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 811-04450

Franklin Templeton Global Trust

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

Registrant’s telephone number, including area Code: (650) 312-2000

Date of fiscal year end: 10/31

Date of reporting period: 4/30/17

Item 1. Reports to Stockholders.

Semiannual Report and Shareholder Letter April 30, 2017

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Franklin Templeton Investments

Gain From Our Perspective^®

At Franklin Templeton Investments, we’re dedicated to one goal: delivering exceptional asset management for our clients. By bringing together multiple, world-class investment teams in a single firm, we’re able to offer specialized expertise across styles and asset classes, all supported by the strength and resources of one of the world’s largest asset managers. This has helped us to become a trusted partner to individual and institutional investors across the globe.

Dear Shareholder:

During the six months ended April 30, 2017, the global economy expanded amid a stronger recovery in some developed markets and encouraging economic data in certain emerging markets. Improving growth expectations allowed the U.S. Federal Reserve to cautiously continue normalizing interest rates. U.S. pro-growth policies, improved commodity prices and accommodative monetary policies from various major central banks also supported investor sentiment. In this environment, the J.P. Morgan 3 Month Global Cash Index posted a modest loss.

In all economic environments, we are committed to our long-term perspective and disciplined investment approach as we conduct a diligent, fundamental analysis of securities with a regular emphasis on investment risk management.

Historically, patient investors have achieved rewarding results by evaluating their goals, diversifying their assets globally and maintaining a disciplined investment program, all hallmarks of the Templeton investment philosophy developed more than 60 years ago. We continue to recommend investors consult their financial advisors and review their portfolios to design a long-term strategy and portfolio allocation that meet their individual needs, goals and risk tolerance.

CFA^® is a trademark owned by CFA Institute.

Templeton Global Currency Fund’s semiannual report includes more detail about prevailing conditions and a discussion about investment decisions during the period. Please remember all securities markets fluctuate, as do mutual fund share prices.

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

Sincerely,

Christopher J. Molumphy, CFA

President and Chief Executive Officer –

Investment Management

Franklin Templeton Global Trust

This letter reflects our analysis and opinions as of April 30, 2017, 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.

Not FDIC Insured | May Lose Value | No Bank  Guarantee

franklintempleton.com Not part of the semiannual report     1

Contents

Semiannual Report

Templeton Global Currency Fund	3
Performance Summary	7
Your Fund’s Expenses	9
Financial Highlights and Statement of Investments	10
Financial Statements	14
Notes to Financial Statements	17
Shareholder Information	27

Visit franklintempleton.com for fund updates, to access your account, or to find helpful financial planning tools.

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Semiannual Report

Templeton Global Currency Fund

We are pleased to bring you Templeton Global Currency Fund’s semiannual report for the period ended April 30, 2017.

Your Fund’s Goal and Main Investments

The Fund seeks total return through investments that create exposure to global currencies. Under normal market conditions, the Fund invests at least 80% of its net assets in securities and investments that create exposure to currencies across developed, emerging and frontier markets, including debt obligations of any maturity, money market instruments, cash deposits and derivative instruments. The Fund invests at least 40% of its net assets in securities and other investments that create exposure to foreign currencies.

Performance Overview

The Fund’s Class A shares delivered a +3.21% cumulative total return for the six months under review. In comparison, the Fund’s benchmark, the J.P. Morgan (JPM) 3 Month Global Cash Index, which tracks total returns of short-term euro-currency deposits, had a -0.52% total return for the same period.¹ The Fund typically does not attempt to directly match the composition of the index; thus the results are not directly comparable. The U.S. dollar appreciated 1.22% relative to its major trading partners during the period.² In particular, the U.S. dollar gained 6.08% versus the Japanese yen and rose 2.02% versus the Canadian dollar, while it lost 5.63% versus the British pound and fell 3.68% against the Indian rupee.³ 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.

Economic and Market Overview

Just before the reporting period began, U.S. Treasury yields began to rise due to growing expectations for a December 2016 rate hike and a recognition that inflation pressures had been rising. By November, a sharp correction in U.S. Treasury valuations was fully underway, manifesting quickly after the results of the U.S. election as markets appeared to rapidly move toward our long-held view that inflation pressures were rising, which drove U.S. Treasury yields higher. Once those corrections to yields began, they were quite severe in a very short period of time, demonstrating just how extreme those valuations had become. The U.S. dollar broadly strengthened against a vast set of currencies during November. Growing rate differentials between rising yields in the U.S. and the low-to-negative yields in the eurozone and Japan also drove significant depreciations of the euro and yen against the U.S. dollar. The U.S. Federal Reserve (Fed) ultimately hiked the federal funds target rate by 25 basis points (0.25%) at its mid-December meeting and indicated that it expected three rate hikes in 2017.

In January 2017, global currencies broadly strengthened against a weakened U.S. dollar, as several emerging markets appeared to rebound from prior months of protectionist trade fears. The Mexican peso weakened to its lowest valuation on record in the days before U.S. President Trump’s inauguration on January 20, before strengthening more than 14% over the remainder of the period. However, a number of currencies began to weaken against a broadly stronger U.S. dollar in February and early March, with expectations for a rate hike from the Fed in March. In other developed markets, the Bank of Japan (BOJ) and the European Central Bank (ECB) continued their quantitative easing (QE) programs throughout the period as short-term yields in Japan and the eurozone remained negative, generally weakening the yen and the euro against the U.S. dollar. In April, the ECB reduced the amount of its monthly purchases, but indicated it would continue its QE

1. Source: J.P. Morgan.

The index is unmanaged and includes reinvested 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.

2. Source: Federal Reserve H.10 Report.

3. Source: FactSet.

See www.franklintempletondatasources.com for additional data provider information.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’s Statement of Investments (SOI). The SOI begins on page 12.

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TEMPLETON GLOBAL CURRENCY FUND

program through 2017. In the U.K., Prime Minister Theresa May formally triggered Article 50 on March 29 in a written letter to Donald Tusk, president of the European Council, to initiate the Brexit process. The British pound strengthened during the six-month period.

U.S. Treasury yields rose sharply in the weeks leading up to the Fed’s meeting on March 15, with the 10-year U.S. Treasury note reaching its highest yield of the period two days before the meeting, at 2.62%. The Fed ultimately hiked the federal funds target rate 25 basis points (0.25%) as largely expected by markets. However, yields declined during the second half of the month and into April on U.S. policy uncertainties and less hawkish-sounding language than anticipated in the Fed’s forward guidance. The 10-year U.S. Treasury note reached its lowest yield of 2017 on April 18 at 2.18% before finishing the period at 2.29%. The U.S. dollar broadly weakened against a number of currencies from March 15 through the end of period. Over the course of the six-month period, the Mexican peso, Brazilian real, Colombian peso, Indian rupee and the Thai baht appreciated against the U.S. dollar, while the Japanese yen, euro, Australian dollar, Chilean peso, Indonesian rupiah and the Ghanaian cedi depreciated.

