UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10157
Franklin Global Trust
(Exact name of registrant as specified in charter)
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant’s telephone number, including area code:
(650)312-2000
Date of fiscal year end: 7/31
Date of reporting period: 7/31/24
Explanatory Note:
The Registrant is filing this amendment to its Form N-CSR for the period ended July 31, 2024, originally filed with the Securities and Exchange Commission on September 30, 2024 (Accession Number 0001133228-24-009198), for the purpose of refiling to include within Item 7 the Financial Statements and Financial Highlights of Franklin Emerging Market Debt Opportunities Fund, as series of Franklin Global Trust. Except as set forth above, no other changes have been made to the Form N-CSR, and this amended filing does not amend, update or change any other items or disclosure found in the Form N-CSR.
Item 1. Reports to Stockholders.
| a.) | The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1). |
| b.) | Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule. |
| | Not Applicable. |
| | |
Franklin International Growth Fund | |
| Class A [FNGAX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about Franklin International Growth Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Class A | $114 | 1.11% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class A shares of Franklin International Growth Fund returned 6.00%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 11.21% for the same period.
| |
Top contributors to performance: |
| ↑ | Information technology holding, Keywords Studios, a U.K.-listed provider of creative, technical and player-support services to the video game industry, on the news that it may be acquired by a European private equity group |
| ↑ | In financials, U.K.-based asset management firm Intermediate Capital Group following fiscal 2024 results that exceeded consensus estimates |
| ↑ | Shares of CyberArk Software, a provider of identity security software solutions based in the U.S., after the company reported first-quarter 2024 financials that exceeded both revenue and earnings consensus estimates |
| |
Top detractors from performance: |
| ↓ | Shares of Evotec, a German biotechnology contract development and manufacturing company, as management’s outlook for 2024 profit was more cautious than consensus expectations |
| ↓ | In financials, shares of the Dutch online payments firm Adyen moved lower after its first half 2023 financial report indicated slowing growth in North America |
| ↓ | Genmab, a Danish biotechnology company, as investors expected the phase-out of its treatment for multiple myeloma, Darzalex, to restrain future revenue growth |
| Franklin International Growth Fund | PAGE 1 | 429-ATSR-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – ($9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class A | 6.00 | 4.87 | 5.49 |
Class A (with sales charge) | 0.17 | 3.69 | 4.90 |
MSCI All Country World ex-US Index-NR | 9.75 | 6.29 | 4.18 |
MSCI EAFE Index-NR | 11.21 | 7.35 | 4.84 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $1,016,026,021 |
Total Number of Portfolio Holdings* | 34 |
Total Management Fee Paid | $7,848,350 |
Portfolio Turnover Rate | 17.56% |
| * | Does not include derivatives, except purchased options, if any. |
| Franklin International Growth Fund | PAGE 2 | 429-ATSR-0924 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
HOW HAS THE FUND CHANGED?
On December 1, 2023, disclosure was added to the Fund’s principal investment strategies to reflect the Fund’s increased exposure to securities in the health care sector.
Related disclosure regarding the risks of investing in securities in the health care sector was also added to the Fund’s principal risks.
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by December 1, 2024, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus@franklintempleton.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin International Growth Fund | PAGE 3 | 429-ATSR-0924 |
9450934492691109613063127201596620274141541521816136100009543901410727113641110611179142851210513728150661000099739221108601155511255110661442112356144311604955.524.16.85.83.93.10.8
| | |
Franklin International Growth Fund | |
| Class C [FNGDX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about Franklin International Growth Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Class C | $191 | 1.86% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class C shares of Franklin International Growth Fund returned 5.19%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 11.21% for the same period.
| |
Top contributors to performance: |
| ↑ | Information technology holding, Keywords Studios, a U.K.-listed provider of creative, technical and player-support services to the video game industry, on the news that it may be acquired by a European private equity group |
| ↑ | In financials, U.K.-based asset management firm Intermediate Capital Group following fiscal 2024 results that exceeded consensus estimates |
| ↑ | Shares of CyberArk Software, a provider of identity security software solutions based in the U.S., after the company reported first-quarter 2024 financials that exceeded both revenue and earnings consensus estimates |
| |
Top detractors from performance: |
| ↓ | Shares of Evotec, a German biotechnology contract development and manufacturing company, as management’s outlook for 2024 profit was more cautious than consensus expectations |
| ↓ | In financials, shares of the Dutch online payments firm Adyen moved lower after its first half 2023 financial report indicated slowing growth in North America |
| ↓ | Genmab, a Danish biotechnology company, as investors expected the phase-out of its treatment for multiple myeloma, Darzalex, to restrain future revenue growth |
| Franklin International Growth Fund | PAGE 1 | 248-ATSR-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class C | 5.19 | 4.09 | 4.70 |
Class C (with sales charge) | 4.19 | 4.09 | 4.70 |
MSCI All Country World ex-US Index-NR | 9.75 | 6.29 | 4.18 |
MSCI EAFE Index-NR | 11.21 | 7.35 | 4.84 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $1,016,026,021 |
Total Number of Portfolio Holdings* | 34 |
Total Management Fee Paid | $7,848,350 |
Portfolio Turnover Rate | 17.56% |
| * | Does not include derivatives, except purchased options, if any. |
| Franklin International Growth Fund | PAGE 2 | 248-ATSR-0924 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
HOW HAS THE FUND CHANGED?
On December 1, 2023, disclosure was added to the Fund’s principal investment strategies to reflect the Fund’s increased exposure to securities in the health care sector.
Related disclosure regarding the risks of investing in securities in the health care sector was also added to the Fund’s principal risks.
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by December 1, 2024, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus@franklintempleton.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin International Growth Fund | PAGE 3 | 248-ATSR-0924 |
10000981696631148513410129621615420360141031505415835100009543901410727113641110611179142851210513728150661000099739221108601155511255110661442112356144311604955.524.16.85.83.93.10.8
| | |
Franklin International Growth Fund | |
| Class R [FNGRX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about Franklin International Growth Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Class R | $140 | 1.36% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class R shares of Franklin International Growth Fund returned 5.74%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 11.21% for the same period.
| |
Top contributors to performance: |
| ↑ | Information technology holding, Keywords Studios, a U.K.-listed provider of creative, technical and player-support services to the video game industry, on the news that it may be acquired by a European private equity group |
| ↑ | In financials, U.K.-based asset management firm Intermediate Capital Group following fiscal 2024 results that exceeded consensus estimates |
| ↑ | Shares of CyberArk Software, a provider of identity security software solutions based in the U.S., after the company reported first-quarter 2024 financials that exceeded both revenue and earnings consensus estimates |
| |
Top detractors from performance: |
| ↓ | Shares of Evotec, a German biotechnology contract development and manufacturing company, as management’s outlook for 2024 profit was more cautious than consensus expectations |
| ↓ | In financials, shares of the Dutch online payments firm Adyen moved lower after its first half 2023 financial report indicated slowing growth in North America |
| ↓ | Genmab, a Danish biotechnology company, as investors expected the phase-out of its treatment for multiple myeloma, Darzalex, to restrain future revenue growth |
| Franklin International Growth Fund | PAGE 1 | 868-ATSR-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class R | 5.74 | 4.61 | 5.23 |
MSCI All Country World ex-US Index-NR | 9.75 | 6.29 | 4.18 |
MSCI EAFE Index-NR | 11.21 | 7.35 | 4.84 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $1,016,026,021 |
Total Number of Portfolio Holdings* | 34 |
Total Management Fee Paid | $7,848,350 |
Portfolio Turnover Rate | 17.56% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Franklin International Growth Fund | PAGE 2 | 868-ATSR-0924 |
HOW HAS THE FUND CHANGED?
On December 1, 2023, disclosure was added to the Fund’s principal investment strategies to reflect the Fund’s increased exposure to securities in the health care sector.
Related disclosure regarding the risks of investing in securities in the health care sector was also added to the Fund’s principal risks.
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by December 1, 2024, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus@franklintempleton.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin International Growth Fund | PAGE 3 | 868-ATSR-0924 |
10000986997601166713690132961665221097146891575216656100009543901410727113641110611179142851210513728150661000099739221108601155511255110661442112356144311604955.524.16.85.83.93.10.8
| | |
Franklin International Growth Fund | |
| Class R6 [FILRX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about Franklin International Growth Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Class R6 | $77 | 0.75% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class R6 shares of Franklin International Growth Fund returned 6.35%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 11.21% for the same period.
| |
Top contributors to performance: |
| ↑ | Information technology holding, Keywords Studios, a U.K.-listed provider of creative, technical and player-support services to the video game industry, on the news that it may be acquired by a European private equity group |
| ↑ | In financials, U.K.-based asset management firm Intermediate Capital Group following fiscal 2024 results that exceeded consensus estimates |
| ↑ | Shares of CyberArk Software, a provider of identity security software solutions based in the U.S., after the company reported first-quarter 2024 financials that exceeded both revenue and earnings consensus estimates |
| |
Top detractors from performance: |
| ↓ | Shares of Evotec, a German biotechnology contract development and manufacturing company, as management’s outlook for 2024 profit was more cautious than consensus expectations |
| ↓ | In financials, shares of the Dutch online payments firm Adyen moved lower after its first half 2023 financial report indicated slowing growth in North America |
| ↓ | Genmab, a Danish biotechnology company, as investors expected the phase-out of its treatment for multiple myeloma, Darzalex, to restrain future revenue growth |
| Franklin International Growth Fund | PAGE 1 | 368-ATSR-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Class R6 | 6.35 | 5.26 | 5.91 |
MSCI All Country World ex-US Index-NR | 9.75 | 6.29 | 4.18 |
MSCI EAFE Index-NR | 11.21 | 7.35 | 4.84 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $1,016,026,021 |
Total Number of Portfolio Holdings* | 34 |
Total Management Fee Paid | $7,848,350 |
Portfolio Turnover Rate | 17.56% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Franklin International Growth Fund | PAGE 2 | 368-ATSR-0924 |
HOW HAS THE FUND CHANGED?
On December 1, 2023, disclosure was added to the Fund’s principal investment strategies to reflect the Fund’s increased exposure to securities in the health care sector.
Related disclosure regarding the risks of investing in securities in the health care sector was also added to the Fund’s principal risks.
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by December 1, 2024, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus@franklintempleton.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin International Growth Fund | PAGE 3 | 368-ATSR-0924 |
10000993898991190514066137481733422089154781670217763100009543901410727113641110611179142851210513728150661000099739221108601155511255110661442112356144311604955.524.16.85.83.93.10.8
| | |
Franklin International Growth Fund | |
| Advisor Class [FNGZX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about Franklin International Growth Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Advisor Class | $89 | 0.86% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Advisor Class shares of Franklin International Growth Fund returned 6.26%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 11.21% for the same period.
| |
Top contributors to performance: |
| ↑ | Information technology holding, Keywords Studios, a U.K.-listed provider of creative, technical and player-support services to the video game industry, on the news that it may be acquired by a European private equity group |
| ↑ | In financials, U.K.-based asset management firm Intermediate Capital Group following fiscal 2024 results that exceeded consensus estimates |
| ↑ | Shares of CyberArk Software, a provider of identity security software solutions based in the U.S., after the company reported first-quarter 2024 financials that exceeded both revenue and earnings consensus estimates |
| |
Top detractors from performance: |
| ↓ | Shares of Evotec, a German biotechnology contract development and manufacturing company, as management’s outlook for 2024 profit was more cautious than consensus expectations |
| ↓ | In financials, shares of the Dutch online payments firm Adyen moved lower after its first half 2023 financial report indicated slowing growth in North America |
| ↓ | Genmab, a Danish biotechnology company, as investors expected the phase-out of its treatment for multiple myeloma, Darzalex, to restrain future revenue growth |
| Franklin International Growth Fund | PAGE 1 | 649-ATSR-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Advisor Class | 6.26 | 5.13 | 5.76 |
MSCI All Country World ex-US Index-NR | 9.75 | 6.29 | 4.18 |
MSCI EAFE Index-NR | 11.21 | 7.35 | 4.84 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $1,016,026,021 |
Total Number of Portfolio Holdings* | 34 |
Total Management Fee Paid | $7,848,350 |
Portfolio Turnover Rate | 17.56% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Franklin International Growth Fund | PAGE 2 | 649-ATSR-0924 |
HOW HAS THE FUND CHANGED?
