5%
a
Mediaset
Espana
Comunicacion
SA
.......................
Spain
82,307
385,435
Metals
&
Mining
6.0%
Alamos
Gold,
Inc.,
A
...................................
Canada
92,860
633,385
AMG
Advanced
Metallurgical
Group
NV
....................
Netherlands
25,560
879,735
Anglo
Pacific
Group
plc
.................................
United
Kingdom
226,467
417,893
a
ERO
Copper
Corp.
....................................
Brazil
32,645
406,554
Granges
AB
.........................................
Sweden
110,349
1,368,568
Jupiter
Mines
Ltd.
.....................................
Australia
1,484,426
231,842
a
Orla
Mining
Ltd.
......................................
Canada
119,960
394,487
Sims
Ltd.
...........................................
United
States
38,111
387,962
4,720,426
Oil,
Gas
&
Consumable
Fuels
5.5%
Parex
Resources,
Inc.
..................................
Canada
81,918
1,742,635
Serica
Energy
plc
.....................................
United
Kingdom
343,170
1,192,833
Tethys
Oil
AB
........................................
Sweden
190,429
1,394,070
4,329,538
Personal
Products
1.5%
Chlitina
Holding
Ltd.
...................................
China
159,000
1,209,283
Pharmaceuticals
0.8%
Hikma
Pharmaceuticals
plc
..............................
Jordan
21,364
600,205
Professional
Services
2.1%
Applus
Services
SA
....................................
Spain
115,770
1,017,174
Tanseisha
Co.
Ltd.
....................................
Japan
95,500
599,531
1,616,705
Real
Estate
Management
&
Development
3.5%
b
Aedas
Homes
SA,
144A,
Reg
S
..........................
Spain
14,016
381,881
JHSF
Participacoes
SA
.................................
Brazil
379,260
459,259
b
Metrovacesa
SA,
144A,
Reg
S
...........................
Spain
124,451
922,858
Sun
Frontier
Fudousan
Co.
Ltd.
...........................
Japan
110,700
1,004,839
2,768,837
Semiconductors
&
Semiconductor
Equipment
1.5%
Optorun
Co.
Ltd.
......................................
Japan
29,443
602,217
a
u-
blox
Holding
AG
.....................................
Switzerland
8,135
580,054
1,182,271
Specialty
Retail
1.9%
c
Luk
Fook
Holdings
International
Ltd.
.......................
Hong
Kong
145,810
384,325
Wickes
Group
plc
.....................................
United
Kingdom
407,060
1,123,420
1,507,745
Textiles,
Apparel
&
Luxury
Goods
1.3%
Coats
Group
plc
......................................
United
Kingdom
1,189,920
1,052,896
Trading
Companies
&
Distributors
6.9%
Kanamoto
Co.
Ltd.
....................................
Japan
30,500
593,084
Kanematsu
Corp.
.....................................
Japan
55,800
607,041
Lumax
International
Corp.
Ltd.
...........................
Taiwan
363,000
963,642
Nishio
Rent
All
Co.
Ltd.
.................................
Japan
37,983
930,585
Franklin
Global
Trust
Statement
of
Investments
(unaudited)
Franklin
International
Small
Cap
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
01
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
(continued)
Travis
Perkins
plc
.....................................
United
Kingdom
49,970
$
1,013,934
a,b
Yellow
Cake
plc,
144A,
Reg
S
............................
United
Kingdom
295,580
1,280,958
5,389,244
Transportation
Infrastructure
0.5%
c
China
Merchants
Port
Holdings
Co.
Ltd.
....................
China
200,449
370,468
Water
Utilities
0.7%
China
Water
Affairs
Group
Ltd.
...........................
China
433,223
506,604
Total
Common
Stocks
(Cost
$78,540,189)
......................................
73,480,171
a
Total
Investments
(Cost
$78,540,189)
94.0%
....................................
$73,480,171
Other
Assets,
less
Liabilities
6.0%
.............................................
4,676,422
Net
Assets
100.0%
...........................................................
$78,156,593
See
Abbreviations
on
page
48
.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2022,
the
aggregate
value
of
these
securities
was
$8,871,893,
representing
11.4%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
Franklin
Global
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
January
31,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
..................................................
$2,014,515,876
$78,540,189
Cost
-
Non-controlled
affiliates
(Note
3
f
)
.......................................
79,874,468
Value
-
Unaffiliated
issuers
.................................................
$2,554,888,638
$73,480,171
Value
-
Non-controlled
affiliates
(Note
3
f
)
.......................................
79,874,468
Receivables:
Investment
securities
sold
..................................................
2,251,425
Capital
shares
sold
.......................................................
25,736,499
20,995
Dividends
and
interest
....................................................
2,310,747
1,076,788
European
Union
tax
reclaims
(Note
1
e
)
........................................
44,273
4,337,896
Affiliates
...............................................................
12,499
Total
assets
.........................................................
2,662,854,625
81,179,774
Liabilities:
Payables:
Investment
securities
purchased
.............................................
1,128,283
Capital
shares
redeemed
..................................................
7,187,434
66,269
Management
fees
........................................................
1,658,763
32,406
Distribution
fees
.........................................................
199,106
12,697
Transfer
agent
fees
.......................................................
647,552
Trustees'
fees
and
expenses
................................................
21,258
IRS
closing
agreement
fees
for
European
Union
tax
reclaims
(Note
1
e
)
................
751,675
Funds
advanced
by
custodian
................................................
813,476
Accrued
expenses
and
other
liabilities
..........................................
331,024
218,375
Total
liabilities
........................................................
10,045,137
3,023,181
Net
assets,
at
value
................................................
$2,652,809,488
$78,156,593
Net
assets
consist
of:
Paid-in
capital
............................................................
$2,114,236,312
$228,657,816
Total
distributable
earnings
(losses)
............................................
538,573,176
(150,501,223)
Net
assets,
at
value
................................................
$2,652,809,488
$78,156,593
Franklin
Global
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
January
31,
2022
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Class
A:
Net
assets,
at
value
......................................................
$687,120,273
$50,830,258
Shares
outstanding
.......................................................
37,001,149
3,196,052
Net
asset
value
per
share
a
.................................................
$18.57
$15.90
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%
and
94.50%,
respectively)
............................................................
$19.65
$16.83
Class
C:
Net
assets,
at
value
......................................................
$45,394,432
$1,482,427
Shares
outstanding
.......................................................
2,584,445
96,409
Net
asset
value
and
maximum
offering
price
per
share
a
............................
$17.56
$15.38
Class
R:
Net
assets,
at
value
......................................................
$7,061,905
$475,709
Shares
outstanding
.......................................................
385,492
30,035
Net
asset
value
and
maximum
offering
price
per
share
............................
$18.32
$15.84
Class
R6:
Net
assets,
at
value
......................................................
$462,784,488
$901,280
Shares
outstanding
.......................................................
24,774,998
55,908
Net
asset
value
and
maximum
offering
price
per
share
............................
$18.68
$16.12
Advisor
Class:
Net
assets,
at
value
......................................................
$1,450,448,390
$24,466,919
Shares
outstanding
.......................................................
77,781,987
1,521,945
Net
asset
value
and
maximum
offering
price
per
share
............................
$18.65
$16.08
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
Global
Trust
Financial
Statements
Statements
of
Operations
for
the
six
months
ended
January
31,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$699,807
and
$59,264,
respectively)
Unaffiliated
issuers
.......................................................
$8,296,826
$1,058,145
Non-controlled
affiliates
(Note
3f)
............................................
3,989
Interest:
Unaffiliated
issuers
.......................................................
93
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
....................................
86
Non-controlled
affiliates
(Note
3f)
............................................
3
Other
income
(Note
1
e
)
.....................................................
120,129
Total
investment
income
..................................................
8,300,904
1,178,367
Expenses:
Management
fees
(Note
3
a
)
..................................................
11,293,621
354,305
Interest
expense
..........................................................
245
Distribution
fees:
(Note
3c
)
    Class
A
...............................................................
1,058,176
69,197
    Class
C
...............................................................
279,138
8,563
    Class
R
...............................................................
20,780
1,282
Transfer
agent
fees:
(Note
3e
)
    Class
A
...............................................................
584,884
53,732
    Class
C
...............................................................
38,579
1,741
    Class
R
...............................................................
5,736
510
    Class
R6
..............................................................
104,122
1,376
    Advisor
Class
...........................................................
1,169,101
29,211
Custodian
fees
(Note
4
)
.....................................................
73,638
5,418
Reports
to
shareholders
fees
.................................................
134,051
Registration
and
filing
fees
...................................................
89,598
29,321
Professional
fees
..........................................................
48,177
65,918
Trustees'
fees
and
expenses
.................................................
34,092
Other
...................................................................
34,970
53,138
Total
expenses
........................................................
14,968,663
673,957
Expense
reductions
(Note
4
)
..............................................
(72)
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
.............................
(470,371)
(130,341)
Net
expenses
........................................................
14,498,292
543,544
Net
investment
income
(loss)
...........................................
(6,197,388)
634,823
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
.....................................................
101,199,201
(1,714,992)
Foreign
currency
transactions
...............................................
69,448
482
Net
realized
gain
(loss)
.................................................
101,268,649
(1,714,510)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
.....................................................
(630,524,673)
(1,882,153)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
.............
(94,053)
(309,341)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(630,618,726)
(2,191,494)
Net
realized
and
unrealized
gain
(loss)
...........................................
(529,350,077)
(3,906,004)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................
$(535,547,465)
$(3,271,181)
Franklin
Global
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
(
loss)
.......
$(6,197,388)
$(6,536,042)
$634,823
$3,938,720
Net
realized
gain
(loss)
............
101,268,649
(17,244,499)
(1,714,510)
22,639,650
Net
change
in
unrealized
appreciation
(depreciation)
.................
(630,618,726)
669,528,690
(2,191,494)
8,835,321
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
(535,547,465)
645,748,149
(3,271,181)
35,413,691
Distributions
to
shareholders:
Class
A
........................
(14,061,063)
(17,840,182)
Class
C
........................
(618,253)
(1,197,048)
Class
R
........................
(141,213)
(91,405)
Class
R6
.......................
(11,070,606)
(11,536,930)
Advisor
Class
...................
(34,285,765)
(32,378,752)
Total
distributions
to
shareholders
.....
(60,176,900)
(63,044,317)
Capital
share
transactions:
(Note
2
)
Class
A
........................
(123,021,507)
217,611,008
(2,537,465)
(12,152,851)
Class
C
........................
(7,035,659)
12,894,787
(1,559,928)
(1,921,505)
Class
R
........................
23,693
5,301,908
(118,221)
(491,347)
Class
R6
.......................
16,442,918
66,578,434
(108,824)
(4,185,976)
Advisor
Class
...................
114,637,651
202,715,936
(5,399,985)
(33,133,250)
Total
capital
share
transactions
.......
1,047,096
505,102,073
(9,724,423)
(51,884,929)
Net
increase
(decrease)
in
net
assets
.....................
(594,677,269)
1,087,805,905
(12,995,604)
(16,471,238)
Net
assets:
Beginning
of
period
................
3,247,486,757
2,159,680,852
91,152,197
107,623,435
End
of
period
.....................
$2,652,809,488
$3,247,486,757
$78,156,593
$91,152,197
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Global
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, two
of
which
are
included
in
this
report
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
The
Funds
offer five classes
of
shares: Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class.
Effective
August
2,
2021,
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Prior
to
August
2,
2021,
Class
C
shares
converted
to
Class
A
shares
after
a
10-year
holding
period.