Investment Strategy

For purposes of pursuing its investment goal, the Fund regularly uses various currency-related derivative instruments, principally currency and cross currency forward contracts, but it may also use currency and currency index futures contracts. The Fund generally maintains significant positions in currency-related derivative instruments to implement its currency investment strategy, which could expose a large amount of the Fund’s assets to obligations under these instruments. The results of these transactions may represent a large component of the Fund’s investment returns. The Fund may also enter into various other transactions involving derivatives, from time to time, including interest-rate and bond futures contracts and swap agreements (which may include credit default swaps and interest rate swaps). The Fund may use derivative instruments for hedging purposes, to enhance returns, or to obtain net long or net negative (short) exposure to selected currencies, interest rates, countries or durations.

What is a currency forward contract?

A currency forward contract is an agreement between the Fund and a counterparty to buy or sell a foreign currency in exchange for another currency at a specific exchange rate on a future date.

What is a futures contract?

A futures contract is an agreement between the Fund and a counterparty made through a U.S. or foreign futures exchange to buy or sell an underlying instrument or asset at a specific price on a future date.

What are swap agreements?

Swap agreements, such as interest-rate, currency and credit default swaps, are contracts between the Fund and another party (the swap counterparty). In a basic swap transaction, the Fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) earned or realized on a particular “notional amount” of underlying instruments. The notional amount is the set amount selected by the parties as the basis on which to calculate the obligations that they have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead, they agree to exchange the returns that would be earned or realized if the notional amount were invested in given instruments or at given interest rates.

What is duration?

Duration is a measure of a bond’s price sensitivity to interest rate changes. In general a portfolio with a lower duration can be expected to be less sensitive to interest rate changes than a portfolio with a higher duration.

Manager’s Discussion

The Fund remained positioned in a number of specific local-currency emerging-market positions, with notable exposures to the Mexican peso, Brazilian real, Colombian peso, Indonesian rupiah, Indian rupee and the Ghanaian cedi. The Fund also held currency exposures to the Thai baht and the Chilean peso. We continued to see resilient macro conditions across a number of emerging markets that we believe remained undervalued. Specific currencies are poised to appreciate over the medium-term, in our assessment, particularly in countries with economic resilience and relatively higher, maintainable rate differentials. We also continued to hold net-negative positions in the euro and the Japanese yen, through the use of currency forward contracts, based on our expectations for growing rate differentials from ongoing monetary accommodation by the ECB and BOJ and policy tightening from the Fed. The short positions in the euro and the yen represent directional views on the currencies as well as hedges against a broadly strengthening U.S. dollar. The short euro position is also a hedge against eurosceptic political risks in Europe. We also continued to hold net-negative positioning in the Australian dollar, through currency forward contracts,

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TEMPLETON GLOBAL CURRENCY FUND

based on the Reserve Bank of Australia’s continued leaning toward an accommodative rate policy.

Currency Composition*
4/30/17
	% of Total Net Assets
Americas		151.3%
U.S. Dollar		101.9%
Mexican Peso		26.1%
Brazilian Real		15.3%
Colombian Peso		5.5%
Chilean Peso		2.5%
Middle East & Africa		5.8%
Ghanaian Cedi		5.8%
Australia & New Zealand		(8.0%	)
Australian Dollar		(8.0%	)
Asia Pacific		(12.2%	)
Indonesian Rupiah		8.9%
Indian Rupee		5.2%
Thailand Baht		4.8%
Japanese Yen		(31.1%	)
Europe		(36.9%	)
Euro		(36.9%	)

*Figures represent the net Fund exposure and include certain derivatives held in the portfolio (or their underlying reference assets) or unsettled trades and may not total 100% or may be negative due to rounding, use of any derivatives or other factors.

Europe

Currency positioning in Europe had a largely neutral effect on absolute and relative performance. The Fund’s net-negative position in the euro, through currency forward contracts, had a largely neutral effect on absolute return. On a relative basis, the Fund’s lack of exposure to the euro contributed to relative performance, while its lack of exposure to the British pound detracted.

Asia Pacific

Currency positioning in Asia contributed to absolute and relative performance during the period. The Fund’s net-negative position in the Japanese yen, through currency forward contracts, contributed to absolute return. However, currency exposure to the Malaysian ringgit detracted from absolute results. On a relative basis, the Fund’s underweighted position in the Japanese yen contributed to relative return.

However, the Fund’s overweighted position in the Malaysian ringgit detracted from relative performance.

Americas

Currency positioning in the Americas contributed to absolute and relative performance during the period. The Fund’s exposure to the Brazilian real and the Mexican peso contributed to absolute return. On a relative basis, the Fund’s overweighted positions in the Brazilian real and the Mexican peso contributed to relative return.

Thank you for your continued participation in Templeton Global Currency Fund. We look forward to serving your future investment needs.

	Michael Hasenstab, Ph.D. Lead Portfolio Manager
	Sonal Desai, Ph.D. Portfolio Manager

Please note that although the Fund’s Statement of Investments on page 12 of this report indicates the Fund held 44.9% of its total investments in U.S. dollar-denominated assets as of April 30, 2017, its net exposure to the U.S. dollar as of that date was +101.9%. The difference is explained by the Fund’s holdings of currency forward contracts (please see Statement of Investments on page 13 of this report) calling for the purchase of various foreign currencies in exchange for U.S. dollars at various future dates. The combination of U.S. dollar denominated instruments with “long” currency forward contracts creates a position economically equivalent to a money market instrument denominated in the foreign currency itself. Such combined positions are an appropriate strategy when the money market for a particular foreign currency is small or relatively illiquid.

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TEMPLETON GLOBAL CURRENCY FUND

The foregoing information reflects our analysis, opinions and portfolio holdings as of April 30, 2017, 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.

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TEMPLETON GLOBAL CURRENCY FUND

Performance Summary as of April 30, 2017

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

Performance as of 4/30/17¹

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 2.25% and the minimum is 0%. Class A: 2.25% maximum initial sales charge; Advisor Class: no sales charges.