On December 1, 2023, disclosure was added to the Fund’s principal investment strategies to reflect the Fund’s increased exposure to securities in the health care sector.
Related disclosure regarding the risks of investing in securities in the health care sector was also added to the Fund’s principal risks.
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by December 1, 2024, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus@franklintempleton.com.
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin International Growth Fund | PAGE 3 | 649-ATSR-0924 |
10000992598631183913968136261715521840152801647217502100009543901410727113641110611179142851210513728150661000099739221108601155511255110661442112356144311604955.524.16.85.83.93.10.8
| | |
Franklin Emerging Market Debt Opportunities Fund | |
| Advisor Class [FEMDX] |
| Annual Shareholder Report | July 31, 2024 |
|
This annual shareholder report contains important information about Franklin Emerging Market Debt Opportunities Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 321-8563.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Advisor Class | $107 | 1.00% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Advisor Class shares of Franklin Emerging Market Debt Opportunities Fund returned 13.78%. The Fund compares its performance to the JP Morgan EMBI Global Diversified Index, the JP Morgan EMBI Global Diversified ex-GCC Index, the JP Morgan GBI-EM Broad Diversified Index benchmark and the ICE BofA Emerging Market Corporate Plus (USD Hedged) Index, which returned 9.18%, 10.08%, 0.71% and 8.88%, respectively, for the same period.
| |
Top contributors to performance: |
| ↑ | Allocation to Surinamese U.S.-dollar bonds, the prices of which increased on the back of the country’s finalizing its U.S. $675 million debt exchange |
| ↑ | Allocation to Mozambique U.S.-dollar bonds, as the Fund received compensation following a settlement with Credit Suisse/UBS bank |
| |
Top detractors from performance: |
| ↓ | Exposure to the Brazilian real, which weakened due to the unwinding of investor positioning |
| ↓ | Exposure to the Mexican peso, which depreciated amid volatility related to the presidential and legislative elections |
Use of derivatives and the impact on performance:
Currency derivatives, used to hedge the portfolio’s eastern European currency exposure back to the euro, provided a minimal contribution.
| Franklin Emerging Market Debt Opportunities Fund | PAGE 1 | 699-ATSR-0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $50,000 INVESTMENT – Advisor Class 7/31/2014 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
| | | |
| | 1 Year | 5 Year | 10 Year |
Advisor Class | 13.78 | 3.71 | 4.06 |
Bloomberg Global Aggregate Index | 3.00 | -1.43 | -0.06 |
JP Morgan EMBI Global Diversified Index | 9.18 | 0.10 | 2.75 |
JP Morgan EMBI Global Diversified ex-GCC Index1 | 10.08 | -0.31 | N/A |
JP Morgan GBI-EM Broad Diversified Index | 0.71 | -0.08 | 0.48 |
ICE BofA Emerging Market Corporate Plus (USD Hedged) Index | 8.88 | 1.07 | 2.85 |
| 1 | Due to data availability, performance for the JPM EMBI Global Diversified ex-GCC Index is shown starting 12/31/15 using the Fund’s value on that date. Values prior to 12/31/2015 reflect the performance of the Fund. |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) 321-8563 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
| |
Total Net Assets | $68,317,824 |
Total Number of Portfolio Holdings* | 98 |
Total Management Fee Paid | $275,120 |
Portfolio Turnover Rate | 75.07% |
| * | Does not include derivatives, except purchased options, if any. |
| Franklin Emerging Market Debt Opportunities Fund | PAGE 2 | 699-ATSR-0924 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| |
| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| • prospectus • proxy voting information • financial information • holdings • tax information |
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 321-8563. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin Emerging Market Debt Opportunities Fund | PAGE 3 | 699-ATSR-0924 |
5000047420504615520257432620505840167294568536567274432500004698051418507625051653410576015805349587482454969250000503015594458763588056526167200699635647760072655895000047420514505407254121600526101563707498605371759130500004381945948496434849852651525905473346008520695243950000505905425057019572596278466525694495887660819662207.25.04.13.93.73.53.02.92.82.72.52.32.32.32.32.22.12.12.033.57.6
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 19(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
(2) The audit committee financial expert is Mary C. Choksi and she is “independent” as defined under the relevant Securities and Exchange Commission Rules and Releases.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $115,550 for the fiscal year ended July 31, 2024, and $108,118 for the fiscal year ended July 31, 2023.
(b) Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of Item 4.
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.
(c) Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $140,000 for the fiscal year ended July 31, 2024, and $289,850 for the fiscal year ended July 31, 2023. The services for which these fees were paid included tax compliance services related to year-end and global access to tax platform International Tax View.
(d) All Other Fees
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended July 31, 2024, and $579 for the fiscal year ended July 31, 2023. The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process.
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $197,871 for the fiscal year ended July 31, 2024 and $359,815 for the fiscal year ended July 31, 2023. The services for which these fees were paid included compliance examination for Investment Advisor Act
rule 206-4 (2), professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, professional fees in connection with SOC 1 Reports, professional fees relating to security counts and fees in connection with license for accounting and business knowledge platform Viewpoint.
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
| (i) | pre-approval of all audit and audit related services; |
| (ii) | pre-approval of all non-audit related services to be provided to the Fund by the auditors; |
(iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
(iv) establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
(f) No disclosures are required by this Item 4(f).
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $337,871 for the fiscal year ended July 31, 2024, and $650,244 for the fiscal year ended July 31, 2023.
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) N/A
(j) N/A
Item 5. Audit Committee of Listed Registrants. N/A
Item 6. Schedule of Investments.
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.
(b) N/A
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Franklin
International
Growth
Fund
Financial
Statements
and
Other
Important
Information
Annual
|
July 31, 2024
Financial
Statements
and
Other
Important
Information—Annual
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
9
Notes
to
Financial
Statements
13
Report
of
Independent
Registered
Public
Accounting
Firm
22
Tax
Information
23
Changes
In
and
Disagreements
with
Accountants
24
Results
of
Meeting(s)
of
Shareholders
24
Remuneration
Paid
to
Directors,
Officers
and
Others
24
Board
Approval
of
Management
and
Subadvisory
Agreements
24
Financial
Highlights
Franklin
International
Growth
Fund
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
L
a
Year
Ended
July
31,
2024
2023
2022
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$16.49
$15.60
$22.76
$18.34
$14.62
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
(—)
c
—
c
(0.06)
(0.09)
(0.04)
Net
realized
and
unrealized
gains
(losses)
...........
0.99
1.14
(6.72)
4.99
3.78
Total
from
investment
operations
....................
0.99
1.14
(6.78)
4.90
3.74
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.17)
—
(0.02)
Net
realized
gains
.............................
—
(0.25)
(0.21)
(0.48)
—
Total
distributions
...............................
—
(0.25)
(0.38)
(0.48)
(0.02)
Net
asset
value,
end
of
year
.......................
$17.48
$16.49
$15.60
$22.76
$18.34
Total
return
d
...................................
6.00%
7.52%
(30.19)%
26.98%
25.52%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.19%
1.16%
1.15%
1.13%
1.17%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.11%
1.11%
e
1.11%
1.11%
e
1.10%
e
Net
investment
income
(loss)
......................
(0.02)%
0.01%
(0.32)%
(0.41)%
(0.25)%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$397,432
$462,018
$528,966
$961,676
$579,893
Portfolio
turnover
rate
............................
17.56%
18.23%
17.92%
14.47%
37.51%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
a
Year
Ended
July
31,
2024
2023
2022
2021
2020
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$15.41
$14.70
$21.48
$17.46
$14.00
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..........................
(0.11)
(0.11)
(0.20)
(0.23)
(0.15)
Net
realized
and
unrealized
gains
(losses)
...........
0.91
1.07
(6.34)
4.73
3.61
Total
from
investment
operations
....................
0.80
0.96
(6.54)
4.50
3.46
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.03)
—
—
Net
realized
gains
.............................
—
(0.25)
(0.21)
(0.48)
—
Total
distributions
...............................
—
(0.25)
(0.24)
(0.48)
—
Net
asset
value,
end
of
year
.......................
$16.21
$15.41
$14.70
$21.48
$17.46
Total
return
c
...................................
5.19%
6.74%
(30.73)%
26.04%
24.63%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.94%
1.91%
1.90%
1.88%
1.92%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.86%
1.86%
d
1.86%
1.86%
d
1.85%
d
Net
investment
(loss)
............................
(0.78)%
(0.74)%
(1.08)%
(1.15)%
(0.98)%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$22,189
$27,894
$32,663
$62,560
$39,440
Portfolio
turnover
rate
............................
17.56%
18.23%
17.92%
14.47%
37.51%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
Year
Ended
July
31,
2024
2023
2022
2021
2020
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$16.20
$15.37
$22.48
$18.16
$14.50
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..........................
(0.04)
(0.04)
(0.10)
(0.12)
(0.07)
Net
realized
and
unrealized
gains
(losses)
...........
0.97
1.12
(6.64)
4.92
3.73
Total
from
investment
operations
....................
0.93
1.08
(6.74)
4.80
3.66
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.16)
—
—
Net
realized
gains
.............................
—
(0.25)
(0.21)
(0.48)
—
Total
distributions
...............................
—
(0.25)
(0.37)
(0.48)
—
Net
asset
value,
end
of
year
.......................
$17.13
$16.20
$15.37
$22.48
$18.16
Total
return
....................................
5.74%
7.24%
(30.37)%
26.69%
25.24%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.44%
1.41%
1.40%
1.38%
1.41%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.36%
1.36%
c
1.36%
1.35%
c
1.35%
c
Net
investment
(loss)
............................
(0.27)%
(0.24)%
(0.55)%
(0.58)%
(0.45)%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$4,702
$5,594
$5,940
$8,630
$2,365
Portfolio
turnover
rate
............................
17.56%
18.23%
17.92%
14.47%
37.51%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
a
Year
Ended
July
31,
2024
2023
2022
2021
2020
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$16.68
$15.72
$22.94
$18.44
$14.69
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
0.04
0.06
0.01
(0.01)
0.03
Net
realized
and
unrealized
gains
(losses)
...........
1.02
1.15
(6.76)
5.01
3.79
Total
from
investment
operations
....................