Each
class
of
shares
may
differ
by
its initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Funds'
significant
accounting
policies. 
a.
Financial
Instrument
Valuation 
The Funds'
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 Funds calculate 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
Funds' administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
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. 
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Funds
have
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily
employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
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
Funds'
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 Funds'
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
Funds'
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
January
31,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds'
NAV
is
not
calculated,
which
could
result
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
in
differences
between
the
value
of
the
Funds'
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
Funds
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
Funds
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
Funds
do
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
Statements
of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Purchased
on
a
Delayed
Delivery
Basis
Certain
or
all
Funds
purchase
securities
on
a
delayed
delivery
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Funds
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
they
may
sell
the
securities
before
the
settlement
date.
d.
Securities
Lending
Certain
or
all
Funds
participate
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
Funds,
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
Statements
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
January
31,
2022,
the
Funds
had
no
securities
on
loan.
e.
Income
and
Deferred
Taxes
It
is each
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. Each
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation 
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
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
Funds
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
the
Funds
invest.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Funds
invest.
When
a
capital
gain
tax
is
determined
to
apply,
certain
or
all
Funds
record
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,
certain
or
all
Funds
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
Statements of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statements
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
in
other
expenses
in
the
Statements
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
Funds,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or credits
on
their income
tax
returns.
The
Franklin
International
Small
Cap
Fund
previously
entered
into
a
closing
agreement
with
the
IRS
and
any
adjustments
to
the
estimated
fees
are
reflected
as
other
income
in
the
Statements
of
Operations.
Each
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
January
31,
2022, each
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. 
f.
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.
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
Funds.
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.
g.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Income
and
Deferred
Taxes
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
39
franklintempleton.com
Semiannual
Report
h.
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
Funds,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
January
31,
2022,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Funds’
shares
were
as
follows:
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
January
31,
2022
Shares
sold
a
...................................
3,613,609
$79,541,308
196,128
$3,275,129
Shares
issued
in
reinvestment
of
distributions
..........
674,831
13,989,251
Shares
redeemed
...............................
(9,532,687)
(216,552,066)
(355,071)
(5,812,594)
Net
increase
(decrease)
..........................
(5,244,247)
$(123,021,507)
(158,943)
$(2,537,465)
Year
ended
July
31,
2021
Shares
sold
a
...................................
17,852,872
$370,168,450
270,918
$4,158,384
Shares
issued
in
reinvestment
of
distributions
..........
709,102
14,557,860
Shares
redeemed
...............................
(7,934,392)
(167,115,302)
(1,150,403)
(16,311,235)
Net
increase
(decrease)
..........................
10,627,582
$217,611,008
(879,485)
$(12,152,851)
Class
C
Class
C
Shares:
Six
Months
ended
January
31,
2022
Shares
sold
...................................
222,250
$4,600,015
12,019
$156,412
Shares
issued
in
reinvestment
of
distributions
..........
31,372
615,841
Shares
redeemed
a
..............................
(581,923)
(12,251,515)
(105,121)
(1,716,340)
Net
increase
(decrease)
..........................
(328,301)
$(7,035,659)
(93,102)
$(1,559,928)
Year
ended
July
31,
2021
Shares
sold
...................................
1,230,609
$24,422,783
21,342
$330,431
Shares
issued
in
reinvestment
of
distributions
..........
61,338
1,193,633
Shares
redeemed
a
..............................
(638,610)
(12,721,629)
(158,387)
(2,251,936)
Net
increase
(decrease)
..........................
653,337
$12,894,787
(137,045)
$(1,921,505)
Class
R
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Shares
Amount
Shares
Amount
Class
R
Shares:
Six
Months
ended
January
31,
2022
Shares
sold
...................................
54,834
$1,188,725
1,207
$19,078
Shares
issued
in
reinvestment
of
distributions
..........
6,902
141,213
Shares
redeemed
...............................
(60,121)
(1,306,245)
(8,039)
(137,299)
Net
increase
(decrease)
..........................
1,615
$23,693
(6,832)
$(118,221)
Year
ended
July
31,
2021
Shares
sold
...................................
306,583
$6,422,782
7,125
$99,879
Shares
issued
in
reinvestment
of
distributions
..........
4,501
91,405
Shares
redeemed
...............................
(57,397)
(1,212,279)
(40,267)
(591,226)
Net
increase
(decrease)
..........................
253,687
$5,301,908
(33,142)
$(491,347)
Class
R6
Class
R6
Shares:
Six
Months
ended
January
31,
2022
Shares
sold
...................................
3,785,086
$81,241,107
6,856
$116,362
Shares
issued
in
reinvestment
of
distributions
..........
489,484
10,200,857
Shares
redeemed
...............................
(3,411,644)
(74,999,046)
(13,511)
(225,186)
Net
increase
(decrease)
..........................
862,926
$16,442,918
(6,655)
$(108,824)
Year
ended
July
31,
2021
Shares
sold
...................................
11,428,435
$239,148,993
44,234
$622,468
Shares
issued
in
reinvestment
of
distributions
..........
521,126
10,756,050
Shares
redeemed
...............................
(8,612,337)
(183,326,609)
(335,021)
(4,808,444)
Net
increase
(decrease)
..........................
3,337,224
$66,578,434
(290,787)
$(4,185,976)
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
January
31,
2022
Shares
sold
...................................
17,336,708
$384,509,011
42,164
$712,098
Shares
issued
in
reinvestment
of
distributions
..........
1,353,169
28,159,439
Shares
redeemed
...............................
(13,679,758)
(298,030,799)
(378,633)
(6,112,083)
Net
increase
(decrease)
..........................
5,010,119
$114,637,651
(336,469)
$(5,399,985)
Year
ended
July
31,
2021
Shares
sold
...................................
26,119,140
$547,331,184
267,426
$3,878,637
Shares
issued
in
reinvestment
of
distributions
..........
1,314,425
27,090,304
Shares
redeemed
...............................
(17,624,086)
(371,705,552)
(2,706,843)
(37,011,887)
Net
increase
(decrease)
..........................
9,809,479
$202,715,936
(2,439,417)
$(33,133,250)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
41
franklintempleton.com
Semiannual
Report
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
Trust
are
also
officers,
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
Franklin
International
Growth
Fund
pays
an
investment
management
fee
to
FT
Institutional
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
Franklin
International
Small
Cap
Fund
pays
an
investment
management
fee
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
has
follows:
For
the
period
ended
January
31,
2022,
each
Fund’s
annualized
gross
effective
investment
management
fee
rate
based
on
the
average
daily
net
assets
was
as
follows:
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Institutional,
LLC
(FT
Institutional)
Investment
manager
ClearBridge
Investments,
LLC
(ClearBridge)
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
0.760%
Up
to
and
including
$500
million
0.740%
Over
$500
million,
up
to
and
including
$1
billion
0.720%
Over
$1
billion,
up
to
and
including
$1.5
billion
0.700%
Over
$1.5
billion,
up
to
and
including
$6.5
billion
0.675%
Over
$6.5
billion,
up
to
and
including
$11.5
billion
0.655%
Over
$11.5
billion,
up
to
and
including
$16.5
billion
0.635%
Over
$16.5
billion,
up
to
and
including
$19
billion
0.615%
Over
$19
billion,
up
to
and
including
$21.5
billion
0.600%
In
excess
of
$21.5
billion
Annualized
Fee
Rate
Net
Assets
0.800%
Up
to
and
including
$1
billion
0.750%
Over
$1
billion,
up
to
and
including
$2
billion
0.700%
Over
$2
billion,
up
to
and
including
$5
billion
0.650%
Over
$5
billion,
up
to
and
including
$10
billion
0.600%
In
excess
of
$10
billion
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Gross
effective
investment
management
fee
rate
........
0.719%
0.800%
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
42
franklintempleton.com
Semiannual
Report
Under
a
subadvisory
agreement,
ClearBridge,
an
affiliate
of
Advisers,
provides
subadvisory
services
to
Franklin
International
Small
Cap
Fund.
The
subadvisory
fee
is
paid
by
Advisers
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
FT
Institutional
and
Advisers,
FT
Services
provides
administrative
services
to
the
Funds.
The
fee
is
paid
by
FT
Institutional
and
Advisers
based
on
each
of
the
Fund’s
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Funds.
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
Funds’
Class
A
reimbursement
distribution
plans,
the
Funds
reimburse
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
each
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Funds’
Class
C
and
R
compensation
distribution
plans,
the
Funds
pay
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
each
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
for
each
Fund.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Funds.
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
Funds
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Funds'
shares
for
the
period:
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Reimbursement
Plans:
Class
A
...............................
0.35%
0.35%
Compensation
Plans:
Class
C
...............................
1.00%
1.00%
Class
R
...............................
0.50%
0.50%
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..................
$98,396
$2,504
CDSC
retained
...........................
$20,755
$288
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class
reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes’
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
January
31,
2022,
the
Funds
paid
transfer
agent
fees
as
noted
in
the
Statements
of
Operations
of
which
the
following
amounts
were
retained
by
Investor
Services:
f.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
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
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Funds
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statements
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
January
31,
2022,
investments
in
affiliated
management
investment
companies
were
as
follows:
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Transfer
agent
fees
........................
$848,651
$45,915
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
International
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
84,459,275
$
255,485,008
$
(260,069,815)
$
$
$
79,874,468
79,874,468
$
3,989
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
9,472,000
(9,472,000)
3
Total
Affiliated
Securities
...
$84,459,275
$264,957,008
$(269,541,815)
$—
$—
$79,874,468
$3,992
3.
Transactions
with
Affiliates
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
g.
Waiver
and
Expense
Reimbursements
FT
Institutional
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
Franklin
International
Growth
Fund
so
that
the
operating expenses
(excluding
interest
expense,
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
does
not
exceed
0.86%
based
on
the
average
net
assets
of
each
class
until
November
30,
2022.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
Franklin
International
Small
Cap
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
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
does
not
exceed
1.05%
based
on
the
average
net
assets
of
each
class
until
November
30,
2022.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
For
Franklin
International
Growth
Fund,
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.02%
based
on
the
average
net
assets
of
the
class
until
November
30,
2022.
Prior
to
December
1,
2021,
the
Class
R6
transfer
agent
fees
were
limited
to
0.01%
based
on
the
average
net
assets
of
the
class.
For
Franklin
International
Small
Cap
Fund,
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
November
30,
2022.
Prior
to
December
1,
2021,
the
Class
R6
transfer
agent
fees
were
limited
to
0.02%
based
on
the
average
net
assets
of
the
class.
h.
Other
Affiliated
Transactions
During
the
year
ended
July
31,
2021,
affiliated
parties
reimbursed
the
Franklin
International
Small
Cap
Fund
$54,272
for
losses
resulting
from
a
NAV
error.
This
reimbursement
is
reflected
in
capital
share
transactions
in
the
Statements
of
Changes
in
Net
Assets.
4.
Expense
Offset
Arrangement
The
Funds
have entered
into
an
arrangement
with
their
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Funds'
custodian
expenses. During
the period
ended
January
31,
2022, the
custodian
fees
were
reduced
as
noted
in
the
Statements
of
Operations.
3.
Transactions
with
Affiliates
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
 At
July
31,
2021,
the
capital
loss
carryforwards
were
as
follows:
For
tax
purposes,
the
Funds
may
elect
to
defer
any
portion
of
a
post-October
capital
loss
or
late-year
ordinary
loss
to
the
first
day
of
the
following
fiscal
year.
At
July
31,
2021,
Franklin
International
Growth
Fund
deferred
post-October
capital
losses
of
$24,581,965.