Share Class	Cumulative Total Return2	Average Annual Total Return3
A 6-Month	+3.21%	+0.88%
1-Year	+3.34%	+1.01%
5-Year	-15.18%	-3.68%
10-Year	+4.19%	+0.18%
Advisor 6-Month	+3.29%	+3.42%
1-Year	+3.68%	+3.68%
5-Year	-14.01%	-2.97%
10-Year	+7.16%	+0.69%

	30-Day Standardized Yield4
Share Class		(with waiver)	(without waiver)
A		2.43%	2.11%
Advisor		2.74%	2.41%

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.

See page 8 for Performance Summary footnotes.

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TEMPLETON GLOBAL CURRENCY FUND

PERFORMANCE SUMMARY

Total Annual Operating Expenses⁵

Share Class	With Waiver	Without Waiver
A	1.26%	1.56%
Advisor	1.01%	1.31%

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. Foreign securities involve special risks, including currency fluctuations and economic and political uncertainties. 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 Fund’s assets are largely invested in foreign currencies, and therefore involve potential for significant gain or loss from currency exchange rate fluctuations. Changes in interest rates will affect the value of the Fund’s portfolio and its share price and yield. Bond prices generally move in the opposite direction of interest rates. As the prices of bonds in the Fund adjust to a rise in interest rates, the Fund’s share price may decline. Derivatives, including currency management strategies, involve costs and can create economic leverage in the portfolio, which may result in significant volatility and cause the Fund to participate in losses (as well as enable gains) on an amount that exceeds the Fund’s initial investment. The Fund may not achieve the anticipated benefits, and may realize losses when a counterparty fails to perform as promised. The markets for particular securities or types of securities are or may become relatively illiquid. Reduced liquidity will have an adverse impact on the security’s value and on the Fund’s ability to sell such securities when necessary to meet the Fund’s liquidity needs or in response to a specific market event. Changes in the financial strength of a bond issuer or in a bond’s credit rating may affect its value. Investment in lower rated bonds include higher risk of default and loss of principal. The Fund is also nondiversified, which involves the risk of greater price fluctuation than a more diversified portfolio. The Fund is actively managed but there is no guarantee that the manager’s investment decisions will produce the desired results. The Fund’s prospectus also includes a description of the main investment risks.

1. The Fund has an expense reduction and a fee waiver associated with any investments it makes in a Franklin Templeton money fund and/or other Franklin Templeton fund, contractually guaranteed through 2/28/18. Fund investment results reflect the expense reduction and fee waiver; without these reductions, the results would have been lower.

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

3. Average annual total return represents the average annual change in value of an investment over the periods indicated. Return for less than one year, if any, has not been annualized.

4. The Fund’s 30-day standardized yield is calculated over a trailing 30-day period using the yield to maturity on bonds and/or the dividends accrued on stocks. It may not equal the Fund’s actual income distribution rate, which reflects the Fund’s past dividends paid to shareholders.

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.

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TEMPLETON GLOBAL CURRENCY FUND

Your Fund’s Expenses

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.” 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.

		Actual (actual return after expenses)		Hypothetical (5% annual return before expenses)
Share Class	Beginning Account Value 11/1/16	Ending Account Value 4/30/17	Expenses Paid During Period 11/1/16–4/30/171,2	Ending Account Value 4/30/17	Expenses Paid During Period 11/1/16–4/30/171,2	Net Annualized Expense Ratio2
A	$1,000	$1,032.10	$5.64	$1,019.24	$5.61	1.12%
Advisor	$1,000	$1,032.90	$4.39	$1,020.48	$4.36	0.87%

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 181/365 to reflect the one-half year period.

2. Reflects expenses after fee waivers and expense reimbursements. Does not include acquired fund fees and expenses.

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FRANKLIN TEMPLETON GLOBAL TRUST

Financial Highlights

Templeton Global Currency Fund

	Six Months Ended April 30, 2017		Year Ended October 31,
	(unaudited)		2016			2015			2014			2013			2012
Class A
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period		$7.79		$  7.98			$  8.97			$  9.41			$  9.54			$  9.98
Income from investment operationsa:
Net investment income (loss)b		0.14		(0.04	)		(0.07	)		(0.07	)		(0.06	)		(0.02	)
Net realized and unrealized gains (losses)		0.11		(0.15	)		(0.92	)		(0.37	)		(0.07	)		(0.01	)
Total from investment operations		0.25		(0.19	)		(0.99	)		(0.44	)		(0.13	)		(0.03	)
Less distributions from net investment income and net foreign currency gains		—		—			—			—			(—	)c		(0.41	)
Net asset value, end of period		$8.04		$  7.79			$  7.98			$  8.97			$  9.41			$  9.54
Total returnd		3.21%		(2.38)%			(11.04)%			(4.68)%			(1.36)%			(0.13)%
Ratios to average net assetse
Expenses before waiver and payments by affiliates and expense reduction		1.45%		1.47%			1.20%			1.15%			1.07%			1.06%
Expenses before waiver and payments by affiliates		1.42%		1.47%			1.20%			1.15%			1.07%f			1.06%
Expenses net of waiver and payments by affiliates and expense reduction		1.12%		1.19%			1.14%			1.11%			1.07%f			1.06%
Net investment income (loss)		3.62%		(0.47)%			(0.86)%			(0.73)%			(0.61)%			(0.17)%
Supplemental data
Net assets, end of period (000’s)		$41,542		$47,290			$81,638			$173,792			$265,152			$376,926

^aThe 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.

^bBased on average daily shares outstanding.

^cAmount rounds to less than $0.01 per share.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FRANKLIN TEMPLETON GLOBAL TRUST

FINANCIAL HIGHLIGHTS

Templeton Global Currency Fund (continued)

	Six Months Ended April 30, 2017		Year Ended October 31,
	(unaudited)		2016			2015			2014			2013			2012
Advisor Class
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period		$7.90		$  8.07			$  9.05			$  9.47			$  9.56			$  10.01
Income from investment operationsa:
Net investment income (loss)b		0.15		(0.01	)		(0.05	)		(0.04	)		(0.03	)		0.01
Net realized and unrealized gains (losses)		0.11		(0.16	)		(0.93	)		(0.38	)		(0.06	)		(0.02	)
Total from investment operations		0.26		(0.17	)		(0.98	)		(0.42	)		(0.09	)		(0.01	)
Less distributions from net investment income and net foreign currency gains		—		—			—			—			(—	)c		(0.44	)
Net asset value, end of period		$8.16		$  7.90			$  8.07			$  9.05			$  9.47			$  9.56
Total returnd		3.29%		(2.11)%			(10.83)%			(4.44)%			(0.94)%			0.08%
Ratios to average net assetse
Expenses before waiver and payments by affiliates and expense reduction		1.20%		1.20%			0.94%			0.87%			0.79%			0.78%
Expenses before waiver and payments by affiliates		1.17%		1.20%			0.94%			0.87%			0.79%f			0.78%
Expenses net of waiver and payments by affiliates and expense reduction		0.87%		0.92%			0.88%			0.83%			0.79%f			0.78%
Net investment income (loss)		3.87%		(0.20)%			(0.60)%			(0.45)%			(0.33)%			0.11%
Supplemental data
Net assets, end of period (000’s)		$13,392		$15,696			$25,629			$59,660			$104,673			$150,025

^aThe 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.

