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)
 
Alison Baur, 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: 1/31/23
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
 
SEMIANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Franklin
Global
Trust
January
31,
2023
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,
2023,
stocks
rallied
amid
signs
of
a
more
stable
global
economy
despite
pressure
from
higher
inflation
and
interest
rates.
Prices
of
oil
and
other
commodities
that
spiked
after
Russia’s
invasion
of
Ukraine
returned
to
or
near
prior
levels,
helping
to
curb
inflation.
China
ended
its
strict
zero-COVID
policy,
which
investors
hoped
would
boost
global
economic
growth,
and
China’s
economy
grew
on
an
annual
basis
in
2022’s
last
two
quarters.
A
potentially
slower
pace
of
U.S.
Federal
Reserve
interest-rate
hikes
and
improved
developing
nation
economies
boosted
emerging
markets.
Eurozone
economies
grew
slowly
in
2022’s
second
half.
The
European
Central
Bank
increased
its
key
rate
to
combat
inflation.
Although
the
war
in
Ukraine
and
sanctions
against
Russia
disrupted
Europe’s
natural
gas
supply,
alternative
sources
and
lower
use
helped
maintain
supplies
at
historically
high
levels.
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
+9.52%
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
D.
Perks,
CFA
President
and
Chief
Executive
Officer
-
Investment
Management
Franklin
Global
Trust
This
letter
reflects
our
analysis
and
opinions
as
of
January
31,
2023,
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
Schedules
of
Investments
16
Financial
Statements
31
Notes
to
Financial
Statements
35
Shareholder
Information
47
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
Report
SEMIANNUAL
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
+2.45%
total
return
for
the
six
months
ended
January
31,
2023.
1
Despite
continued
challenges
from
elevated
inflation
and
higher
interest
rates,
stocks
gained
amid
signs
of
resilience
in
the
global
economy.
The
price
of
oil
fell,
and
several
other
commodities
that
were
disrupted
by
Russia’s
invasion
of
Ukraine
stabilized
at
or
near
their
pre-war
prices,
easing
inflationary
pressure.
China
ended
its
restrictive
zero-COVID
policy,
prompting
investor
optimism
that
a
return
to
normal
conditions
would
benefit
global
growth.
In
the
U.S.,
gross
domestic
product
growth
resumed
in
the
second
half
of
2022,
rebounding
from
a
contraction
in
the
first
half
of
the
year.
Increasing
consumer
and
government
spending,
rising
inventories
and
strong
nonresidential
fixed
investment
boosted
economic
growth.
Meanwhile,
inflation,
which
remained
heightened
relative
to
recent
decades,
showed
signs
of
easing.
The
annual
inflation
rate,
as
measured
by
the
consumer
price
index,
declined
for
each
of
the
final
five
months
of
2022.
In
an
effort
to
control
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
the
federal
funds
target
rate
three
times
during
the
period
to
end
at
a
range
of
4.25%–4.50%.
In
its
December
2022
meeting,
the
Fed
raised
interest
rates
by
50
basis
points
(bps),
a
decrease
from
the
previous
75
bps
raise,
although
it
stated
it
anticipates
ongoing
interest
rate
increases.
The
Fed
noted
that
inflation
remained
elevated,
spending
and
production
grew,
job
growth
remained
robust
and
the
unemployment
rate
continued
to
be
low.
Furthermore,
the
Fed
maintained
its
policy
of
reducing
its
accumulated
bond
holdings
and
decreasing
the
size
of
its
balance
sheet.
Economies
in
the
eurozone
maintained
a
slow
growth
rate
in
2022’s
third
and
fourth
quarters.
The
European
Central
Bank
continued
to
raise
interest
rates
during
the
six-month
period,
opting
to
increase
its
benchmark
rate
at
each
of
its
three
meetings
to
fight
growing
inflation.
While
the
ongoing
war
in
Ukraine
and
subsequent
sanctions
against
Russia
disrupted
the
supply
of
natural
gas
to
Europe,
alternate
supplies
and
reduced
industrial
consumption
helped
maintain
gas
inventories
at
historically
high
levels.
In
this
environment,
European
developed
market
equities,
as
measured
by
the
MSCI
Europe
Index-NR,
posted
a
+11.04%
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
+5.09%
total
return
for
the
six-month
period.
1
Japan’s
economy
weakened
in
2022’s
third
quarter
amid
tepid
consumer
spending
and
decelerating
growth
in
business
investment.
China’s
economy
grew
on
an
annual
basis
in
the
third
and
fourth
quarters
of
2022.
In
December
2022,
China
loosened
its
strict
zero-COVID
policy,
lifting
a
potential
barrier
to
continued
growth
and
driving
gains
in
China’s
equity
market.
Global
emerging
market
stocks,
as
measured
by
the
MSCI
Emerging
Markets
Index-NR,
posted
a
+4.92%
total
return
for
the
six
months
under
review.
1
Indications
the
Fed
may
reduce
the
pace
of
interest
rate
increases
boosted
stocks
in
developing
nations
that
are
adversely
affected
by
high
interest
rates
in
the
U.S.
The
U.S.
dollar
declined
slightly
against
many
emerging
market
currencies,
easing
pressure
on
countries
that
rely
on
imported
commodities
denominated
in
U.S.
dollars.
Improving
macroeconomic
conditions
also
led
to
increased
investor
interest
in
emerging
markets
late
in
the
reporting
period.
The
foregoing
information
reflects
our
analysis
and
opinions
as
of
January
31,
2023.
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,
2023.
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,
2023,
the
Fund’s
Class
A
shares
posted
a
+5.10%
cumulative
total
return.
In
comparison,
the
Fund’s
benchmark,
the
MSCI
Europe,
Australasia,
Far
East
(EAFE)
Index-NR,
which
is
designed
to
measure
the
equity
market
performance
of
global
developed
markets
excluding
the
U.S.
and
Canada,
posted
a
+9.52%
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
investment
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.
Manager’s
Discussion
Over
the
six-month
period
through
January
31,
2023,
the
Franklin
International
Growth
Fund
underperformed
its
benchmark
index,
the
MSCI
EAFE
Index-NR.
Stock
selection
in
the
materials,
industrials
and
health
care
sectors
were
among
the
most
significant
detractors,
while
consumer
discretionary
and
information
technology
(IT)
supported
performance
during
the
reporting
period.
In
materials,
Netherlands-based
human
and
animal
nutrition
company
Koninklijke
DSM
hindered
relative
results.
Its
stock
has
been
relatively
weak
as
consensus
earnings
expectations
for
2023
have
come
down,
coupled
with
rumors
of
a
delay
in
the
sale
of
the
company’s
materials
business
given
the
market
environment.
We
believe
the
sale
will
be
completed
as
funding
has
been
secured
and
the
environment
has
not
materially
changed
since
the
announcement
in
May
2022.
Clarivate,
a
U.K.-based
information
services
firm,
detracted
from
results
in
the
industrials
sector
after
disclosing
financial
results
that
were
encouraging
overall
but
revealed
a
slowdown
in
sales
growth,
with
signs
of
weakness
in
organic
subscription
revenue.
The
company
also
lowered
its
2022
guidance,
citing
adverse
currency
trends
and
macroeconomic
uncertainty.
In
health
care,
Evotec,
a
Germany-based
contract
development
and
manufacturing
organization,
held
back
relative
returns.
Evotec
reported
results
largely
in
line
with
analyst
expectations,
with
the
demand
side
looking
strong
for
Geographic
Composition
1/31/23
%
of
Total
Net
Assets
Europe
67.9%
North
America
11.9%
Australia
&
New
Zealand
5.4%
Middle East & Africa
4.3%
Latin
America
&
Caribbean
4.2%
Asia
2.5%
Short-Term
Investments
&
Other
Net
Assets
3.8%
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
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
21
.
Franklin
International
Growth
Fund
5
franklintempleton.com
Semiannual
Report
its
business,
but
downgraded
its
earnings
guidance
for
the
year
due
to
the
impact
of
inflation.
Other
notable
detractors
during
the
reporting
period
included
Sweden-based
media
and
broadcasting
company
Viaplay
Group.
Viaplay
was
impacted
by
negative
sentiment
surrounding
the
significant
selloff
in
Netflix
(not
a
Fund
holding)
after
its
disappointing
results.
Later
in
the
period,
the
stock
was
impacted
by
negative
sentiment
surrounding
the
economic
sensitivity
of
the
business
model
primarily
on
more
mature
Nordic
markets.
Relative
performance
in
the
IT
sector
was
pressured
by
NICE,
an
Israel-based
vendor
for
the
contact
center
market.
NICE’s
shares
rose
but
lagged
the
benchmark
index
after
the
company
reported
only
a
small
earnings
beat,
disappointing
investors
as
the
results
were
due
primarily
to
currency
fluctuations.
In
contrast,
shares
of
Latin
American
marketplace
operator
MercadoLibre
rebounded
late
in
the
reporting
period,
finishing
the
period
with
a
large
gain,
supporting
relative
Fund
performance
in
the
consumer
discretionary
sector.
Its
shares
advanced
in
January
2023
as
its
competitor,
Brazilian
retailer
Americanas
(not
a
Fund
holding)
became
embroiled
in
an
accounting
scandal
which
resulted
in
the
abrupt
departure
of
Americanas’
chief
executive
officer.
Americanas
has
a
nearly
solid
market
share
in
Brazil
and
we
therefore
believe
MercadoLibre
stands
to
benefit
should
Americanas’
accounting
woes
worsen.
Performance
in
the
IT
sector
was
enhanced
by
Shopify,
a
Canada-based
e-commerce
solutions
provider.
Its
shares
advanced
after
the
company
reported
better-than-expected
Black
Friday
and
Cyber
Monday
sales
results.
Later
in
the
reporting
period,
Shopify
announced
price
increases
for
some
of
their
plans,
which
we
believe
will
provide
a
tailwind
to
revenue
for
the
coming
years.
In
financials,
Italy-based
online
brokerage
bank
FinecoBank
Banca
Fineco
boosted
results.
FinecoBank’s
shares
rallied
late
in
the
period
after
the
company
released
encouraging
third-quarter
2022
revenue
and
net-profit
figures.
The
company
also
upgraded
its
net
interest
income
guidance
for
the
coming
year.
German
aircraft
engine
manufacturer
MTU
Aero
Engines
supported
returns
in
the
industrials
sector.
MTU
reported
multiple
sets
of
quarterly
financial
results
with
much
stronger-than-expected
margins,
leading
to
profits
that
beat
analysts'
consensus
estimates
in
the
first
quarter
of
2022
and
increasing
guidance
after
the
third-quarter
results.
Top
10
Countries
1/31/23
a
%
of
Total
Net
Assets
a
a
Germany
15.0%
Netherlands
10.6%
United
Kingdom
10.3%
Denmark
9.7%
United
States
8.7%
Switzerland
8.0%
Australia
5.4%
Spain
4.2%
Brazil
4.2%
Ireland
4.0%
Top
10
Industries
1/31/23
.
%
of
Total
Net
Assets
a
a
IT
Services
14.4%
Software
10.3%
Capital
Markets
9.1%
Media
7.8%
Chemicals
7.3%
Health
Care
Equipment
&
Supplies
6.8%
Biotechnology
6.1%
Professional
Services
4.8%
Aerospace
&
Defense
4.2%
Internet
&
Direct
Marketing
Retail
4.2%
Top
10
Holdings
1/31/23
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
MTU
Aero
Engines
AG
4.2%
Aerospace
&
Defense,
Germany
MercadoLibre,
Inc.
4.2%
Internet
&
Direct
Marketing
Retail,
Brazil
Keywords
Studios
plc
4.0%
IT
Services,
Ireland
ASML
Holding
NV
4.0%
Semiconductors
&
Semiconductor
Equipment,
Netherlands
CTS
Eventim
AG
&
Co.
KGaA
3.9%
Entertainment,
Germany
Amadeus
IT
Group
SA
3.9%
IT
Services,
Spain
FinecoBank
Banca
Fineco
SpA
3.8%
Banks,
Italy
Alcon,
Inc.
3.7%
Health
Care
Equipment
&
Supplies,
Switzerland
Nice
Ltd.
3.6%
Software,
Israel
Sika
AG
3.5%
Chemicals,
Switzerland
Franklin
International
Growth
Fund
6
franklintempleton.com
Semiannual
Report
Genmab,
a
Denmark-based
biotechnology
firm
focused
on
cancer
treatments,
bolstered
relative
returns
in
the
health
care
sector.
The
company
reported
revenues
that
beat
consensus
estimates,
despite
multiple
revenue
lines
already
having
been
disclosed
by
partners.
Genmab
also
raised
its
2022
guidance,
with
revenue
boosted
by
favorable
sales
figures
for
its
drug
Darzalex.
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,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
January
31,
2023
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
1/31/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
A
4
6-Month
+5.10%
-0.69%
1-Year
-11.70%
-16.56%
5-Year
+13.07%
+1.33%
10-Year
+73.96%
+5.10%
Advisor
6-Month
+5.27%
+5.27%
1-Year
-11.49%
-11.49%
5-Year
+14.48%
+2.74%
10-Year
+78.49%
+5.96%
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.
Growth
stock
prices
reflect
projections
of
future
earnings
or
revenues,
and
can,
therefore,
fall
dramatically
if
the
company
fails
to
meet
those
projections.
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.
The
manager’s
portfolio
selection
strategy
is
not
solely
based
on
ESG
considerations,
and
therefore
the
issuers
in
which
the
Fund
invests
may
not
be
considered
ESG-focused
companies.
Integrating
ESG
considerations
into
the
investment
process
is
not
a
guarantee
that
better
performance
will
be
achieved.
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.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
11/30/23
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
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
(8/1/22–1/31/23)
Share
Class
Long-Term
Capital
Gain
A
$0.2498
C
$0.2498
R
$0.2498
R6
$0.2498
Advisor
$0.2498
Total
Annual
Operating
Expenses
5
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.11%
1.15%
Advisor
0.86%
0.90%
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
8/1/22
Ending
Account
Value
1/31/23
Expenses
Paid
During
Period
8/1/22–1/31/23
1,2
Ending
Account
Value
1/31/23
Expenses
Paid
During
Period
8/1/22–1/31/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,051.00
$5.74
$1,019.61
$5.65
1.11%
C
$1,000
$1,047.40
$9.60
$1,015.83
$9.45
1.86%
R
$1,000
$1,049.90
$7.03
$1,018.34
$6.92
1.36%
R6
$1,000
$1,053.20
$3.88
$1,021.43
$3.82
0.75%
Advisor
$1,000
$1,052.70
$4.45
$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,
2023.