At
January
31,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
EU
reclaims,
passive
foreign
investment
company
shares
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
January
31,
2022,
were
as
follows:
7.
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.
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
1
1
1
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
.............................
$
$
12,040,437
Long
term
.............................
135,879,384
Total
capital
loss
carryforwards
............
$—
$147,919,821
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
a
a
a
Cost
of
investments
.......................
$2,137,069,359
$78,589,139
Unrealized
appreciation
.....................
$689,889,856
$3,354,063
Unrealized
depreciation
.....................
(192,196,109)
(8,463,031)
Net
unrealized
appreciation
(depreciation)
.......
$497,693,747
$(5,108,968)
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Purchases
..............................
$263,434,783
$10,691,212
Sales
..................................
$346,757,168
$18,722,679
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
8.
Geopolitical
Risk
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Funds
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
9.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
10.
Credit
Facility
The
Funds,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matured
on
February
4,
2022.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Effective
February
4,
2022,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
February
3,
2023,
for
a
total
of
$2.675
billion.
Under
the
terms
of
the
Global
Credit
Facility,
the
Funds
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Funds
and
other
costs
incurred
by
the
Funds,
pay
their
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
their
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
Statements
of
Operations.
During
the
period ended
January
31,
2022,
the
Funds
did
not
use
the
Global
Credit
Facility.
11.
Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' 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 Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
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
January
31,
2022,
in
valuing
the
Funds'
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
International
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
$
93,635,585
$
$
93,635,585
Air
Freight
&
Logistics
...................
84,325,096
84,325,096
Banks
...............................
85,750,159
85,750,159
Biotechnology
.........................
161,088,483
161,088,483
Capital
Markets
........................
164,573,350
164,573,350
Chemicals
...........................
283,615,052
283,615,052
Diversified
Telecommunication
Services
.....
70,506,689
70,506,689
Entertainment
.........................
94,869,223
94,869,223
Health
Care
Equipment
&
Supplies
.........
219,373,868
219,373,868
Internet
&
Direct
Marketing
Retail
..........
91,696,860
43,589,364
135,286,224
IT
Services
...........................
156,377,189
172,373,428
328,750,617
Life
Sciences
Tools
&
Services
............
76,282,768
76,282,768
Media
...............................
122,826,786
122,826,786
Pharmaceuticals
.......................
80,068,482
80,068,482
Professional
Services
...................
69,461,200
83,538,908
153,000,108
Semiconductors
&
Semiconductor
Equipment
.
84,669,328
84,669,328
Software
.............................
85,033,000
149,439,658
234,472,658
Trading
Companies
&
Distributors
..........
81,794,162
81,794,162
Short
Term
Investments
...................
79,874,468
79,874,468
Total
Investments
in
Securities
...........
$482,442,717
$2,152,320,389
a
$—
$2,634,763,106
Franklin
International
Small
Cap
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
358,074
358,074
Air
Freight
&
Logistics
...................
1,311,079
1,116,646
2,427,725
Airlines
..............................
487,710
482,497
970,207
Auto
Components
......................
515,201
515,201
Banks
...............................
7,088,213
7,088,213
Building
Products
......................
1,542,592
1,542,592
Capital
Markets
........................
895,475
899,065
1,794,540
Chemicals
...........................
1,153,879
1,153,879
Commercial
Services
&
Supplies
...........
1,440,338
1,440,338
Construction
&
Engineering
...............
2,844,019
2,844,019
Construction
Materials
..................
4,155,827
4,155,827
Diversified
Financial
Services
.............
515,013
515,013
Electrical
Equipment
....................
2,977,182
2,977,182
Electronic
Equipment,
Instruments
&
Components
........................
378,973
378,973
Energy
Equipment
&
Services
.............
1,390,066
1,390,066
Entertainment
.........................
369,874
369,874
Food
&
Staples
Retailing
.................
1,154,049
1,154,049
Food
Products
........................
395,717
395,717
Health
Care
Equipment
&
Supplies
.........
1,959,610
1,959,610
Hotels,
Restaurants
&
Leisure
.............
334,106
2,743,782
3,077,888
Household
Durables
....................
1,586,003
1,586,003
IT
Services
...........................
384,186
384,186
Leisure
Products
.......................
187,998
187,998
Machinery
............................
1,308,918
6,641,438
7,950,356
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
12.
New
Accounting
Pronouncements
In
March
2020,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
In
January
2021,
the
FASB
issued
ASU
No.
2021-01,
with
further
amendments
to
Topic
848.
The
amendments
in
the
ASUs
provide
optional
temporary
accounting
recognition
and financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR)
and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021
for
certain
LIBOR
settings
and
2023
for
the
remainder. The
ASUs
are
effective
for
certain
reference
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2022.
Management
has
reviewed
the
requirements
and
believes
the
adoption
of
these
ASUs
will
not
have
a
material
impact
on
the
financial
statements.
13.
Subsequent
Events
The
Funds
have
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
Level
1
Level
2
Level
3
Total
Franklin
International
Small
Cap
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Marine
..............................
$
644,893
$
578,091
$
$
1,222,984
Media
...............................
385,435
385,435
Metals
&
Mining
.......................
1,852,319
2,868,107
4,720,426
Oil,
Gas
&
Consumable
Fuels
.............
1,742,635
2,586,903
4,329,538
Personal
Products
.....................
1,209,283
1,209,283
Pharmaceuticals
.......................
600,205
600,205
Professional
Services
...................
1,017,174
599,531
1,616,705
Real
Estate
Management
&
Development
....
1,763,998
1,004,839
2,768,837
Semiconductors
&
Semiconductor
Equipment
.
1,182,271
1,182,271
Specialty
Retail
........................
1,123,420
384,325
1,507,745
Textiles,
Apparel
&
Luxury
Goods
..........
1,052,896
1,052,896
Trading
Companies
&
Distributors
..........
5,389,244
5,389,244
Transportation
Infrastructure
..............
370,468
370,468
Water
Utilities
.........................
506,604
506,604
Total
Investments
in
Securities
...........
$14,250,766
$59,229,405
b
$—
$73,480,171
a
Includes
foreign
securities
valued
at
$2,152,320,389,
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.
b
Includes
foreign
securities
valued
at
$59,229,405,
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.
Selected
Portfolio
ADR
American
Depositary
Receipt
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Shareholder
Information
49
franklintempleton.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’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
Trust’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
Statement
of
Investments
The
Trust
files
a
complete
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
each
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
as
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.
FGT3
S
03/22
©
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Franklin
Templeton
Investments.
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reserved.
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distribution
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when
accompanied
or
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and/or
prospectus.
Investors
should
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a
fund’s
investment
goals,
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charges
and
expenses
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investing.
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prospectus
contains
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please
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Semiannual
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Shareholder
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Advisers,
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Templeton
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(800)
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Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
A
Series
of
Franklin
Global
Trust
January
31,
2022
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
ftinstitutional.com
Semiannual
Report
1
Contents
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
2
Performance
Summary
6
Your
Fund’s
Expenses
8
Consolidated
Financial
Highlights
and
Consolidated
Statement
of
Investments
9
Consolidated
Financial
Statements
15
Notes
to
Consolidated
Financial
Statements
18
Tax
Information
32
Shareholder
Information
33
Visit
ftinstitutional.com
for
fund
updates,
to
access
your
account,
or
to
find
investment
insights.
2
ftinstitutional.com
Semiannual
Report
SEMIANNUAL
REPORT
Franklin
Emerging
Market
Debt
Opportunities
Fund
This
semiannual
report
for
Franklin
Emerging
Market
Debt
Opportunities
Fund
covers
the
period
ended
January
31,
2022
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
high
total
return.
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
in
debt
securities
of
emerging
market
countries.
The
Fund
invests
mainly
in
debt
securities
issued
by
sovereign
and
subsovereign
government
entities,
but
also
including
securities
issued
by
corporate
entities
that
are
controlled
by
a
sovereign
entity,
and
corporate
emerging
markets
debt.
Performance
Overview
The
Fund
posted
a
-2.81%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
first
benchmark,
the
J.P.
Morgan
(JPM)
Emerging
Markets
Bond
Index
(EMBI)
Global
Diversified
Index,
which
tracks
total
returns
for
U.S.
dollar-denominated
debt
instruments
issued
by
emerging
market
sovereign
and
quasi-sovereign
entities,
posted
a
-4.35%
cumulative
total
return.
1
The
Fund’s
second
benchmark,
the
JPM
EMBI
Global
Diversified
ex-GCC
Index,
which
tracks
total
returns
for
U.S.
dollar-denominated
debt
instruments
issued
by
emerging
market
sovereign
and
quasi-sovereign
entities,
excluding
Saudi
Arabia,
Qatar,
the
United
Arab
Emirates,
Bahrain
and
Kuwait,
posted
a
-4.93%
cumulative
total
return.
2
The
Fund’s
third
benchmark,
the
JPM
Government
Bond
Index-Emerging
Markets
(GBI-EM)
Broad
Diversified
Index
(US$
Unhedged),
which
tracks
local
currency
bonds
issued
in
emerging
markets,
posted
a
-4.11%
cumulative
total
return.
3
Also
for
comparison,
the
Fund’s
fourth
benchmark,
the
ICE
BofA
Emerging
Market
Corporate
Plus
(EMCB)
Index
(100%
US$
Hedged),
which
tracks
the
performance
of
U.S.
dollar-denominated
and
euro-
denominated
emerging
market
non-sovereign
debt
publicly
issued
within
the
major
domestic
and
Eurobond
markets,
posted
a
-3.64%
cumulative
total
return.
1
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
6
.
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
ftinstitutional.com
or
call
a
Franklin
Templeton
Institutional
Services
representative
at
(800)
321-8563
.
Economic
and
Market
Overview
The
global
economy
continued
its
recovery
from
the
impact
of
the
COVID-19
pandemic
during
the
six
months
ended
January
31,
2021.
The
rebound
was
accompanied
by
rising
inflation
driven
by
persistent
supply-chain
disruptions
and
higher
food
and
energy
prices,
with
oil
prices
ending
the
period
at
their
highest
level
since
2014.
However,
positive
sentiment
on
the
outlook
for
global
economic
growth
was
briefly
undermined
in
November
2021
by
the
discovery
of
the
Omicron
coronavirus
variant.
Concerns
about
another
potential
downturn
in
economic
growth
sparked
a
short-lived
bout
of
risk
aversion
among
many
investors.
Inflationary
pressures
prompted
many
emerging
market
(EM)
central
banks
to
tighten
monetary
policy
during
the
period.
The
U.S.
Federal
Reserve
(Fed)
was
slower
to
act,
but
as
the
annual
U.S.
inflation
rate
rose
to
its
highest
level
in
30
years
toward
the
end
of
2021,
policymakers
shifted
to
a
more
hawkish
stance.
A
reduction
in
the
pace
of
asset
purchases
was
followed
at
the
Fed’s
January
2022
meeting
by
a
clear
signal
the
Fed
would
raise
the
range
for
the
Portfolio
Composition
1/31/22
%
of
Total
Net
Assets
Foreign
Government
and
Agency
Securities
63.8%
Corporate
Bonds
15.6%
*
Quasi-Sovereign
Bonds
11.0%
*
Loan
Participations
and
Assignments
2.3%
Warrants
1.9%
Others**
0.0%
*
Short-Term
Investments
&
Other
Net
Assets
5.4%
*
Includes
securities
determined
to
have
no
value
at
1/31/22.
**
For
detailed
categories,
see
accompanying
Consolidated
Statement
of
Investments.