^bBased on average daily shares outstanding.

^cAmount rounds to less than $0.01 per share.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year.

^fBenefit of expense reduction rounds to less than 0.01%.

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FRANKLIN TEMPLETON GLOBAL TRUST

Statement of Investments, April 30, 2017 (unaudited)

Templeton Global Currency Fund

		Principal Amount				Value
	Foreign Government and Agency Securities 53.4%
	Colombian Tes Corto Plazo, Strip, 6/13/17		9,000,000,000		COP	$	3,033,569
	Government of Ghana,
	26.00%, 6/05/17		6,080,000		GHS		1,447,710
	25.40%, 7/31/17		5,700,000		GHS		1,366,015
	Government of Indonesia,
	FR28, 10.00%, 7/15/17		42,800,000,000		IDR		3,243,808
	senior note, FR66, 5.25%, 5/15/18		21,800,000,000		IDR		1,621,957
	Government of Mexico, senior note, M, 5.00%, 6/15/17		132,400	a	MXN		702,313
	Government of Thailand, senior note, 3.25%, 6/16/17		90,900,000		THB		2,633,927
	Letra Tesouro Nacional, Strip, 7/01/17		25,200	b	BRL		7,800,838
c	Mexico Treasury Bill, 7/20/17		14,292,460	d	MXN		7,476,109
	Total Foreign Government and Agency Securities (Cost $28,726,066)						29,326,246
		Shares
	Money Market Funds (Cost $24,659,765) 44.9%
e,f	Institutional Fiduciary Trust Money Market Portfolio, 0.37%		24,659,765				24,659,765
	Total Investments (Cost $53,385,831) 98.3%						53,986,011
	Other Assets, less Liabilities 1.7%						948,318
	Net Assets 100.0%					$	54,934,329

^aPrincipal amount is stated in 100 Mexican Peso Units.

^bPrincipal amount is stated in 1,000 Brazilian Real Units.

^cThe security was issued on a discount basis with no stated coupon rate.

^dPrincipal amount is stated in 10 Mexican Peso Units.

^eSee Note 3(f) regarding investments in affiliated management investment companies.

^fThe rate shown is the annualized seven-day yield at period end.

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FRANKLIN TEMPLETON GLOBAL TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Templeton Global Currency Fund (continued)

At April 30, 2017, the Fund had the following forward exchange contracts outstanding. See Note 1(c).

Forward Exchange Contracts
Currency	Counterpartya		Type		Quantity		Contract Amount*			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Exchange Contracts
Australian Dollar		JPHQ		Sell		2,070,549		1,595,731			5/22/17	$	46,103	$	—
Euro		JPHQ		Sell		577,345		613,484			5/30/17		—		(16,478	)
Chilean Peso		DBAB		Buy		176,764,000		273,692			5/31/17		—		(9,044	)
Australian Dollar		CITI		Sell		2,940,390		2,253,027			6/02/17		52,836		—
Euro		CITI		Sell		6,248,631		6,665,290			6/02/17		—		(153,867	)
Indian Rupee		BOFA		Buy		185,000,000		2,799,637			6/27/17		59,493		—
Chilean Peso		CITI		Buy		475,650,000		712,691			6/30/17		—		(1,510	)
Chilean Peso		DBAB		Buy		283,941,000		425,450			7/03/17		—		(964	)
Euro		JPHQ		Sell		4,170,000		4,440,070			7/12/17		—		(120,087	)
Japanese Yen		JPHQ		Sell		317,900,000		2,770,467			7/12/17		—		(91,318	)
Brazilian Real		CITI		Buy		1,962,621		612,267			7/25/17		—		(7,082	)
Euro		CITI		Sell		2,412,932		2,639,397			7/31/17		—		(1,961	)
Japanese Yen		CITI		Buy		120,151,000		1,056,839			7/31/17		25,708		—
Japanese Yen		CITI		Sell		489,391,420		4,321,948			7/31/17		—		(87,414	)
Mexican Peso		JPHQ		Buy		13,066,100		559,607	EUR		7/31/17		70,646		—
Mexican Peso		MSCO		Buy		73,028,700		3,710,619			8/07/17		103,874		—
Mexican Peso		MSCO		Buy		73,028,700		3,098,127	EUR		8/07/17		421,756		—
Mexican Peso		MSCO		Sell		73,028,700		3,334,948			8/07/17		—		(479,544	)
Japanese Yen		CITI		Sell		715,868,800		6,455,724			9/05/17		—		(5,876	)
Mexican Peso		CITI		Buy		31,171,311		1,482,414	EUR		10/24/17		—		(21,964	)
Australian Dollar		CITI		Sell		829,605		623,201			1/31/18		4,391		—
Japanese Yen		JPHQ		Sell		488,755,890		4,434,004			2/28/18		—		(20,991	)
Total Forward Exchange Contracts												$	784,807	$	(1,018,100	)
Net unrealized appreciation (depreciation)														$	(233,293	)

*In U.S. dollars unless otherwise indicated.

^aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.

See Abbreviations on page 26.

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FRANKLIN TEMPLETON GLOBAL TRUST

Financial Statements

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Templeton Global Currency Fund

Assets:
Investments in securities:
Cost - Unaffiliated issuers	$28,726,066
Cost - Non-controlled affiliates (Note 3f)	24,659,765
Total cost of investments	$    53,385,831
Value - Unaffiliated issuers	$29,326,246
Value - Non-controlled affiliates (Note 3f)	24,659,765
Total value of investments	53,986,011
Foreign currency, at value (cost $436,081)	435,930
Receivables:
Capital shares sold	2,873
Interest	412,745
Due from brokers	530,000
Unrealized appreciation on OTC forward exchange contracts	784,807
Other assets	47
Total assets	56,152,413
Liabilities:
Payables:
Capital shares redeemed	100,034
Management fees	14,910
Distribution fees	8,598
Transfer agent fees	28,485
Trustees’ fees and expenses	759
Unrealized depreciation on OTC forward exchange contracts	1,018,100
Deferred tax	15,919
Accrued expenses and other liabilities	31,279
Total liabilities	1,218,084
Net assets, at value	$54,934,329
Net assets consist of:
Paid-in capital	$62,015,010
Undistributed net investment income	18,446
Net unrealized appreciation (depreciation)	360,444
Accumulated net realized gain (loss)	(7,459,571	)
Net assets, at value	$54,934,329
Class A:
Net assets, at value	$41,542,357
Shares outstanding	5,165,368
Net asset value per sharea	$8.04
Maximum offering price per share (net asset value per share ÷ 97.75%)	$8.23
Advisor Class:
Net assets, at value	$13,391,972
Shares outstanding	1,640,656
Net asset value and maximum offering price per share	$8.16