As
previously
communicated,
on
December
14,
2022,
the
Board
of
Trustees
of
Franklin
Global
Trust,
on
behalf
of
Franklin
International
Small
Cap
Fund
(the
“Fund”),
approved
a
proposal
to
liquidate
and
dissolve
the
Fund.
The
liquidation
occurred
on
March
3,
2023,
and
the
proceeds
of
the
Fund
were
delivered
to
shareholders.
Refer
to
the
Fund’s
prospectus
supplements
dated
December
15,
2022,
and
February
23,
2023,
for
more
information.
If
you
have
any
questions,
please
contact
your
financial
professional.
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.
The
Fund
may
invest
a
portion
of
its
assets
in
emerging
markets
securities
and
may,
from
time
to
time,
have
significant
investments
in
a
particular
sector
or
country,
such
as
industrials.
Performance
Overview
For
the
six
months
ended
January
31,
2023,
the
Fund’s
Class
A
shares
posted
a
+10.73%
cumulative
total
return.
In
comparison,
the
Fund’s
benchmark,
the
MSCI
EAFE
Small
Cap
Index-NR,
which
is
designed
to
measure
the
performance
of
small-cap
equity
securities
in
global
developed
markets
excluding
the
U.S.
and
Canada,
posted
a
+5.25%
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.
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.
Geographic
Composition
1/31/23
%
of
Total
Net
Assets
Europe
59.4%
Asia
18.9%
North
America
4.9%
Latin
America
&
Caribbean
1.6%
Middle East & Africa
1.1%
Other
0.7%
Short-Term
Investments
&
Other
Net
Assets
13.4%
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
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
28
.
Franklin
International
Small
Cap
Fund
11
franklintempleton.com
Semiannual
Report
Manager’s
Discussion
The
Franklin
International
Small
Cap
Fund
outperformed
its
MSCI
EAFE
Small
Cap
Index-NR
benchmark
for
the
six-month
period
ending
January
31,
2023.
On
an
absolute
basis,
the
Fund
had
gains
across
five
of
the
11
sectors
in
which
it
was
invested.
The
financials,
industrials
and
materials
sectors
were
the
primary
contributors
to
returns,
while
the
energy,
consumer
staples
and
information
technology
sectors
were
the
main
detractors.
On
a
relative
basis,
both
stock
selection
and
sector
allocation
effects
contributed
to
performance.
Stock
selection
in
the
financials,
industrials,
materials,
health
care
and
real
estate
sectors,
underweight
allocations
to
the
real
estate
and
health
care
sectors
and
overweight
allocations
to
the
energy
and
industrials
sectors
aided
relative
returns.
In
contrast,
stock
selection
in
the
energy,
consumer
staples
and
consumer
discretionary
sectors
detracted
from
relative
performance.
On
a
regional
basis,
stock
selection
within
Europe
ex
U.K.,
North
America
and
Japan,
overweight
allocations
to
emerging
markets
and
North
America
and
an
underweight
allocation
to
Japan
positively
contributed.
Stock
selection
within
emerging
markets,
Asia
ex
Japan
and
the
U.K.
as
well
as
an
underweight
allocation
to
Asia
ex
Japan
weighed
on
returns.
Cargotec,
in
the
industrials
sector,
is
a
Finnish
provider
of
cargo
and
load
handling
solutions
including
cranes,
forklifts
and
software
solutions
for
ports,
terminals
and
other
distribution
centers.
Cargotec
delivered
strong
earnings
results
which
exceeded
expectations
and
announced
aggressive
long-term
margin
targets
for
its
mobile
port
equipment
and
truck
cranes
divisions.
The
market
also
rewarded
the
company’s
strategy
to
divest
its
ship
deck
equipment
business,
although
with
a
longer
time
horizon
due
to
the
current
macroeconomic
environment.
BAWAG
Group,
in
the
financials
sector,
is
an
Austrian
bank
which
provides
various
banking
products
and
services.
BAWAG’s
stock
increased
during
the
period
on
the
back
of
the
bank’s
improving
net
interest
income
and
strong
cost
controls,
which
have
enabled
the
bank
to
generate
significant
returns
on
capital.
The
company’s
management
has
made
returning
cash
to
shareholders
a
top
priority,
and
we
believe
that
this
focus
on
capital
return
could
even
exceed
its
current
guidance
given
BAWAG’s
excessive
capital
positioning.
Sydbank,
in
the
financials
sector,
is
a
Danish
bank
which
provides
various
banking
products
and
services
to
corporate
and
retail
customers.
The
company’s
stock
price
rose
during
the
period,
driven
by
improving
net
interest
income
trends
and
greater
trading
income.
We
believe
the
company
continues
to
be
of
the
highest
quality
among
Danish
banks,
and
the
company’s
commitment
to
returning
capital
to
shareholders
will
continue
to
drive
strong
performance.
Melco
International
Development
(not
held
at
period-end),
in
the
consumer
discretionary
sector,
develops,
owns
and
operates
a
network
of
casino
gaming
and
entertainment
casino
resorts.
The
company’s
flagship
destination,
Melco
Resorts
in
Macau,
continued
to
see
restricted
tourism
traffic
into
Macau
in
2022’s
fourth
quarter
due
to
strict
COVID-19
border
patrols
in
China.
However,
as
China
normalizes
from
these
lockdowns
and
consumer
travel
rebounds
to
its
historical
trends,
we
believe
Melco’s
business
should
see
meaningful
improvement.
Serica
Energy,
in
the
energy
sector,
is
a
U.K.-based
upstream
oil
and
natural
gas
exploration
and
production
company.
The
company’s
stock
price
underperformed
during
the
period
due
to
its
announcement
of
its
acquisition
of
Tailwind
Energy,
which
was
not
received
favorably
by
investors
due
to
the
size
of
Tailwind
relative
to
Serica,
and
Top
10
Countries
1/31/23
a
%
of
Total
Net
Assets
a
a
United
Kingdom
15.5%
Japan
15.1%
Spain
8.4%
Italy
7.9%
Denmark
4.5%
Finland
4.4%
Canada
3.6%
Austria
3.4%
Netherlands
3.0%
Switzerland
2.7%
Top
10
Industries
1/31/23
.
%
of
Total
Net
Assets
a
a
Machinery
13.8%
Banks
13.4%
Trading
Companies
&
Distributors
6.0%
Metals
&
Mining
5.7%
Oil,
Gas
&
Consumable
Fuels
3.9%
Real
Estate
Management
&
Development
2.8%
Construction
Materials
2.7%
Specialty
Retail
2.6%
Energy
Equipment
&
Services
2.6%
Construction
&
Engineering
2.5%
Franklin
International
Small
Cap
Fund
12
franklintempleton.com
Semiannual
Report
the
stock
sold
off
since
new
shares
would
be
issued
to
finance
the
purchase.
Goodbaby
International
(not
held
at
period-end),
in
the
consumer
discretionary
sector,
is
a
China-based
designer
and
manufacturer
of
durable
juvenile
products
including
strollers,
car
seats,
cribs
and
other
products.
Despite
the
company
generating
better-than-expected
revenues,
the
share
price
declined
due
to
the
company’s
struggles
with
persistent
supply-chain
issues.
Although
the
company
has
been
able
to
successfully
increase
prices
to
offset
the
higher
costs
of
components,
the
increase
has
yet
to
materialize
in
the
company’s
profitability.
On
January
1,
2023,
Paul
D.
Ehrlichman
and
Safa
R.
Muhtaseb
stepped
off
the
Fund.
Their
responsibilities
have
been
allocated
to
others
on
the
portfolio
management
team.
Thank
you
for
your
participation
in
Franklin
International
Small
Cap
Fund.
It
has
been
a
pleasure
serving
your
investment
needs.
Sean
M.
Bogda,
CFA
Grace
Su
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
January
31,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Top
10
Holdings
1/31/23
Company
Industry,
Country
%
of
Total
Net
Assets
a
aa
BAWAG
Group
AG
3.4%
Banks,
Austria
Cargotec
OYJ
2.8%
Machinery,
Finland
Sydbank
A/S
2.7%
Banks,
Denmark
Pason
Systems,
Inc.
2.6%
Energy
Equipment
&
Services,
Canada
Yellow
Cake
plc
2.5%
Trading
Companies
&
Distributors,
United
Kingdom
Maire
Tecnimont
SpA
2.5%
Construction
&
Engineering,
Italy
Morgan
Advanced
Materials
plc
2.4%
Machinery,
United
Kingdom
Eurobank
Ergasias
Services
and
Holdings
SA
2.4%
Banks,
Greece
Tethys
Oil
AB
2.1%
Oil,
Gas
&
Consumable
Fuels,
Sweden
AMG
Advanced
Metallurgical
Group
NV
2.1%
Metals
&
Mining,
Netherlands
Performance
Summary
as
of
January
31,
2023
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
1/31/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
A
4
6-Month
+10.73%
5
+4.64%
1-Year
-5.92%
-11.09%
5-Year
-23.31%
-6.24%
10-Year
+29.54%
+2.04%
Advisor
6-Month
+10.86%
5
+10.86%
5
1-Year
-5.76%
-5.76%
5-Year
-22.29%
-4.92%
10-Year
+32.84%
+2.88%
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.
The
manager’s
portfolio
selection
strategy
is
not
solely
based
on
ESG
considerations,
and
therefore
the
issuers
in
which
the
Fund
invests
may
not
be
consid-
ered
ESG-focused
companies.
Integrating
ESG
considerations
into
the
investment
process
is
not
a
guarantee
that
better
performance
will
be
achieved.
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.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
11/30/23
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Total
return
information
is
based
on
net
asset
values
calculated
for
shareholder
transactions.
Certain
adjustments
were
made
to
the
net
assets
of
the
Fund
at
1/31/23
for
financial
reporting
purposes.
Accordingly,
adjusted
total
returns
have
been
disclosed
in
the
Financial
Highlights
and
differ
from
those
reported
here.
6.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(8/1/22–1/31/23)
Share
Class
Net
Investment
Income
A
$0.8927
C
$0.8196
R
$0.8694
R6
$0.9262
Advisor
$0.9145
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.30%
1.62%
Advisor
1.05%
1.37%
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
8/1/22
Ending
Account
Value
1/31/23
Expenses
Paid
During
Period
8/1/22–1/31/23
1,2
Ending
Account
Value
1/31/23
Expenses
Paid
During
Period
8/1/22–1/31/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,107.30
$6.91
$1,018.65
$6.62
1.30%
C
$1,000
$1,103.60
$10.8
9
$1,014.85
$10.43
2.05%
R
$1,000
$1,105.90
$8.20
$1,017.42
$7.86
1.55%
R6
$1,000
$1,109.90
$5.01
$1,020.45
$4.80
0.94%
Advisor
$1,000
$1,108.60
$5.60
$1,019.90
$5.36
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
L
a
Six
Months
Ended
January
31,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$15.60
$22.76
$18.34
$14.62
$15.31
$13.18
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.04)
(0.06)
(0.09)
(0.04)
0.04
0.06
Net
realized
and
unrealized
gains
(losses)
0.81
(6.72)
4.99
3.78
(0.50)
2.26
Total
from
investment
operations
........
0.77
(6.78)
4.90
3.74
(0.46)
2.32
Less
distributions
from:
Net
investment
income
..............
(0.17)
(0.02)
(0.03)
Net
realized
gains
.................
(0.25)
(0.21)
(0.48)
(0.20)
(0.19)
Total
distributions
...................
(0.25)
(0.38)
(0.48)
(0.02)
(0.23)
(0.19)
Net
asset
value,
end
of
period
..........
$16.12
$15.60
$22.76
$18.34
$14.62
$15.31
Total
return
c
.......................
5.10%
(30.19)%
26.98%
25.52%
(2.62)%
17.73%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.20%
1.15%
1.13%
1.17%
1.19%
1.27%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.11%
1.11%
1.11%
e
1.10%
e
1.05%
e
1.15%
e
Net
investment
income
(loss)
..........
(0.56)%
(0.32)%
(0.41)%
(0.25)%
0.32%
0.43%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$487,025
$528,966
$961,676
$579,893
$289,944
$161,607
Portfolio
turnover
rate
................
4.19%
17.92%
14.47%
37.51%
18.11%
58.36%
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,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.70
$21.48
$17.46
$14.00
$14.74
$12.80
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..............
(0.09)
(0.20)
(0.23)
(0.15)
(0.06)
(0.03)
Net
realized
and
unrealized
gains
(losses)
0.76
(6.34)
4.73
3.61
(0.48)
2.16
Total
from
investment
operations
........
0.67
(6.54)
4.50
3.46
(0.54)
2.13
Less
distributions
from:
Net
investment
income
..............
(0.03)
Net
realized
gains
.................
(0.25)
(0.21)
(0.48)
(0.20)
(0.19)
Total
distributions
...................
(0.25)
(0.24)
(0.48)
(0.20)
(0.19)
Net
asset
value,
end
of
period
..........
$15.12
$14.70
$21.48
$17.46
$14.00
$14.74
Total
return
c
.......................
4.74%
(30.73)%
26.04%
24.63%
(3.34)%
16.76%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.95%
1.90%
1.88%
1.92%
1.94%
2.02%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.86%
1.86%
1.86%
e
1.85%
e
1.80%
e
1.90%
e
Net
investment
(loss)
................
(1.31)%
(1.08)%
(1.15)%
(0.98)%
(0.43)%
(0.32)%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$29,070
$32,663
$62,560
$39,440
$27,397
$22,542
Portfolio
turnover
rate
................
4.19%
17.92%
14.47%
37.51%
18.11%
58.36%
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,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$15.37
$22.48
$18.16
$14.50
$15.21
$13.16
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.06)
(0.10)
(0.12)
(0.07)
c
0.04
Net
realized
and
unrealized
gains
(losses)
0.80
(6.64)
4.92
3.73
(0.48)
2.22
Total
from
investment
operations
........
0.74
(6.74)
4.80
3.66
(0.48)
2.26
Less
distributions
from:
Net
investment
income
..............
(0.16)
(0.03)
(0.02)
Net
realized
gains
.................
(0.25)
(0.21)
(0.48)
(0.20)
(0.19)
Total
distributions
...................
(0.25)
(0.37)
(0.48)
(0.23)
(0.21)
Net
asset
value,
end
of
period
..........