1.
Source:
Morningstar.
2.
Source:
FactSet.
3.
Source:
J.P.
Morgan.
The
indexes
are
unmanaged
and
include
reinvestment
of
any
income
or
distributions.
They
do
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Consolidated
Statement
of
Investments
(SOI).
The
Consolidated
SOI
begins
on
page
10
.
Franklin
Emerging
Market
Debt
Opportunities
Fund
3
ftinstitutional.com
Semiannual
Report
federal
funds
target
rate
soon,
against
a
backdrop
of
sharply
increasing
benchmark
interest
rates
in
most
markets.
Many
investors
soon
priced
in
multiple
rate
increases
by
the
Fed
during
2022,
while
the
prospect
of
U.S.
monetary
tightening
saw
the
U.S.
dollar
strengthen
over
much
of
the
review
period.
A
further
headwind
was
a
slowdown
of
the
Chinese
economy,
largely
due
to
government
policies,
including
regulatory
changes
in
new
economy
sectors,
housing
tightening
and
strict
implementation
of
decarbonization
policies.
This
slowdown
weighed
on
overall
economic
growth
in
emerging
markets,
specifically
in
Asia,
where
China’s
trade
ties
were
the
strongest.
Given
these
headwinds,
both
the
hard-currency
and
local-
currency
categories
of
EM
debt
ended
significantly
lower
over
the
review
period.
Hard
currency-denominated
EM
government
bonds
posted
a
-4.35%
total
return
over
the
six
months
under
review,
as
measured
by
the
JPM
EMBI
Global
Diversified
Index.
1
U.S.
10-year
Treasury
yields
rose
from
1.24%
at
the
end
of
July
2021
to
1.79%
at
the
end
of
January
2022.
The
index’s
spread
over
U.S.
Treasury
yields,
on
a
yield-to-worst
basis,
rose
29
basis
points
(bps)
during
that
time,
ending
at
383
bps.
U.S.
dollar-
and
euro-denominated
EM
corporate
bonds
posted
a
-3.64%
total
return,
as
measured
by
the
ICE
BofA
EMCB
Index
(100%
US$
Hedged).
1
Spreads
on
EM
corporate
bonds
widened
less
than
spreads
on
EM
government
bonds
during
the
six
months
under
review.
Local-currency
EM
government
bonds
posted
a
-4.11%
total
return,
as
measured
by
the
JPM
GBI–EM
Broad
Diversified
Index.
3
Local-currency
yields
rose
sharply,
from
an
average
of
5.29%
at
the
end
of
July
2021
to
6.13%
at
the
end
of
January
2022,
but
EM
currencies
fell
relative
to
the
U.S.
dollar.
Geographic
Composition
1/31/22
%
of
Total
Net
Assets
Mexico
6.0%
Supranational
5.6%
Turkey
5.0%
Ukraine
4.0%
Belarus
3.9%
Egypt
3.4%
South
Africa
3.4%
Kazakhstan
3.3%
Ghana
3.1%
Dominican
Republic
3.1%
Argentina
3.1%
Colombia
3.0%
Russia
2.9%
Angola
2.8%
Nigeria
2.6%
Grenada
2.5%
Iraq
2.5%
Gabon
2.4%
Uruguay
2.2%
Uzbekistan
2.1%
Suriname
2.0%
Ethiopia
1.7%
Tunisia
1.6%
El
Salvador
1.6%
Jordan
1.6%
Brazil
1.5%
Venezuela
1.5%
Benin
1.4%
Georgia
1.4%
Trinidad
and
Tobago
1.3%
Mozambique
1.2%
Peru
1.2%
China
1.1%
Pakistan
1.1%
Kenya
1.1%
Cameroon
1.1%
Costa
Rica
1.0%
Honduras
1.0%
Jamaica
1.0%
Paraguay
1.0%
Other
1.3%
Short-Term
Investments
&
Other
Net
Assets
5.4%
Franklin
Emerging
Market
Debt
Opportunities
Fund
4
ftinstitutional.com
Semiannual
Report
Investment
Strategy
Our
portfolio
construction
process
can
be
summarized
in
three
integral
steps—country
allocation,
currency
allocation
and
issue
selection.
The
first
stage
of
our
emerging
market
debt
investment
process
is
identifying
the
countries
for
which
we
have
a
favorable
outlook,
which
we
manage
with
a
bottom-up,
research-driven
perspective.
Since
the
portfolio
is
constructed
through
bottom-up,
fundamental
research
and
not
relative
to
a
benchmark
index,
there
is
no
requirement
to
hold
issues
from
any
one
country.
The
next
decision
is
whether
to
take
exposure
in
the
form
of
“hard
currency”
or
local
currency
instruments.
Hard
currencies
are
currencies
in
which
investors
have
confidence
and
are
typically
currencies
of
economically
and
politically
stable
industrialized
nations.
The
last
decision
concerns
security
selection.
This
depends
on
a
number
of
factors,
including
the
type
of
the
security’s
coupon
(fixed
or
floating).
Manager’s
Discussion
During
the
six
months
under
review,
Grenadian
hard-
currency
government
debt
performed
strongly.
The
performance
was
helped
by
a
payment
on
these
bonds
in
November
2021,
triggered
by
the
substantial
revenues
received
by
the
Grenadian
government
under
its
“citizen
by
investment”
mechanism
in
2020.
Such
payments
are
capped
at
the
total
amount
of
the
debt
relief
provided
by
creditors
in
2015.
In
August
2021,
the
Inter-American
Development
Bank
listed
Grenada
as
one
of
only
four
Caribbean
nations
whose
debt-to-GDP
(gross
domestic
product)
ratio
will
be
potentially
lower
by
the
end
of
2026
than
at
the
end
of
2019.
Surinamese
bonds
delivered
a
solid
performance
for
the
period.
Suriname
is
in
default
but,
unlike
Venezuela
or
Lebanon,
has
a
clearer
route
to
curing
this
default
and
achieving
debt
sustainability.
It
has
had
a
staff-level
agreement
with
the
International
Monetary
Fund
(IMF)
since
April
2021
on
a
US$690
million
program,
although
the
IMF
executive
board
only
approved
the
program
in
December.
Prior
actions,
mainly
the
unwillingness
of
China
and
India
to
provide
financial
assurances,
were
the
reasons
behind
the
delay.
The
IMF
decided
to
move
ahead
with
the
program
regardless,
resulting
in
an
immediate
disbursement
of
$55
million.
In
addition,
buyers
pushed
up
bond
prices
in
an
illiquid
market.
Recent
offshore
oil
and
gas
discoveries
have
confirmed
Suriname’s
earnings
potential,
which
we
believe
will
transform
the
country.
Uzbekistan’s
rapid
progress
toward
its
evolutionary
agenda
to
transform
its
economy
and
policy
framework
has
been
a
persistent
source
of
optimism
for
many
investors
since
the
liberalization
of
exchange
controls
in
September
2017.
Before
the
pandemic
hit,
Uzbekistan’s
GDP
was
rising
at
robust
annual
rates
and,
by
virtue
of
the
authorities’
quick
and
forceful
actions,
growth
rates
for
2021
and
2022
are
expected
to
return
to
pre-pandemic
levels.
Uzbekistan’s
central
bank
was
prudent
with
its
monetary
policy
throughout
2021,
in
our
view,
ensuring
an
appropriate
balance
between
achieving
its
forecasted
inflation
rates
and
maintaining
the
economy’s
growth
trajectory.
In
contrast,
the
Fund’s
allocation
to
El
Salvadoran
U.S.-dollar
bonds
detracted
from
performance
over
the
review
period.
The
preoccupation
of
President
Bukele
with
cryptocurrency
and
the
dwindling
value
of
the
country’s
investment
in
Bitcoin
contributed
to
negative
sentiment.
It
remains
to
be
seen
how
successful
this
new
form
of
financing
will
be
and
how
permanent
its
potential
damage
to
more
traditional
lenders
will
be.
However,
toward
the
end
of
the
period,
the
primary
negative
effect
proved
to
be
increasing
market
nervousness
around
the
country’s
liquidity
profile.
Ukrainian
government
bonds
fell
during
the
latter
part
of
the
review
period,
against
a
backdrop
of
rising
geopolitical
tensions
over
Russia’s
military
buildup
near
its
border
with
Ukraine.
Along
with
Russian
president
Vladimir
Putin’s
increasingly
hostile
rhetoric
about
Ukraine’s
ties
with
the
West,
the
military
buildup
increased
concerns
about
the
potential
for
renewed
conflict
between
the
two
countries.
Top
10
Holdings
1/31/22
Issuer
Industry
,
Country
%
of
Total
Net
Assets
a
a
Mexico
Government
Bond
4.5%
Diversified
Financial
Services,
Mexico
Egypt
Government
Bond
3.4%
Diversified
Financial
Services,
Egypt
Ukraine
Government
Bond
3.1%
Diversified
Financial
Services,
Ukraine
Dominican
Republic
Government
Bond
3.1%
Diversified
Financial
Services,
Dominican
Republic
Development
Bank
of
the
Republic
of
Belarus
JSC
3.0%
Banks,
Belarus
Angola
Government
Bond
2.8%
Diversified
Financial
Services,
Angola
Provincia
del
Chubut
Argentina
2.6%
Municipal
Bonds,
Argentina
Grenada
Government
Bond
2.5%
Diversified
Financial
Services,
Grenada
Iraq
Government
Bond
2.5%
Diversified
Financial
Services,
Iraq
Gabon
Government
Bond
2.4%
Diversified
Financial
Services,
Gabon
Franklin
Emerging
Market
Debt
Opportunities
Fund
5
ftinstitutional.com
Semiannual
Report
Although
the
Turkish
lira-denominated
bonds
of
Asian
Infrastructure
Investment
Bank
were
stable
over
the
review
period
in
local-currency
terms,
they
weighed
on
performance
in
U.S.
dollar
terms
due
to
a
sharp
decline
in
the
Turkish
lira.
As
President
Erdogan
continued
to
advocate
interest-rate
cuts
despite
accelerating
inflation
and
Turkey’s
central
bank
reduced
its
benchmark
interest
rates,
the
Turkish
currency
slumped
to
a
record
low
against
the
U.S.
dollar
in
late
November
2021.
The
lira
later
recovered
some
of
its
losses
after
the
Turkish
government
unveiled
a
plan
to
encourage
domestic
investors
to
hold
the
currency,
but
the
ongoing
volatility
continued
to
unnerve
many
international
investors.
We
thank
you
for
your
confidence
in
Franklin
Emerging
Market
Debt
Opportunities
Fund
and
hope
to
serve
your
investment
needs
at
the
highest
level
of
expectations.
Nicholas
Hardingham,
CFA
Stephanie
Ouwendijk,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
January
31,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
January
31,
2022
Franklin
Emerging
Market
Debt
Opportunities
Fund
6
ftinstitutional.com
Semiannual
Report
The
performance
table
does
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.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
1/31/22
1
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
ftinstitutional.com
or
call
a
Franklin
Templeton
Institutional
Services
representative
at
(800)
321-8563
.
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
6-Month
-2.81%
-2.81%
1-Year
-0.26%
-0.26%
5-Year
+24.18%
+4.43%
10-Year
+57.94%
+4.68%
See
page
7
for
Performance
Summary
footnotes.
Franklin
Emerging
Market
Debt
Opportunities
Fund
Performance
Summary
7
ftinstitutional.com
Semiannual
Report
All
investments
involve
risks,
including
possible
loss
of
principal.