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

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FRANKLIN TEMPLETON GLOBAL TRUST

FINANCIAL STATEMENTS

Statement of Operations

for the six months ended April 30, 2017 (unaudited)

Templeton Global Currency Fund

Investment income:
Dividends	$	16,918
Interest		1,337,276
Total investment income		1,354,194
Expenses:
Management fees (Note 3a)		185,847
Distribution fees: (Note 3c)
Class A		54,295
Transfer agent fees: (Note 3e)
Class A		52,302
Advisor Class		16,386
Custodian fees (Note 4)		9,785
Reports to shareholders		14,668
Registration and filing fees		27,658
Professional fees		29,117
Trustees’ fees and expenses		1,453
Other		5,613
Total expenses		397,124
Expense reductions (Note 4)		(8,713	)
Expenses waived/paid by affiliates (Note 3f and 3g)		(85,378	)
Net expenses		303,033
Net investment income		1,051,161
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments (net of foreign taxes of $38)		(1,753,476	)
Foreign currency transactions		2,790,655
Net realized gain (loss)		1,037,179
Net change in unrealized appreciation (depreciation) on:
Investments		802,254
Translation of other assets and liabilities denominated in foreign currencies		(1,079,635	)
Change in deferred taxes on unrealized appreciation		(15,919	)
Net change in unrealized appreciation (depreciation)		(293,300	)
Net realized and unrealized gain (loss)		743,879
Net increase (decrease) in net assets resulting from operations	$	1,795,040

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FRANKLIN TEMPLETON GLOBAL TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

Templeton Global Currency Fund

	Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
Increase (decrease) in net assets:
Operations:
Net investment income (loss)	$	1,051,161		$	(345,214	)
Net realized gain (loss)		1,037,179			(4,256,200	)
Net change in unrealized appreciation (depreciation)		(293,300	)		1,710,520
Net increase (decrease) in net assets resulting from operations		1,795,040			(2,890,894	)
Capital share transactions: (Note 2)
Class A		(7,098,497	)		(32,091,151	)
Advisor Class		(2,748,214	)		(9,298,772	)
Total capital share transactions		(9,846,711	)		(41,389,923	)
Net increase (decrease) in net assets		(8,051,671	)		(44,280,817	)
Net assets:
Beginning of period		62,986,000			107,266,817
End of period	$	54,934,329		$	62,986,000
Undistributed net investment income (loss) included in net assets:
End of period	$	18,446		$	—
Accumulated net investment loss included in net assets:
End of period	$	—		$	(1,032,715)

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FRANKLIN TEMPLETON GLOBAL TRUST

Notes to Financial Statements (unaudited)

Templeton Global Currency Fund

1. Organization and Significant Accounting Policies

Franklin Templeton Global Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company, consisting of one fund, Templeton Global Currency Fund (Fund) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP). The Fund offers two classes of shares: Class A and Advisor Class . 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 primarily due to differing arrangements for distribution and transfer agent fees.

Effective August 19, 2016, Templeton Hard Currency Fund was renamed as Templeton Global Currency Fund and modified its investment goal and certain principal investment strategies.

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 as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading. Under compliance policies and procedures approved by the Fund’s Board of Trustees (the Board), the Fund’s administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation Committee (VC). The VC provides administration and oversight of the Fund’s valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Debt securities generally trade in the over-the-counter (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.

Derivative financial instruments listed on an exchange are valued at the official closing price of the day. 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 VC convenes on a regular basis to review such financial instruments and considers a number of factors, including significant unobservable valuation inputs, when arriving at fair value. The VC primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The VC employs various methods for calibrating these valuation approaches including a regular review of key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

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FRANKLIN TEMPLETON GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Templeton Global Currency Fund (continued)

1. Organization and Significant Accounting

Policies (continued)

a.   Financial Instrument Valuation (continued)

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 NYSE business day. Occasionally, events occur between the time at which trading in a foreign security is completed and the close of the NYSE 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 the close of the NYSE. In order to minimize the potential for these differences, the VC monitors price movements following the close of trading in foreign stock markets through a series of country specific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). These price movements are measured against established trigger thresholds for each specific market proxy to assist in determining if an event has occurred that may call into question the reliability of the values of the foreign securities held by the Fund. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services.

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the NYSE is closed, 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 significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

b.   Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Fund may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will

decline in value relative to the U.S. dollar. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.

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

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

c.   Derivative Financial Instruments

The Fund invested in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. Derivatives are financial contracts based on an underlying or notional amount, require no initial investment or an initial net investment that is smaller than would normally be required to have a similar response to changes in market factors, and require or permit net settlement. Derivatives contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and/or the potential for market movements which expose the Fund to gains or losses in excess of the amounts shown in the Statement of Assets and Liabilities. Realized gain and loss and unrealized appreciation and depreciation on these contracts for the period are included in the Statement of Operations.

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

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FRANKLIN TEMPLETON GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Templeton Global Currency Fund (continued)

collateral requirements, events of default, or early termination. Termination events applicable to the counterparty include certain deteriorations in the credit quality of the counterparty. Termination events applicable to the Fund include failure of the Fund to maintain certain net asset levels and/or limit the decline in net assets over various periods of time. In the event of default or early termination, the ISDA master agreement gives the non-defaulting party the right to net and close-out all transactions traded, whether or not arising under the ISDA agreement, to one net amount payable by one counterparty to the other. However, absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. Early termination by the counterparty may result in an immediate payment by the Fund of any net liability owed to that counterparty under the ISDA agreement.

Collateral requirements differ by type of derivative. Collateral 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 the 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.

See Note 8 regarding other derivative information.

d.   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 April 30, 2017, 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 each tax jurisdiction’s statute of limitation.

e.   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. Distributions to shareholders are recorded on the ex-dividend date and are determined according to income tax regulations (tax basis). Distributable earnings determined on a tax basis 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.