$15.86
$15.37
$22.48
$18.16
$14.50
$15.21
Total
return
d
.......................
4.99%
(30.37)%
26.69%
25.24%
(2.88)%
17.34%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.45%
1.40%
1.38%
1.41%
1.43%
1.49%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.36%
1.36%
1.35%
f
1.35%
f
1.29%
f
1.37%
f
Net
investment
income
(loss)
..........
(0.82)%
(0.55)%
(0.58)%
(0.45)%
0.08%
0.21%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$5,725
$5,940
$8,630
$2,365
$1,848
$1,086
Portfolio
turnover
rate
................
4.19%
17.92%
14.47%
37.51%
18.11%
58.36%
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,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$15.72
$22.94
$18.44
$14.69
$15.34
$13.25
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.01)
0.01
(0.01)
0.03
0.08
0.12
Net
realized
and
unrealized
gains
(losses)
0.82
(6.76)
5.01
3.79
(0.48)
2.26
Total
from
investment
operations
........
0.81
(6.75)
5.00
3.82
(0.40)
2.38
Less
distributions
from:
Net
investment
income
..............
(0.26)
(0.02)
(0.07)
(0.05)
(0.10)
Net
realized
gains
.................
(0.25)
(0.21)
(0.48)
(0.20)
(0.19)
Total
distributions
...................
(0.25)
(0.47)
(0.50)
(0.07)
(0.25)
(0.29)
Net
asset
value,
end
of
period
..........
$16.28
$15.72
$22.94
$18.44
$14.69
$15.34
Total
return
c
.......................
5.32%
(29.93)%
27.44%
26.08%
(2.26)%
18.15%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.83%
0.80%
0.78%
0.81%
0.84%
0.85%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.75%
0.75%
0.73%
e
0.71%
e
0.66%
e
0.71%
e
Net
investment
income
(loss)
..........
(0.20)%
0.04%
(0.03)%
0.17%
0.71%
0.87%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$307,223
$346,328
$548,647
$379,331
$344,257
$83,292
Portfolio
turnover
rate
................
4.19%
17.92%
14.47%
37.51%
18.11%
58.36%
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,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$15.68
$22.89
$18.40
$14.66
$15.33
$13.24
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.02)
(0.01)
(0.04)
c
0.09
0.10
Net
realized
and
unrealized
gains
(losses)
0.82
(6.76)
5.01
3.79
(0.51)
2.26
Total
from
investment
operations
........
0.80
(6.77)
4.97
3.79
(0.42)
2.36
Less
distributions
from:
Net
investment
income
..............
(0.23)
(—)
c
(0.05)
(0.05)
(0.08)
Net
realized
gains
.................
(0.25)
(0.21)
(0.48)
(0.20)
(0.19)
Total
distributions
...................
(0.25)
(0.44)
(0.48)
(0.05)
(0.25)
(0.27)
Net
asset
value,
end
of
period
..........
$16.23
$15.68
$22.89
$18.40
$14.66
$15.33
Total
return
d
.......................
5.27%
(30.04)%
27.31%
25.90%
(2.45)%
17.98%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.95%
0.90%
0.88%
0.92%
0.94%
1.02%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.86%
0.86%
0.86%
f
0.85%
f
0.80%
f
0.90%
f
Net
investment
income
(loss)
..........
(0.31)%
(0.07)%
(0.17)%
0.03%
0.57%
0.68%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$789,412
$975,415
$1,665,974
$1,158,652
$863,973
$294,254
Portfolio
turnover
rate
................
4.19
%
17.92%
14.47%
37.51%
18.11%
58.36%
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
Schedule
of
Investments
(unaudited),
January
31,
2023
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
96.2%
Aerospace
&
Defense
4.2%
MTU
Aero
Engines
AG
.................................
Germany
270,000
$
67,479,484
Air
Freight
&
Logistics
3.4%
DSV
A/S
............................................
Denmark
330,000
54,595,134
Banks
3.8%
FinecoBank
Banca
Fineco
SpA
...........................
Italy
3,450,000
61,936,762
Biotechnology
6.1%
CSL
Ltd.
............................................
United
States
254,000
53,636,045
a
Genmab
A/S
.........................................
Denmark
117,000
45,854,603
99,490,648
Capital
Markets
9.1%
Deutsche
Boerse
AG
...................................
Germany
300,000
53,685,158
Intermediate
Capital
Group
plc
...........................
United
Kingdom
3,106,000
53,444,100
Macquarie
Group
Ltd.
..................................
Australia
300,000
40,025,553
147,154,811
Chemicals
7.3%
Koninklijke
DSM
NV
...................................
Netherlands
410,000
52,729,238
Sika
AG
............................................
Switzerland
200,000
56,829,376
Symrise
AG
.........................................
Germany
80,000
8,505,162
118,063,776
Containers
&
Packaging
0.7%
a
SIG
Group
AG
.......................................
Switzerland
470,000
11,649,412
Diversified
Telecommunication
Services
0.3%
b
Cellnex
Telecom
SA,
144A,
Reg
S
.........................
Spain
120,000
4,702,777
Entertainment
3.9%
a
CTS
Eventim
AG
&
Co.
KGaA
............................
Germany
898,933
63,105,072
Health
Care
Equipment
&
Supplies
6.8%
Alcon,
Inc.
...........................................
Switzerland
798,000
60,215,933
Asahi
Intecc
Co.
Ltd.
...................................
Japan
195,400
3,428,924
Cochlear
Ltd.
........................................
Australia
310,000
46,837,116
110,481,973
Internet
&
Direct
Marketing
Retail
4.2%
a
MercadoLibre,
Inc.
....................................
Brazil
57,000
67,356,330
IT
Services
14.4%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
36,000
54,431,159
a
Amadeus
IT
Group
SA
.................................
Spain
1,000,860
63,061,034
Keywords
Studios
plc
..................................
Ireland
1,840,000
64,624,502
a
Shopify,
Inc.,
A
.......................................
Canada
1,050,000
51,733,500
233,850,195
Life
Sciences
Tools
&
Services
3.1%
a
Evotec
SE
...........................................
Germany
2,550,000
50,143,161
Media
7.8%
a
Ascential
plc
.........................................
United
Kingdom
14,800,000
49,043,741
CyberAgent,
Inc.
......................................
Japan
3,960,000
37,042,290
a
Viaplay
Group
AB,
B
...................................
Sweden
1,602,975
39,574,321
125,660,352
Pharmaceuticals
0.7%
Hikma
Pharmaceuticals
plc
..............................
Jordan
540,000
11,422,757
Franklin
Global
Trust
Schedule
of
Investments
(unaudited)
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
See
Abbreviations
on
page
46
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
4.8%
a
Clarivate
plc
.........................................
United
States
3,050,000
$
33,916,000
Experian
plc
.........................................
United
Kingdom
1,200,000
43,881,626
77,797,626
Semiconductors
&
Semiconductor
Equipment
4.0%
ASML
Holding
NV
.....................................
Netherlands
97,000
64,182,758
Software
10.3%
a
CyberArk
Software
Ltd.
.................................
United
States
378,813
53,367,175
a
Nice
Ltd.,
ADR
.......................................
Israel
280,000
58,080,400
SimCorp
A/S
.........................................
Denmark
800,000
56,027,210
167,474,785
Trading
Companies
&
Distributors
1.3%
RS
Group
plc
........................................
United
Kingdom
1,800,000
20,925,699
Total
Common
Stocks
(Cost
$1,324,105,046)
....................................
1,557,473,512
Short
Term
Investments
3.8%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.8%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
61,025,601
61,025,601
Total
Money
Market
Funds
(Cost
$61,025,601)
..................................
61,025,601
Total
Short
Term
Investments
(Cost
$61,025,601
)
................................
61,025,601
a
Total
Investments
(Cost
$1,385,130,647)
100.0%
................................
$1,618,499,113
Other
Assets,
less
Liabilities
(0.0)%
...........................................
(43,863)
Net
Assets
100.0%
...........................................................
$1,618,455,250
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2023,
the
aggregate
value
of
these
securities
was
$59,133,936,
representing
3.7%
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.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Small
Cap
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
23
a
Six
Months
Ended
January
31,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.51
$16.53
$11.56
$16.48
$19.68
$20.61
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.01
0.38
0.55
c
0.02
0.20
0.47
Net
realized
and
unrealized
gains
(losses)
1.32
(3.40)
4.42
(4.05)
(2.87)
0.41
Total
from
investment
operations
........
1.33
(3.02)
4.97
(4.03)
(2.67)
0.88
Less
distributions
from:
Net
investment
income
..............
(0.89)
(0.27)
(1.23)
Net
realized
gains
.................
(0.89)
(0.26)
(0.58)
Total
distributions
...................
(0.89)
(0.89)
(0.53)
(1.81)
Net
asset
value,
end
of
period
..........
$13.95
$13.51
$16.53
$11.56
$16.48
$19.68
Total
return
d
.......................
10.65%
(18.27)%
42.99%
e
(25.96)%
(13.49)%
4.32%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.42%
1.62%
1.74%
1.59%
1.41%
1.38%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.30%
g
1.30%
g
1.62%
g
1.58%
h
1.41%
g
1.38%
g
Net
investment
income
...............
0.22%
2.42%
3.80%
c
0.13%
1.11%
2.32%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$35,789
$41,420
$55,460
$48,963
$95,528
$142,505
Portfolio
turnover
rate
................
4.77%
29.57%
114.68%
28.08%
11.86%
26.98%
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%
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Small
Cap
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
Six
Months
Ended
January
31,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.01
$16.03
$11.31
$16.25
$19.42
$20.36
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.03)
0.22
0.46
c
(0.09)
0.06
0.32
Net
realized
and
unrealized
gains
(losses)
1.27
(3.24)
4.26
(3.96)
(2.82)
0.39
Total
from
investment
operations
........
1.24
(3.02)
4.72
(4.05)
(2.76)
0.71
Less
distributions
from:
Net
investment
income
..............
(0.82)
(0.15)
(1.07)
Net
realized
gains
.................
(0.89)
(0.26)
(0.58)
Total
distributions
...................
(0.82)
(0.89)
(0.41)
(1.65)
Net
asset
value,
end
of
period
..........
$13.43
$13.01
$16.03
$11.31
$16.25
$19.42
Total
return
d
.......................
10.27%
(18.84)%
41.73%
(26.64)%
(14.10)%
3.50%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
2.18%
2.37%
2.49%
2.32%
2.16%
2.14%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
2.05%
f
2.05%
f
2.39%
f
2.31%
g
2.16%
f
2.14%
f
Net
investment
income
(loss)
..........
(0.55)%
1.42%
3.30%
c
(0.63)%
0.36%
1.56%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$897
$1,042
$3,039
$3,692
$10,942
$19,184
Portfolio
turnover
rate
................
4.77%
29.57%
114.68%
28.08%
11.86%
26.98%
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%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Small
Cap
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
25
a
Six
Months
Ended
January
31,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.44
$16.47
$11.56
$16.50
$19.72
$20.66
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(—)
c
0.33
0.61
d
(0.01)
0.17
0.42
Net
realized
and
unrealized
gains
(losses)
1.30
(3.36)
4.30
(4.04)
(2.89)
0.40
Total
from
investment
operations
........
1.30
(3.03)
4.91
(4.05)
(2.72)
0.82
Less
distributions
from:
Net
investment
income
..............
(0.87)
(0.24)
(1.18)
Net
realized
gains
.................
(0.89)
(0.26)
(0.58)
Total
distributions
...................
(0.87)
(0.89)
(0.50)
(1.76)
Net
asset
value,
end
of
period
..........
$13.87
$13.44
$16.47
$11.56
$16.50
$19.72
Total
return
e
.......................
10.43%
(18.40)%
42.47%
(26.23)%
(13.67)%
3.97%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.63%
1.87%
2.00%
1.81%
1.66%
1.64%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.55%
g
1.55%
g
1.91%
g
1.80%
h
1.66%
g
1.64%
g
Net
investment
income
(loss)
..........
(0.02)%
2.10%
4.27%
d
(0.06)%
0.86%
2.06%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$279
$378
$607
$809
$2,482
$3,450
Portfolio
turnover
rate
................
4.77%
29.57%
114.68%
28.08%
11.86%
26.98%
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
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%.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
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
Financial
Highlights
Franklin
International
Small
Cap
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
Six
Months
Ended
January
31,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.72
$16.69
$11.66
$16.54
$19.74
$20.67
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.03
0.43
0.95
c
0.08
0.29
0.56
Net
realized
and
unrealized
gains
(losses)
1.35
(3.40)
4.08
(4.07)
(2.91)
0.40
Total
from
investment
operations
........
1.38
(2.97)
5.03
(3.99)
(2.62)
0.96
Less
distributions
from:
Net
investment
income
..............
(0.93)
(0.32)
(1.31)
Net
realized
gains
.................
(0.89)
(0.26)
(0.58)
Total
distributions
...................
(0.93)
(0.89)
(0.58)
(1.89)
Net
asset
value,
end
of
period
..........
$14.17
$13.72
$16.69
$11.66
$16.54
$19.74
Total
return
d
.......................
10.84%
(17.80)%
43.14%
e
(25.72)%
(13.12)%
4.70%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.17%
1.38%
1.51%
1.12%
1.02%
1.01%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.94%
g
0.95%
g
1.35%
g
1.09%
1.02%
g
1.01%
g
Net
investment
income
...............
0.48%
2.71%
6.95%
c
0.54%
1.50%
2.69%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$721
$688
$1,044
$4,119
$125,218
$450,645
Portfolio
turnover
rate
................
4.77%
29.57%
114.68%
28.08%
11.86%
26.98%
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
Global
Trust
Financial
Highlights
Franklin
International
Small
Cap
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
27
a
Six
Months
Ended
January
31,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.67
$16.68
$11.64
$16.53
$19.73
$20.67
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.03
0.40
0.61
c
0.06
0.23
0.52
Net
realized
and
unrealized
gains
(losses)
1.32
(3.41)
4.43
(4.06)
(2.87)
0.40
Total
from
investment
operations
........
1.35
(3.01)
5.04
(4.00)
(2.64)
0.92
Less
distributions
from:
Net
investment
income
..............
(0.91)
(0.30)
(1.28)
Net
realized
gains
.................
(0.89)
(0.26)
(0.58)
Total
distributions
...................
(0.91)
(0.89)
(0.56)
(1.86)
Net
asset
value,
end
of
period
..........