Special
risks
are
associated
with
foreign
investing
including
currency
volatility,
economic
instability,
and
social
and
political
developments
of
countries
where
the
Fund
invests.
Investments
in
emerging
markets
involve
heightened
risks
related
to
the
same
factors,
in
addition
to
those
associated
with
these
markets’
smaller
size,
lesser
liquidity
and
lack
of
established
legal,
political,
business
and
social
frameworks
to
support
securities
markets.
The
risks
associated
with
higher-yielding,
lower-rated
securities
include
higher
risk
of
default
and
loss
of
principal.
In
addition,
interest
rate
movements
will
affect
the
Fund’s
share
price
and
yield.
Prices
of
debt
securities
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
prices
of
debt
securities
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
The
Fund
has
an
expense
reduction,
a
waiver
related
to
the
management
fee
paid
by
a
Fund
subsidiary
and
a
fee
waiver
associated
with
any
investments
it
makes
in
a
Franklin
Templeton
money
fund
and/or
other
Franklin
Templeton
fund,
contractually
guaranteed
through
11/30/22.
Fund
investment
results
reflect
the
expense
reduction
and
fee
waivers;
without
these
reductions,
the
results
would
have
been
lower.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
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
Consolidated
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Total
Annual
Operating
Expenses
4
With
Fee
Waiver
Without
Fee
Waiver
1.01%
1.26%
Your
Fund’s
Expenses
Franklin
Emerging
Market
Debt
Opportunities
Fund
8
ftinstitutional.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions,
if
applicable;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
if
applicable,
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”.
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
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
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)
Beginning
Account
Value
8/1/21
Ending
Account
Value
1/31/22
Expenses
Paid
During
Period
8/1/21–1/31/22
1,2
Ending
Account
Value
1/31/22
Expenses
Paid
During
Period
8/1/21–1/31/22
1,2
a
Net
Annualized
Expense
Ratio
2
$1,000
$971.87
$4.97
$1,020.16
$5.10
1.00%
Franklin
Global
Trust
Consolidated
Financial
Highlights
Franklin
Emerging
Market
Debt
Opportunities
Fund
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.73
$10.19
$11.66
$11.68
$11.68
$10.76
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.39
0.71
0.97
0.97
0.86
0.83
Net
realized
and
unrealized
gains
(losses)
(0.72)
0.83
(1.64)
(0.13)
(0.36)
0.17
Total
from
investment
operations
........
(0.33)
1.54
(0.67)
0.84
0.50
1.00
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.80)
(0.86)
(0.47)
Net
realized
gains
.................
(0.03)
(0.08)
Total
distributions
...................
(0.80)
(0.86)
(0.50)
(0.08)
Net
asset
value,
end
of
period
..........
$11.40
$11.73
$10.19
$11.66
$11.68
$11.68
Total
return
c
.......................
(2.81)%
15.11%
(6.24)%
8.04%
4.04%
9.40%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.18%
1.24%
1.15%
1.11%
1.09%
1.07%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
Net
investment
income
...............
6.58%
6.34%
8.95%
8.58%
7.31%
7.43%
Sup
plemental
data
Net
assets,
end
of
period
(000’s)
........
$112,444
$135,374
$111,159
$387,888
$518,344
$514,406
Portfolio
turnover
rate
................
28.54%
61.28%
34.71%
14.29%
33.70%
29.45%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Consolidated
Statement
of
Investments
(unaudited),
January
31,
2022
Franklin
Emerging
Market
Debt
Opportunities
Fund
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.0%
Diversified
Financial
Services
0.0%
a,b,c
Astana
Finance
JSC,
GDR,
144A
.........................
Kazakhstan
193,625
$
Multiline
Retail
0.0%
a,b,c
K2016470219
South
Africa
Ltd.,
A
.........................
South
Africa
55,882,058
a,b,c
K2016470219
South
Africa
Ltd.,
B
.........................
South
Africa
5,561,052
Total
Common
Stocks
(Cost
$433,378)
.........................................
Warrants
Warrants
1.9%
Diversified
Financial
Services
1.9%
d,e
Ukraine
Government,
VRI,
GDP
Linked
Security,
Senior
Bond,
Reg
S,
5/31/40
.........................................
Ukraine
2,000,000
1,518,100
a,b,f
Venezuela
Government,
Oil
Value
Recovery,
4/15/20
...........
Venezuela
925,920
663,933
2,182,033
Total
Warrants
(Cost
$18,386,506)
.............................................
2,182,033
Units
Private
Limited
Partnership
Funds
0.0%
Capital
Markets
0.0%
a,b,c,f,g
Global
Distressed
Alpha
Fund
III
LP
.......................
United
States
4,424,861
Total
Private
Limited
Partnership
Funds
(Cost
$4,600,000)
.......................
Principal
Amount
*
Quasi-Sovereign
Bonds
11.0%
Banks
3.0%
d
Development
Bank
of
the
Republic
of
Belarus
JSC
,
Senior
Note
,
144A,
12
%
,
5/15/22
..................................
Belarus
8,900,000
BYN
3,380,902
Capital
Markets
0.2%
d
Huarong
Finance
II
Co.
Ltd.
,
Senior
Bond
,
Reg
S,
4.625
%
,
6/03/26
China
200,000
202,000
Diversified
Financial
Services
2.0%
a
Meridiam
Eastern
Europe
Investments
SAS
,
8.85
%
,
6/10/28
.....
Turkey
2,042,857
EUR
2,226,395
a,c,h,i
Sphynx
Capital
Markets
PCC
(National
Investment
Bank
of
Ghana)
,
PTN
,
Secured
Note
,
Reg
S,
Zero
Cpn.,
2/05/09
.............
Ghana
8,000,000
2,226,395
Municipal
Bonds
2.6%
d
Provincia
del
Chubut
Argentina
,
144A,
7.75
%
,
7/26/30
..........
Argentina
3,784,642
2,952,020
Oil,
Gas
&
Consumable
Fuels
1.5%
d
Citgo
Holding,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
8/01/24
..
Venezuela
1,000,000
1,000,100
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
................
Colombia
800,000
738,432
1,738,532
Road
&
Rail
1.1%
d
Kazakhstan
Temir
Zholy
Finance
BV
,
Senior
Bond
,
144A,
6.95
%
,
7/10/42
...........................................
Kazakhstan
1,000,000
1,252,040
Franklin
Global
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Quasi-Sovereign
Bonds
(continued)
Transportation
Infrastructure
0.6%
d,j
PA
Autopista
Rio
Magdalena
,
Index
Linked,
Senior
Secured
Bond
,
144A,
6.05
%
,
6/15/36
.................................
Colombia
2,676,787,724
COP
$
625,499
Total
Quasi-Sovereign
Bonds
(Cost
$16,984,059)
................................
12,377,388
Corporate
Bonds
15.6%
Airlines
0.9%
d
Pegasus
Hava
Tasimaciligi
A/S
,
Senior
Note
,
144A,
9.25
%
,
4/30/26
Turkey
1,000,000
1,014,153
Banks
3.0%
d
Access
Bank
plc
,
Senior
Note
,
144A,
6.125
%
,
9/21/26
..........
Nigeria
600,000
594,900
d
Akbank
TAS
,
Sub.
Bond
,
144A,
6.797%
to
4/27/23,
FRN
thereafter
,
4/27/28
...........................................
Turkey
1,100,000
1,081,365
d
Fidelity
Bank
plc
,
Senior
Note,
144A,
10.5%,
10/16/22
.....................
Nigeria
1,100,000
1,134,527
Senior
Note,
144A,
7.625%,
10/28/26
....................
Nigeria
550,000
539,000
3,349,792
Capital
Markets
1.1%
d
Georgia
Capital
JSC
,
Senior
Note
,
144A,
6.125
%
,
3/09/24
.......
Georgia
1,200,000
1,214,700
Chemicals
1.5%
d
Braskem
Idesa
SAPI
,
Senior
Secured
Bond,
144A,
6.99%,
2/20/32
...............
Mexico
450,000
447,284
Senior
Secured
Note,
144A,
7.45%,
11/15/29
..............
Mexico
1,200,000
1,233,030
1,680,314
Construction
&
Engineering
0.5%
d
IHS
Netherlands
Holdco
BV
,
Senior
Note
,
144A,
8
%
,
9/18/27
.....
Nigeria
600,000
630,996
Food
Products
1.0%
d
Frigorifico
Concepcion
SA
,
Senior
Secured
Note
,
144A,
7.7
%
,
7/21/28
...........................................
Paraguay
1,150,000
1,133,354
Metals
&
Mining
1.7%
d
CSN
Inova
Ventures
,
Senior
Note
,
144A,
6.75
%
,
1/28/28
........
Brazil
500,000
526,800
d,k
Petra
Diamonds
US
Treasury
plc
,
Senior
Secured
Note
,
144A,
PIK,
10.5
%
,
3/08/26
.....................................
South
Africa
1,358,218
1,389,684
1,916,484
Multiline
Retail
0.0%
a,d,k
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
4,771,295
a,d,k
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
1,896,269
Oil,
Gas
&
Consumable
Fuels
3.6%
d,l
Energo-Pro
A/S
,
Senior
Note
,
144A,
8.5
%
,
2/04/27
............
Czech
Republic
800,000
812,000
d
Kosmos
Energy
Ltd.
,
Senior
Note
,
144A,
7.75
%
,
5/01/27
........
Ghana
600,000
586,203
d
MC
Brazil
Downstream
Trading
SARL
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/30/31
.....................................
Brazil
1,250,000
1,200,594
d
Medco
Oak
Tree
Pte.
Ltd.
,
Senior
Secured
Note
,
144A,
7.375
%
,
5/14/26
...........................................
Indonesia
270,000
273,112
d
Tullow
Oil
plc
,
Senior
Note,
144A,
7%,
3/01/25
........................
Ghana
602,000
506,480
Franklin
Global
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
d
Tullow
Oil
plc,
(continued)
Senior
Secured
Note,
144A,
10.25%,
5/15/26
..............
Ghana
670,000
$
677,913
4,056,302
Real
Estate
Management
&
Development
1.0%
d
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
.....................................
China
1,230,000
1,083,015
Wireless
Telecommunication
Services
1.3%
d
Telecommunications
Services
of
Trinidad
&
Tobago
Ltd.
,
Senior
Secured
Note
,
144A,
8.875
%
,
10/18/29
...................
Trinidad
and
Tobago
1,370,000
1,427,396
Total
Corporate
Bonds
(Cost
$23,352,772)
......................................
17,506,506
m
Loan
Participations
and
Assignments
2.3%
d
Alfa
Bank
AO
Via
Alfa
Bond
Issuance
plc,
Sub.
Bond,
144A,
5.95%
to
4/15/25,
FRN
thereafter,
4/15/30
.......................
Russia
1,350,000
1,297,620
Global
Distressed
Alpha
Fund
III
LP
,
a,c,f,k,n
PIK,
12%,
Perpetual
..................................
United
States
972,195
377,307
d
State
Savings
Bank
of
Ukraine
Via
SSB
#1
plc,
Senior
Note,
144A,
9.625%,
3/20/25
.....................................
Ukraine
1,015,000
945,985
Total
Loan
Participations
and
Assignments
(Cost
$3,262,219)
....................
2,620,912
Foreign
Government
and
Agency
Securities
63.8%
d
Angola
Government
Bond
,
Senior
Bond
,
144A,
8
%
,
11/26/29
....
Angola
3,180,000
3,164,021
Argentina
Government
Bond
,
Senior
Note,
1%,
7/09/29
..............................