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FRANKLIN TEMPLETON GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Templeton Global Currency Fund (continued)

1.   Organization and Significant Accounting Policies (continued)

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

Realized and unrealized gains and losses and net investment income, not including 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.

f.   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.

g.   Guarantees and Indemnifications

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

2.   Shares of Beneficial Interest

At April 30, 2017, there were an unlimited number of shares authorized (without par value). Transactions in the Fund’s shares were as follows:

	Six Months Ended April 30, 2017						Year Ended October 31, 2016
	Shares			Amount			Shares			Amount
Class A Shares:
Shares sold		170,430		$	1,339,608			1,197,952		$	9,298,741
Shares redeemed		(1,074,336	)		(8,438,105	)		(5,359,919	)		(41,389,892	)
Net increase (decrease)		(903,906	)	$	(7,098,497	)		(4,161,967	)	$	(32,091,151	)
Advisor Class Shares:
Shares sold		212,036		$	1,690,915			714,338		$	5,561,765
Shares redeemed		(558,728	)		(4,439,129	)		(1,904,266	)		(14,860,537	)
Net increase (decrease)		(346,692	)	$	(2,748,214	)		(1,189,928	)	$	(9,298,772	)

3. Transactions with Affiliates

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

Subsidiary	Affiliation
Franklin Advisers, Inc. (Advisers)	Investment manager
Franklin Templeton Services, LLC (FT Services)	Administrative manager
Franklin Templeton Distributors, Inc. (Distributors)	Principal underwriter
Franklin Templeton Investor Services, LLC (Investor Services)	Transfer agent

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FRANKLIN TEMPLETON GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Templeton Global Currency Fund (continued)

a.   Management Fees

The Fund pays an investment management fee to Advisers based on the average daily net assets of the Fund as follows:

Annualized Fee Rate	Net Assets
0.650%	Up to and including $500 million
0.600%	In excess of $500 million

For the period ended April 30, 2017, the annualized effective investment management fee rate was 0.650% of the Fund’s average daily net assets.

b.   Administrative Fees

Under an agreement with Advisers, FT Services provides administrative services to the Fund. The fee is paid by Advisers based on the Fund’s average daily net assets, and is not an additional expense of the Fund.

c.   Distribution Fees

The Fund’s Board has adopted a reimbursement distribution plan for Class A pursuant to Rule 12b-1 under the 1940 Act, under which the Fund reimburses Distributors for costs incurred in connection with the servicing, sale and distribution of the Fund’s shares up to 0.45% per year of its average daily net assets. The Board has set the current rate at 0.25% per year for Class A shares until further notice and approval by the Board. Costs exceeding the maximum for the current plan year cannot be reimbursed in subsequent periods.

d.   Sales Charges/Underwriting Agreements

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. These charges are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. Distributors has advised the Fund of the following commission transactions related to the sales and redemptions of the Fund’s shares for the period:

Sales charges retained net of commissions paid to unaffiliated brokers/dealers	$	306
CDSC retained	$	—

e.   Transfer Agent Fees

Each class of shares pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations and reimburses Investor Services for out of pocket expenses incurred, including shareholder servicing fees paid to third parties. These fees are allocated daily based upon their relative proportion of such classes’ aggregate net assets.

For the period ended April 30, 2017, the Fund paid transfer agent fees of $68,688, of which $28,964 was retained by Investor Services.

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FRANKLIN TEMPLETON GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Templeton Global Currency Fund (continued)

3.   Transactions with Affiliates (continued)

f.   Investments in Affiliated Management Investment Companies

The Fund invests in one or more affiliated management investment companies for purposes other than exercising a controlling influence over the management or policies. Management fees paid by the Fund are waived on assets invested in the affiliated management investment companies, as noted in the Statement of Operations, in an amount not to exceed the management and administrative fees paid directly or indirectly by each affiliate. Prior to November 1, 2013, the waiver was accounted for as a reduction to management fees. During the period ended April 30, 2017, the Fund held investments in affiliated management investment companies as follows:

	Number of Shares Held at Beginning of Period		Gross Additions		Gross Reductions			Number of Shares Held at End of Period		Value at End of Period		Investment Income		Realized Gain (Loss)		% of Affiliated Fund Shares Outstanding Held at End of Period
Non-Controlled Affiliates
Institutional Fiduciary Trust Money Market Portfolio, 0.37%		16,280,822		19,297,383		(10,918,440	)		24,659,765		$24,659,765		$16,918		$  —		0.1%

g.   Waiver and Expense Reimbursements

Effective August 19, 2016, Advisers has contractually agreed in advance to waive or limit its fees and to assume as its own expense certain expenses otherwise payable by Fund so that the expenses (excluding distribution fees and acquired fund fees and expenses) for Class A and Advisor Class of the Fund do not exceed 0.90% based on the average net assets of each class (other than certain non-routine expenses or costs, including those relating to litigation, indemnification, reorganizations, and liquidations) until February 28, 2018. 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 April 30, 2017, the custodian fees were reduced as noted in the Statement of Operations.

5.   Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains. Capital loss carryforwards with no expiration, if any, must be fully utilized before those losses with expiration dates.

At October 31, 2016, capital loss carryforwards were as follows:

Capital loss carryforwards subject to expiration:
2017	$	276,805
2019		63,831
Captial loss carryforwards not subject to expiration:
Short term		6,693,163
Long term		1,462,951
Total capital loss carryforwards	$	8,496,750

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FRANKLIN TEMPLETON GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Templeton Global Currency Fund (continued)

At April 30, 2017, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

Cost of investments	$	53,557,080
Unrealized appreciation	$	809,438
Unrealized depreciation		(380,507)
Net unrealized appreciation (depreciation)	$	428,931

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatment of foreign currency transactions.

6.  Investment Transactions

There were no purchases or sales of investments (other than short term securities) for the period ended April 30, 2017.

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 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.

8.  Other Derivative Information

At April 30, 2017, the Fund’s investments in derivative contracts are reflected in the Statement of Assets and Liabilities as follows:

	Asset Derivatives			Liability Derivatives
Derivative Contracts Not Accounted for as Hedging Instruments	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward exchange contracts		$784,807	Unrealized depreciation on OTC forward exchange contracts		$1,018,100

For the period ended April 30, 2017, the effect of derivative contracts in the Fund’s Statement of Operations was as follows:

Derivative Contracts Not Accounted for as Hedging Instruments	Statement of Operations Locations	Net Realized Gain (Loss) for the Period		Statement of Operations Locations	Net Change in Unrealized Appreciation (Depreciation) for the Period
	Net realized gain (loss) from:			Net change in unrealized appreciation (depreciation) on:
Foreign exchange contracts	Foreign currency transactions		$2,228,948a	Translation of other assets and liabilities denominated in foreign currencies		$(1,088,900	)a

^aForward exchange contracts are included in net realized gain (loss) from foreign currency transactions and net change in unrealized appreciation (depreciation) on translation of other assets and liabilities denominated in foreign currencies in the Statement of Operations.