1.06
1.21
(6.75)
5.00
3.82
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.26)
(0.02)
(0.07)
Net
realized
gains
.............................
—
(0.25)
(0.21)
(0.48)
—
Total
distributions
...............................
—
(0.25)
(0.47)
(0.50)
(0.07)
Net
asset
value,
end
of
year
.......................
$17.74
$16.68
$15.72
$22.94
$18.44
Total
return
....................................
6.35%
7.91%
(29.93)%
27.44%
26.08%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.82%
0.81%
0.80%
0.78%
0.81%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.75%
0.75%
c
0.75%
0.73%
c
0.71%
c
Net
investment
income
(loss)
......................
0.28%
0.39%
0.04%
(0.03)%
0.17%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$191,179
$321,629
$346,328
$548,647
$379,331
Portfolio
turnover
rate
............................
17.56%
18.23%
17.92%
14.47%
37.51%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
Year
Ended
July
31,
2024
2023
2022
2021
2020
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$16.62
$15.68
$22.89
$18.40
$14.66
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
0.02
0.04
(0.01)
(0.04)
—
c
Net
realized
and
unrealized
gains
(losses)
...........
1.02
1.15
(6.76)
5.01
3.79
Total
from
investment
operations
....................
1.04
1.19
(6.77)
4.97
3.79
Less
distributions
from:
Net
investment
income
..........................
—
—
(0.23)
(—)
c
(0.05)
Net
realized
gains
.............................
—
(0.25)
(0.21)
(0.48)
—
Total
distributions
...............................
—
(0.25)
(0.44)
(0.48)
(0.05)
Net
asset
value,
end
of
year
.......................
$17.66
$16.62
$15.68
$22.89
$18.40
Total
return
....................................
6.26%
7.80%
(30.04)%
27.31%
25.90%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.94%
0.91%
0.90%
0.88%
0.92%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.86%
0.86%
d
0.86%
0.86%
d
0.85%
d
Net
investment
income
(loss)
......................
0.16%
0.26%
(0.07)%
(0.17)%
0.03%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$400,524
$784,288
$975,415
$1,665,974
$1,158,652
Portfolio
turnover
rate
............................
17.56%
18.23%
17.92%
14.47%
37.51%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Schedule
of
Investments,
July
31,
2024
Franklin
International
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.9%
Aerospace
&
Defense
3.6%
MTU
Aero
Engines
AG
...............................
Germany
128,000
$
36,244,958
Air
Freight
&
Logistics
3.9%
DSV
A/S
..........................................
Denmark
215,000
39,440,898
Biotechnology
5.8%
CSL
Ltd.
..........................................
United
States
150,000
30,439,822
a
Genmab
A/S
.......................................
Denmark
100,000
28,247,369
58,687,191
Broadline
Retail
3.9%
a
MercadoLibre,
Inc.
..................................
Brazil
23,500
39,219,150
Capital
Markets
6.4%
Intermediate
Capital
Group
plc
.........................
United
Kingdom
1,220,503
34,445,464
Macquarie
Group
Ltd.
................................
Australia
220,000
30,273,024
64,718,488
Chemicals
4.7%
DSM-Firmenich
AG
..................................
Switzerland
90,000
11,490,203
Sika
AG
..........................................
Switzerland
118,000
35,830,788
47,320,991
Containers
&
Packaging
3.0%
SIG
Group
AG
.....................................
Switzerland
1,450,000
30,453,602
Entertainment
3.5%
CTS
Eventim
AG
&
Co.
KGaA
..........................
Germany
400,933
35,315,712
Health
Care
Equipment
&
Supplies
6.4%
Alcon,
Inc.
.........................................
United
States
395,800
37,480,435
Cochlear
Ltd.
......................................
Australia
122,000
27,562,389
65,042,824
Hotels,
Restaurants
&
Leisure
3.1%
Amadeus
IT
Group
SA
...............................
Spain
485,860
31,999,171
Interactive
Media
&
Services
1.2%
b
Scout24
SE
,
144A
,
Reg
S
.............................
Germany
160,000
12,649,200
IT
Services
9.3%
Keywords
Studios
plc
................................
Ireland
2,105,991
64,641,620
a
Shopify,
Inc.
,
A
.....................................
Canada
490,000
29,988,000
94,629,620
Life
Sciences
Tools
&
Services
5.1%
a
Evotec
SE
.........................................
Germany
2,450,000
23,085,339
Tecan
Group
AG
....................................
Switzerland
78,000
29,129,787
52,215,126
Machinery
4.2%
Interroll
Holding
AG
..................................
Switzerland
9,341
30,186,161
b
VAT
Group
AG
,
144A
,
Reg
S
...........................
Switzerland
26,000
13,031,019
43,217,180
Pharmaceuticals
3.8%
Daiichi
Sankyo
Co.
Ltd.
...............................
Japan
942,500
38,385,850
Professional
Services
3.5%
Experian
plc
.......................................
United
States
750,000
35,379,495
Semiconductors
&
Semiconductor
Equipment
6.4%
ASML
Holding
NV
...................................
Netherlands
33,000
30,728,656
Franklin
Global
Trust
Schedule
of
Investments
Franklin
International
Growth
Fund
(continued)
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
See
Abbreviations
on
page
21.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Disco
Corp.
........................................
Japan
90,000
$
30,095,716
a
Nova
Ltd.
.........................................
Israel
20,000
4,129,400
64,953,772
Software
14.1%
a
CyberArk
Software
Ltd.
...............................
United
States
143,813
36,870,777
a
Kinaxis,
Inc.
.......................................
Canada
334,700
41,171,845
a
Monday.com
Ltd.
....................................
United
States
130,000
29,875,300
a
Nice
Ltd.
,
ADR
.....................................
Israel
150,000
27,150,000
SAP
SE
..........................................
Germany
40,000
8,456,812
143,524,734
Textiles,
Apparel
&
Luxury
Goods
3.2%
Puma
SE
.........................................
Germany
650,000
32,255,029
Trading
Companies
&
Distributors
2.8%
RS
Group
plc
......................................
United
Kingdom
2,750,000
28,886,494
Total
Common
Stocks
(Cost
$
745,140,671
)
...................................
994,539,485
Short
Term
Investments
0.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.8%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.002
%
..
United
States
8,423,880
8,423,880
Total
Money
Market
Funds
(Cost
$
8,423,880
)
.................................
8,423,880
Total
Short
Term
Investments
(Cost
$
8,423,880
)
...............................
8,423,880
a
Total
Investments
(Cost
$
753,564,551
)
98.7
%
.................................
$1,002,963,365
Other
Assets,
less
Liabilities
1.3
%
...........................................
13,062,656
Net
Assets
100.0%
.........................................................
$1,016,026,021
a
a
a
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2024,
the
aggregate
value
of
these
securities
was
$25,680,219,
representing
2.5%
of
net
assets.
c
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Global
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
July
31,
2024
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
Franklin
International
Growth
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$745,140,671
Cost
-
Non-controlled
affiliates
(Note
3f)
........................................................
8,423,880
Value
-
Unaffiliated
issuers
..................................................................
$994,539,485
Value
-
Non-controlled
affiliates
(Note
3f)
........................................................
8,423,880
Foreign
currency,
at
value
(cost
$1,002)
..........................................................
991
Receivables:
Investment
securities
sold
...................................................................
12,503,464
Capital
shares
sold
........................................................................
286,544
Dividends
...............................................................................
2,708,002
Total
assets
..........................................................................
1,018,462,366
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
4,116
Capital
shares
redeemed
...................................................................
1,020,889
Management
fees
.........................................................................
635,734
Distribution
fees
..........................................................................
104,165
Transfer
agent
fees
........................................................................
441,582
Trustees'
fees
and
expenses
.................................................................
47
Accrued
expenses
and
other
liabilities
...........................................................
229,812
Total
liabilities
.........................................................................
2,436,345
Net
assets,
at
value
.................................................................
$1,016,026,021
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$798,198,105
Total
distributable
earnings
(losses)
.............................................................
217,827,916
Net
assets,
at
value
.................................................................
$1,016,026,021
Franklin
Global
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
July
31,
2024
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Franklin
International
Growth
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$397,432,327
Shares
outstanding
........................................................................
22,742,541
Net
asset
value
per
share
a,b
..................................................................
$17.48
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
b
................................
$18.50
Class
C:
Net
assets,
at
value
.......................................................................
$22,188,535
Shares
outstanding
........................................................................
1,369,217
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$16.21
Class
R:
Net
assets,
at
value
.......................................................................
$4,701,931
Shares
outstanding
........................................................................
274,533
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$17.13
Class
R6:
Net
assets,
at
value
.......................................................................
$191,179,140
Shares
outstanding
........................................................................
10,778,072
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$17.74
Advisor
Class:
Net
assets,
at
value
.......................................................................
$400,524,088
Shares
outstanding
........................................................................
22,677,829
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$17.66
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Global
Trust
Financial
Statements
Statement
of
Operations
for
the
year
ended
July
31,
2024
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
Franklin
International
Growth
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$804,169)
Unaffiliated
issuers
........................................................................
$11,169,366
Non-controlled
affiliates
(Note
3f)
.............................................................
1,026,297
Total
investment
income
...................................................................
12,195,663
Expenses:
Management
fees
(Note
3
a
)
...................................................................
8,683,292
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
997,672
Class
C
................................................................................
234,329
Class
R
................................................................................
22,768
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
629,333
Class
C
................................................................................
36,851
Class
R
................................................................................
7,180
Class
R6
...............................................................................
88,032
Advisor
Class
............................................................................
789,331
Custodian
fees
.............................................................................
76,880
Reports
to
shareholders
fees
..................................................................
88,144
Registration
and
filing
fees
....................................................................
123,733
Professional
fees
...........................................................................
74,557
Trustees'
fees
and
expenses
..................................................................
12,349
Other
....................................................................................
30,996
Total
expenses
.........................................................................
11,895,447
Expenses
waived/paid
by
affiliates
(Note
3f
and
3g)
..............................................
(877,428)
Net
expenses
.........................................................................
11,018,019
Net
investment
income
................................................................
1,177,644
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
92,647,016
Foreign
currency
transactions
................................................................
(211,172)
Net
realized
gain
(loss)
..................................................................
92,435,844
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(87,274,137)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(9,654)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(87,283,791)
Net
realized
and
unrealized
gain
(loss)
............................................................
5,152,053
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$6,329,697
Franklin
Global
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Franklin
International
Growth
Fund
Year
Ended
July
31,
2024
Year
Ended
July
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$1,177,644
$3,022,133
Net
realized
gain
(loss)
.................................................
92,435,844
(118,739,633)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(87,283,791)
197,764,786
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
6,329,697
82,047,286
Distributions
to
shareholders:
Class
A
.............................................................
—
(7,612,250)
Class
C
.............................................................
—
(489,054)
Class
R
.............................................................
—
(96,447)
Class
R6
............................................................
—
(4,675,334)
Advisor
Class
........................................................
—
(12,561,162)
Total
distributions
to
shareholders
..........................................
—
(25,434,247)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(82,621,681)
(88,202,473)
Class
C
.............................................................
(6,492,102)
(5,620,365)
Class
R
.............................................................
(1,096,127)
(656,381)
Class
R6
............................................................
(132,245,861)
(37,887,149)
Advisor
Class
........................................................
(369,269,735)
(212,137,514)
Total
capital
share
transactions
............................................