Argentina
150,490
53,439
Senior
Note,
0.5%,
7/09/30
............................
Argentina
1,370,020
465,820
d
Asian
Infrastructure
Investment
Bank
(The)
,
Senior
Note
,
Reg
S,
17.5
%
,
9/14/22
.....................................
Supranational
o
14,950,000
TRY
1,066,573
Banque
Centrale
de
Tunisie
,
Senior
Bond,
4.2%,
3/17/31
............................
Tunisia
270,000,000
JPY
1,325,711
d
Senior
Note,
Reg
S,
6.375%,
7/15/26
.....................
Tunisia
550,000
EUR
478,057
d
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
4.7
%
,
10/22/31
.....................................
Supranational
o
1,150,000
1,240,735
d
Belarus
Government
Bond
,
Senior
Note
,
144A,
6.875
%
,
2/28/23
.
Belarus
1,000,000
950,770
d
Benin
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/19/32
...
Benin
1,500,000
EUR
1,626,928
d
Cameroon
Government
Bond
,
Senior
Bond
,
144A,
5.95
%
,
7/07/32
Cameroon
1,150,000
EUR
1,191,675
Colombia
Government
Bond
,
Senior
Bond
,
9.85
%
,
6/28/27
......
Colombia
7,100,000,000
COP
1,983,073
d
Costa
Rica
Government
Bond
,
Senior
Bond
,
144A,
7.158
%
,
3/12/45
Costa
Rica
1,250,000
1,179,387
d
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
6.4%,
6/05/49
.......................
Dominican
Republic
1,050,000
1,051,470
Senior
Note,
144A,
8.9%,
2/15/23
.......................
Dominican
Republic
137,500,000
DOP
2,457,769
Egypt
Government
Bond
,
d
Senior
Bond,
144A,
7.625%,
5/29/32
.....................
Egypt
1,000,000
901,514
d
Senior
Bond,
144A,
7.5%,
2/16/61
.......................
Egypt
1,500,000
1,168,792
14.196%,
7/07/23
....................................
Egypt
9,100,000
EGP
584,057
13.659%,
9/07/23
....................................
Egypt
18,900,000
EGP
1,202,632
d
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
7.65
%
,
6/15/35
El
Salvador
3,250,000
1,794,000
d
Ethiopia
Government
Bond
,
Senior
Bond
,
144A,
6.625
%
,
12/11/24
Ethiopia
2,550,000
1,943,572
European
Bank
for
Reconstruction
&
Development
,
Senior
Note
,
6.45
%
,
12/13/22
....................................
Supranational
o
7,600,000,000
IDR
537,554
European
Investment
Bank
,
Senior
Note
,
8.5
%
,
12/01/23
.......
Supranational
o
3,600,000
GEL
1,161,608
Franklin
Global
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
d
Gabon
Government
Bond
,
Senior
Bond,
144A,
6.95%,
6/16/25
......................
Gabon
700,000
$
731,038
Senior
Bond,
144A,
6.625%,
2/06/31
.....................
Gabon
1,100,000
1,068,509
Senior
Bond,
144A,
7%,
11/24/31
........................
Gabon
900,000
883,485
Georgia
Treasury
Bond
,
8
%
,
2/04/23
......................
Georgia
1,069,000
GEL
346,338
Ghana
Government
Bond
,
18.25
%
,
7/25/22
.................
Ghana
7,500,000
GHS
1,197,778
d
Grenada
Government
Bond
,
144A,
7%,
5/12/30
...................................
Grenada
2,004,560
1,834,172
Reg
S,
7%,
5/12/30
..................................
Grenada
1,038,513
950,240
d
Honduras
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
6/24/30
Honduras
1,200,000
1,176,000
Inter-American
Development
Bank
,
GDP
Linked
Security
,
Senior
Note
,
7.875
%
,
3/14/23
...............................
Supranational
o
32,000,000,000
IDR
2,297,761
d
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
.....
Iraq
2,880,000
2,768,256
Jamaica
Government
Bond
,
Senior
Bond
,
7.875
%
,
7/28/45
.....
Jamaica
850,000
1,173,510
d
Jordan
Government
Bond
,
Senior
Bond
,
144A,
5.85
%
,
7/07/30
...
Jordan
1,800,000
1,784,417
Kazakhstan
Government
Bond
,
Senior
Bond,
5.3%,
4/26/23
............................
Kazakhstan
511,961,000
KZT
1,122,917
Senior
Bond,
5%,
5/15/23
.............................
Kazakhstan
665,000,000
KZT
1,449,281
Kenya
Government
Bond
,
12.5
%
,
5/12/25
..................
Kenya
129,250,000
KES
1,201,240
j
Mexican
Udibonos
,
S
,
Index
Linked,
4
%
,
11/30/28
............
Mexico
32,072,702
MXN
1,624,820
Mexico
Government
Bond
,
Senior
Bond,
3.75%,
1/11/28
...........................
Mexico
1,150,000
1,212,140
M,
8%,
11/07/47
.....................................
Mexico
46,000,000
MXN
2,233,150
d
Mozambique
Government
Bond
,
144A,
5%
to
9/15/23,
9%
thereafter
,
9/15/31
...........................................
Mozambique
1,600,000
1,351,320
d
Pakistan
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
4/08/31
Pakistan
1,300,000
1,222,338
Peru
Government
Bond
,
Senior
Bond
,
5.4
%
,
8/12/34
..........
Peru
5,700,000
PEN
1,341,530
Russia
Government
Bond
,
7.65
%
,
4/10/30
..................
Russia
163,425,000
RUB
1,919,502
d
Saderea
DAC
,
Senior
Secured
Bond
,
Reg
S,
12.5
%
,
11/30/26
...
Ghana
555,304
544,198
South
Africa
Government
Bond
,
Senior
Bond
,
7
%
,
2/28/31
......
South
Africa
44,900,000
ZAR
2,466,616
d,h
Suriname
Government
Bond
,
144A,
12.875%,
12/30/23
..............................
Suriname
1,400,000
1,071,000
Senior
Bond,
144A,
9.25%,
10/26/26
.....................
Suriname
1,500,000
1,146,375
Turkey
Government
Bond
,
Senior
Bond
,
5.95
%
,
1/15/31
........
Turkey
1,400,000
1,234,846
d
Ukraine
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
9/25/32
.
Ukraine
2,350,000
1,994,257
Uruguay
Government
Bond
,
Senior
Bond,
8.25%,
5/21/31
...........................
Uruguay
61,000,000
UYU
1,338,733
j
Index
Linked,
Senior
Bond,
3.7%,
6/26/37
.................
Uruguay
43,326,918
UYU
1,106,175
d
Uzbekistan
Government
Bond
,
Senior
Note,
144A,
14.5%,
11/25/23
......................
Uzbekistan
6,200,000,000
UZS
590,055
Senior
Note,
144A,
14%,
7/19/24
........................
Uzbekistan
18,720,000,000
UZS
1,762,910
Total
Foreign
Government
and
Agency
Securities
(Cost
$79,090,462)
..............
71,674,064
Shares
a
Escrows
and
Litigation
Trusts
0.0%
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
..............
South
Africa
275,106
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
Total
Long
Term
Investments
(Cost
$146,109,396)
...............................
106,360,903
a
Franklin
Global
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
14
At
January
31,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(d). 
See
Note
11
regarding
other
derivative
information.
Short
Term
Investments
3.6%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
3.6%
p,q
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
4,059,893
$
4,059,893
Total
Money
Market
Funds
(Cost
$4,059,893)
...................................
4,059,893
Total
Short
Term
Investments
(Cost
$4,059,893
)
.................................
4,059,893
a
Total
Investments
(Cost
$150,169,289)
98.2%
...................................
$110,420,796
Other
Assets,
less
Liabilities
1.8%
.............................................
2,022,907
Net
Assets
100.0%
...........................................................
$112,443,703
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
13
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
10
regarding
restricted
securities.
d
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
January
31,
2022,
the
aggregate
value
of
these
securities
was
$71,774,605,
representing
63.8%
of
net
assets.
e
The
principal
represents
the
notional
amount.
See
Note
1(d)
regarding
value
recovery
instruments.
f
The
security
is
owned
by
Alternative
Strategies
(FT)
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
1(g).
g
The
Global
Distressed
Alpha
Fund
III
LP
is
a
fund
focused
on
the
purchase
of
and
the
recovery
on
private
distressed
commercial,
sovereign
and
sovereign-related
debt
claims
around
the
world,
principally
in
Africa
and
Asia.
h
See
Note
7
regarding
credit
risk
and
defaulted
securities.
i
Represents
claims
that
have
been
filed
with
a
Ghanaian
court
against
National
Investment
Bank
of
Ghana.
j
Principal
amount
of
security
is
adjusted
for
inflation.
See
Note
1(i).
k
Income
may
be
received
in
additional
securities
and/or
cash.
l
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
m
See
Note
1(e)
regarding
loan
participations
and
assignments.
n
Perpetual
security
with
no
stated
maturity
date.
o
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
p
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
q
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
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
Euro
.............
CITI
Buy
700,000
790,534
3/15/22
$
$
(3,359)
Euro
.............
CITI
Sell
5,880,000
6,629,569
3/15/22
17,300
Japanese
Yen
......
RBCCM
Sell
180,000,000
1,585,381
3/15/22
20,595
Total
Forward
Exchange
Contracts
...................................................
$37,895
$(3,359)
Net
unrealized
appreciation
(depreciation)
............................................
$34,536
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Abbreviations
on
page
31
.
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Assets
and
Liabilities
January
31,
2022
(unaudited)
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Semiannual
Report
15
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$146,109,396
Cost
-
Non-controlled
affiliates
(Note
3d)
........................................................
4,059,893
Value
-
Unaffiliated
issuers
..................................................................
$106,360,903
Value
-
Non-controlled
affiliates
(Note
3d)
.......................................................
4,059,893
Cash
....................................................................................
8,026
Restricted
currency,
at
value
(cost
$194,103)
(Note
1f)
...............................................
96,419
Foreign
currency,
at
value
(cost
$57,001)
.........................................................
56,867
Receivables:
Investment
securities
sold
...................................................................
981,742
Capital
shares
sold
........................................................................
139,578
I
nterest
.................................................................................
2,163,789
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
37,895
Total
assets
..........................................................................
113,905,112
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
800,067
Capital
shares
redeemed
...................................................................
407,340
Management
fees
.........................................................................
70,258
Transfer
agent
fees
........................................................................
9,402
Professional
fees
.........................................................................
118,816
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
3,359
Accrued
expenses
and
other
liabilities
...........................................................
52,167
Total
liabilities
.........................................................................
1,461,409
Net
assets,
at
value
.................................................................
$112,443,703
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$222,882,554
Total
distributable
earnings
(losses)
.............................................................
(110,438,851)
Net
assets,
at
value
.................................................................
$112,443,703
Shares
outstanding
.........................................................................
9,860,334
Net
asset
value
and
maximum
offering
price
per
share
...............................................
$11.40
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Operations
for
the
period
ended
January
31,
2022
(unaudited)
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
16
Franklin
Emerging
Market
Debt
Opportunities
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3d)
.............................................................
$385
Interest:
(net
of
foreign
taxes
of
$20,331)
Unaffiliated
issuers
........................................................................
5,207,909
Total
investment
income
...................................................................
5,208,294
Expenses:
Management
fees
(Note
3a)
...................................................................
584,522
Transfer
agent
fees
(Note
3c)
..................................................................
34,724
Custodian
fees
(Note
4)
......................................................................
4,820
Reports
to
shareholders
fees
..................................................................