$14.11
$13.67
$16.68
$11.64
$16.53
$19.73
Total
return
d
.......................
10.70
%
(18.05)%
43.30%
e
(25.74)%
(13.22)%
4.51%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.31%
1.37%
1.50%
1.27%
1.16%
1.14%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.05%
g
1.05%
g
1.40%
g
1.26%
h
1.16%
g
1.14%
g
Net
investment
income
...............
0.49%
2.54%
4.23%
c
0.41%
1.36%
2.56%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$10,699
$18,743
$31,002
$50,041
$439,650
$763,309
Portfolio
turnover
rate
................
4.77%
29.57%
114.68%
28.08%
11.86%
26.98%
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
Schedule
of
Investments
(unaudited),
January
31,
2023
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
86.6%
Aerospace
&
Defense
1.3%
QinetiQ
Group
plc
.....................................
United
Kingdom
134,987
$
605,472
Air
Freight
&
Logistics
1.7%
SBS
Holdings,
Inc.
....................................
Japan
36,200
826,811
Airlines
1.0%
JET2
plc
............................................
United
Kingdom
33,228
500,878
Banks
13.4%
a
BAWAG
Group
AG,
144A,
Reg
S
..........................
Austria
26,295
1,628,915
BPER
Banca
.........................................
Italy
213,782
587,308
b
Eurobank
Ergasias
Services
and
Holdings
SA
................
Greece
855,881
1,161,373
Spar
Nord
Bank
A/S
...................................
Denmark
52,091
829,799
Sydbank
A/S
.........................................
Denmark
29,174
1,330,362
Unicaja
Banco
SA
.....................................
Spain
784,825
964,714
6,502,471
Building
Products
1.6%
Sanwa
Holdings
Corp.
.................................
Japan
74,400
787,811
Capital
Markets
1.6%
a
Anima
Holding
SpA,
144A,
Reg
S
.........................
Italy
177,740
784,041
Chemicals
0.9%
Essentra
plc
.........................................
United
Kingdom
163,940
438,097
Commercial
Services
&
Supplies
1.3%
a
Befesa
SA,
144A,
Reg
S
................................
Spain
8,329
477,783
a
Dynagreen
Environmental
Protection
Group
Co.
Ltd.,
H,
Reg
S
...
China
493,449
171,839
649,622
Construction
&
Engineering
2.5%
Maire
Tecnimont
SpA
..................................
Italy
312,921
1,206,077
Construction
Materials
2.7%
Krosaki
Harima
Corp.
..................................
Japan
14,900
686,207
RHI
Magnesita
NV
....................................
United
States
18,108
602,254
1,288,461
Diversified
Financial
Services
1.0%
a
doValue
SpA,
144A,
Reg
S
..............................
Italy
59,390
483,818
Electrical
Equipment
1.5%
Nexans
SA
..........................................
France
6,706
711,161
Electronic
Equipment,
Instruments
&
Components
0.7%
Strix
Group
plc
.......................................
Isle
of
Man
295,571
356,728
Energy
Equipment
&
Services
2.6%
Pason
Systems,
Inc.
...................................
Canada
104,180
1,235,596
Entertainment
0.4%
b
Stillfront
Group
AB
....................................
Sweden
105,508
184,128
Food
&
Staples
Retailing
1.5%
MARR
SpA
..........................................
Italy
56,286
740,110
Food
Products
2.1%
First
Pacific
Co.
Ltd.
...................................
Indonesia
701,338
244,599
JDE
Peet's
NV
.......................................
Netherlands
15,581
467,030
Franklin
Global
Trust
Schedule
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)
Food
Products
(continued)
Select
Harvests
Ltd.
...................................
Australia
114,573
$
324,296
1,035,925
Health
Care
Equipment
&
Supplies
1.9%
i-SENS,
Inc.
.........................................
South
Korea
32,937
938,744
Hotels,
Restaurants
&
Leisure
2.4%
Arcos
Dorados
Holdings,
Inc.,
A
..........................
Brazil
34,522
293,437
b
Melia
Hotels
International
SA
.............................
Spain
132,420
881,802
1,175,239
Household
Durables
1.4%
b
Victoria
plc
..........................................
United
Kingdom
24,343
136,246
Vistry
Group
plc
......................................
United
Kingdom
59,515
546,240
682,486
IT
Services
1.6%
Bell
System24
Holdings,
Inc.
.............................
Japan
37,400
430,621
Sopra
Steria
Group
SACA
...............................
France
2,185
363,432
794,053
Life
Sciences
Tools
&
Services
0.3%
Gerresheimer
AG
.....................................
Germany
2,176
160,931
Machinery
13.8%
Amada
Co.
Ltd.
.......................................
Japan
37,600
337,830
Cargotec
OYJ,
B
......................................
Finland
26,748
1,361,877
Deutz
AG
...........................................
Germany
148,152
809,865
Fuji
Corp.
...........................................
Japan
42,600
709,458
Meidensha
Corp.
.....................................
Japan
49,400
734,030
Metso
Outotec
OYJ
....................................
Finland
66,984
769,874
Morgan
Advanced
Materials
plc
...........................
United
Kingdom
304,128
1,180,289
Sulzer
AG
...........................................
Switzerland
9,061
771,578
6,674,801
Media
1.1%
b
Mediaset
Espana
Comunicacion
SA
.......................
Spain
149,826
536,842
Metals
&
Mining
5.7%
AMG
Advanced
Metallurgical
Group
NV
....................
Netherlands
25,560
998,486
ECORA
RESOURCES
plc
...............................
United
Kingdom
421,437
769,969
Mitsui
Mining
&
Smelting
Co.
Ltd.
.........................
Japan
18,100
482,315
b
Orla
Mining
Ltd.
......................................
Canada
119,960
517,528
2,768,298
Oil,
Gas
&
Consumable
Fuels
3.9%
Harbour
Energy
plc
....................................
United
Kingdom
103,331
399,648
Serica
Energy
plc
.....................................
United
Kingdom
141,552
442,932
Tethys
Oil
AB
........................................
Sweden
168,951
1,016,811
1,859,391
Pharmaceuticals
1.1%
Hikma
Pharmaceuticals
plc
..............................
Jordan
24,338
514,828
Professional
Services
2.0%
Applus
Services
SA
....................................
Spain
123,141
945,121
Real
Estate
Management
&
Development
2.8%
a
Aedas
Homes
SA,
144A,
Reg
S
..........................
Spain
14,324
241,382
Franklin
Global
Trust
Schedule
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
01
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
Management
&
Development
(continued)
JHSF
Participacoes
SA
.................................
Brazil
472,744
$
479,678
Sun
Frontier
Fudousan
Co.
Ltd.
...........................
Japan
74,100
638,913
1,359,973
Semiconductors
&
Semiconductor
Equipment
1.1%
u-blox
Holding
AG
.....................................
Switzerland
4,310
515,524
Specialty
Retail
2.7%
Pets
at
Home
Group
plc
................................
United
Kingdom
135,913
591,228
Wickes
Group
plc
.....................................
United
Kingdom
368,494
690,959
1,282,187
Trading
Companies
&
Distributors
6.0%
Kanamoto
Co.
Ltd.
....................................
Japan
30,500
530,607
Kanematsu
Corp.
.....................................
Japan
35,200
430,533
Nishio
Rent
All
Co.
Ltd.
.................................
Japan
29,483
711,378
a,b
Yellow
Cake
plc,
144A,
Reg
S
............................
United
Kingdom
236,892
1,220,468
2,892,986
Water
Utilities
1.0%
China
Water
Affairs
Group
Ltd.
...........................
China
529,604
460,349
Total
Common
Stocks
(Cost
$46,423,346)
......................................
41,898,960
Short
Term
Investments
8.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
8.9%
Credit
Agricole
Corporate
and
Investment
Bank
SA,
4.29%,
2/01/23
France
1,300,000
1,300,000
National
Australia
Bank
Ltd.,
4.27%,
2/01/23
.................
Australia
1,500,000
1,500,000
Royal
Bank
of
Canada,
4.29%,
2/01/23
.....................
Canada
1,500,000
1,500,000
Total
Time
Deposits
(Cost
$4,300,000)
.........................................
4,300,000
Total
Short
Term
Investments
(Cost
$4,300,000
)
.................................
4,300,000
a
Total
Investments
(Cost
$50,723,346)
95.5%
....................................
$46,198,960
Other
Assets,
less
Liabilities
4.5%
.............................................
2,187,330
Net
Assets
100.0%
...........................................................
$48,386,290
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
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,
2023,
the
aggregate
value
of
these
securities
was
$5,008,246,
representing
10.4%
of
net
assets.
b
Non-income
producing.
Franklin
Global
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
January
31,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
..................................................
$1,324,105,046
$50,723,346
Cost
-
Non-controlled
affiliates
(Note
3
f
)
.......................................
61,025,601
Value
-
Unaffiliated
issuers
.................................................
$1,557,473,512
$46,198,960
Value
-
Non-controlled
affiliates
(Note
3
f
)
.......................................
61,025,601
Cash
...................................................................
85,339
Foreign
currency,
at
value
(cost
$179
and
$1,571
respectively)
........................
185
1,571
Receivables:
Investment
securities
sold
..................................................
3,361,998
3,026,673
Capital
shares
sold
.......................................................
9,904,518
6,965
Dividends
and
interest
....................................................
1,631,484
1,012,265
European
Union
tax
reclaims
(Note
1
c
)
........................................
744,632
Total
assets
.........................................................
1,633,482,637
50,991,066
Liabilities:
Payables:
Investment
securities
purchased
.............................................
7,825,943
1,901
Capital
shares
redeemed
..................................................
4,975,043
677,113
Management
fees
........................................................
966,895
109,541
Distribution
fees
.........................................................
124,348
9,046
Transfer
agent
fees
.......................................................
791,474
30,258
Trustees'
fees
and
expenses
................................................
3,761
1,101
IRS
closing
agreement
payments
for
European
Union
tax
reclaims
(Note
1
c
)
............
823,473
Funds
advanced
by
custodian
................................................
888,117
Accrued
expenses
and
other
liabilities
..........................................
339,923
64,226
Total
liabilities
........................................................
15,027,387
2,604,776
Net
assets,
at
value
................................................
$1,618,455,250
$48,386,290
Net
assets
consist
of:
Paid-in
capital
............................................................
$1,471,451,038
$208,996,003
Total
distributable
earnings
(losses)
............................................
147,004,212
(160,609,713)
Net
assets,
at
value
................................................
$1,618,455,250
$48,386,290
Franklin
Global
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
January
31,
2023
(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
Class
A:
Net
assets,
at
value
......................................................
$487,025,406
$35,789,335
Shares
outstanding
.......................................................
30,207,551
2,565,648
Net
asset
value
per
share
a
.................................................
$16.12
$13.95
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%
and
94.50%,
respectively)
............................................................
$17.06
$14.76
Class
C:
Net
assets,
at
value
......................................................
$29,069,669
$897,409
Shares
outstanding
.......................................................
1,922,592
66,836
Net
asset
value
and
maximum
offering
price
per
share
a
............................
$15.12
$13.43
Class
R:
Net
assets,
at
value
......................................................
$5,725,185
$278,774
Shares
outstanding
.......................................................
360,959
20,093
Net
asset
value
and
maximum
offering
price
per
share
............................
$15.86
$13.87
Class
R6:
Net
assets,
at
value
......................................................
$307,223,451
$721,385
Shares
outstanding
.......................................................
18,874,854
50,910
Net
asset
value
and
maximum
offering
price
per
share
............................
$16.28
$14.17
Advisor
Class:
Net
assets,
at
value
......................................................
$789,411,539
$10,699,387
Shares
outstanding
.......................................................
48,631,752
758,311
Net
asset
value
and
maximum
offering
price
per
share
............................
$16.23
$14.11
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,
2023
(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
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$141,464
and
$70,237,
respectively)
Unaffiliated
issuers
.......................................................
$3,816,885
$441,049
Non-controlled
affiliates
(Note
3
f
)
............................................
557,033
Interest:
Unaffiliated
issuers
.......................................................
34,523
Other
income
(Note
1
c
)
.....................................................
717
14,111
Less:
IRS
closing
agreement
payments
for
European
Union
tax
reclaims
(Note
1c)
.........
(59,457)
Total
investment
income
..................................................
4,374,635
430,226
Expenses:
Management
fees
(Note
3
a
)
..................................................
5,892,919
225,887
Distribution
fees:
(Note
3c
)
    Class
A
...............................................................
580,119
47,692
    Class
C
...............................................................
140,368
4,787
    Class
R
...............................................................
13,932
884
Transfer
agent
fees:
(Note
3e
)
    Class
A
...............................................................
401,219
44,841
    Class
C
...............................................................
24,276
1,125
    Class
R
...............................................................
4,813
415
    Class
R6
..............................................................
72,401
940
    Advisor
Class
...........................................................
702,136
19,169
Custodian
fees
(Note
4
)
.....................................................
92,703
4,630
Reports
to
shareholders
fees
.................................................
75,363
(34,591)
Registration
and
filing
fees
...................................................
70,366
37,236
Professional
fees
..........................................................
24,984
5,869
Trustees'
fees
and
expenses
.................................................
11,257
283
Interest
expens
e
..........................................................
3
1,940
Other
...................................................................
44,958
34,677
Total
expenses
........................................................
8,151,817
395,784
Expense
reductions
(Note
4
)
..............................................
312
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
.............................
(706,823)
(44,673)
Net
expenses
........................................................
7,444,994
351,423
Net
investment
income
(loss)
...........................................
(3,070,359)
78,803
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
.....................................................
(45,185,744)
(4,156,217)
Foreign
currency
transactions
...............................................
(215,537)
(563,360)
Net
realized
gain
(loss)
.................................................
(45,401,281)
(4,719,577)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
.....................................................
94,253,131
9,367,741
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
.............
165,968
546,013
Net
change
in
unrealized
appreciation
(depreciation)
...........................
94,419,099
9,913,754
Net
realized
and
unrealized
gain
(loss)
...........................................
49,017,818
5,194,177
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................
$45,947,459
$5,272,980
Franklin
Global
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
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
Six
Months
Ended
January
31,
2023
(unaudited)
Year
Ended
July
31,
2022
Six
Months
Ended
January
31,
2023
(unaudited)
Year
Ended
July
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
(loss)
.......
$(3,070,359)
$(3,659,682)
$78,803
$1,921,075
Net
realized
gain
(loss)
............