(591,725,506)
(344,503,882)
Net
increase
(decrease)
in
net
assets
...................................
(585,395,809)
(287,890,843)
Net
assets:
Beginning
of
year
.......................................................
1,601,421,830
1,889,312,673
End
of
year
...........................................................
$1,016,026,021
$1,601,421,830
Notes
to
Financial
Statements
Franklin
International
Growth
Fund
1.
Organization
and
Significant
Accounting
Policies
Franklin
Global
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of two
separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Franklin
International
Growth
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
July
31,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
Franklin
Global
Trust
Notes
to
Financial
Statements
Franklin
International
Growth
Fund
(continued)
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
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
July
31,
2024, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis. Estimated
expenses
are
accrued
daily.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund. Distributions
to
shareholders
are recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
Franklin
International
Growth
Fund
(continued)
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
f.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
July
31,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Year
Ended
July
31,
2024
Year
Ended
July
31,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
1,993,323
$31,472,003
3,719,073
$57,463,890
Shares
issued
in
reinvestment
of
distributions
..........
—
—
519,450
7,568,387
Shares
redeemed
...............................
(7,271,995)
(114,093,684)
(10,126,164)
(153,234,750)
Net
increase
(decrease)
..........................
(5,278,672)
$(82,621,681)
(5,887,641)
$(88,202,473)
Class
C
Shares:
Shares
sold
...................................
160,881
$2,359,099
315,844
$4,607,220
Shares
issued
in
reinvestment
of
distributions
..........
—
—
35,556
486,413
Shares
redeemed
a
..............................
(602,328)
(8,851,201)
(762,565)
(10,713,998)
Net
increase
(decrease)
..........................
(441,447)
$(6,492,102)
(411,165)
$(5,620,365)
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
Franklin
International
Growth
Fund
(continued)
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Trust are
also
officers
and/or
directors
of
the
following
subsidiaries:
Year
Ended
July
31,
2024
Year
Ended
July
31,
2023
Shares
Amount
Shares
Amount
Class
R
Shares:
Shares
sold
...................................
47,759
$734,741
115,955
$1,766,642
Shares
issued
in
reinvestment
of
distributions
..........
—
—
6,725
96,447
Shares
redeemed
...............................
(118,511)
(1,830,868)
(163,871)
(2,519,470)
Net
increase
(decrease)
..........................
(70,752)
$(1,096,127)
(41,191)
$(656,381)
Class
R6
Shares:
Shares
sold
...................................
2,322,713
$36,663,302
6,091,081
$96,300,849
Shares
issued
in
reinvestment
of
distributions
..........
—
—
285,523
4,200,050
Shares
redeemed
...............................
(10,832,136)
(168,909,163)
(9,123,506)
(138,388,048)
Net
increase
(decrease)
..........................
(8,509,423)
$(132,245,861)
(2,746,902)
$(37,887,149)
Advisor
Class
Shares:
Shares
sold
...................................
5,168,585
$80,269,463
13,574,441
$208,099,984
Shares
issued
in
reinvestment
of
distributions
..........
—
—
673,110
9,874,525
Shares
redeemed
...............................
(29,677,277)
(449,539,198)
(29,252,096)
(430,112,023)
Net
increase
(decrease)
..........................
(24,508,692)
$(369,269,735)
(15,004,545)
$(212,137,514)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Templeton
Institutional,
LLC
(FT
Institutional)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
Franklin
International
Growth
Fund
(continued)
a.
Management
Fees
The
Fund pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to FT
Institutional based
on the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
year
ended
July
31,
2024,
the
gross
effective
investment
management
fee
rate
was 0.746%
of
the
Fund’s
average daily
net
assets.
b.
Administrative
Fees
Under
an
agreement
with
FT
Institutional,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
FT
Institutional
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's
Class
C
and
R compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
year:
Annualized
Fee
Rate
Net
Assets
0.760%
Up
to
and
including
$500
million
0.740%
Over
$500
million,
up
to
and
including
$1
billion
0.720%
Over
$1
billion,
up
to
and
including
$1.5
billion
0.700%
Over
$1.5
billion,
up
to
and
including
$6.5
billion
0.675%
Over
$6.5
billion,
up
to
and
including
$11.5
billion
0.655%
Over
$11.5
billion,
up
to
and
including
$16.5
billion
0.635%
Over
$16.5
billion,
up
to
and
including
$19
billion
0.615%
Over
$19
billion,
up
to
and
including
$21.5
billion
0.600%
In
excess
of
$21.5
billion
Class
A
....................................................................................
0.35%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
3.
Transactions
with
Affiliates
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
Franklin
International
Growth
Fund
(continued)
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. Effective
October
1,
2023,
the
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions.
Prior
to
October
1,
2023,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
transaction
based
fee. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
year
ended
July
31,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$488,931
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
July
31,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
g.
Waiver
and
Expense
Reimbursements
FT
Institutional has contractually
agreed
in
advance
to
waive
or
limit
its fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating expenses
(excluding
distribution
fees,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for Class
A,
Class
C,
Class
R
and
Advisor
Class
of
the Fund
do
not
exceed 0.86%
and
for
Class
R6
do
not
exceed
0.75%
based
on
the
average
net
assets
of
each
class
until November
30,
2024.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$42,381
CDSC
retained
..............................................................................
$3,237
aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a
a
a
a
a
a
a
a
Franklin
International
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.002%
$45,691,958
$422,277,944
$(459,546,022)
$—
$—
$8,423,880
8,423,880
$1,026,297
Total
Affiliated
Securities
...
$45,691,958
$422,277,944
$(459,546,022)
$—
$—
$8,423,880
$1,026,297
3.
Transactions
with
Affiliates
(continued)
d.
Sales
Charges/Underwriting
Agreements
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
Franklin
International
Growth
Fund
(continued)
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.02%
based
on
the
average
net
assets
of
the
class
until
November
30,
2024.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
July
31,
2024,
the
capital
loss
carryforwards
were
as
follows:
During
the
year
ended
July
31,
2024,
the
Fund
utilized
$93,389,298
of
capital
loss
carryforwards.
The
tax
character
of
distributions
paid
during
the
years
ended
July
31,
2024
and
2023,
was
as
follows:
At
July
31,
2024,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
undistributed
ordinary
income
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales
and
passive
foreign
investment
company
shares.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
year
ended
July
31,
2024,
aggregated
$201,922,368 and
$760,326,603,
respectively.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$16,280,494
Long
term
................................................................................
13,982,888
Total
capital
loss
carryforwards
...............................................................
$30,263,382
2024
2023
Distributions
paid
from:
Long
term
capital
gain
......................................................
$—
$25,434,247
Cost
of
investments
..........................................................................
$771,990,106
Unrealized
appreciation
........................................................................
$343,647,067
Unrealized
depreciation
........................................................................
(112,673,808)
Net
unrealized
appreciation
(depreciation)
..........................................................
$230,973,259
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$17,136,309
3.
Transactions
with
Affiliates
(continued)
g.
Waiver
and
Expense
Reimbursements
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
Franklin
International
Growth
Fund
(continued)
6.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
7.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
January
31,
2025.
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
year
ended
July
31,
2024,
the Fund
did
not
use
the
Global
Credit
Facility.
8.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
31,
2024,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
International
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
36,244,958
$
—
$
36,244,958
Air
Freight
&
Logistics
...................
—
39,440,898
—
39,440,898
Biotechnology
.........................
—
58,687,191
—
58,687,191
Broadline
Retail
.......................
39,219,150
—
—
39,219,150
Capital
Markets
........................
—
64,718,488
—
64,718,488
Chemicals
...........................
—
47,320,991
—
47,320,991
Containers
&
Packaging
.................
—
30,453,602
—
30,453,602
Entertainment
.........................
—
35,315,712
—
35,315,712
Franklin
Global
Trust
Notes
to
Financial
Statements
Franklin
International
Growth
Fund
(continued)
9.
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
Level
1
Level
2
Level
3
Total
Franklin
International
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Health
Care
Equipment
&
Supplies
.........
$
—
$
65,042,824
$
—
$
65,042,824
Hotels,
Restaurants
&
Leisure
.............
—
31,999,171
—
31,999,171
Interactive
Media
&
Services
..............
—
12,649,200
—
12,649,200
IT
Services
...........................
94,629,620
—
—
94,629,620
Life
Sciences
Tools
&
Services
............
—
52,215,126
—
52,215,126
Machinery
............................
—
43,217,180
—
43,217,180
Pharmaceuticals
.......................
—
38,385,850
—
38,385,850
Professional
Services
...................
—
35,379,495
—
35,379,495
Semiconductors
&
Semiconductor
Equipment
.
4,129,400
60,824,372
—
64,953,772
Software
.............................
135,067,922
8,456,812
—
143,524,734
Textiles,
Apparel
&
Luxury
Goods
..........
—
32,255,029
—
32,255,029
Trading
Companies
&
Distributors
..........
—
28,886,494
—
28,886,494
Short
Term
Investments
...................
8,423,880
—
—
8,423,880
Total
Investments
in
Securities
...........
$281,469,972
$721,493,393
a
$—
$1,002,963,365
a
Includes
foreign
securities
valued
at
$721,493,393,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Selected
Portfolio
ADR
American
Depositary
Receipt
8.
Fair
Value
Measurements
(continued)
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
Franklin
Global
Trust
and
Shareholders
of
Franklin
International
Growth
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Franklin
International
Growth
Fund
(one
of
the
funds
constituting
Franklin
Global
Trust,
referred
to
hereafter
as
the
“Fund”)
as
of
July
31,
2024,
the
related
statement
of
operations
for
the
year
ended
July
31,
2024,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2024
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
July
31,
2024,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2024
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2024
by
correspondence
with
the
custodian
and
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
San
Francisco,
California
September
19,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Tax
Information
(unaudited)
Franklin
International
Growth
Fund
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
July
31,
2024:
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
intend
to
elect
to
pass
through
to
their
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Funds
during
the
fiscal
year
ended
July
31,
2024
:
Pursuant
to:
Amount
Reported
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$9,971,672
Section
163(j)
Interest
Earned
§163(j)
$637,702
Amount
Reported
Foreign
Taxes
Paid
$709,953
Foreign
Source
Income
Earned
$11,967,773
FRANKLIN
GLOBAL
TRUST
Franklin
International
Growth
Fund
(Fund)
At
an
in-person
meeting
held
on
May
22,
2024
(Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
Global
Trust
(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
Templeton
Institutional,
LLC
(Manager)
and
the
Trust,
on
behalf
of
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
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
Meeting.
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,
through
the
exercise
of
its
business
judgment,
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
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,
as
well
as
information
on
succession
planning
where
appropriate;
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
and
shareholder
services;
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
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
the
ongoing
integration
of
the
Putnam
family
of
funds
into
the
FT
family
of
funds
and
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
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
reassessment
of
the
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
as
well
as
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement,
including
its
initiative
to
create
a
new
enterprise-wide
artificial
intelligence
platform.
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,
2023.
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
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
international
multi-cap
growth
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
10-year
period
was
above
the
median
and
in
the
second
quintile
of
its
Performance
Universe,
but
for
the
one-,
three-
and
five-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
discussed
this
performance
with
management
and
management
explained
that
the
Fund
generally
invests
in
higher
growth
companies
and
has
a
portfolio
with
a
lower
weighted
average
(mid-cap)
market
capitalization
relative
to
its
Performance
Universe
peers.