9,595
Registration
and
filing
fees
....................................................................
5,487
Professional
fees
...........................................................................
174,561
Trustees'
fees
and
expenses
..................................................................
(13,078)
Other
....................................................................................
11,049
Total
expenses
.........................................................................
811,680
Expense
reductions
(Note
4)
...............................................................
(9)
Expenses
waived/paid
by
affiliates
(Note
3d
and
3e)
..............................................
(123,758)
Net
expenses
.........................................................................
687,913
Net
investment
income
................................................................
4,520,381
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(3,435,979)
Foreign
currency
transactions
................................................................
23,590
Forward
exchange
contracts
.................................................................
429,812
Net
realized
gain
(loss)
..................................................................
(2,982,577)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(5,408,107)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
15,137
Forward
exchange
contracts
.................................................................
(18,492)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
30,159
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(5,381,303)
Net
realized
and
unrealized
gain
(loss)
............................................................
(8,363,880)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(3,843,499)
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statements
of
Changes
in
Net
Assets
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Semiannual
Report
17
Franklin
Emerging
Market
Debt
Opportunities
Fund
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$4,520,381
$7,081,201
Net
realized
gain
(loss)
.................................................
(2,982,577)
(16,188,656)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(5,381,303)
24,681,396
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(3,843,499)
15,573,941
Capital
share
transactions
(Note
2)
..........................................
(19,086,519)
8,641,059
Net
increase
(decrease)
in
net
assets
...................................
(22,930,018)
24,215,000
Net
assets:
Beginning
of
period
.....................................................
135,373,721
111,158,721
End
of
period
..........................................................
$112,443,703
$135,373,721
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
18
ftinstitutional.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Global
Trust
(Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of
three
separate
funds
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
Franklin
Emerging
Market
Debt
Opportunities
Fund
(Fund)
is
included
in
this
report.
The
following
summarizes
the
Fund’s
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust's
Board
of
Trustees
(the
Board),
the Fund's
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
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.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
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
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
19
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
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.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Consolidated
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period. 
c.
Securities
Purchased
on
a
Delayed
Delivery
Basis
The
Fund
purchases
securities
on
a
delayed
delivery
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
they
may
sell
the
securities
before
the
settlement
date.
d.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
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
Consolidated
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Consolidated
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
20
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
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
Consolidated
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
January
31,
2022,
the
Fund
had
no
OTC
derivatives
in
a
net
liability
position
for
such
contracts.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
terms
are
contract
specific
for
OTC
derivatives.
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,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance. 
The
Fund
entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency
at
a
specific
exchange
rate
on
a
future
date.
The
Fund
invests
in
value
recovery
instruments
(VRI)
primarily
to
gain
exposure
to
economic
growth.
Periodic
payments
from
VRI
are
dependent
on
established
benchmarks
for
underlying
variables.
VRI
has
a
notional
amount,
which
is
used
to
calculate
amounts
of
payments
to
holders.
Payments
are
recorded
upon
receipt
as
realized
gains
in
the
Consolidated
Statement
of
Operations.
The
risks
of
investing
in
VRI
include
growth
risk,
liquidity,
and
the
potential
loss
of
investment.
See
Note
11
regarding
other
derivative
information.
e.
Loan
Participations
and
Assignments
The
Fund
may
invest
in
debt
instruments
which
are
interests
in
amounts
owed
to
lenders
or
lending
syndicates
by
corporate,
governmental,
or
other
borrowers.
The
Fund’s
investments
in
loans
may
be
in
the
form
of
participations
in
loans
or
assignments
of
all
or
portion
of
loans
from
third
parties.
A
loan
is
often
administered
by
a
bank
or
other
financial
institution
(the
Lender)
that
acts
as
agent
for
all
holders.
The
agent
administers
the
terms
of
the
loan,
as
specified
in
the
loan
agreement.
The
Fund
may
invest
in
multiple
series
or
tranches
of
a
loan,
which
may
have
varying
terms
and
carry
different
associated
risks.
When
investing
in
a
loan
participation,
a
Fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
only
from
the
lender
selling
the
loan
and
only
upon
receipt
of
payments
from
the
borrower.
The
Fund
generally
has
no
right
to
enforce
compliance
with
the
terms
of
the
loan
agreement
with
the
borrower.
As
a
result,
the
Fund
may
be
subject
to
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
loan.
When
the
Fund
purchases
assignments
from
lenders
it
acquires
direct
rights
against
the
borrower
of
the
loan.
f.
Restricted
Currency
At
January
31,
2022,
the
Fund
held
currencies
in
certain
markets
in
which
the
ability
to
repatriate
such
currency
is
limited.
As
a
result
of
such
limitations
on
repatriation,
the
Fund
may
incur
substantial
delays
in
gaining
access
to
these
assets
and
may
be
exposed
to
potential
adverse
movements
in
currency
value.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
21
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
g.
Investments
in
Alternative
Strategies
(FT)
Ltd.
(FT
Subsidiary)
The
Fund
invests
in
certain
financial
instruments,
warrants
or
commodities
through
its
investments
in
FT
Subsidiary.
FT
Subsidiary
is
a
Cayman
Islands
exempted
company
with
limited
liability,
is
a
wholly-owned
subsidiary
of
the
Fund,
and
is
able
to
invest
in
certain
financial
instruments
consistent
with
the
investment
objective
of
the
Fund.
At
January
31,
2022,
FT
Subsidiary’s
investments,
as
well
as
any
other
assets
and
liabilities
of
FT
Subsidiary
are
reflected
in
the
Fund’s
Consolidated
Statement
of
Investments
and
Consolidated
Statement
of
Assets
and
Liabilities.
All
intercompany
transactions
and
balances
have
been
eliminated.
At
January
31,
2022,
the
net
assets
of
FT
Subsidiary
were
$1,076,685,
representing
1.0%
of
the
Fund's
consolidated
net
assets.
The
Fund’s
investment
in
FT
Subsidiary
is
limited
to
25%
of
consolidated
assets.
h.
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.
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
January
31,
2022,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
i.
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.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
interest
income
in
the
Consolidated
Statement
of
Operations.
j.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
22
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
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.
k.
Guarantees
and
Indemnifications
Under
the
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
January
31,
2022,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
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
Trust
are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee
to
FTIML
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
Six
Months
Ended
January
31,
2022
Year
Ended
July
31,
2021
Shares
Amount
Shares
Amount
Shares
sold
...................................
2,619,267
$30,495,767
6,212,135
$70,317,466
Shares
redeemed
...............................
(4,304,255)
(49,582,286)
(5,575,686)
(61,676,407)
Net
increase
(decrease)
..........................
(1,684,988)
$(19,086,519)
636,449
$8,641,059
Subsidiary
Affiliation
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.850%
Up
to
and
including
$500
million
0.800%
Over
$500
million,
up
to
and
including
$1
billion
0.750%
In
excess
of
$1
billion
1.
Organization
and
Significant
Accounting
Policies
(continued)
j.
Accounting
Estimates
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
23
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
FT
Subsidiary
pays
an
investment
management
fee
to
FTIML
based
on
the
average
daily
net
assets
of
FT
Subsidiary
as
follows:
For
the
period
ended
January
31,
2022,
the
annualized
gross
effective
investment
management
fee
rate
was
0.850%
of
the
Fund’s
average
daily
net
assets. 
Management
fees
paid
by
the
Fund
are
reduced
on
assets
invested
in
FT
Subsidiary,
in
an
amount
not
to
exceed
the
management
fees
paid
by
FT
Subsidiary.
b.
Administrative
Fees
Under
an
agreement
with
FTIML,
FT
Services
provides
administrative
services
to
the
Fund
and
FT
Subsidiary.
The
fee
is
paid
by
FTIML
based
on
each
of
the
Fund's
and
FT
Subsidiary's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund
or
FT
Subsidiary.
c.
Transfer
Agent
Fees
The
Fund pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
the
Fund reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and
reimburses
shareholder
servicing
fees
paid
to
third
parties.
For
the
period
ended
January
31,
2022,
the
Fund
paid
transfer
agent
fees
of
$34,724,
of
which $31,219
was
retained
by
Investor
Services.
d.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Consolidated
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
January
31,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Annualized
Fee
Rate
Net
Assets
1.000%
Up
to
and
including
$500
million
0.900%
Over
$500
million,
up
to
and
including
$1
billion
0.850%
In
excess
of
$1
billion
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
24
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
e.
Waiver
and
Expense
Reimbursements
FTIML
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
interest
expense,
acquired
fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
of
the
Fund
do
not
exceed
1.00%,
based
on
the
average
net
assets
until
November
30,
2022.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
January
31,
2022,
the
custodian
fees
were
reduced
as
noted
in
the
Consolidated
Statement
of
Operations. 
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
July
31,
2021,
the
capital
loss
carryforwards
were
as
follows:
For
tax
purposes,
the
Fund
may
elect
to
defer
any
portion
of
a
post-October
capital
loss
or
late-year
ordinary
loss
to
the
first
day
of
the
following
fiscal
year.
At
July
31,
2021,
the
Fund
deferred
late-year
ordinary
losses
of
$785,629.
At
January
31,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Emerging
Market
Debt
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
7,120,269
$
43,513,429
$
(46,573,805)
$
$
$
4,059,893
4,059,893
$
385
Total
Affiliated
Securities
...
$7,120,269
$43,513,429
$(46,573,805)
$—
$—
$4,059,893
$385
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$12,521,030
Long
term
................................................................................
50,318,237
Total
capital
loss
carryforwards
...............................................................
$62,839,267
Cost
of
investments
..........................................................................
$158,841,266
Unrealized
appreciation
........................................................................
$2,250,097
Unrealized
depreciation
........................................................................
(50,636,031)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(48,385,934)
3.
Transactions
with
Affiliates
(continued)
d.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
25
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
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,
paydown
losses,
payments-in-kind,
bond
discounts
and
premiums,
corporate
actions,
inflation
related
adjustments
on
foreign
securities,
investments
in
Alternative
Strategies
Fund,
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
January
31,
2022,
aggregated
$34,897,101
and
$40,205,359,
respectively.
7.
Credit Risk
and
Defaulted
Securities
At
January
31,
2022,
the
Fund
had
75.6%
of
its
portfolio
invested
in
high
yield
securities
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
January
31,
2022,
the
aggregate
value
of
these
securities
was
$2,217,375
representing
2.0%
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
Consolidated Statement
of
Investments.
8.
Concentration
of
Risk
Investments
in
issuers
domiciled
or
with
significant
operations
in
developing
or
emerging
market
countries
may
be
subject
to
higher
risks
than
investments
in
developed
countries.
These
risks
include
fluctuating
currency
values,
underdeveloped
legal
or
business
systems,
and
changing
local
and
regional
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Currencies
of
developing
or
emerging
market
countries
may
be
subject
to
significantly
greater
risks
than
currencies
of
developed
countries,
including
the
potential
inability
to
repatriate
those
currencies
into
U.S.
dollars.
At
January
31,
2022,
the
Fund
had
0.1%
of
its
net
assets
denominated
in
Argentine
Pesos. Argentina
has
restricted
currency
repatriation
since
September
2019,
and
had
restructured
certain
issues
of
its
debt.
Political
and
economic
conditions
in
Argentina
could
continue
to
affect
the
value
of
the
Fund's
holdings. 
The
United
States
and
other
nations
have
imposed
and
could
impose
additional
sanctions
on
certain
issuers
in
Russia
due
to
regional
conflicts.