(45,401,281)
87,228,812
(4,719,577)
(5,181,871)
Net
change
in
unrealized
appreciation
(depreciation)
.................
94,419,099
(1,032,041,183)
9,913,754
(11,481,330)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
45,947,459
(948,472,053)
5,272,980
(14,742,126)
Distributions
to
shareholders:
Class
A
........................
(7,612,250)
(14,061,063)
(2,572,814)
Class
C
........................
(489,054)
(618,253)
(62,001)
Class
R
........................
(96,447)
(141,213)
(22,452)
Class
R6
.......................
(4,675,334)
(11,070,606)
(54,182)
Advisor
Class
...................
(12,561,162)
(34,285,765)
(1,122,281)
Total
distributions
to
shareholders
.....
(25,434,247)
(60,176,900)
(3,833,730)
Capital
share
transactions:
(Note
2
)
Class
A
........................
(52,799,241)
(171,767,099)
(6,752,083)
(4,386,144)
Class
C
........................
(3,947,979)
(12,556,814)
(164,520)
(1,762,750)
Class
R
........................
(415,940)
60,984
(110,088)
(149,469)
Class
R6
.......................
(45,768,854)
(28,412,445)
5,982
(192,878)
Advisor
Class
...................
(188,438,621)
(136,849,757)
(8,303,647)
(7,647,434)
Total
capital
share
transactions
.......
(291,370,635)
(349,525,131)
(15,324,356)
(14,138,675)
Net
increase
(decrease)
in
net
assets
.....................
(270,857,423)
(1,358,174,084)
(13,885,106)
(28,880,801)
Net
assets:
Beginning
of
period
................
1,889,312,673
3,247,486,757
62,271,396
91,152,197
End
of
period
.....................
$1,618,455,250
$1,889,312,673
$48,386,290
$62,271,396
Franklin
Global
Trust
35
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
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).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Funds
offer five classes
of
shares: Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the 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
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
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.
Investments
in
time
deposits
are
valued
at
cost,
which
approximates
fair
value.
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,
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'
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
January
31,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds'
NAV
is
not
calculated,
which
could
result
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.
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
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.
In
the
event
that
EU
reclaims
received
by
the
Funds
during
a
fiscal
year
exceed
foreign
withholding
taxes
paid
by
the
Funds,
and
the
Funds
previously
passed
through
to
its
shareholders
foreign
taxes
incurred
by
the
Funds
to
be
used
as
a
credit
or
deduction
on
a
shareholder’s
income
tax
return,
the
Funds
will
enter
into
a
closing
agreement
with
the
Internal
Revenue
Service
(IRS)
in
order
to
pay
the
associated
tax
liability
on
behalf
of
the
Funds’
shareholders.
The
Funds
previously
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation 
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
determined
to
enter
into
a
closing
agreement
with
the
IRS
and
recorded
the
estimated
payments
as
a
reduction
to
income,
as
reflected
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,
2023, 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. 
d.
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.
e.
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.
f.
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,
2023,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Funds’
shares
were
as
follows:
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Income
and
Deferred
Taxes
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
January
31,
2023
Shares
sold
a
...................................
1,392,454
$20,109,667
107,575
$1,389,172
Shares
issued
in
reinvestment
of
distributions
..........
519,467
7,568,630
203,709
2,540,247
Shares
redeemed
...............................
(5,613,224)
(80,477,538)
(811,834)
(10,681,502)
Net
increase
(decrease)
..........................
(3,701,303)
$(52,799,241)
(500,550)
$(6,752,083)
Year
ended
July
31,
2022
Shares
sold
a
...................................
5,610,497
$112,507,501
343,549
$5,433,029
Shares
issued
in
reinvestment
of
distributions
..........
674,836
13,989,341
Shares
redeemed
...............................
(14,621,875)
(298,263,941)
(632,346)
(9,819,173)
Net
increase
(decrease)
..........................
(8,336,542)
$(171,767,099)
(288,797)
$(4,386,144)
Class
C
Class
C
Shares:
Six
Months
ended
January
31,
2023
Shares
sold
...................................
93,764
$1,265,883
8,253
$104,649
Shares
issued
in
reinvestment
of
distributions
..........
35,556
486,413
5,163
62,009
Shares
redeemed
a
..............................
(428,557)
(5,700,275)
(26,698)
(331,178)
Net
increase
(decrease)
..........................
(299,237)
$(3,947,979)
(13,282)
$(164,520)
Year
ended
July
31,
2022
Shares
sold
...................................
351,033
$6,599,773
15,664
$241,926
Shares
issued
in
reinvestment
of
distributions
..........
31,378
615,936
Shares
redeemed
a
..............................
(1,073,328)
(19,772,523)
(125,057)
(2,004,676)
Net
increase
(decrease)
..........................
(690,917)
$(12,556,814)
(109,393)
$(1,762,750)
Class
R
Class
R
Shares:
Six
Months
ended
January
31,
2023
Shares
sold
...................................
38,658
$541,085
1,133
$14,409
Shares
issued
in
reinvestment
of
distributions
..........
6,726
96,447
1,809
22,452
Shares
redeemed
...............................
(70,901)
(1,053,472)
(10,981)
(146,949)
Net
increase
(decrease)
..........................
(25,517)
$(415,940)
(8,039)
$(110,088)
Year
ended
July
31,
2022
Shares
sold
...................................
113,619
$2,121,088
2,623
$39,977
Shares
issued
in
reinvestment
of
distributions
..........
6,902
141,213
Shares
redeemed
...............................
(117,922)
(2,201,317)
(11,358)
(189,446)
Net
increase
(decrease)
..........................
2,599
$60,984
(8,735)
$(149,469)
Class
R6
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
39
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:
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Shares
Amount
Shares
Amount
Class
R6
Shares:
Six
Months
ended
January
31,
2023
Shares
sold
...................................
2,436,318
$35,856,574
16,463
$221,497
Shares
issued
in
reinvestment
of
distributions
..........
285,523
4,200,050
4,280
54,182
Shares
redeemed
...............................
(5,881,384)
(85,825,478)
(20,023)
(269,697)
Net
increase
(decrease)
..........................
(3,159,543)
$(45,768,854)
720
$5,982
Year
ended
July
31,
2022
Shares
sold
...................................
6,373,637
$123,725,583
13,375
$215,589
Shares
issued
in
reinvestment
of
distributions
..........
489,484
10,200,857
Shares
redeemed
...............................
(8,740,796)
(162,338,885)
(25,748)
(408,467)
Net
increase
(decrease)
..........................
(1,877,675)
$(28,412,445)
(12,373)
$(192,878)
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
January
31,
2023
Shares
sold
...................................
7,362,821
$107,985,493
32,817
$431,561
Shares
issued
in
reinvestment
of
distributions
..........
673,110
9,874,526
85,768
1,082,398
Shares
redeemed
...............................
(21,595,245)
(306,298,640)
(731,306)
(9,817,606)
Net
increase
(decrease)
..........................
(13,559,314)
$(188,438,621)
(612,721)
$(8,303,647)
Year
ended
July
31,
2022
Shares
sold
...................................
29,035,296
$569,225,162
65,175
$1,030,051
Shares
issued
in
reinvestment
of
distributions
..........
1,353,169
28,159,439
Shares
redeemed
...............................
(40,969,267)
(734,234,358)
(552,557)
(8,677,485)
Net
increase
(decrease)
..........................
(10,580,802)
$(136,849,757)
(487,382)
$(7,647,434)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
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
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
a.
Management
Fees
Franklin
International
Growth
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
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,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
January
31,
2023
,
each
Fund’s
annualized
gross
effective
investment
management
fee
rate
based
on
the
average
daily
net
assets
was
as
follows:
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
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
........
0.738%
0.800%
3.
Transactions
with
Affiliates
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
41
franklintempleton.com
Semiannual
Report
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:
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
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,
2023,
the
Funds
paid
transfer
agent
fees
as
noted
in
the
Statements
of
Operations
of
which
the
following
amounts
were
retained
by
Investor
Services:
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
..................
$26,120
$1,114
CDSC
retained
...........................
$4,181
$—
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
42
franklintempleton.com
Semiannual
Report
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,
2023,
investments
in
affiliated
management
investment
companies
were
as
follows:
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,
2023.
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,
2023.
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,
2023.
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,
2023.
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Transfer
agent
fees
........................
$434,274
$29,328
    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,
3.969%
$
32,721,821
$
293,264,450
$
(264,960,670)
$
$
$
61,025,601
61,025,601
$
557,033
Total
Affiliated
Securities
...
$32,721,821
$293,264,450
$(264,960,670)
$—
$—
$61,025,601
$557,033
3.
Transactions
with
Affiliates
(continued)
e.
Transfer
Agent
Fees
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
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
Fu
nds'
custodian
expenses.
D
uring
the
period
ended
January
31,
2023,
the
custodian
fees
were
reduced
as
noted
in
the
Statements
of
Operations.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
 At
July
31,
2022,
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,
2022.
Franklin
International
Growth
Fund
deferred
late-year
ordinary
losses
of
$30,506,235.
At
January
31,
2023,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
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,
2023,
were
as
follows:
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
1
1
1
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
.............................
$
$
16,446,918
Long
term
.............................
136,603,064
Total
capital
loss
carryforwards
............
$—
$153,049,982
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
a
a
a
Cost
of
investments
.......................
$1,392,514,267
$50,949,135
Unrealized
appreciation
.....................
$434,653,772
$3,178,186
Unrealized
depreciation
.....................
(208,668,926)
(7,928,361)
Net
unrealized
appreciation
(depreciation)
.......
$225,984,846
$(4,750,175)
Franklin
International
Growth
Fund
Franklin
International
Small
Cap
Fund
Purchases
..............................
$65,227,531
$2,415,194
Sales
..................................
$412,933,037
$24,039,602
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
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.
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
3,
2023.
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
3,
2023,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
February
2,
2024,
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,
2023,
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.)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
Level
3
significant
unobservable
inputs
(including
the Funds'
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,
2023,
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
...................
$
$
67,479,484
$
$
67,479,484
Air
Freight
&
Logistics
...................
54,595,134
54,595,134
Banks
...............................
61,936,762
61,936,762
Biotechnology
.........................
99,490,648
99,490,648
Capital
Markets
........................
147,154,811
147,154,811
Chemicals
...........................
118,063,776
118,063,776
Containers
&
Packaging
.................
11,649,412
11,649,412
Diversified
Telecommunication
Services
.....
4,702,777
4,702,777
Entertainment
.........................
63,105,072
63,105,072
Health
Care
Equipment
&
Supplies
.........
110,481,973
110,481,973
Internet
&
Direct
Marketing
Retail
..........
67,356,330
67,356,330
IT
Services
...........................
51,733,500
182,116,695
233,850,195
Life
Sciences
Tools
&
Services
............
50,143,161
50,143,161
Media
...............................
49,043,741
76,616,611
125,660,352
Pharmaceuticals
.......................
11,422,757
11,422,757
Professional
Services
...................
33,916,000
43,881,626
77,797,626
Semiconductors
&
Semiconductor
Equipment
.
64,182,758
64,182,758
Software
.............................
111,447,575
56,027,210
167,474,785
Trading
Companies
&
Distributors
..........
20,925,699
20,925,699
Short
Term
Investments
...................
61,025,601
61,025,601
Total
Investments
in
Securities
...........
$374,522,747
$1,243,976,366
a
$—
$1,618,499,113
Franklin
International
Small
Cap
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
605,472
605,472
Air
Freight
&
Logistics
...................
826,811
826,811
Airlines
..............................
500,878
500,878
Banks
...............................
6,502,471
6,502,471
Building
Products
......................
787,811
787,811
Capital
Markets
........................
784,041
784,041
Chemicals
...........................
438,097
438,097
Commercial
Services
&
Supplies
...........
649,622
649,622
Construction
&
Engineering
...............
1,206,077
1,206,077
Construction
Materials
..................
1,288,461
1,288,461
Diversified
Financial
Services
.............
483,818
483,818
Electrical
Equipment
....................
711,161
711,161
Electronic
Equipment,
Instruments
&
Components
........................
356,728
356,728
Energy
Equipment
&
Services
.............
1,235,596
1,235,596
Entertainment
.........................
184,128
184,128
Food
&
Staples
Retailing
.................
740,110
740,110
Food
Products
........................
1,035,925
1,035,925
Health
Care
Equipment
&
Supplies
.........
938,744
938,744
Hotels,
Restaurants
&
Leisure
.............
293,437
881,802
1,175,239
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
12.
New
Accounting
Pronouncements
In June
2022,
FASB
issued
Accounting
Standards
Update
(ASU)
No.
2022-03,
Fair
Value
Measurement
(Topic
820)
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
clarify
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
should
not
be
considered
in
measuring
fair
value.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2023,
with
the
option
of
early
adoption.
Management
has
reviewed
the
requirements
and
believes
that
the
adoption
of
the
ASU
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,
except
for
the
following:
On
December
14,
2022,
the
Board
of
the
Trust,
on
behalf
of
Franklin
International
Small
Cap
Fund,
approved
a
proposal
to
liquidate
the
Fund.
The
Fund
liquidated
on
March
3,
2023.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
International
Small
Cap
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Household
Durables
....................
$
682,486
$
$
$
682,486
IT
Services
...........................
794,053
794,053
Life
Sciences
Tools
&
Services
............
160,931
160,931
Machinery
............................
6,674,801
6,674,801
Media
...............................
536,842
536,842
Metals
&
Mining
.......................
1,287,497
1,480,801
2,768,298
Oil,
Gas
&
Consumable
Fuels
.............
1,859,391
1,859,391
Pharmaceuticals
.......................
514,828
514,828
Professional
Services
...................
945,121
945,121
Real
Estate
Management
&
Development
....
721,060
638,913
1,359,973
Semiconductors
&
Semiconductor
Equipment
.
515,524
515,524
Specialty
Retail
........................
690,959
591,228
1,282,187
Trading
Companies
&
Distributors
..........
2,892,986
2,892,986
Water
Utilities
.........................
460,349
460,349
Short
Term
Investments
...................
4,300,000
4,300,000
Total
Investments
in
Securities
...........
$5,267,763
$40,931,197
b
$—
$46,198,960
a
Includes
foreign
securities
valued
at
$1,243,976,366,
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
$36,631,197,
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
47
franklintempleton.com
Annual
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
Schedule
of
Investments
The
Trust
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
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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
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mail)
and
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process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
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you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
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any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
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If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
FGT3
S
03/23
©
2023
Franklin
Templeton
Investments.