Management
further
explained
that
the
three-
and
five-year
underperformance
was
substantially
driven
by
underperformance
in
2022,
in
which
the
Fund’s
style
differences
versus
peers
had
a
meaningful
impact
and
continued
to
adversely
impact
the
Fund’s
performance
in
the
first
three
quarters
of
2023.
Management
also
explained
that
the
strategy
of
the
Fund
is
based
on
long-term
bottom-up
fundamental
analysis
and
therefore
significant
strategy
changes
(i.e.,
growth
to
value)
are
not
made
based
on
near-term
headwinds.
The
Board
further
discussed
with
management
the
recent
outperformance
of
the
Fund
versus
its
benchmark
in
the
fourth
quarter
of
2023
and
the
reasons
for
such
outperformance.
The
Board
noted
management’s
conviction
in
the
Fund’s
investment
strategies.
Management
discussed
with
the
Board
the
actions
that
are
being
taken/have
been
taken
in
an
effort
to
improve
the
overall
performance
of
the
Fund,
including
enhancements
to
the
investment
analyst
process.
The
Board
further
noted
that,
although
below
median,
the
Fund’s
annualized
total
return
for
the
one-year
period
was
15.00%.
The
Board
concluded
that
the
Fund’s
Management
Agreement
should
be
continued
for
an
additional
one-year
period,
while
management’s
efforts
continue
to
be
closely
monitored.
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
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
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
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-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
the
Fund
and
for
the
other
funds
in
the
Expense
Group.
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
seven
other
international
multi-cap
growth
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
were
below
the
medians
of
its
Expense
Group.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
After
consideration
of
the
above,
the
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
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
FT’s
US
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,
2023,
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.
The
Board
also
noted
that
an
independent
registered
public
accounting
firm
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
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.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
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
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
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,
extent
and
quality
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
the
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
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
had
experienced
a
significant
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term,
but
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.
©
2024
Franklin
Templeton.
All
rights
reserved.
Franklin
Emerging
Market
Debt
Opportunities
Fund
Financial
Statements
and
Other
Important
Information
Annual
|
July
31,
2024
Financial
Statements
and
Other
Important
Information—Annual
Consolidated
Financial
Highlights
and
Consolidated
Schedule
of
Investments
2
Consolidated
Financial
Statements
9
Notes
to
Consolidated
Financial
Statements
12
Report
of
Independent
Registered
Public
Accounting
Firm
26
Tax
Information
27
Changes
In
and
Disagreements
with
Accountants
28
Results
of
Meeting(s)
of
Shareholders
28
Remuneration
Paid
to
Directors,
Officers
and
Others
28
Board
Approval
of
Management
and
Subadvisory
Agreements
28
Consolidated
Financial
Highlights
Franklin
Emerging
Market
Debt
Opportunities
Fund
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
a
Year
Ended
July
31,
2024
2023
2022
2021
2020
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.46
$9.91
$11.73
$10.19
$11.66
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.85
0.79
0.77
0.71
0.97
Net
realized
and
unrealized
gains
(losses)
...........
0.58
0.66
(2.59)
0.83
(1.64)
Total
from
investment
operations
....................
1.43
1.45
(1.82)
1.54
(0.67)
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
..
(0.34)
(0.90)
—
—
(0.80)
Net
asset
value,
end
of
year
.......................
$11.55
$10.46
$9.91
$11.73
$10.19
Total
return
....................................
13.78%
15.51%
(15.52)%
15.11%
(6.24)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.24%
1.04%
1.14%
1.24%
1.15%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.00%
1.00%
c
1.00%
c
1.00%
c
1.00%
c
Net
investment
income
...........................
7.85%
7.96%
6.90%
6.34%
8.95%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$68,318
$41,116
$55,697
$135,374
$111,159
Portfolio
turnover
rate
............................
75.07%
29.79%
43.31%
61.28%
34.71%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Consolidated
Schedule
of
Investments,
July
31,
2024
Franklin
Emerging
Market
Debt
Opportunities
Fund
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.0%
Broadline
Retail
0.0%
a,b,c
K2016470219
South
Africa
Ltd.,
A
.......................
South
Africa
55,882,058
$
—
a,b,c
K2016470219
South
Africa
Ltd.,
B
.......................
South
Africa
5,561,052
—
—
Financial
Services
0.0%
a,b,c
Astana
Finance
JSC,
GDR,
144A
.......................
Kazakhstan
193,625
—
Total
Common
Stocks
(Cost
$433,378)
.......................................
—
Warrants
Warrants
2.4%
Financial
Services
2.4%
d,e,f
Ukraine
Government,
VRI,
GDP
Linked
Security,
Senior
Bond,
Reg
S,
8/01/41
....................................
Ukraine
1,750,000
1,079,312
a,b,g
Venezuela
Government,
Oil
Value
Recovery,
4/15/20
.........
Venezuela
925,920
580,816
1,660,128
Total
Warrants
(Cost
$18,312,756)
...........................................
1,660,128
Units
Private
Limited
Partnership
Funds
0.0%
Capital
Markets
0.0%
a,b,c,g,h
Global
Distressed
Alpha
Fund
III
LP
.....................
United
States
4,424,861
—
Total
Private
Limited
Partnership
Funds
(Cost
$4,600,000)
.....................
—
Principal
Amount
*
Quasi-Sovereign
Bonds
10.1%
Capital
Markets
1.0%
d
Huarong
Finance
II
Co.
Ltd.
,
Senior
Bond
,
Reg
S,
4.625
%
,
6/03/26
.........................................
China
750,000
733,148
Financial
Services
0.9%
a
Meridiam
Eastern
Europe
Investments
SAS
,
8.85
%
,
6/10/28
...
Turkiye
571,429
EUR
620,346
a,c,e,i
Sphynx
Capital
Markets
PCC
(National
Investment
Bank
of
Ghana)
,
PTN
,
Secured
Note
,
Reg
S,
Zero
Cpn.,
2/05/09
.....
Ghana
8,000,000
—
620,346
Municipal
Bonds
3.5%
d
Istanbul
Metropolitan
Municipality
,
Senior
Note,
144A,
10.75%,
4/12/27
...................
Turkiye
250,000
268,292
Senior
Note,
144A,
10.5%,
12/06/28
...................
Turkiye
745,000
805,774
d
Provincia
del
Chubut
Argentina
,
Senior
Secured
Bond
,
144A,
7.75
%
,
7/26/30
...................................
Argentina
1,414,925
1,301,731
2,375,797
Oil,
Gas
&
Consumable
Fuels
3.7%
d
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
.........................................
Venezuela
100,000
104,285
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
700,000
580,211
d
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
144A,
5.75
%
,
4/19/47
.........................................
Kazakhstan
890,000
780,285
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
1,230,000
1,049,465
2,514,246
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Quasi-Sovereign
Bonds
(continued)
Transportation
Infrastructure
1.0%
d,j
PA
Autopista
Rio
Magdalena
,
Index
Linked,
Senior
Secured
Bond
,
144A,
6.05
%
,
6/15/36
...............................
Colombia
3,452,382,710
COP
$
671,130
Total
Quasi-Sovereign
Bonds
(Cost
$10,028,456)
..............................
6,914,667
Corporate
Bonds
11.6%
Banks
0.5%
d
Fidelity
Bank
plc
,
Senior
Note
,
144A,
7.625
%
,
10/28/26
.......
Nigeria
350,000
343,000
Broadline
Retail
0.0%
a,d,e,k
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.....................................
South
Africa
4,842,864
—
a,d,e,k
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
....................................
South
Africa
2,133,302
—
—
Chemicals
1.0%
d
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
.........................................
Mexico
890,000
674,544
Commercial
Services
&
Supplies
1.0%
d
Ambipar
Lux
SARL
,
Senior
Note
,
144A,
9.875
%
,
2/06/31
......
Brazil
710,000
697,037
Electric
Utilities
1.5%
d
Adani
Electricity
Mumbai
Ltd.
,
Senior
Secured
Bond
,
144A,
3.949
%
,
2/12/30
...................................
India
1,176,000
1,033,373
Food
Products
0.6%
d
Frigorifico
Concepcion
SA
,
Senior
Secured
Note
,
144A,
7.7
%
,
7/21/28
.........................................
Paraguay
700,000
426,962
Metals
&
Mining
1.0%
d,k
Petra
Diamonds
US
Treasury
plc
,
Senior
Secured
Note
,
144A,
PIK,
9.75
%
,
3/08/26
................................
South
Africa
949,654
699,717
Oil,
Gas
&
Consumable
Fuels
4.0%
d
Energo-Pro
A/S
,
Senior
Note
,
144A,
8.5
%
,
2/04/27
..........
Czech
Republic
960,000
965,889
d
Kosmos
Energy
Ltd.
,
Senior
Note
,
144A,
7.75
%
,
5/01/27
......
Ghana
1,100,000
1,081,517
d
MC
Brazil
Downstream
Trading
SARL
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/30/31
...............................
Brazil
701,846
649,973
2,697,379
Real
Estate
Management
&
Development
0.2%
d,e
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
...................................
China
1,620,000
139,944
Water
Utilities
0.9%
d
Aegea
Finance
SARL
,
Senior
Note
,
144A,
9
%
,
1/20/31
.......
Brazil
600,000
633,327
Wireless
Telecommunication
Services
0.9%
Telecommunications
Services
of
Trinidad
&
Tobago
Ltd.
,
d
Senior
Secured
Bond,
144A,
8.875%,
10/18/29
...........
Trinidad
and
Tobago
570,000
569,176
569,176
Total
Corporate
Bonds
(Cost
$14,904,799)
....................................
7,914,459
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
l
Loan
Participations
and
Assignments
0.7%
a,c,e
Alfa
Bank
AO
Via
Alfa
Bond
Issuance
plc
,
Sub.
Bond
,
144A,
5.95%
to
4/14/25,
FRN
thereafter
,
4/15/30
...............
Russia
1,000,000
$
—
a,c,g,k,m
Global
Distressed
Alpha
Fund
III
LP
,
PIK,
12%,
Perpetual
................................
United
States
1,733,014
486,606
Total
Loan
Participations
and
Assignments
(Cost
$2,376,635)
..................
486,606
Foreign
Government
and
Agency
Securities
62.7%
d
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.75
%
,
4/14/32
.
Angola
2,120,000
1,901,428
Argentina
Government
Bond
,
Senior
Note
,
1
%
,
7/09/29
.......
Argentina
480,490
277,460
d
Armenia
Government
Bond
,
Senior
Bond
,
144A,
3.95
%
,
9/26/29
Armenia
1,030,000
900,552
d
Benin
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/19/32
.
Benin
1,160,000
EUR
1,071,194
d
BOI
Finance
BV
,
Senior
Note
,
144A,
7.5
%
,
2/16/27
..........
Nigeria
750,000
EUR
764,388
Brazil
Government
Bond
,
Senior
Bond
,
4.75
%
,
1/14/50
.......
Brazil
1,370,000
1,001,453
Brazil
Notas
do
Tesouro
Nacional
,
F
,
10
%
,
1/01/29
..........