For the period ended April 30, 2017, the average month end fair value of derivatives represented 4.4% of average month end net assets. The average month end number of open derivative contracts for the period was 23.

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FRANKLIN TEMPLETON GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Templeton Global Currency Fund (continued)

8.  Other Derivative Information (continued)

At April 30, 2017, the Fund’s OTC derivative assets and liabilities are as follows:

	Gross and Net Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
	Assetsa		Liabilitiesa
Derivatives
Forward exchange contracts		$784,807		$(1,018,100	)

^aAbsent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

At April 30, 2017, the Fund’s OTC derivative assets, which may be offset against the Fund’s OTC derivative liabilities and collateral received from the counterparty, are as follows:

			Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments Available for Offset			Financial Instruments Collateral Received		Cash Collateral Received		Net Amount (Not less than zero)
Counterparty
BOFA		$  59,493		$               -			$-		$-		$   59,493
CITI		82,935		(82,935	)		-		-		-
DBAB		-		-			-		-		-
JPHQ		116,749		(116,749	)		-		-		-
MSCO		525,630		(479,544	)		-		-		46,086
Total		$784,807		$(679,228	)		$-		$-		$105,579

At April 30, 2017, the Fund’s OTC derivative liabilities, which may be offset against the Fund’s OTC derivative assets and collateral pledged to the counterparty, are as follows:

			Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments Available for Offset			Financial Instruments Collateral Pledged		Cash Collateral Pledgeda			Net Amount (Not less than zero)
Counterparty
BOFA		$                -		$              -			$-		$              -			$           -
CITI		279,674		(82,935	)		-		(196,739	)		-
DBAB		10,008		-			-		-			10,008
JPHQ		248,874		(116,749	)		-		(132,125	)		-
MSCO		479,544		(479,544	)		-		-			-
Total		$1,018,100		$(679,228	)		$-		$(328,864	)		$10,008

^aIn some instances, the collateral amounts disclosed in the table above were adjusted due to the requirement to limit collateral amounts to avoid the effect of overcollateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.

See Note 1(c) regarding derivative financial instruments.

See Abbreviations on page 26.

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Templeton Global Currency Fund (continued)

9.  Credit Facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, Borrowers), managed by Franklin Templeton Investments, are borrowers in a joint syndicated senior unsecured credit facility totaling $2 billion (Global Credit Facility) which matures on February 9, 2018. 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.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in other expenses in the Statement of Operations. During the period ended April 30, 2017, the Fund did not use the Global Credit Facility.

10.  Fair Value Measurements

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s financial instruments and are summarized in the following fair value hierarchy:

• Level 1 – quoted prices in active markets for identical financial instruments

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

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

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfers as of the date of the underlying event which caused the movement.

A summary of inputs used as of April 30, 2017, in valuing the Fund’s assets and liabilities carried at fair value, is as follows:

	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Foreign Government and Agency Securities	$	—	$	29,326,246	$	—	$	29,326,246
Money Market Funds		24,659,765		—		—		24,659,765
Total Investments in Securities	$	24,659,765	$	29,326,246	$	—	$	53,986,011
Other Financial Instruments:
Forward Exchange Contracts	$	—	$	784,807	$	—	$	784,807
Liabilities:
Other Financial Instruments:
Forward Exchange Contracts	$	—	$	1,018,100	$	—	$	1,018,100

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FRANKLIN TEMPLETON GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Templeton Global Currency Fund (continued)

11.  Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, final rules) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures.

12.  Subsequent Events

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

Abbreviations

Counterparty		Currency
BOFA	Bank of America Corp.	BRL	Brazilian Real
CITI	Citigroup, N.A.	COP	Colombian Peso
DBAB	Deutsche Bank AG	EUR	Euro
JPHQ	JPMorgan Chase N.A.	GHS	Ghanaian Cedi
MSCO	Morgan Stanley and Co. Inc.	IDR	Indonesian Rupiah
		MXN	Mexican Peso
		THB	Thailand Baht

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TEMPLETON GLOBAL CURRENCY FUND

Shareholder Information

Board Approval of Investment Management Agreements

FRANKLIN TEMPLETON GLOBAL TRUST

Templeton Global Currency Fund

(Fund)

At an in-person meeting held on February 28, 2017 (Meeting), the Board of Trustees (Board) of Franklin Templeton Global Trust, including a majority of the trustees who are not “interested persons” as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of the investment management agreement between Franklin Advisers, Inc. (Manager) and the Fund (Management Agreement) for an additional one-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve the continuation of the Management Agreement.

In considering the continuation of the Management Agreement, the Board reviewed and considered information provided by the Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed set of requests for information submitted to the Manager by Independent Trustee counsel on behalf of the Independent Trustees in connection with the annual contract renewal process. In addition, prior to the Meeting, the Independent Trustees held a telephonic contract renewal meeting at which the Independent Trustees conferred amongst themselves and Independent Trustee counsel about contract renewal matters. The Board reviewed and considered all of the factors it deemed relevant in approving the continuance of the Management Agreement, including, but not limited to: (i) the nature, extent, and quality of the services provided by the Manager; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by the Manager and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale are realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors.

In approving the continuance of the Management Agreement, the Board, including a majority of the Independent Trustees, determined that the existing management fees are fair and reasonable and that the continuance of such Management Agreement is in the interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s determination.

Nature, Extent and Quality of Services

The Board reviewed and considered information regarding the nature, extent and quality of investment management services provided by the Manager and its affiliates to the Fund and its shareholders. This information included, among other things, the qualifications, background and experience of the senior management and investment personnel of the Manager; the structure of investment personnel compensation; oversight of third-party service providers; investment performance reports and related financial information for the Fund; reports on expenses, shareholder services, marketing support payments made to financial intermediaries and third party servicing arrangements; legal and compliance matters; risk controls; pricing and other services provided by the Manager and its affiliates; and management fees charged by the Manager and its affiliates to U.S. funds and other accounts, including management’s explanation of differences among accounts where relevant. The Board noted management’s continual efforts and expenditures in establishing effective business continuity plans and developing strategies to address areas of heightened concern in the mutual fund industry, such as cybersecurity, derivatives and liquidity risk management.

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the Franklin Templeton family of funds. The Board noted the financial position of Franklin Resources, Inc. (FRI), the Manager’s parent, and its commitment to the mutual fund business as evidenced by its continued introduction of new funds, reassessment of the fund offerings in response to the market environment and project initiatives and capital investments relating to the services provided to the Fund by the Franklin Templeton Investments (FTI) organization.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by the Manager and its affiliates to the Fund and its shareholders.