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reserved.
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distribution
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when
accompanied
or
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fund’s
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contains
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please
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Semiannual
Report
and
Shareholder
Letter
Franklin
Global
Trust
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
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Templeton
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DIAL
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®
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franklintempleton.com
(800)
632-2301
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
A
Series
of
Franklin
Global
Trust
January
31,
2023
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
Schedule
of
Investments
9
Consolidated
Financial
Statements
15
Notes
to
Consolidated
Financial
Statements
18
Shareholder
Information
32
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,
2023
.
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
+10.11%
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
+3.45%
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
+4.25%
cumulative
total
return.
2
The
Fund’s
third
benchmark,
the
JPM
Government
Bond
Index-Emerging
Markets
(GBI-EM)
Broad
Diversified
Index
(USD
Unhedged),
which
tracks
local
currency
bonds
issued
in
emerging
markets,
posted
a
-6.65%
cumulative
total
return.
1
Also
for
comparison,
the
Fund’s
fourth
benchmark,
the
ICE
BofA
Emerging
Market
Corporate
Plus
(USD
Hedged)
Index,
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
-2.59%
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
six
months
under
review
witnessed
high
levels
of
uncertainty
and
volatility,
as
investors
continued
to
assess
the
strong
action
from
developed
market
(DM)
central
banks,
which
in
turn
fueled
concerns
that
excessive
monetary
policy
tightening
would
tip
economies
into
recession.
However,
the
latter
part
of
2022
saw
an
easing
of
inflationary
pressures,
which
foreshadowed
a
slowdown
in
the
pace
of
short-
term
interest-rate
hikes.
This
buoyed
investor
sentiment,
increasing
hopes
that
peak
hawkishness
had
been
reached
and
therefore
a
recession
could
be
avoided,
and
an
economic
“soft
landing”
could
be
achieved.
The
economic
outlook
for
emerging
markets
(EM),
which
had
seen
limited
economic
growth,
was
also
helped
during
the
period
by
the
relaxing
of
China’s
zero-COVID
policies.
While
the
Federal
Reserve
(Fed)
reacted
more
slowly
to
surging
inflation
than
many
of
its
EM
counterparts,
the
second
half
of
2022
saw
inflation
pressures
start
to
ease
in
the
U.S.
and
a
subsequent
slowdown
in
the
Fed’s
pace
of
interest-rate
hikes
from
75
basis
points
(bps)
in
four
straight
Portfolio
Composition
1/31/23
%
of
Total
Net
Assets
Foreign
Government
and
Agency
Securities
57.4%
Corporate
Bonds
17.0%*
Quasi-Sovereign
Bonds
8.2%*
Supranational
5.5%
Warrants
3.6%
Loan
Participations
and
Assignments
1.3%*
Other**
0.0%*
Short-Term
Investments
&
Other
Net
Assets
7.0%
*
Includes
securities
determined
to
have
no
value
at
1/31/23.
**
For
detailed
categories,
see
accompanying
Consolidated
Schedule
of
Investments.
1.
Source:
Morningstar.
2.
Source:
FactSet.
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
Schedule
of
Investments
(SOI).
The
Consolidated
SOI
begins
on
page
10
.
Franklin
Emerging
Market
Debt
Opportunities
Fund
3
ftinstitutional.com
Semiannual
Report
meetings,
including
November
2022,
to
a
reduced
50
bps
increase
in
December
2022.
The
U.S.
Consumer
Price
Index
(CPI)
recorded
a
sixth
consecutive
monthly
decline,
with
a
6.5%
year-over-year
(y/y)
increase
in
December
2022,
down
from
its
peak
of
9.1%
y/y
in
June
2022.
At
the
same
time,
underlying
U.S.
economic
activity
continued
to
show
signs
of
weakening,
with
worse-than-expected
declines
in
the
reported
retail
and
industrial
production
data
for
December
2022.
The
S&P
Global
Composite
Purchasing
Managers’
Index
for
January
2023
increased
modestly
but
remained
in
contractionary
territory.
U.S.
real
gross
domestic
product
(GDP)
increased
by
an
annualized
2.9%
in
the
fourth
quarter
of
2022,
while
the
U.S.
economy
expanded
by
2.1%
over
the
full
year,
down
from
growth
of
5.9%
recorded
in
2021.
A
global
risk-on
shift
in
sentiment
benefited
EM
debt
towards
the
end
of
2022
and
in
early
2023,
with
January
seeing
fund
flows
return
to
the
asset
class.
Along
with
improved
sentiment,
there
came
a
reopening
of
primary
markets,
with
even
high-yield
issuers
being
able
to
raise
new
debt.
These
markets
had
been
effectively
shut
for
most
of
2022.
Against
this
backdrop,
prices
of
both
hard-currency
and
local-currency
EM
debt
moved
higher
over
the
period
under
review.
Hard
currency-denominated
EM
government
bonds
posted
a
+3.45%
total
return
over
the
six
months
under
review,
as
measured
by
the
JPM
EMBI
Global
Diversified
Index.
U.S.
10-year
Treasury
yields
(USTs)
rose
from
2.65%
at
the
end
of
July
2022
to
3.51%
at
the
end
of
January
2023.
The
index’s
spread
over
USTs,
on
a
yield-to-worst
basis,
tightened
90
bps
during
that
time,
ending
at
443
bps
by
period-end.
U.S.
dollar-
and
euro-denominated
EM
corporate
bonds
posted
a
+2.59%
total
return,
as
measured
by
the
ICE
BofA
EMCB
Index
(100%
USD
Hedged).
Spreads
on
EM
corporate
bonds
moved
in
line
with
EM
government
bonds
during
the
six
months
under
review,
declining
91
bps
to
274
bps.
Local-currency
EM
government
bonds
posted
a
+6.65%
total
return,
as
measured
by
the
JPM
GBI-EM
Broad
Diversified
Index.
Local-currency
yields
fell,
from
an
average
of
6.89%
at
the
end
of
July
2022
to
6.62%
at
the
end
of
January
2023.
EM
currencies
generally
strengthened,
relative
to
the
U.S.
dollar,
over
the
period
under
review.
Geographic
Composition
1/31/23
%
of
Total
Net
Assets
Mexico
6.3%
Supranational
5.5%
Dominican
Republic
5.0%
Turkey
4.3%
Colombia
3.8%
Argentina
3.4%
South
Africa
3.4%
Trinidad
and
Tobago
3.4%
Kazakhstan
3.4%
Brazil
3.0%
Suriname
2.8%
Angola
2.7%
Uruguay
2.7%
Ukraine
2.6%
Grenada
2.6%
Ethiopia
2.3%
Uzbekistan
2.3%
Ghana
2.2%
Iraq
2.2%
Venezuela
2.1%
Gabon
1.9%
China
1.7%
El
Salvador
1.6%
Armenia
1.6%
Egypt
1.6%
Georgia
1.4%
Peru
1.4%
Tunisia
1.3%
Benin
1.3%
United
States
1.3%
Mozambique
1.3%
Paraguay
1.2%
Costa
Rica
1.1%
Honduras
1.1%
Nigeria
1.1%
Cameroon
1.0%
Other
5.1%
Short-Term
Investments
&
Other
Net
Assets
7.0%
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,
our
holding
of
Chinese
property
developer
Country
Garden
Holdings
rallied.
The
Chinese
government
and
central
bank
announced
a
sweeping
set
of
policy
measures
designed
to
support
the
property
sector
in
mid-November
2022,
which
was
followed
by
the
announcement
of
substantial
credit
lines
from
state-
controlled
banks
for
higher-quality
property
developers.
This
boosted
confidence
in
the
liquidity
position
of
issuers.
The
position
further
appreciated
after
the
company
announced
that
it
had
purchased
a
total
of
US$218
million
of
its
January
2023
notes
on
the
open
market
and
transferred
funds
to
meet
the
remaining
maturities
of
the
notes.
The
board
of
directors
stated
that
it
would
periodically
look
to
purchase
further
debt
on
the
open
market
as
it
became
economically
advantageous.
Additionally,
the
company
announced
that
it
had
obtained
a
US$50
million
loan
from
a
Hong
Kong
bank
to
refinance
its
debt
obligations.
The
portfolio’s
position
in
Argentinian
U.S.-dollar
bonds
helped
returns
over
the
period.
Primarily
our
holdings
of
provincial
bonds,
collateralized
by
oil
and
gas
royalties,
gained
significantly
on
the
back
of
high
commodity
prices.
In
addition
to
this,
the
overall
market
tone
improved
as
the
third
review
of
the
country’s
30-month
Extended
Fund
Facility
by
the
International
Monetary
Fund
(IMF)
was
approved
in
December
2022,
allowing
for
immediate
disbursement
of
US$6
billion
in
aid.
Our
holding
of
Salvadoran
government
bonds
boosted
returns
during
the
period
on
the
back
of
improved
investor
sentiment
as
the
country
made
a
~US$600
million
bond
payment
in
January
2023.
Previously,
the
country
tendered
for
a
portion
of
its
debt,
also
resulting
in
an
appreciation
of
the
low-priced
bonds.
Moreover,
a
planned
IMF
visit
was
taken
as
positive
news
by
the
market,
seen
to
reflect
both
parties’
willingness
to
engage,
and
potentially,
increasing
the
likelihood
of
receiving
IMF
financing.
In
mid-December
2022,
Ghana’s
Ministry
of
Finance
announced
the
suspension
of
payments
on
certain
external
sovereign
debt
obligations.
A
restructuring
of
debt
had
been
largely
expected
by
investors
and
Moody’s
had
previously
cut
the
country’s
credit
rating
to
Ca
at
the
end
of
November
2022.
Consequently,
our
position
in
sovereign
obligation
Saderea
curbed
results
during
the
period.
Additionally,
the
portfolio’s
exposure
to
oil
and
gas
company
Tullow
Oil
hindered
returns
due
to
the
increased
credit
risks,
as
some
corporate
issuers
with
significant
operations
in
the
country,
such
as
Tullow
Oil,
were
downgraded
in
early
December
2022
leading
to
a
subsequent
fall
in
price.
The
Colombian
peso
(COP)
depreciated
in
the
second
half
of
2022,
mainly
due
to
a
weakening
external
balance
of
payments
and
increased
political
risk.
During
2022’s
third
quarter,
the
current
account
deficit
widened
further
to
7.2%
of
GDP,
putting
pressure
on
the
COP.
Added
to
this,
currency
weakness
reflected
investors’
distrust
over
President
Gustavo
Petro’s
intended
progressive
reform
agenda.
Besides
tax,
land
and
social
security
reforms
that
were
potentially
fiscally
destabilizing,
concerns
increased
about
the
government’s
intention
to
limit
oil
exploration,
ban
fracking,
issue
debt
to
fund
agrarian
reform,
and
undermine
the
funded
pension
system.
The
reform
agenda
was
Top
10
Holdings
1/31/23
Issuer
Industry,
Country
%
of
Total
Net
Assets
a
a
Dominican
Republic
Government
Bond
5.0%
Diversified
Financial
Services,
Dominican
Republic
Mexico
Government
Bond
4.9%
Diversified
Financial
Services,
Mexico
Kazakhstan
Government
Bond
3.4%
Diversified
Financial
Services,
Kazakhstan
Argentina
Government
Bond
3.3%
Municipal
Bonds,
Argentina
Suriname
Government
Bond
2.8%
Diversified
Financial
Services,
Suriname
Angola
Government
Bond
2.7%
Diversified
Financial
Services,
Angola
Uruguay
Government
Bond
2.7%
Diversified
Financial
Services,
Uruguay
Ukraine
Government
Bond
2.6%
Diversified
Financial
Services,
Ukraine
Grenada
Government
Bond
2.6%
Diversified
Financial
Services,
Grenada
Ethiopia
Government
Bond
2.3%
Diversified
Financial
Services,
Ethiopia
Franklin
Emerging
Market
Debt
Opportunities
Fund
5
ftinstitutional.com
Semiannual
Report
perceived
as
having
the
potential
to
exacerbate
already
wide
twin
deficits.
In
January
2023,
Moody’s
downgraded
Tunisia
to
a
Caa2
rating
with
a
negative
outlook,
causing
the
Tunisian
bonds
held
in
the
portfolio
to
depreciate.
The
agency
expressed
the
view
that
Tunisia’s
credit
profile
was
skewed
to
the
downside
and
will
remain
so
even
if
it
were
to
receive
IMF
financing
since
disbursement
would
depend
on
the
timely
and
sustained
implementation
of
reforms,
which
is
likely
to
prove
challenging.
The
country
faces
multiple
problems,
including
a
large
foreign-currency
debt
stock,
social
unrest
and
potential
political
instability
due
to
the
government’s
reform
agenda,
and
slowing
economic
growth.
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,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
January
31,
2023
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
1/31/23
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
+10.11%
+10.11%
1-Year
-4.28%
-4.28%
5-Year
+6.39%
+1.25%
10-Year
+31.21%
+2.75%
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.
The
manager’s
portfolio
selection
strategy
is
not
solely
based
on
environmental,
social
and
governance
(ESG)
considerations,
and
therefore
the
issuers
in
which
the
Fund
invests
may
not
be
considered
ESG-focused
companies.
Integrating
ESG
considerations
into
the
investment
process
is
not
a
guarantee
that
better
performance
will
be
achieved.
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.
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.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
may
be
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
zero
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impos-
sible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
11/30/23
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
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.
Distributions
(8/1/22–1/31/23)
Net
Investment
Income
$0.8961
Total
Annual
Operating
Expenses
4
With
Fee
Waiver
Without
Fee
Waiver
1.01%
1.15%
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
8/1/22
Ending
Account
Value
1/31/23
Expenses
Paid
During
Period
8/1/22–1/31/23
1,2
Ending
Account
Value
1/31/23
Expenses
Paid
During
Period
8/1/22–1/31/23
1,2
a
Net
Annualized
Expense
Ratio
2
$1,000
$1,101.10
$5.30
$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,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.91
$11.73
$10.19
$11.66
$11.68
$11.68
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.41
0.77
0.71
0.97
0.97
0.86
Net
realized
and
unrealized
gains
(losses)
0.56
(2.59)
0.83
(1.64)
(0.13)
(0.36)
Total
from
investment
operations
........
0.97
(1.82)
1.54
(0.67)
0.84
0.50
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.90)
(0.80)
(0.86)
(0.47)
Net
realized
gains
.................
(0.03)
Total
distributions
...................