Brazil
11,300,000
BRL
1,882,233
d
Cameroon
Government
Bond
,
Senior
Bond
,
144A,
5.95
%
,
7/07/32
.........................................
Cameroon
1,160,000
EUR
988,860
Colombia
Government
Bond
,
Senior
Bond,
9.85%,
6/28/27
.........................
Colombia
2,800,000,000
COP
672,509
Senior
Bond,
7.5%,
2/02/34
..........................
Colombia
700,000
711,795
d
Costa
Rica
Government
Bond
,
144A,
7.3
%
,
11/13/54
........
Costa
Rica
960,000
1,026,270
d
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
13.625%,
2/03/33
..................
Dominican
Republic
54,650,000
DOP
1,090,114
Senior
Bond,
144A,
6.4%,
6/05/49
.....................
Dominican
Republic
750,000
719,816
d
Egypt
Government
Bond
,
Senior
Bond,
144A,
7.625%,
5/29/32
...................
Egypt
750,000
629,639
Senior
Bond,
144A,
7.5%,
2/16/61
.....................
Egypt
960,000
653,969
d
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
7.65
%
,
6/15/35
.........................................
El
Salvador
1,810,000
1,366,490
d,e
Ethiopia
Government
Bond
,
Senior
Bond
,
144A,
6.625
%
,
12/11/24
........................................
Ethiopia
1,850,000
1,460,903
d
Gabon
Government
Bond
,
Senior
Bond,
144A,
6.625%,
2/06/31
...................
Gabon
750,000
554,546
Senior
Bond,
144A,
7%,
11/24/31
......................
Gabon
750,000
554,591
d
Grenada
Government
Bond
,
Senior
Bond
,
144A,
7
%
,
5/12/30
..
Grenada
670,983
603,214
d
Honduras
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
6/24/30
.........................................
Honduras
745,000
644,425
Hungary
Government
Bond
,
9.5
%
,
10/21/26
...............
Hungary
117,310,000
HUF
345,494
d
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
....
Iraq
1,666,875
1,582,244
d
Ivory
Coast
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/30/32
.........................................
Ivory
Coast
1,440,000
EUR
1,322,769
Jamaica
Government
Bond
,
Senior
Note
,
9.625
%
,
11/03/30
....
Jamaica
68,500,000
JMD
467,099
d
Jordan
Government
Bond
,
Senior
Bond,
144A,
5.85%,
7/07/30
....................
Jordan
600,000
551,469
Senior
Bond,
144A,
7.375%,
10/10/47
..................
Jordan
900,000
788,423
Kazakhstan
MEOKAM
,
14.5%,
4/28/25
...................................
Kazakhstan
400,000,000
KZT
853,667
13.9%,
9/16/26
...................................
Kazakhstan
254,678,000
KZT
548,988
Kazakhstan
MEUKAM
,
Senior
Bond
,
7.2
%
,
5/27/25
..........
Kazakhstan
90,666,000
KZT
183,571
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
7.75%,
5/29/31
.................................
Mexico
9,620,000
n
MXN
466,241
M,
8%,
11/07/47
...................................
Mexico
27,100,000
n
MXN
1,193,612
d
Montenegro
Government
Bond
,
Senior
Note
,
144A,
7.25
%
,
3/12/31
.........................................
Montenegro
650,000
662,610
d
Mozambique
Government
Bond
,
144A,
9
%
,
9/15/31
.........
Mozambique
1,230,000
1,049,802
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
d
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
6.96
%
,
3/13/27
.........................................
North
Macedonia
620,000
EUR
$
698,808
d
Pakistan
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
4/08/31
Pakistan
1,160,000
925,048
Peru
Bonos
de
la
Tesoreria
,
Senior
Bond
,
5.4
%
,
8/12/34
......
Peru
1,920,000
PEN
458,232
d
Romania
Government
Bond
,
Senior
Note
,
Reg
S,
1.375
%
,
12/02/29
........................................
Romania
2,180,000
EUR
1,996,609
d,e
Saderea
DAC
,
Senior
Secured
Bond
,
Reg
S,
12.5
%
,
11/30/26
..
Ghana
637,270
317,042
d
Serbia
Government
Bond
,
Senior
Bond
,
144A,
1.5
%
,
6/26/29
..
Serbia
1,530,000
EUR
1,424,459
South
Africa
Government
Bond
,
Senior
Bond
,
7
%
,
2/28/31
....
South
Africa
28,491,000
ZAR
1,352,459
d
Suriname
Government
Bond
,
o
Senior
Bond,
144A,
FRN,
9%,
12/31/50
.................
Suriname
1,084,000
953,920
k
Senior
Note,
144A,
PIK,
4.95%,
7/15/33
.................
Suriname
606,944
587,876
Tunisia
Government
Bond
,
Senior
Bond,
4.2%,
3/17/31
..........................
Tunisia
260,000,000
JPY
1,200,377
d
Senior
Note,
Reg
S,
6.375%,
7/15/26
...................
Tunisia
350,000
EUR
337,405
d,e
Ukraine
Government
Bond
,
Senior
Bond,
144A,
7.375%,
9/25/34
...................
Ukraine
3,250,000
1,008,313
o
Senior
Bond,
Reg
S,
FRN,
7.75%,
8/01/41
...............
Ukraine
650,000
400,887
Uruguay
Government
Bond
,
Senior
Bond
,
8.25
%
,
5/21/31
.....
Uruguay
11,696,000
UYU
271,392
Uzbekistan
Government
Bond
,
d
Senior
Note,
144A,
16.625%,
5/29/27
...................
Uzbekistan
17,130,000,000
UZS
1,361,075
Total
Foreign
Government
and
Agency
Securities
(Cost
$43,969,798)
............
42,785,740
Supranational
4.1%
Asian
Development
Bank
,
Senior
Note,
8.175%,
9/15/24
.........................
Supranational
p
890,000
PLN
225,106
d
Senior
Note,
Reg
S,
8.3%,
10/18/24
....................
Supranational
p
3,430,000
PLN
845,349
d
Corp.
Andina
de
Fomento
,
Senior
Bond
,
Reg
S,
7.5
%
,
6/10/30
.
Supranational
p
8,630,000
MXN
390,693
European
Bank
for
Reconstruction
&
Development
,
Senior
Note
,
6.17
%
,
3/10/25
...................................
Supranational
p
21,850,000,000
IDR
1,341,236
Total
Supranational
(Cost
$2,801,092)
........................................
2,802,384
Shares
a
Escrows
and
Litigation
Trusts
0.0%
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
275,106
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
.................................
—
Total
Long
Term
Investments
(Cost
$97,426,914)
..............................
62,563,984
a
Short
Term
Investments
7.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
1.1%
q
Egypt
Treasury
Bills
,
3/18/25
.........................................
Egypt
12,250,000
EGP
217,164
3/18/25
.........................................
Egypt
31,075,000
EGP
550,887
768,051
Total
Foreign
Government
and
Agency
Securities
(Cost
$774,528)
..............
768,051
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
6.5%
r,s
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.002%
..
United
States
4,436,272
$
4,436,272
Total
Money
Market
Funds
(Cost
$4,436,272)
.................................
4,436,272
Total
Short
Term
Investments
(Cost
$5,210,800
)
...............................
5,204,323
a
Total
Investments
(Cost
$102,637,714)
99.2%
.................................
$67,768,307
Other
Assets,
less
Liabilities
0.8%
...........................................
549,517
Net
Assets
100.0%
.........................................................
$68,317,824
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
11
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
8
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2024,
the
aggregate
value
of
these
securities
was
$45,793,616,
representing
67.0%
of
net
assets.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
f
The
principal
represents
the
notional
amount.
See
Note
1(c)
regarding
value
recovery
instruments.
g
The
security
is
owned
by
Alternative
Strategies
(FT)
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
1(e).
h
The
Global
Distressed
Alpha
Fund
III
LP
is
a
fund
focused
on
the
purchase
of
and
the
recovery
on
private
distressed
commercial,
sovereign
and
sovereign-related
debt
claims
around
the
world,
principally
in
Africa
and
Asia.
i
Represents
claims
that
have
been
filed
with
a
Ghanaian
court
against
National
Investment
Bank
of
Ghana.
j
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
See
Note
1(g).
k
Income
may
be
received
in
additional
securities
and/or
cash.
l
See
Note
1(d)
regarding
loan
participations
and
assignments.
m
Perpetual
security
with
no
stated
maturity
date.
n
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
o
The
coupon
rate
shown
represents
the
rate
at
period
end.
p
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
q
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
r
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
s
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
At
July
31,
2024,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(c).
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
CITI
Sell
10,015,000
10,890,826
9/11/24
$
40,540
$
(9,529)
Japanese
Yen
......
CITI
Sell
177,000,000
1,138,989
9/11/24
—
(49,860)
Total
Forward
Exchange
Contracts
...................................................
$40,540
$(59,389)
Net
unrealized
appreciation
(depreciation)
............................................
$(18,849)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Note 9 regarding
other
derivative
information.
See
Abbreviations
on
page
25
.
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Assets
and
Liabilities
July
31,
2024
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$98,201,442
Cost
-
Non-controlled
affiliates
(Note
3
d
)
........................................................
4,436,272
Value
-
Unaffiliated
issuers
..................................................................
$63,332,035
Value
-
Non-controlled
affiliates
(Note
3
d
)
.......................................................
4,436,272
Foreign
currency,
at
value
(cost
$56,241)
.........................................................
56,102
Receivables:
Investment
securities
sold
...................................................................
130,025
Capital
shares
sold
........................................................................
68,441
Dividends
and
interest
.....................................................................
1,338,217
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
40,540
Total
assets
..........................................................................
69,401,632
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
61,700
Capital
shares
redeemed
...................................................................
275,030
Management
fees
.........................................................................
27,929
Transfer
agent
fees
........................................................................
1,156
Professional
fees
.........................................................................
70,377
Trustees'
fees
and
expenses
.................................................................
42
Funds
advanced
by
custodian
.................................................................
556,878
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
59,389
Deferred
tax
...............................................................................
7,508
Accrued
expenses
and
other
liabilities
...........................................................
23,799
Total
liabilities
.........................................................................
1,083,808
Net
assets,
at
value
.................................................................
$68,317,824
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$183,561,393
Total
distributable
earnings
(losses)
.............................................................
(115,243,569)
Net
assets,
at
value
.................................................................
$68,317,824
Shares
outstanding
.........................................................................
5,912,761
Net
asset
value
and
maximum
offering
price
per
share
a
..............................................
$11.55
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Operations
for
the
year
ended
July
31,
2024
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Franklin
Emerging
Market
Debt
Opportunities
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
d
)
.............................................................
$101,893
Interest:
(net
of
foreign
taxes
of
$10,413)
Unaffiliated
issuers
........................................................................
3,917,439
Total
investment
income
...................................................................
4,019,332
Expenses:
Management
fees
(Note
3
a
)
...................................................................
386,379
Transfer
agent
fees
(Note
3
c
)
..................................................................
15,428
Custodian
fees
.............................................................................
2,756
Reports
to
shareholders
fees
..................................................................
2,417
Registration
and
filing
fees
....................................................................
11,159
Professional
fees
...........................................................................
98,844
Trustees'
fees
and
expenses
..................................................................
710
Pricing
fees
...............................................................................
39,949
Other
....................................................................................
7,015
Total
expenses
.........................................................................