Fund Performance

The Board reviewed and considered the performance results of the Fund over various time periods ended December 31, 2016. The Board considered the performance returns for the Fund in comparison to the performance returns of mutual funds deemed comparable to the Fund included in a universe (Performance Universe) selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds included in a

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FRANKLIN TEMPLETON GLOBAL TRUST

TEMPLETON GLOBAL CURRENCY FUND

SHAREHOLDER INFORMATION

Performance Universe. The Board also reviewed and considered Fund performance reports provided and discussions that occurred with portfolio managers at Board meetings throughout the year. A summary of the Fund’s performance results is below.

The Performance Universe for the Fund included the Fund and all retail and institutional alternative currency strategies funds. The Board noted that the Fund’s annualized total return for the one-, three- and five-year periods was below the median of its Performance Universe, and for the 10-year period was equal to the median of its Performance Universe. The Board noted that management, among other things, repositioned the Fund as a global currency fund effective August 19, 2016, changing its investment goal to seeking total return through investments that create exposure to global currencies and principal investment strategies to include a policy to invest, under normal conditions, at least 80% of its net assets in securities and other investments that create exposure to currencies of any country (rather than investments denominated in “hard currencies”). In light of the recent changes to the Fund’s investment strategies, the Board determined that additional time is needed to evaluate the effectiveness of management’s actions.

Comparative Fees and Expenses

The Board reviewed and considered information regarding the Fund’s actual total expense ratio and its various components, including, as applicable, management fees; transfer agent expenses; underlying fund expenses; Rule 12b-1 and non-Rule 12b-1 service fees; and other non-management fees. The Board also noted that at its February meeting each year, it receives an annual report on all marketing support payments made by FTI to financial intermediaries. The Board considered the actual total expense ratio and, separately, the contractual management fee rate, without the effect of fee waivers, if any (Management Rate) of the Fund in comparison to the median ratio and median Management Rate, respectively, of other mutual funds deemed comparable to and with a similar expense structure as the Fund selected by Broadridge (Expense Group). Broadridge fee and expense data is based upon information taken from the fund’s most recent annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges,

and the actual total expense ratio, for comparative consistency, was shown for Class A shares for funds with multiple classes of shares. The Board received a description of the methodology used by Broadridge to select the mutual funds included in an Expense Group.

The Expense Group for the Fund included the Fund and three other alternative currency strategies funds. The Board noted the very small Expense Group for the Fund and that the Management Rate and actual total expense ratio for the Fund were 1.2 and 4.3 basis points above the medians of its Expense Group, respectively. The Board concluded that the Management Rate charged to the Fund is fair and reasonable. In doing so, the Board noted that the Fund’s actual total expense ratio reflected a fee waiver from management.

Profitability

The Board reviewed and considered information regarding the profits realized by the Manager and its affiliates in connection with the operation of the Fund. In this respect, the Board considered the Fund profitability analysis provided by the Manager that addresses the overall profitability of FTI’s U.S. fund business, as well as its profits in providing investment management and other services to each of the individual funds during the 12-month period ended September 30, 2016, being the most recent fiscal year-end for FRI. The Board noted that although management continually makes refinements to its methodologies used in calculating profitability in response to organizational and product related changes, the overall methodology has remained consistent with that used in the Fund’s profitability report presentations from prior years. Additionally, the Fund’s independent registered public accounting firm has been engaged by the Manager to periodically review the reasonableness of the allocation methodologies to be used solely by the Fund’s Board with respect to the profitability analysis.

The Board noted management’s belief that costs incurred in establishing the infrastructure necessary for the type of mutual fund operations conducted by the Manager and its affiliates may not be fully reflected in the expenses allocated to the Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. The Board also noted management’s expenditures in improving shareholder services provided to the Fund, as well as the need to implement systems and meet additional regulatory and compliance requirements resulting from recent SEC and other regulatory requirements.

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TEMPLETON GLOBAL CURRENCY FUND

SHAREHOLDER INFORMATION

The Board also considered the extent to which the Manager and its affiliates might derive ancillary benefits from fund operations, including revenues generated from transfer agent services, potential benefits resulting from personnel and systems enhancements necessitated by fund growth, as well as increased leverage with service providers and counterparties. Based upon its consideration of all these factors, the Board concluded that the level of profits realized by the Manager and its affiliates from providing services to the Fund was not excessive in view of the nature, quality and extent of services provided to the Fund.

Economies of Scale

The Board reviewed and considered the extent to which the Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund’s management fee structure reflects any economies of scale for the benefit of shareholders. With respect to possible economies of scale, the Board noted the existence of management fee breakpoints, which operate generally to share any economies of scale with a Fund’s shareholders by reducing the Fund’s effective management fees as the Fund grows in size. The Board considered the Manager’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments the Manager incurs across the Franklin Templeton family of funds as a whole. The Board concluded that, to the extent economies of scale may be realized by the Manager and its affiliates, the Fund’s management fee structure provided a sharing of benefits with the Fund and its shareholders as the Fund grows.

Conclusion

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the continuation of the Management Agreement for an additional one-year period.

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 Statement of Investments

The Trust, on behalf of the Fund, files a complete statement of investments with the U.S. Securities and Exchange Commission for the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filed Form N-Q 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.

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Semiannual Report and Shareholder Letter Templeton Global Currency Fund Formerly, Templeton Hard Currency Fund   Investment Manager Franklin Advisers, Inc.   Distributor Franklin Templeton Distributors, Inc. (800) DIAL BEN^® / 342-5236 franklintempleton.com   Shareholder Services (800) 632-2301

Authorized for distribution only when accompanied or preceded by a summary prospectus and/or prospectus. Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. A prospectus contains this and other information; please read it carefully before investing.

To help ensure we provide you with quality service, all calls to and from our service areas are monitored and/or recorded.

© 2017 Franklin Templeton Investments. All rights reserved. 412 S 06/17

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 12(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 John B. Wilson and he 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 ensure that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934 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 controls or in other factors that could materially affect the internal controls over financial reporting subsequent to the date of their evaluation in connection with the preparation of this Shareholder Report on Form N-CSR.

Item 12. Exhibits.

(a)(1) Code of Ethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer—Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer—Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer

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 TEMPLETON GLOBAL TRUST
By	/s/ MATTHEW T. HINKLE
	Matthew T. Hinkle
	Chief Executive Officer – Finance and Administration
Date	June 26, 2017

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	June 26, 2017

By	/s/ ROBERT G. KUBILIS
	Robert G. Kubilis
	Chief Financial Officer and Chief Accounting Officer
Date	June 26, 2017