(0.90)
(0.80)
(0.86)
(0.50)
Net
asset
value,
end
of
period
..........
$9.98
$9.91
$11.73
$10.19
$11.66
$11.68
Total
return
c
.......................
10.11%
(15.52)%
15.11%
(6.24)%
8.04%
4.04%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.26%
1.14%
1.24%
1.15%
1.11%
1.09%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
Net
investment
income
...............
8.04%
6.90%
6.34%
8.95%
8.58%
7.31%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$45,150
$55,697
$135,374
$111,159
$387,888
$518,344
Portfolio
turnover
rate
................
6.30%
43.31%
61.28%
34.71%
14.29%
33.70%
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
Schedule
of
Investments
(unaudited),
January
31,
2023
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
3.6%
Diversified
Financial
Services
3.6%
b,d,e,f
Ukraine
Government,
VRI,
GDP
Linked
Security,
Senior
Bond,
Reg
S,
8/01/41
.........................................
Ukraine
2,000,000
649,480
a,b,g
Venezuela
Government,
Oil
Value
Recovery,
4/15/20
...........
Venezuela
925,920
951,295
1,600,775
Total
Warrants
(Cost
$18,386,506)
.............................................
1,600,775
Units
Private
Limited
Partnership
Funds
0.0%
Capital
Markets
0.0%
a,b,c,g,h
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
8.2%
Diversified
Financial
Services
1.8%
a
Meridiam
Eastern
Europe
Investments
SAS
,
8.85
%
,
6/10/28
.....
Turkey
785,714
EUR
795,203
a,c,e,i
Sphynx
Capital
Markets
PCC
(National
Investment
Bank
of
Ghana)
,
PTN
,
Secured
Note
,
Reg
S,
Zero
Cpn
.,
2/05/09
.............
Ghana
8,000,000
795,203
Municipal
Bonds
3.3%
d
Provincia
del
Chubut
Argentina
,
Senior
Secured
Bond
,
144A,
7.75
%
,
7/26/30
...........................................
Argentina
1,694,667
1,497,418
Oil,
Gas
&
Consumable
Fuels
2.0%
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
................
Colombia
300,000
237,605
d
Heritage
Petroleum
Co.
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
8/12/29
...........................................
Trinidad
and
Tobago
650,000
680,940
918,545
Transportation
Infrastructure
1.1%
d,j
PA
Autopista
Rio
Magdalena
,
Index
Linked,
Senior
Secured
Bond
,
144A,
6.05
%
,
6/15/36
.................................
Colombia
3,020,652,596
COP
501,101
Total
Quasi-Sovereign
Bonds
(Cost
$7,139,873)
.................................
3,712,267
Corporate
Bonds
17.0%
Airlines
1.1%
d
Pegasus
Hava
Tasimaciligi
A/S
,
Senior
Note
,
144A,
9.25
%
,
4/30/26
Turkey
500,000
502,570
Franklin
Global
Trust
Consolidated
Schedule
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
Corporate
Bonds
(continued)
Banks
2.5%
d
Akbank
TAS
,
Sub.
Bond
,
144A,
6.797%
to
4/26/23,
FRN
thereafter
,
4/27/28
...........................................
Turkey
650,000
$
630,705
d
Fidelity
Bank
plc
,
Senior
Note
,
144A,
7.625
%
,
10/28/26
.........
Nigeria
550,000
479,875
1,110,580
Capital
Markets
1.4%
d
Georgia
Capital
JSC
,
Senior
Note
,
144A,
6.125
%
,
3/09/24
.......
Georgia
650,000
632,125
Chemicals
1.1%
d
Braskem
Idesa
SAPI
,
Senior
Secured
Bond,
144A,
6.99%,
2/20/32
...............
Mexico
450,000
333,936
Senior
Secured
Note,
144A,
7.45%,
11/15/29
..............
Mexico
200,000
165,312
499,248
Construction
Materials
0.4%
d
Cemex
SAB
de
CV
,
Senior
Bond
,
144A,
3.875
%
,
7/11/31
.......
Mexico
200,000
168,941
Electric
Utilities
0.5%
d
Adani
Electricity
Mumbai
Ltd.
,
Senior
Secured
Bond
,
144A,
3.949
%
,
2/12/30
...........................................
India
300,000
224,459
Food
Products
1.2%
d
Frigorifico
Concepcion
SA
,
Senior
Secured
Note
,
144A,
7.7
%
,
7/21/28
...........................................
Paraguay
700,000
563,556
Metals
&
Mining
1.1%
d,k
Petra
Diamonds
US
Treasury
plc
,
Senior
Secured
Note
,
144A,
PIK,
10.033
%
,
3/08/26
....................................
South
Africa
497,869
483,666
Multiline
Retail
0.0%
a,d,k
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
4,842,864
a,d,k
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
2,133,302
Oil,
Gas
&
Consumable
Fuels
4.1%
d
Energo
-Pro
A/S
,
Senior
Note
,
144A,
8.5
%
,
2/04/27
............
Czech
Republic
350,000
334,250
d
Kosmos
Energy
Ltd.
,
Senior
Note
,
144A,
7.75
%
,
5/01/27
........
Ghana
350,000
311,936
d
MC
Brazil
Downstream
Trading
SARL
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/30/31
.....................................
Brazil
531,438
464,260
d
Medco
Oak
Tree
Pte.
Ltd.
,
Senior
Secured
Note
,
144A,
7.375
%
,
5/14/26
...........................................
Indonesia
270,000
270,607
d
Tullow
Oil
plc
,
Senior
Note,
144A,
7%,
3/01/25
........................
Ghana
402,000
286,275
Senior
Secured
Note,
144A,
10.25%,
5/15/26
..............
Ghana
220,000
190,043
1,857,371
Real
Estate
Management
&
Development
1.7%
d
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
.....................................
China
980,000
752,150
Wireless
Telecommunication
Services
1.9%
d
Telecommunications
Services
of
Trinidad
&
Tobago
Ltd.
,
Senior
Secured
Note
,
144A,
8.875
%
,
10/18/29
...................
Trinidad
and
Tobago
970,000
853,876
Total
Corporate
Bonds
(Cost
$14,299,172)
......................................
7,648,542
Franklin
Global
Trust
Consolidated
Schedule
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
l
Loan
Participations
and
Assignments
1.3%
a,c,e
Alfa
Bank
AO
Via
Alfa
Bond
Issuance
plc
,
Sub.
Bond
,
144A,
5.95%
to
4/14/25,
FRN
thereafter
,
4/15/30
.......................
Russia
1,000,000
$
Global
Distressed
Alpha
Fund
III
LP
,
a,c,g,k,m
PIK,
12%,
Perpetual
..................................
United
States
1,321,466
587,663
Total
Loan
Participations
and
Assignments
(Cost
$2,105,020)
....................
587,663
Foreign
Government
and
Agency
Securities
57.4%
d
Angola
Government
Bond
,
Senior
Bond,
144A,
8%,
11/26/29
........................
Angola
900,000
838,094
Senior
Bond,
144A,
8.75%,
4/14/32
......................
Angola
400,000
371,234
Argentina
Government
Bond
,
Senior
Note
,
1
%
,
7/09/29
.........
Argentina
150,490
51,645
d
Armenia
Government
Bond
,
Senior
Bond
,
144A,
3.95
%
,
9/26/29
..
Armenia
850,000
713,150
d
Benin
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/19/32
...
Benin
700,000
EUR
602,515
Brazil
Notas
do
Tesouro
Nacional
,
10
%
,
1/01/29
..............
Brazil
5,000,000
BRL
870,254
d
Cameroon
Government
Bond
,
Senior
Bond
,
144A,
5.95
%
,
7/07/32
Cameroon
550,000
EUR
459,427
Colombia
Government
Bond
,
Senior
Bond
,
9.85
%
,
6/28/27
......
Colombia
5,000,000,000
COP
980,319
d
Costa
Rica
Government
Bond
,
Senior
Bond
,
144A,
7.158
%
,
3/12/45
Costa
Rica
500,000
493,125
d
Dominican
Republic
Government
Bond
,
144A,
13.625%,
2/03/33
...............................
Dominican
Republic
45,000,000
DOP
793,511
Senior
Bond,
144A,
6.4%,
6/05/49
.......................
Dominican
Republic
600,000
513,189
Senior
Note,
144A,
8.9%,
2/15/23
.......................
Dominican
Republic
55,000,000
DOP
971,092
d
Egypt
Government
Bond
,
Senior
Bond,
144A,
7.625%,
5/29/32
.....................
Egypt
500,000
382,696
Senior
Bond,
144A,
7.5%,
2/16/61
.......................
Egypt
500,000
326,583
d
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
7.65
%
,
6/15/35
El
Salvador
1,500,000
735,297
d
Ethiopia
Government
Bond
,
Senior
Bond
,
144A,
6.625
%
,
12/11/24
Ethiopia
1,550,000
1,057,116
d
Gabon
Government
Bond
,
Senior
Bond,
144A,
6.625%,
2/06/31
.....................
Gabon
500,000
422,100
Senior
Bond,
144A,
7%,
11/24/31
........................
Gabon
500,000
423,074
d
Grenada
Government
Bond
,
Senior
Bond,
144A,
7%,
5/12/30
.........................
Grenada
838,729
728,017
Senior
Bond,
Reg
S,
7%,
5/12/30
........................
Grenada
496,335
430,819
d
Honduras
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
6/24/30
Honduras
600,000
491,090
d
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
......
Iraq
1,050,000
975,408
Jamaica
Government
Bond
,
Senior
Bond
,
7.875
%
,
7/28/45
......
Jamaica
300,000
352,238
d
Jordan
Government
Bond
,
Senior
Bond
,
144A,
5.85
%
,
7/07/30
...
Jordan
400,000
369,803
d
Kazakhstan
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
10/14/44
..........................................
Kazakhstan
400,000
365,000
Kazakhstan
MEUKAM
,
Senior
Bond,
5.3%,
4/26/23
............................
Kazakhstan
250,000,000
KZT
533,064
Senior
Bond,
5%,
5/15/23
.............................
Kazakhstan
290,000,000
KZT
614,683
Franklin
Global
Trust
Consolidated
Schedule
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)
Kenya
Government
Bond
,
Senior
Note
,
12.5
%
,
5/12/25
.........
Kenya
26,550,000
KES
$
213,836
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
8
%
,
11/07/47
...........
Mexico
17,000,000
MXN
832,650
j
Mexican
Udibonos
,
S
,
Index
Linked,
Senior
Bond
,
4
%
,
11/30/28
..
Mexico
17,687,683
MXN
928,002
Mexico
Government
Bond
,
Senior
Bond
,
3.75
%
,
1/11/28
........
Mexico
450,000
431,822
d
Mozambique
Government
Bond
,
144A,
5%
to
9/15/23,
9%
thereafter
,
9/15/31
...........................................
Mozambique
700,000
564,032
d
Pakistan
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
4/08/31
.
Pakistan
850,000
361,930
Peru
Bonos
de
la
Tesoreria
,
Senior
Bond
,
5.4
%
,
8/12/34
........
Peru
3,000,000
PEN
623,522
e
Russia
Government
Bond
,
Senior
Bond
,
7.65
%
,
4/10/30
........
Russia
73,425,000
RUB
156,035
d,e
Saderea
DAC
,
Senior
Secured
Bond
,
Reg
S,
12.5
%
,
11/30/26
....
Ghana
465,160
226,184
South
Africa
Government
Bond
,
Senior
Bond
,
7
%
,
2/28/31
......
South
Africa
22,077,951
ZAR
1,055,855
d,e
Suriname
Government
Bond
,
Senior
Bond,
144A,
9.25%,
10/26/26
.....................
Suriname
200,000
158,600
Senior
Note,
144A,
12.875%,
12/30/23
....................
Suriname
1,400,000
1,124,200
Tunisia
Government
Bond
,
Senior
Bond
,
4.2
%
,
3/17/31
.........
Tunisia
190,000,000
JPY
607,208
d,e
Ukraine
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
9/25/34
.
Ukraine
2,600,000
528,980
Uruguay
Government
Bond
,
Senior
Bond,
8.25%,
5/21/31
...........................
Uruguay
40,000,000
UYU
931,614
j
Index
Linked,
Senior
Bond,
3.7%,
6/26/37
.................
Uruguay
9,948,831
UYU
266,080
d
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
14
%
,
7/19/24
..
Uzbekistan
12,320,000,000
UZS
1,045,112
Total
Foreign
Government
and
Agency
Securities
(Cost
$33,946,136)
..............
25,920,205
Supranational
5.5%
Asian
Development
Bank
,
Senior
Note,
8.175%,
9/15/24
...........................
Supranational
n
3,300,000
PLN
770,308
d
Senior
Note,
Reg
S,
8.3%,
10/18/24
......................
Supranational
n
1,100,000
PLN
257,470
European
Investment
Bank
,
Senior
Note
,
8.5
%
,
12/01/23
.......
Supranational
n
1,700,000
GEL
627,128
Inter-American
Development
Bank
,
GDP
Linked
Security
,
Senior
Note
,
7.875
%
,
3/14/23
................................
Supranational
n
12,600,000,000
IDR
843,023
Total
Supranational
(Cost
$2,312,477)
..........................................
2,497,929
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
$83,222,562)
................................
41,967,381
a
Franklin
Global
Trust
Consolidated
Schedule
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,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(c). 
See
Note 11 regarding
other
derivative
information.
Short
Term
Investments
6.7%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
6.7%
o,p
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
3,019,371
$
3,019,371
Total
Money
Market
Funds
(Cost
$3,019,371)
...................................
3,019,371
Total
Short
Term
Investments
(Cost
$3,019,371
)
.................................
3,019,371
a
Total
Investments
(Cost
$86,241,933)
99.7%
....................................
$44,986,752
Other
Assets,
less
Liabilities
0.3%
.............................................
163,177
Net
Assets
100.0%
...........................................................
$45,149,929
*
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,
2023,
the
aggregate
value
of
these
securities
was
$27,706,329,
representing
61.4%
of
net
assets.
e
See
Note
7
regarding
credit
risk
and
defaulted
securities.
f
The
principal
represents
the
notional
amount.
See
Note
1(c)
regarding
value
recovery
instruments.
g
The
security
is
owned
by
Alternative
Strategies
(FT)
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
1(e).
h
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.