These
sanctions
could
result
in
the
devaluation
of
Russia’s
currency,
a
downgrade
in
Russian
issuers’
credit
ratings,
or
a
decline
in
the
value
and
liquidity
of
Russian
stocks
or
other
securities.
Such
sanctions
could
also
adversely
affect
Russia’s
economy.
The
Fund
may
be
prohibited
from
investing
in
securities
issued
by
companies
subject
to
such
sanctions.
In
addition,
if
the
Fund
holds
the
securities
of
an
issuer
that
is
subject
to
such
sanctions,
an
immediate
freeze
of
that
issuer’s
securities
could
result,
impairing
the
ability
of
the
Fund
to
buy,
sell,
receive
or
deliver
those
securities.
There
is
also
the
risk
that
countermeasures
could
be
taken
by
Russia’s
government,
which
could
involve
the
seizure
of
the
Fund’s
assets.
These
risks
could
affect
the
value
of
the
Fund's
portfolio.
While
the
Fund
holds
securities
of
certain
issuers
impacted
by
the
sanctions,
existing
investments
do
not
presently
violate
the
applicable
terms
and
conditions
of
the
sanctions.
The
sanctions
currently
do
not
affect
the
Fund's
ability
to
sell
these
securities.
At
January
31,
2022,
the
Fund
had
2.9%
of
its
net
assets
invested
in
Russia. 
5.
Income
Taxes
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
26
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board. 
9.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
10.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
January
31,
2022,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
See
Abbreviations
on
page
31
.
Principal
Amount
/
Shares
/
Units
Issuer
Acquisition
Date
Cost
Value
Franklin
Emerging
Market
Debt
Opportunities
Fund
193,625
Astana
Finance
JSC,
GDR,
144A
................
5/22/15
$
$
4,424,861
Global
Distressed
Alpha
Fund
III
LP
..............
10/11/12-1/22/16
4,600,000
972,195
Global
Distressed
Alpha
Fund
III
LP,
PIK,
12%,
Perpetual
................................
12/28/16
-12/28/21
851,729
377,307
55,882,058
a
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13
-
2/01/17
429,249
5,561,052
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
4,129
8,000,000
Sphynx
Capital
Markets
PCC
(National
Investment
Bank
of
Ghana),
PTN,
Secured
Note,
Reg
S,
Zero
Cpn
.,
2/05/09
..................................
10/12/09-10/13/11
3,100,000
Total
Restricted
Securities
(Value
is
0.3%
of
Net
Assets)
..............
$8,985,107
$377,307
a
The
Fund
also
invests
in
unrestricted
securities
of
the
same
issuer,
valued
at
$-
as
of
January
31,
2022.
8.
Concentration
of
Risk
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
27
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
11.
Other
Derivative
Information
At
January
31,
2022,
investments
in
derivative
contracts
are
reflected
in
the
Consolidated
Statement of
Assets
and
Liabilities
as
follows:
a
VRI
are
included
in
investments
in
securities,
at
value
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
For
the
period
ended
January
31,
2022,
the
effect
of
derivative
contracts
in
the
Consolidated
Statement
of
Operations
was
as
follows:
For
the
period
ended
J
anuary
31,
202
2
,
the
average
month
end
contract
value
for
forward
excha
nge
contracts
and
average
month
end
fa
ir
value
of
VRI,
was
$
7,249,531
and
$
2,012,746
,
respectively.
See
Note
1(d)
regarding
derivative
financial
instruments. 
See
Abbreviations
on
page
31
.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Consolidated
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Consolidated
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Franklin
Emerging
Market
Debt
Opportunities
Fund
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
$
37,895
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
3,359
Value
recovery
instruments
...
Investments
in
securities,
at
value
1,518,100
a
Investments
in
securities,
at
value
Total
....................
$1,555,995
$3,359
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Franklin
Emerging
Market
Debt
Opportunities
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Foreign
exchange
contracts
.....
Forward
exchange
contracts
$429,812
Forward
exchange
contracts
$(18,492)
Value
recovery
instruments
Investments
Investments
$(817,890)
a
Total
.......................
$429,812
$(836,382)
a
VRI
are
included
in
net
reailzed
gain
(loss)
from
investments
and
net
change
in
unreailized
appreciation
(depreciation)
on
investments
in
the
Consolidated
Statement
of
Operations.
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
28
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
12.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matured
on
February
4,
2022.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Effective
February
4,
2022,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
February
3,
2023,
for
a
total
of
$2.675
billion.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Consolidated
Statement
of
Operations.
During
the
period
ended
January
31,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
13.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
January
31,
2022,
in
valuing
the
Fund's
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
........................
$
$
$
a
$
Warrants
:
Diversified
Financial
Services
.............
1,518,100
663,933
2,182,033
Private
Limited
Partnership
Funds
............
a
Quasi-Sovereign
Bonds
...................
10,150,993
2,226,395
a
12,377,388
Corporate
Bonds
:
Airlines
..............................
1,014,153
1,014,153
Banks
...............................
3,349,792
3,349,792
Capital
Markets
........................
1,214,700
1,214,700
Chemicals
...........................
1,680,314
1,680,314
Construction
&
Engineering
...............
630,996
630,996
Food
Products
........................
1,133,354
1,133,354
Metals
&
Mining
.......................
1,916,484
1,916,484
Multiline
Retail
........................
a
Oil,
Gas
&
Consumable
Fuels
.............
4,056,302
4,056,302
Real
Estate
Management
&
Development
....
1,083,015
1,083,015
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
29
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the year.
At
January
31,
2022,
the
reconciliation is
as follows:
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Wireless
Telecommunication
Services
.......
$
$
1,427,396
$
$
1,427,396
Loan
Participations
and
Assignments
.........
2,243,605
377,307
2,620,912
Foreign
Government
and
Agency
Securities
....
71,674,064
71,674,064
Escrows
and
Litigation
Trusts
...............
a
Short
Term
Investments
...................
4,059,893
4,059,893
Total
Investments
in
Securities
...........
$4,059,893
$103,093,268
$3,267,635
$110,420,796
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
$
37,895
$
$
37,895
Restricted
Currency
(ARS)
.................
96,419
96,419
Total
Other
Financial
Instruments
.........
$—
$134,314
$—
$134,314
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
$
3,359
$
$
3,359
Total
Other
Financial
Instruments
.........
$—
$3,359
$—
$3,359
a
Includes
securities
determined
to
have
no
value
at
January
31,
2022.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
c
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
Financial
Services
........
$
d
$
$
$
$
$
$
$
$
d
$
Multiline
Retail
......
d
d
Warrants
:
Diversified
Financial
Services
........
1,126,258
(462,325)
663,933
(462,325)
Private
Limited
Partnership
Funds
:
Capital
Markets
.....
d
d
Quasi-Sovereign
Bonds
.
1,366
d
2,518,242
(101,324)
8,056
(199,945)
2,226,395
d
(198,579)
Corporate
Bonds
:
Multiline
Retail
......
d
d
d
Loan
Participations
and
Assignments
.......
373,057
57,288
32
(53,070)
377,307
(53,070)
Escrows
and
Litigation
Trusts
...........
d
(5,961)
5,961
d
Total
Investments
in
Securities
............
$1,500,681
$2,575,530
$(107,285)
$—
$—
$32
$14,017
$(715,340)
$3,267,635
$(713,974)
Other
Financial
Instruments:
Restricted
Currency
(ARS)
$173,982
$—
$—
$—
$(173,982)
$—
$—
$—
$—
$—
13.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
30
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Significant
unobservable
valuation
inputs
for
material
Level
3 assets
and/or
liabilities and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
January
31,
2022,
are
as
follows:
See
Abbreviations
on
page
31
.
14.
New
Accounting
Pronouncements
In
March
2020,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
In
January
2021,
the
FASB
issued
ASU
No.
2021-01,
with
further
amendments
to
Topic
848.
The
amendments
in
the
ASUs
provide
optional
temporary
accounting
recognition
and financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR)
and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021
for
certain
LIBOR
settings
and
2023
for
the
remainder. The
ASUs
are
effective
for
certain
reference
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2022.
Management
has
reviewed
the
requirements
and
believes
the
adoption
of
these
ASUs
will
not
have
a
material
impact
on
the
financial
statements. 
15.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
consolidated financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure,
other
than
those
already
disclosed
in
the
financial
statements.
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transfers
out
of
Level
3
were
as
a
result
of
changes
in
the
levels
of
observable
liquidity
and
the
improved
reliability
of
a
significant
input.
d
Includes
securities
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Loan
Participations
and
Assignments
........
$377,307
Recovery
value
Weighted
probability
of
cash
flow
$3.6
mil
Increase
 b
Discount
rate
25.0%
Decrease
 b
Warrants:
Diversified
Financial
Services
..........
663,933
Market
comparables
Implied
recovery
4.5%
Increase
c
All
other
............
2,226,395
d,e
Total
...............
$3,267,635
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
b
Represents
a
significant
impact
to
fair
value
but
not
net
assets.
c
Represents
a
significant
impact
to
fair
value
and
net
assets.
d
Includes
financial
instruments
with
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
May
also
include
fair
value
of
immaterial
financial
instruments
and
developed
using
various
valuation
techniques
and
unobservable
inputs.
e
Includes
securities
determined
to
have
no
value
at
January
31,
2022.
13.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
31
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Abbreviations
Counterparty
CITI
Citibank
NA
RBCCM
Royal
Bank
of
Canada
Selected
Portfolio
FRN
Floating
Rate
Note
GDP
Gross
Domestic
Product
GDR
Global
Depositary
Receipt
PIK
Payment-In-Kind
PTN
Pass-through
Note
VRI
Value
Recovery
Instrument
Cu
r
rency
ARS
Argentine
Peso
BYN
Belarusian
Ruble
COP
Colombian
Peso
DOP
Dominican
Peso
EGP
Egyptian
Pound
EUR
Euro
GEL
Georgian
Lari
GHS
Ghanaian
Cedi
IDR
Indonesian
Rupiah
JPY
Japanese
Yen
KES
Kenyan
Shilling
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
PEN
Peruvian
Nuevo
Sol
RUB
Russian
Ruble
TRY
Turkish
Lira
USD
United
States
Dollar
UYU
Uruguayan
Peso
UZS
Uzbekistani
Som
ZAR
South
African
Rand
Franklin
Global
Trust
Tax
Information
(unaudited)
32
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
was
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.
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
elected
to
pass
through
to
its
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Fund
during
the
fiscal
year
ended
July
31,
2021:
Amount
Reported
Foreign
Taxes
Paid
$113,233
Foreign
Source
Income
Earned
$7,114,667
Franklin
Global
Trust
Shareholder
Information
33
ftinstitutional.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Consolidated
Statement
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
consolidated
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
699
S
03/22
©
2022
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
Investment
Manager
Distributor
Franklin
Templeton
Institutional
Services
Franklin
Templeton
Investment
Management
Limited
Franklin
Distributors,
LLC
(800)
321-8563
ftinstitutional.com
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 expert is Mary C. Choksi and she is
"independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
Item 4. Principal Accountant Fees and Services.                  
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. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
FRANKLIN GLOBAL TRUST
 
By S\Matthew T. Hinkle______________________
      Matthew T. Hinkle
      Chief Executive Officer – Finance and Administration
Date March 29, 2022
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\Matthew T. Hinkle______________________
      Matthew T. Hinkle
      Chief Executive Officer – Finance and Administration
Date March 29, 2022
 
 
By S\Christopher Kings________________________
     Christopher Kings
     Chief Financial Officer, Chief Accounting Officer and Treasurer
Date March 29, 2022