564,657
Expenses
waived/paid
by
affiliates
(Note
3d
and
3e)
..............................................
(111,259)
Net
expenses
.........................................................................
453,398
Net
investment
income
................................................................
3,565,934
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(2,637,805)
Foreign
currency
transactions
................................................................
(31,111)
Forward
exchange
contracts
.................................................................
276,240
Net
realized
gain
(loss)
..................................................................
(2,392,676)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
4,302,205
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(5,366)
Forward
exchange
contracts
.................................................................
60,383
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(7,508)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
4,349,714
Net
realized
and
unrealized
gain
(loss)
............................................................
1,957,038
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$5,522,972
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
Year
Ended
July
31,
2024
Year
Ended
July
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$3,565,934
$3,364,249
Net
realized
gain
(loss)
.................................................
(2,392,676)
(5,570,426)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
4,349,714
8,335,517
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
5,522,972
6,129,340
Distributions
to
shareholders
..............................................
(1,425,538)
(4,000,296)
Capital
share
transactions
(Note
2
)
..........................................
23,104,370
(16,710,447)
Net
increase
(decrease)
in
net
assets
...................................
27,201,804
(14,581,403)
Net
assets:
Beginning
of
year
.......................................................
41,116,020
55,697,423
End
of
year
...........................................................
$68,317,824
$41,116,020
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
1.
Organization
and
Significant
Accounting
Policies
Franklin
Global
Trust
(Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of two
separate
funds.
The Trust
follows the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Franklin
Emerging
Market
Debt
Opportunities
Fund
(Fund)
is
included
in
this
report.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Consolidated
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Consolidated
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/
or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
At
July
31,
2024,
the
Fund
had
OTC
derivatives
in
a
net
liability
position
of
$18,849.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
terms
are
contract
specific
for
OTC
derivatives.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
The
Fund
invests
in
value
recovery
instruments
(VRI)
primarily
to
gain
exposure
to
economic
growth.
Periodic
payments
from
VRI
are
dependent
on
established
benchmarks
for
underlying
variables.
VRI
has
a
notional
amount,
which
is
used
to
calculate
amounts
of
payments
to
holders.
Payments
are
recorded
upon
receipt
as
realized
gains
in
the
Consolidated
Statement
of
Operations.
The
risks
of
investing
in
VRI
include
growth
risk,
liquidity,
and
the
potential
loss
of
investment.
See
Note
9
regarding
other
derivative
information.
d.
Loan
Participations
and
Assignments
The
Fund
may
invest
in
debt
instruments
which
are
interests
in
amounts
owed
to
lenders
or
lending
syndicates
by
corporate,
governmental,
or
other
borrowers.
The
Fund’s
investments
in
loans
may
be
in
the
form
of
participations
in
loans
or
assignments
of
all
or
portion
of
loans
from
third
parties.
A
loan
is
often
administered
by
a
bank
or
other
financial
institution
(the
Lender)
that
acts
as
agent
for
all
holders.
The
agent
administers
the
terms
of
the
loan,
as
specified
in
the
loan
agreement.
The
Fund
may
invest
in
multiple
series
or
tranches
of
a
loan,
which
may
have
varying
terms
and
carry
different
associated
risks.
When
investing
in
a
loan
participation,
a
Fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
only
from
the
lender
selling
the
loan
and
only
upon
receipt
of
payments
from
the
borrower.
The
Fund
generally
has
no
right
to
enforce
compliance
with
the
terms
of
the
loan
agreement
with
the
borrower.
As
a
result,
the
Fund
may
be
subject
to
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
loan.
When
the
Fund
purchases
assignments
from
lenders
it
acquires
direct
rights
against
the
borrower
of
the
loan.
e.
Investments
in
Alternative
Strategies
(FT)
Ltd.
(FT
Subsidiary)
The
Fund
invests
in
certain
financial
instruments,
warrants
or
commodities
through
its
investments
in
FT
Subsidiary.
FT
Subsidiary
is
a
Cayman
Islands
exempted
company
with
limited
liability,
is
a
wholly-owned
subsidiary
of
the
Fund,
and
is
able
to
invest
in
certain
financial
instruments
consistent
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
with
the
investment
objective
of
the
Fund.
At
July
31,
2024,
FT
Subsidiary’s
investments,
as
well
as
any
other
assets
and
liabilities
of
FT
Subsidiary
are
reflected
in
the
Fund’s
Consolidated
Schedule
of
Investments
and
Consolidated
Statement
of
Assets
and
Liabilities.
All
intercompany
transactions
and
balances
have
been
eliminated.
At
July
31,
2024,
the
net
assets
of
FT
Subsidiary
were
$1,115,605,
representing
1.6%
of
the
Fund's
consolidated
net
assets.
The
Fund’s
investment
in
FT
Subsidiary
is
limited
to
25%
of
consolidated
assets.
f.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
July
31,
2024, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
g.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the Fund.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
interest
income
in
the
Consolidated
Statement
of
Operations.
h.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Investments
in
Alternative
Strategies
(FT)
Ltd.
(FT
Subsidiary)
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
i.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
July
31,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
3
.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Trust are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to FTIML based
on the
average
daily
net
assets
of
the
Fund
as
follows:
FT
Subsidiary pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to FTIML based
on the
average
daily
net
assets
of
the
FT
Subsidiary as
follows:
Year
Ended
July
31,
2024
Year
Ended
July
31,
2023
Shares
Amount
Shares
Amount
Shares
sold
...................................
6,040,052
$66,494,452
2,081,997
$20,975,997
Shares
issued
in
reinvestment
of
distributions
..........
132,746
1,423,042
407,454
3,911,562
Shares
redeemed
...............................
(4,189,148)
(44,813,124)
(4,179,827)
(41,598,006)
Net
increase
(decrease)
..........................
1,983,650
$23,104,370
(1,690,376)
$(16,710,447)
Subsidiary
Affiliation
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.850%
Up
to
and
including
$500
million
0.800%
Over
$500
million,
up
to
and
including
$1
billion
0.750%
In
excess
of
$1
billion
Annualized
Fee
Rate
Net
Assets
1.000%
Up
to
and
including
$500
million
0.900%
Over
$500
million,
up
to
and
including
$1
billion
0.850%
In
excess
of
$1
billion
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
For
the
year
ended
July
31,
2024,
the
gross
effective
investment
management
fee
rate
was 0.850%
of
the
Fund’s
average daily
net
assets.
Management
fees
paid
by
the
Fund
are
reduced
on
assets
invested
in
FT
Subsidiary,
in
an
amount
not
to
exceed
the
management
fees
paid
by
FT
Subsidiary.
b.
Administrative
Fees
Under
an
agreement
with
FTIML,
FT
Services
provides
administrative
services
to
the
Fund
and
FT
Subsidiary.
The
fee
is
paid
by
FTIML
based
on
the
Fund's
and
FT
Subsidiary's average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund
or
FT
Subsidiary.
c.
Transfer
Agent
Fees
The
Fund pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. Effective
October
1,
2023,
the
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions.
Prior
to
October
1,
2023,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
transaction
based
fee. In
addition,
the
Fund reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and reimburses
shareholder
servicing
fees
paid
to
third
parties.
For
the
year
ended
July
31,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Consolidated
Statement of
Operations,
of
which
$15,011
was
retained
by
Investor
Services.
d.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Consolidated
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
July
31,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.002%
$2,020,126
$36,787,334
$(34,371,188)
$—
$—
$4,436,272
4,436,272
$101,893
Total
Affiliated
Securities
...
$2,020,126
$36,787,334
$(34,371,188)
$—
$—
$4,436,272
$101,893
3
.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
e.
Waiver
and
Expense
Reimbursements
FTIML has contractually
agreed
in
advance
to
waive
or
limit
its fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating expenses
(excluding
interest
expense,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
of
the
Fund
do
not
exceed 1.00%,
based
on
the
average
net
assets
until November
30,
2024.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
July
31,
2024,
the
capital
loss
carryforwards
were
as
follows:
The
tax
character
of
distributions
paid
during
the
years
ended
July
31,
2024
and
2023,
was
as
follows:
At
July
31,
2024,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
undistributed
ordinary
income
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
foreign
currency
transactions,
wash
sales,
paydown
losses,
payments-in-kind,
bond
discounts
and
premiums,
tax
straddles
and
investments
in
the
Alternative
Strategies
Fund.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
year
ended
July
31,
2024,
aggregated
$53,430,261 and
$31,681,407,
respectively.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$14,266,389
Long
term
................................................................................
60,831,502
Total
capital
loss
carryforwards
...............................................................
$75,097,891
2024
2023
Distributions
paid
from:
Ordinary
income
..........................................................
$1,425,538
$4,000,296
Cost
of
investments
..........................................................................
$111,234,682
Unrealized
appreciation
........................................................................
$2,523,202
Unrealized
depreciation
........................................................................
(46,008,426)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(43,485,224)
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$3,296,475
3
.
Transactions
with
Affiliates
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
6.
Credit
Risk
and
Defaulted
Securities
At
July
31,
2024, the
Fund
had
69.2% of
its
portfolio
invested
in
high
yield
securities rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
July
31,
2024,
the
aggregate
value
of
these
securities was
$4,406,401,
representing 6.5% of
the
Fund's
net
assets. The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The securities have
been
identified
in
the
accompanying
Consolidated
Schedule
of
Investments.
7.
Concentration
of
Risk
Investments
in
issuers
domiciled
or
with
significant
operations
in
developing
or
emerging
market
countries
may
be
subject
to
higher
risks
than
investments
in
developed
countries.
These
risks
include
fluctuating
currency
values,
underdeveloped
legal
or
business
systems,
and
changing
local
and
regional
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Currencies
of
developing
or
emerging
market
countries
may
be
subject
to
significantly
greater
risks
than
currencies
of
developed
countries,
including
the
potential
inability
to
repatriate
those
currencies
into
U.S.
dollars.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
imposed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments was
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
little
or
no
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
At
July
31,
2024,
the
Fund
had
0.0%
of
its
net
assets
invested
in
securities
with
significant
economic
risk
or
exposure
to
Russia.
8.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
At
July
31,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
See
Abbreviations
on
page
25.
9.
Other
Derivative
Information
At
July
31,
2024,
investments
in
derivative
contracts
are
reflected
in
the Consolidated
Statement of
Assets
and
Liabilities
as
follows:
a
VRI
are
included
in
investments
in
securities,
at
value
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Principal
Amount
*
/
Shares
/
Units
Issuer
Acquisition
Date
Cost
Value
Franklin
Emerging
Market
Debt
Opportunities
Fund
1,000,000
Alfa
Bank
AO
Via
Alfa
Bond
Issuance
plc,
Sub.
Bond,
144A,
5.95%
to
4/14/25,
FRN
thereafter,
4/15/30
...
11/21/19
$
1,005,945
$
—
193,625
Astana
Finance
JSC,
GDR,
144A
................
5/22/15
—
—
4,424,861
Global
Distressed
Alpha
Fund
III
LP
..............
10/11/12
-
10/31/14
4,600,000
—
1,733,014
Global
Distressed
Alpha
Fund
III
LP,
PIK,
12%,
Perpetual
................................