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(g).
k
Income
may
be
received
in
additional
securities
and/or
cash.
l
See
Note
1(d)
regarding
loan
participations
and
assignments.
m
Perpetual
security
with
no
stated
maturity
date.
n
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
o
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
p
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
500,000
537,303
3/14/23
$
7,817
$
(169)
Euro
.............
CITI
Sell
3,200,000
3,377,696
3/14/23
(109,984)
Japanese
Yen
......
RBCCM
Sell
92,000,000
682,088
3/14/23
(28,576)
Total
Forward
Exchange
Contracts
...................................................
$7,817
$(138,729)
Net
unrealized
appreciation
(depreciation)
............................................
$(130,912)
*
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,
2023
(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
...................................................................
$83,222,562
Cost
-
Non-controlled
affiliates
(Not
e
3d)
........................................................
3,019,371
Value
-
Unaffiliated
issuers
..................................................................
$41,967,381
Value
-
Non-controlled
affiliates
(Not
e
3d)
.......................................................
3,019,371
Cash
....................................................................................
851
Foreign
currency,
at
value
(cost
$317)
...........................................................
270
Receivables:
Capital
shares
sold
........................................................................
654,698
Interest
.................................................................................
839,202
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
7,817
Total
assets
..........................................................................
46,489,590
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,001,490
Capital
shares
redeemed
...................................................................
36,752
Management
fees
.........................................................................
12,715
Transfer
agent
fees
........................................................................
4,474
Professional
fees
.........................................................................
74,479
Trustees'
fees
and
expenses
.................................................................
1,936
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
138,729
Accrued
expenses
and
other
liabilities
...........................................................
69,086
Total
liabilities
.........................................................................
1,339,661
Net
assets,
at
value
.................................................................
$45,149,929
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$166,150,902
Total
distributable
earnings
(losses)
.............................................................
(121,000,973)
Net
assets,
at
value
.................................................................
$45,149,929
Shares
outstanding
.........................................................................
4,523,447
Net
asset
value
and
m
aximum
offering
price
per
share
...............................................
$9.98
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Operations
for
the
period
ended
January
31,
2023
(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)
.............................................................
$19,355
Interest:
(net
of
foreign
taxes
of
$14,447)
Unaffiliated
issuers
........................................................................
2,080,031
Total
investment
income
...................................................................
2,099,386
Expenses:
Management
fees
(Note
3
a
)
...................................................................
197,392
Transfer
agent
fees
(Note
3
c
)
..................................................................
9,889
Custodian
fees
(Note
4
)
......................................................................
9,560
Registration
and
filing
fees
....................................................................
15,964
Professional
fees
...........................................................................
50,334
Trustees'
fees
and
expenses
..................................................................
890
Other
....................................................................................
8,859
Total
expenses
.........................................................................
292,888
Expense
reductions
(Note
4
)
...............................................................
(1)
Expenses
waived/paid
by
affiliates
(Note
3
d
and
3
e
)
..............................................
(60,503)
Net
expenses
.........................................................................
232,384
Net
investment
income
................................................................
1,867,002
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(3,744,159)
Foreign
currency
transactions
................................................................
(112,519)
Forward
exchange
contracts
.................................................................
142,837
Net
realized
gain
(loss)
..................................................................
(3,713,841)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
6,444,658
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
66,706
Forward
exchange
contracts
.................................................................
(309,886)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
6,201,478
Net
realized
and
unrealized
gain
(loss)
............................................................
2,487,637
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$4,354,639
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,
2023
(unaudited)
Year
Ended
July
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$1,867,002
$7,104,889
Net
realized
gain
(loss)
.................................................
(3,713,841)
(8,790,172)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
6,201,478
(13,124,830)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
4,354,639
(14,810,113)
Distributions
to
shareholders
..............................................
(4,000,297)
Capital
share
transactions
(Note
2
)
..........................................
(10,901,836)
(64,866,185)
Net
increase
(decrease)
in
net
assets
...................................
(10,547,494)
(79,676,298)
Net
assets:
Beginning
of
period
.....................................................
55,697,423
135,373,721
End
of
period
..........................................................
$45,149,929
$55,697,423
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.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
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,
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
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
19
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
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.
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
various
provisions,
including
but
not
limited
to
collateral
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)
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,
2023,
the
Fund
had
OTC
derivatives
in
a
net
liability
position
of
$102,336.
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.
d.
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.
e.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
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)
consistent
with
the
investment
objective
of
the
Fund.
At
January
31,
2023,
FT
Subsidiary’s
investments,
as
well
as
any
other
assets
and
liabilities
of
FT
Subsidiary
are
reflected
in
the
Fund’s
Consolidated
Schedule
of
Investments
and
Consolidated
Statement
of
Assets
and
Liabilities.
All
intercompany
transactions
and
balances
have
been
eliminated.
At
January
31,
2023,
the
net
assets
of
FT
Subsidiary
were
$1,547,697,
representing
3.4%
of
the
Fund's
consolidated
net
assets.
The
Fund’s
investment
in
FT
Subsidiary
is
limited
to
25%
of
consolidated
assets.
f.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
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,
2023,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
g.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
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.
h.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Investments
in
Alternative
Strategies
(FT)
Ltd.
(FT
Subsidiary)
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
22
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
i.
Guarantees
and
Indemnifications
Under
the
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
January
31,
2023,
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,
calculated
daily
and
paid
monthly, to
FTIML
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
FT
Subsidiary
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
FTIML
based
on
the
average
daily
net
assets
of
FT
Subsidiary
as
follows:
Six
Months
Ended
January
31,
2023
Year
Ended
July
31,
2022
Shares
Amount
Shares
Amount
Shares
sold
...................................
1,097,683
$11,184,322
4,180,738
$46,662,620
Shares
issued
in
reinvestment
of
distributions
..........
407,454
3,911,562
Shares
redeemed
...............................
(2,601,177)
(25,997,720)
(10,106,573)
(111,528,805)
Net
increase
(decrease)
..........................
(1,096,040)
$(10,901,836)
(5,925,835)
$(64,866,185)
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
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
23
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
For
the
period
ended
January
31,
2023,
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.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
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,
2023,
the
Fund
paid
transfer
agent
fees
of
$9,889,
of
which
$8,908
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,
2023,
the
Fund
held
investments
in
affiliated
management
investment
companies
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,
3.969%
$
1,426,619
$
22,561,431
$
(20,968,679)
$
$
$
3,019,371
3,019,371
$
19,355
Total
Affiliated
Securities
...
$1,426,619
$22,561,431
$(20,968,679)
$—
$—
$3,019,371
$19,355
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,
2023.
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,
2023,
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,
2022,
the
capital
loss
carryforwards
were
as
follows:
At
January
31,
2023,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
foreign
currency
transactions,
paydown
losses,
payments-in-kind,
bond
discounts
and
premiums,
corporate
actions,
inflation
related
adjustments
on
foreign
securities,
investments
in
FT
Subsidiary,
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities) for
the
period
ended
January
31,
2023,
aggregated
$2,782,806,
and
$17,300,162,
respectively. 
7.
Credit Risk
and
Defaulted
Securities
At
January
31,
2023,
the
Fund
had
67.6%
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.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$14,488,687
Long
term
................................................................................
53,950,268
Total
capital
loss
carryforwards
...............................................................
$68,438,955
Cost
of
investments
..........................................................................
$98,906,045
Unrealized
appreciation
........................................................................
$855,484
Unrealized
depreciation
........................................................................
(54,905,689)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(54,050,205)
3.
Transactions
with
Affiliates
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
25
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
The
Fund
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
January
31,
2023,
the
aggregate
value
of
these
securities
was
$2,843,479
representing
6.3%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Consolidated Schedule
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.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
imposed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments was
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
little
or
no
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
At
January
31,
2023,
the
Fund
had
0.3%
of
its
net
assets
invested
in
securities
with
significant
economic
risk
or
exposure
to
Russia.
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.
7.
Credit Risk
and
Defaulted
Securities
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
26
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
At
January
31,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
See
Abbreviations
on
page
31
.
11.
Other
Derivative
Information
At
January
31,
2023,
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.
Principal
Amount
*
/
Shares
/
Units
Issuer
Acquisition
Date
Cost
Value
Franklin
Emerging
Market
Debt
Opportunities
Fund
1,000,000
Alfa
Bank
AO
Via
Alfa
Bond
Issua
nce
plc,
Sub.
Bond,
144A,
5.95%
to
4/14/25,
FRN
thereafter,
4/15/30
...
11/21/19
$
1,005,945
$
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
1,321,466
Global
Distressed
Alpha
Fund
III
LP,
PIK,
12%,
Perpetual
................................
12/28/16
-
1/30/23
1,099,075
587,663
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
1.3%
of
Net
Assets)
..............
$10,238,398
$587,663
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
same
issuer,
valued
at
$-
as
of
January
31,
2023.
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
$
7,817
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
138,729
Value
recovery
instruments
...
Investments
in
securities,
at
value
649,480
a
Investments
in
securities,
at
value
Total
....................
$657,297
$138,729
10.
Restricted
Securities
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
27
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
For
the
period
ended
January
31,
2023,
the
effect
of
derivative
contracts
in
the
Consolidated
Statement
of
Operations
was
as
follows:
For
the
period
ended
J
anuary
31,
202
3
,
the
average
month
end
contract
value
for
forward
excha
nge
contracts
and
average
month
end
fair
value
of
VRI
was
$
4
,
908
,
161
and
$
582
,
735
,
respectively.
See
Note
1(c)
regarding
derivative
financial
instruments. 
See
Abbreviations
on
page
31
.
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
3,
2023.
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
3,
2023,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
February
2,
2024,
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,
2023,
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
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Consolidated
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Consolidated
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
$142,837
Forward
exchange
contracts
$(309,886)
Value
recovery
instruments
Investments
Investments
$101,980
a
Total
.......................
$142,837
$(207,906)
a
VRI
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
in
the
Consolidated
Statement
of
Operations.
11.
Other
Derivative
Information
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
28
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
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,
2023,
in
valuing
the
Fund's
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
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 period.
At
January
31,
2023,
the
reconciliation 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
.............
649,480
951,295
1,600,775
Private
Limited
Partnership
Funds
............
a
Quasi-Sovereign
Bonds
...................
2,917,064
795,203
a
3,712,267
Corporate
Bonds
:
Airlines
..............................
502,570
502,570
Banks
...............................
1,110,580
1,110,580
Capital
Markets
........................
632,125
632,125
Chemicals
...........................
499,248
499,248
Construction
Materials
..................
168,941
168,941
Electric
Utilities
........................
224,459
224,459
Food
Products
........................
563,556
563,556
Metals
&
Mining
.......................
483,666
483,666
Multiline
Retail
........................
a
Oil,
Gas
&
Consumable
Fuels
.............
1,857,371
1,857,371
Real
Estate
Management
&
Development
....
752,150
752,150
Wireless
Telecommunication
Services
.......
853,876
853,876
Loan
Participations
and
Assignments
.........
587,663
a
587,663
Foreign
Government
and
Agency
Securities
....
25,920,205
25,920,205
Supranational
...........................
2,497,929
2,497,929
Escrows
and
Litigation
Trusts
...............
a
Short
Term
Investments
...................
3,019,371
3,019,371
Total
Investments
in
Securities
...........
$3,019,371
$39,633,220
$2,334,161
$44,986,752
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
$
7,817
$
$
7,817
Total
Other
Financial
Instruments
.........
$—
$7,817
$—
$7,817
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
$
138,729
$
$
138,729
Total
Other
Financial
Instruments
.........
$—
$138,729
$—
$138,729
a
Includes
financial
instruments
determined
to
have
no
value
at
January
31,
2023.
13.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
29
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,
2023,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
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
........
$
c
$
$
$
$
$
$
$
$
c
$
Multiline
Retail
......
c
c
Warrants
:
Diversified
Financial
Services
........
911,318
39,977
951,295
39,977
Private
Limited
Partnership
Funds
:
Capital
Markets
.....
c
c
Quasi-Sovereign
Bonds
.
1,745,112
c
(1,010,755)
(295,001)
355,847
795,203
c
68,073
Corporate
Bonds
:
Multiline
Retail
......
c
c
Loan
Participations
and
Assignments
.......
464,984
c
1
2
6
,
008
(95,698)
42
92
,
32
7
587,663
c
3
4
,
338
Escrows
and
Litigation
Trusts
...........
c
c
Total
Investments
in
Securities
............
$3,121,414
$126,008
$(1,106,453)
$—
$—
$42
$(295,001)
$488,151
$2,334,161
$142,388
Other
Financial
Instruments:
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
Includes
financial
instruments
determined
to
have
no
value.
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)
See
Abbreviations
on
page
31
.
14.
New
Accounting
Pronouncements
In June
2022,
the FASB
issued
Accounting
Standards
Update
(ASU)
No.
2022-03,
Fair
Value
Measurement
(Topic
820)
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
clarify
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
should
not
be
considered
in
measuring
fair
value.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2023,
with
the
option
of
early
adoption.
Management
has
reviewed
the
requirements
and
believes
that
the
adoption
of
the
ASU
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.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Loan
Participations
and
Assignments
........
$587,663
Recovery
value
Discount
for
lack
of
marketability
30.0%
Decrease
Free
cash
flow
$6.2
mil
Increase
Quasi
Sovereign
Bonds:
Diversified
Financial
Services
...........
795,203
Discounted
cash
flow
Discount
rate
12.4%
Decrease
Warrants:
Diversified
Financial
Services
...........
951,295
Recovery
value
Implied
recovery
6.3%
Increase
All
other
............
b
Total
...............
$2,334,161
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
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
Includes
financial
instruments
determined
to
have
no
value
at
January
31,
2023.
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
BRL
Brazilian
Real
COP
Colombian
Peso
DOP
Dominican
Peso
EUR
Euro
GEL
Georgian
Lari
IDR
Indonesian
Rupiah
JPY
Japanese
Yen
KES
Kenyan
Shilling
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
PEN
Peruvian
Nuevo
Sol
PLN
Polish
Zloty
RUB
Russian
Ruble
UYU
Uruguayan
Peso
UZS
Uzbekistani
Som
ZAR
South
African
Rand
Franklin
Global
Trust
Shareholder
Information
32
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
Schedule
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
consolidated
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
699
S
03/23
©
2023
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
 
codeofethics
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
section302
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
section906
 
 
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
FRANKLIN GLOBAL TRUST
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  March 29, 2023
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  March 29, 2023
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  March 29, 2023
 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

codeofethics.htm

fgt302.htm

fgt906.htm