12/28/16
-
5/23/24
1,370,690
486,606
55,882,058
a
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13
-
2/01/17
429,249
—
5,561,052
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
4,129
—
8,000,000
Sphynx
Capital
Markets
PCC
(National
Investment
Bank
of
Ghana),
PTN,
Secured
Note,
Reg
S,
Zero
Cpn.,
2/05/09
..................................
10/12/09
-
10/13/11
3,100,000
—
Total
Restricted
Securities
(Value
is
0.7%
of
Net
Assets)
..............
$10,510,013
$486,606
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$—
as
of
July
31,
2024.
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
Franklin
Emerging
Market
Debt
Opportunities
Fund
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
$
40,540
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
59,389
Value
recovery
instruments
...
Investments
in
securities,
at
value
1,079,312
a
Investments
in
securities,
at
value
—
Total
....................
$1,119,852
$59,389
8.
Restricted
Securities
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
For
the
year
ended
July
31,
2024,
the
effect
of
derivative
contracts
in
the Consolidated
Statement
of
Operations
was
as
follows:
a
VRI
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
in
the
Consolidated
Statement
of
Operations.
For
the
year
ended
July
31,
2024,
the
average
month
end contract
value
and
fair
value
of
forward
exchange contracts
and
VRI
was
$9,536,623
and
$939,342,
respectively.
See
Note
1(c)
regarding
derivative
financial
instruments.
See
Abbreviations
on
page
25
.
10.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
January
31,
2025.
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
Consolidated
Statement
of
Operations.
During
the
year
ended
July
31,
2024,
the Fund
did
not
use
the
Global
Credit
Facility.
11.
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.)
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Consolidated
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Year
Consolidated
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Year
Franklin
Emerging
Market
Debt
Opportunities
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Foreign
exchange
contracts
.....
Forward
exchange
contracts
$276,240
Forward
exchange
contracts
$60,383
Value
recovery
instruments
Investments
—
Investments
$163,926
a
Total
.......................
$276,240
$224,309
9.
Other
Derivative
Information
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
31,
2024,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
—
$
—
$
—
a
$
—
Warrants
:
Financial
Services
......................
—
1,079,312
580,816
1,660,128
Private
Limited
Partnership
Funds
............
—
—
—
a
—
Quasi-Sovereign
Bonds
:
Capital
Markets
........................
—
733,148
—
733,148
Financial
Services
......................
—
—
620,346
a
620,346
Municipal
Bonds
.......................
—
2,375,797
—
2,375,797
Oil,
Gas
&
Consumable
Fuels
.............
—
2,514,246
—
2,514,246
Transportation
Infrastructure
..............
—
671,130
—
671,130
Corporate
Bonds
:
Banks
...............................
—
343,000
—
343,000
Broadline
Retail
.......................
—
—
—
a
—
Chemicals
...........................
—
674,544
—
674,544
Commercial
Services
&
Supplies
...........
—
697,037
—
697,037
Electric
Utilities
........................
—
1,033,373
—
1,033,373
Food
Products
........................
—
426,962
—
426,962
Metals
&
Mining
.......................
—
699,717
—
699,717
Oil,
Gas
&
Consumable
Fuels
.............
—
2,697,379
—
2,697,379
Real
Estate
Management
&
Development
....
—
139,944
—
139,944
Water
Utilities
.........................
—
633,327
—
633,327
Wireless
Telecommunication
Services
.......
—
569,176
—
569,176
Loan
Participations
and
Assignments
.........
—
—
486,606
a
486,606
Foreign
Government
and
Agency
Securities
....
—
42,785,740
—
42,785,740
Supranational
...........................
—
2,802,384
—
2,802,384
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
4,436,272
768,051
—
5,204,323
Total
Investments
in
Securities
...........
$4,436,272
$61,644,267
$1,687,768
$67,768,307
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$40,540
$—
$40,540
Total
Other
Financial
Instruments
.........
$—
$40,540
$—
$40,540
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$59,389
$—
$59,389
Total
Other
Financial
Instruments
.........
$—
$59,389
$—
$59,389
a
Includes
financial
instruments
determined
to
have
no
value.
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
year.
At
July
31,
2024,
the
reconciliation
is
as
follows:
Balance
at
Beginning
of
Year
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Year
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Year
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
$
—
c
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
c
$
—
Financial
Services
...
—
c
—
—
—
—
—
—
—
—
c
—
Warrants
:
Financial
Services
...
231,480
—
—
—
—
—
—
349,336
580,816
349,336
Private
Limited
Partnership
Funds
:
Capital
Markets
.....
—
c
—
—
—
—
—
—
—
—
c
—
Quasi-Sovereign
Bonds
:
741,927
c
—
(154,439)
—
—
—
(15,139)
47,997
620,346
c
26,804
Corporate
Bonds
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Loan
Participations
and
Assignments
:
662,105
c
74,199
—
—
—
147
—
(249,845)
486,606
c
(249,845)
Escrows
and
Litigation
Trusts
:
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
............
$1,635,512
$74,199
$(154,439)
$—
$—
$147
$(15,139)
$147,488
$1,687,768
$126,295
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
financial
instruments
determined
to
have
no
value.
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Significant
unobservable
valuation
inputs
for
material
Level
3 assets
and/or
liabilities and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
July
31,
2024,
are
as
follows:
See
Abbreviations
on
page
25
.
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
consolidated
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Loan
Participations
and
Assignments
........
$486,606
Recovery
value
Discount
for
lack
of
marketability
30.0%
Decrease
PIK
note
coverage
40.1%
Increase
Quasi-Sovereign
Bonds:
Financial
Services
....
620,346
Discounted
cash
flow
Discount
rate
9.0%
Decrease
Warrants:
Financial
Services
....
580,816
Recovery
value
Discount
for
lack
of
marketability
60.0%
Decrease
Implied
recovery
9.0%
Increase
All
other
............
—
b
Total
...............
$1,687,768
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
Includes
financial
instruments
determined
to
have
no
value.
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Abbreviations
Counterparty
CITI
Citibank
NA
Selected
Portfolio
FRN
Floating
Rate
Note
GDP
Gross
Domestic
Product
GDR
Global
Depositary
Receipt
PIK
Payment-In-Kind
PTN
Pass-through
Note
VRI
Value
Recovery
Instrument
Cu
r
rency
BRL
Brazilian
Real
COP
Colombian
Peso
DOP
Dominican
Peso
EGP
Egyptian
Pound
EUR
Euro
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
JMD
Jamaican
Dollar
JPY
Japanese
Yen
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
PEN
Peruvian
Nuevo
Sol
PLN
Polish
Zloty
UYU
Uruguayan
Peso
UZS
Uzbekistani
Som
ZAR
South
African
Rand
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
Franklin
Global
Trust
and
Shareholders
of
Franklin
Emerging
Market
Debt
Opportunities
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
consolidated
statement
of
assets
and
liabilities,
including
the
consolidated
schedule
of
investments,
of
Franklin
Emerging
Market
Debt
Opportunities
Fund
(one
of
the
funds
constituting
Franklin
Global
Trust,
referred
to
hereafter
as
the
“Fund”)
as
of
July
31,
2024,
the
related
consolidated
statement
of
operations
for
the
year
ended
July
31,
2024,
the
consolidated
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024,
including
the
related
notes,
and
the
consolidated
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2024
(collectively
referred
to
as
the
“consolidated
financial
statements”).
In
our
opinion,
the
consolidated
financial
statements
present
fairly,
in
all
material
respects,
the
consolidated
financial
position
of
the
Fund
as
of
July
31,
2024,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2024
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
consolidated
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
consolidated
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
consolidated
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
consolidated
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
consolidated
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
consolidated
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
consolidated
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2024
by
correspondence
with
the
custodians,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
San
Francisco,
California
September
19,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Tax
Information
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amount,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amount,
for
the
fiscal
year
ended
July
31,
202
4
:
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
intend
to
elect
to
pass
through
to
their
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Funds
during
the
fiscal
year
ended
July
31,
2024
:
Pursuant
to:
Amount
Reported
Section
163(j)
Interest
Earned
§163(j)
$3,507,681
Amount
Reported
Foreign
Taxes
Paid
$10,413
Foreign
Source
Income
Earned
$4,152,782
FRANKLIN
GLOBAL
TRUST
Franklin
Emerging
Market
Debt
Opportunities
Fund
(Fund)
At
an
in-person
meeting
held
on
May
22,
2024
(Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
Global
Trust
(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
Templeton
Investment
Management
Limited
(Manager)
and
the
Trust,
on
behalf
of
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
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
Meeting.
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,
through
the
exercise
of
its
business
judgment,
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
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,
as
well
as
information
on
succession
planning
where
appropriate;
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
and
shareholder
services;
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
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
the
ongoing
integration
of
the
Putnam
family
of
funds
into
the
FT
family
of
funds
and
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
considered
the
investment
management
services
that
the
Manager
provides
to
the
Cayman
Islands-based
company,
which
is
wholly
owned
by
the
Fund
(Cayman
Subsidiary).
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
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
reassessment
of
the
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
as
well
as
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement,
including
its
initiative
to
create
a
new
enterprise-wide
artificial
intelligence
platform.
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,
2023.
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
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
emerging
markets
hard
currency
debt
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
and
in
the
first
quintile
(best)
of
its
Performance
Universe.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
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
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
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
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-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
Institutional
Class,
Class
I
and
Class
SI
shares
for
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Board
also
considered
the
investment
management
services
that
the
Manager
provides
to
the
Cayman
Subsidiary
and
the
related
fee
waivers
that
were
in
place.
The
Expense
Group
for
the
Fund
included
the
Fund
and
10
other
emerging
markets
hard
currency
debt
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
for
the
Fund
were
above
the
medians
of
its
Expense
Group.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
The
Board
acknowledged
management’s
explanation
that
there
are
additional
complexities
and
expenses
associated
with
the
management
of
the
portfolio,
which
is
highly
differentiated
from
its
Expense
Group
peers
as
it
invests
in
a
wider
range
of
countries
and
issuers
and,
at
times,
smaller,
less
liquid
issuers.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
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
FT’s
US
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,
2023,
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.
The
Board
also
noted
that
an
independent
registered
public
accounting
firm
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
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.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
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
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
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,
extent
and
quality
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
the
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
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
does
not
currently
have
an
asset
size
that
would
likely
enable
the
Fund
to
achieve
economies
of
scale,
but
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.
©
2024
Franklin
Templeton.
All
rights
reserved.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A
Item 13. Portfolio Managers of Closed-End Management Investment Companies. N/A
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. N/A
Item 15. 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 16. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b) Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected or is reasonably likely to materially affect the internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Company. N/A
Item 18. Recovery of Erroneously Awarded Compensation.
(a) N/A
(b) N/A
Item 19. Exhibits.
(a)(1) Code of Ethics
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FRANKLIN GLOBAL TRUST
| By | /s/ CHRISTOPHER KINGS | |
| | Christopher Kings | |
| | Chief Executive Officer - Finance and Administration | |
| | | |
| Date | October 21, 2024 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | /s/ CHRISTOPHER KINGS | |
| | Christopher Kings | |
| | Chief Executive Officer - Finance and Administration | |
| | | |
| Date | October 21, 2024 | |
| By | /s/ JEFFREY WHITE | |
| | Jeffrey White | |
| | Chief Financial Officer, Chief Accounting Officer and Treasurer | |
| | | |
| Date | October 21, 2024 | |
